Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Buccaneer Energy Limited Plan Filed

Buccaneer Energy Limited filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Debtors’ assets are being marketed for sale with the assistance of a sales agent based on prior authorization from the Bankruptcy Court. The Debtors anticipate that the majority of their oil and gas properties and interests will be sold at an auction to be held several days prior to the hearing on the Plan. The Plan will not become effective until after the closing of this sale….Plan proposes the orderly liquidation of the Debtors’ assets. All of the assets of the Debtors including the net proceeds from the sale…any remaining unsold assets, rights to receivables and refunds, and the Debtors’ Causes of Action against third parties will be transferred to a Liquidating Trust.”

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