Canadian Overseas Petroleum Files Bankruptcy in Canada, U.S.

Canadian Overseas Petroleum Ltd. has filed bankruptcy in its home country and the US and said it intends to restructure.

The Calgary-based oil and gas production company said its existing lenders have offered to provide as much as $11 million in financing to fund its proposed restructuring. COPL said it has requested the immediate suspension on trading of its shares on both the London Stock Exchange and the Canadian Securities Exchange.

COPL has sought a form of Chapter 11 protection in Canada and filed for bankruptcy in Delaware to protect its US assets, according to court documents. The company’s oil- ...