New Delaware Chapter 11 Filings – Maxus Energy Corporation et al.

Maxus Energy Corporation and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11501).  The debtors are subsidiaries of YPF SA, Argentina’s state-run oil company and include Maxus, which holds oil and gas-related interests, primarily in the Gulf of Mexico, and Tierra Solutions, Inc. which conducts remediation services, primarily at legacy sites related to Occidental Chemical Corporation, which Maxus sold in 1986.  The debtors have reached a settlement agreement with YPF, pursuant to which YPF will provide the debtors with $130 million in return for a release from environmental remediation and litigation liabilities.  YPF has also agreed to provide debtor-in-possession financing.  The petitions (including the consolidate list of top 20 creditors), first day declarations (here and here) and docket are available through Prime Clerk.

The debtors and there cases numbers are:

Case No.         Debtor                                                

16-11501         Maxus Energy Corporation

16-11502         Tierra Solutions, Inc.

16-11503         Maxus International Energy Company

16-11504         Maxus (U.S.) Exploration Company

16-11505         Gateway Coal Company


Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino 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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