Bloomberg Law
May 15, 2023, 5:59 AM

Oil Producer Cox Operating Files for Bankruptcy in South Texas

Divya Patil
Divya Patil
Bloomberg News

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, ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.