Oil producer Cox Operating LLC will allow creditors, including BP Energy Co., to submit Chapter 11 plans after a proposed $88.5 million asset sale fell apart last month.
Cox’s decision means it’s relinquishing some control over its restructuring as a group of unsecured creditors and BP continue to develop their own proposal, meet with potential replacement oil and gas producers, and explore funding options, according to court papers.
The Dallas-based company’s statement was filed Monday in the US Bankruptcy Court for the Southern District of Texas. Cox, founded by oilman Brad Cox, filed the papers in response to several objections ...
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