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 ...