Bankruptcy News

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

Bonds / Energy

RAAM Global Energy Chapter 11 Petition Filed

RAAM Global Energy and three wholly-owned subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 15-35615. The Company, which is engaged in the exploration, development, production and acquisition of oil and gas properties, is represented by Bradley Ronald Foxman of Vinson & Elkins. According to documents filed with the Court, "A confluence of factors in 2014 and 2015 led to the Debtors' need to pursue a financial restructuring. The Debtors are presently negotiating a credit bid stalking horse purchase agreement with the holders of approximately 99% of the outstanding debt under the Term Loan Facility, and the Debtors are seeking to present a credit bid stalking horse purchase agreement and bid procedures to the Court before November 6, 2015. Such credit bid stalking horse purchase agreement and bid procedures will create a defined sale process, and the Debtors hope that interested parties will bid on its assets in such process to maximize the value of their estates."

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