New Delaware Chapter 11 Filing – Venoco, LLC
Venoco, LLC and five of its subsidiaries and affiliates have filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 17-10828). Venoco, an oil and gas exploration and production company primarily operating in California, has issued a press release stating that it intends to wind down its operations through the bankruptcy process. This is Venoco’s second Chapter 11 filing in the past two years; Venoco’s predecessor, Venoco, Inc., filed for Chapter 11 on March 18, 2016 (Case No. 16-10655). Venoco, Inc. confirmed a plan of reorganization on July 14, 2016 (Case No. 16-10655, Docket No. 370), which wiped out nearly $1 billion in debt through a debt to equity conversion. Venoco’s petition reports $10-$50 million in assets and $50-$100 million in liabilities. The cases have been assigned to the Honorable Kevin Gross. Prime Clerk, LLC is the proposed claims agent.
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