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GOM-Focused Fieldwood Energy Files for Bankruptcy
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GOM-focused Fieldwood Energy LLC has filed for bankruptcy.
However, in an unusual move, the company simultaneously inked a $700 million acquisition of GOM assets.
Fieldwood’s Chief Executive Officer, Matt McCarroll, commented, “These developments are the result of extensive negotiations with our lenders and Riverstone as well as Noble Energy, Inc. We appreciate the incredible efforts by all parties involved in structuring this unique plan of reorganization, which we expect to allow the Company to emerge from chapter 11 within the next 60 days with a much stronger balance sheet and greater financial flexibility to grow. Our goal going into this process was to fix our leverage and liquidity issues while continuing to honor our commitments to all of our business partners, vendors, and…
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