Cox Operating LLC, the closely held oil producer founded by fourth-generation oilman Brad Cox, filed for Chapter 11 proceedings in the Southern District Court of Texas, implying restructuring talks with its creditors have failed.
The company has estimated liabilities and assets of $100 million to $500 million each, it said in a filing. The cash-strapped company had been trying to reach an agreement with its creditors on reducing or deferring payments to avert filing for bankruptcy, people familiar with knowledge had told Bloomberg earlier this month.
Cox, one of the oil drillers operating in the Gulf of Mexico, ...
