Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Fieldwood Energy Files Bankruptcy to Cut Debt, Buy New Assets

Feb. 15, 2018, 10:40 PM

Fieldwood Energy LLC filed for Chapter 11 bankruptcy in Houston with a pre-packaged reorganization plan that cuts its debt by $1.6 billion and raises $525 million in new money through a rights offering.

Fieldwood will use the new cash to buy assets including Noble Energy Inc.’s deepwater Gulf of Mexico oil and gas holdings, according to a company statement. Noble has agreed to sell Houston-based Fieldwood those assets for $480 million, with Fieldwood also taking on the related abandonment obligations.

Holders of Fieldwood’s second-lien debt will receive 20.3 percent of the equity in the restructured company, plus an additional 4.5 ...