Bankrupt All American Oil & Gas to Sell to Creditor

All American Oil & Gas Inc. wants to move its Chapter 11 bankruptcy case forward and settle a dispute with its principal secured creditor by transferring its assets, releasing claims, and providing up to $5 million for All American’s other creditors.

San Antonio, Texas-based oil company All American owns an oil exploration and production company and a power company, whose customers include beleaguered PG&E. It filed bankruptcy to reorganize its debt with Kern Cal Oil 7 LLC’s (KCO), which All American claimed to be predatory in early court filings.

When it filed Chapter 11 on Nov. 12, 2018, All American ...