December 26, 2017 / 11:28 PM / in 6 months

Bankrupt oil producer Cobalt notches $500 mln deal for Angola assets

Angolan state-run oil and gas company Sonangol will pay Cobalt International Energy Inc $500 million to settle a dispute that helped push the offshore energy producer to file for bankruptcy protection earlier this month.

Cobalt in court papers on Thursday said the deal will resolve all outstanding matters with Sonangol and secures its exit from Angola with a transfer of assets to the state-run company.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2BFF214

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