Oil Producer Cox Mulls Bankruptcy Amid Talks With BP, Vendors

Cox Operating LLC, the closely held oil producer founded by fourth-generation oilman Brad Cox, is weighing filing for bankruptcy if restructuring talks with creditors fail, according to people with knowledge of the situation.

The company has been attempting to reach an agreement with its creditors that could avert a filing or liquidation, said the people, who asked not to be identified because discussions are private. The talks, which center on reducing or deferring payments to investors and vendors, aren’t final and plans could change, the people added.

The cash-strapped Gulf of Mexico driller owes BP Plc, a ...