Oil & Gas Exploration and Production

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Buccaneer Energy Ltd announces recognition of Chapter 11 proceedings in Australia

Sunday, 6 Jul 2014 06:41pm EDT

Buccaneer Energy Ltd:Says that, further to its announcement of June 2, that it had initiated voluntary Chapter 11 proceedings in US under US Bankruptcy Code, on July 2, Federal Court of Australia heard a successful application brought by BCC for recognition in Australia of Chapter 11 proceedings opened in Texas.Federal Court recognised Chapter 11 proceeding as a 'foreign main proceeding' with the effect that no action against property or any litigation can be progressed against BCC in Australia without the board's consent or the leave of Federal Court.

Buccaneer Energy Ltd and its U.S. subsidiaries initiate voluntary Chapter 11 proceedings in the U.S. to implement asset sale to repay debt

Sunday, 1 Jun 2014 08:20pm EDT

Buccaneer Energy Ltd:Says the company And its U.S. subsidiaries filed voluntary petitions for reorganisation under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for Southern District of Texas, Victoria Division.Says filing was made on eve of a June 1, deadline established by Alaska Oil and Gas Conservation Commission (AOGCC) requiring Buccaneer Energy to establish and maintain an escrow account.with state-regulated bank in Alaska wherein 100 pct. of the company's future production net revenue was to be deposited until an allocation of gas attributable to each of the adjacent landowners is made or upon further order by AOGCC.As part of the Chapter 11 proceedings, Buccaneer Energy has also reached an agreement in principle with its secured lender on certain critical elements of a plan of reorganisation that would result in sale of substantially all of the company's assets.If implemented as proposed, Buccaneer Energy anticipates this plan will enable it to satisfy obligations owed to its principal secured lender and other secured creditors, and conclude in an outcome that could result in some recovery for the company's unsecured creditors.Says it does not intend to obtain debtor-in-possession (DIP) financing during the reorganisation as the company expects to have sufficient cash on hand throughout the Chapter 11 proceedings to pay all of its post-petition obligations as they come due.

OGX Petroleo e Gas Participacoes SA Updates on Bankruptcy Proceedings

Friday, 22 Nov 2013 05:37am EST

OGX Petroleo e Gas Participacoes SA announced that on November 21, 2013 processing of judicial recovery was approved for OGX Petroleo e Gas Participacoes SA and OGX Petroleo e Gas SA, following decision of the Corporate Court of Capital of the State of Rio de Janeiro.

OGX Petroleo e Gas Participacoes SA with Subsidiaries Files Bankruptcy Request

Thursday, 31 Oct 2013 06:25am EDT

OGX Petroleo e Gas Participacoes SA announced that on October 31, 2013 it filed a bankruptcy request together with its subsidiaries, OGX Petroleo e Gas SA, OGX International GmbH and OGX Austria GmbH, to the District of the Capital of Rio de Janeiro State.

OGX Petroleo e Gas Participacoes SA Readies Bankruptcy Filing, To Exclude Gas Unit-Reuters

Monday, 28 Oct 2013 04:31pm EDT

Reuters reported that OGX Petroleo e Gas Participacoes SA will file for bankruptcy protection as early as October 29, 2013. Officials at the Rio de Janeiro-based company are currently preparing paperwork for the filing. OGX plans to exclude its OGX Maranhão gas unit, which is currently in talks to sell a stake to Eneva SA ENEV3.SA, from the bankruptcy protection filing.

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