December 14, 2017 / 11:04 PM / in a year

Deepwater oil producer Cobalt seeks quick sale in bankruptcy

Offshore energy producer Cobalt International Energy Inc filed for bankruptcy on Thursday to work on a quick sale after a $1.75 billion deal to unload its Angolan assets fell through amid the recent deep slump in oil prices.

Chief Financial Officer David Powell said in court papers in Bankruptcy Court in Houston that Cobalt is planning on an “expeditious” schedule for its Chapter 11 bankruptcy.

Additionally, bankruptcy protection will support talks with parties interested in buying the entire publicly traded company or picking up individual assets, Powell said.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2CjN4gO

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