Fieldwood Energy LLC commences voluntary Chapter 11 process
Topics: FIELDWOOD ENERGY CHAPTER 11
The Company will continue to operate its business safely in the normal course during the pendency of the Chapter 11 cases and will continue working with its vendors, co-working interest owners, and employees to support the operations.
Fieldwood expects to have access to sufficient liquidity to meet financial obligations during the restructuring, including cash on hand and a debtor-in-possession facility provided by certain of its First Lien Term Loan lenders.
The Chapter 11 process will encompass a comprehensive restructuring of the Company. Fieldwood entered into a Restructuring Support Agreement ("RSA") with the support of key members of the Company's lender group, including holders of approximately two-thirds of the obligations under its First Lien Term Loan facility.
Fieldwood has filed a series of motions with the Bankruptcy Court which, when granted, are expected to enable the Company to maintain its operations as usual throughout the restructuring process. ■