New Delaware Chapter 11 Filing – White Star Petroleum Holdings, LLC, et al.

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White Star Petroleum Holdings, LLC, along with four affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11179).  White Star is an Oklahoma City, Oklahoma-based oil & gas exploration and production company focused on the mid-continent region, with approximately 883 productive wells in Oklahoma.  White Star was the subject of an involuntary petition filed on May 24 in the Bankruptcy Court for the Western District of Oklahoma.  According to a press release issued by White Star, its filing in Delaware was previously planned and the filing of the involuntary case was not anticipated.   According to the First Day Declaration, White Star enters chapter 11 having begun a prepetition marketing process and will be seeking approval of $28.5 million in debtor-in-possession financing to be provided by its prepetition lenders.  Kurtzman Carson Consultants is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

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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