Bankruptcy/Chapter 11 / Energy
John D. Oil & Gas Chapter 11 Petition Filed
John D. Oil & Gas filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Pennsylvania, case number 12-10063. The Company, which engages in extracting and producing oil and natural gas products and drilling oil and natural gas wells, is represented by Robert S. Bernstein and Bernstein Law Firm. The Company filed a motion for approval to obtain debtor-in-possession financing from Richard M. Osborne, chairman and C.E.O., in the form of a super-priority loan in the aggregate principal amount of up to $300,000 at an annual interest rate of 2%. According to documents filed with the Court, “Osborne has, in the past, infused significant amounts of capital on behalf of John D. to make various secured payments for obligations for which he is also personally guaranteed.”
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