Bankruptcy/Chapter 11 / Energy
Buccaneer Energy Limited Chapter 11 Petition Filed
Buccaneer Energy Limited and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 14-60041 (Buccaneer Resources). The Company, which is focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, is represented by William R Greendyke of Fulbright Jarworski LLP. The Company states that this bankruptcy filing was made on the eve of a June 1, 2014 deadline established by the Alaska Oil and Gas Conservation Commission (AOGCC) requiring it to establish and maintain an escrow account with a state-regulated bank in Alaska wherein 100% of the Company’s future production net revenue was to be deposited until an allocation of gas attributable to each of the adjacent landowners is made or upon further order by the AOGCC. As part of the Chapter 11 proceedings, Buccaneer Energy Limited has also reached an agreement in principle with its secured lender on certain critical elements of a reorganization plan that would result in the sale of substantially all assets. If implemented as proposed, Buccaneer Energy Limited anticipates that the plan will “enable it to satisfy obligations owed to its principal secured lender and other secured creditors, and conclude in an outcome that could result in some recovery for the Company’s unsecured creditors.” Buccaneer Energy does not intend to obtain debtor-in-possession financing because it expects to have sufficient cash on hand throughout the Chapter 11 proceedings to pay all of its post-petition obligations as they come due.
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