Cox Operating Creditors Bemoan Bankruptcy Sale Trouble, Costs

Oil producer Cox Operating LLC is facing creditor backlash after a proposed $88.5 million asset sale purportedly fell apart earlier this month.

Cox had sought to sell oil production assets in the Gulf of Mexico to driller W&T Offshore Inc. but failed to finalize the deal, according to a group of lienholders, which includes lifeboat suppliers and energy companies.

“The Debtors’ primary sale effort, the sale of assets to W&T Offshore, Inc., was a failure, despite months of effort and millions in fees and expenses,” the lienholders said in a Monday filing in the US Bankruptcy Court for the Southern ...