New Delaware Chapter 11 Filing – Venoco, LLC

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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.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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