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Fieldwood Energy LLC commences voluntary Chapter 11 process

Christian Fernsby |
Fieldwood Energy LLC and certain affiliates announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.

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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.

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