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

Far East Energy Chapter 7 Petition Filed

Far East Energy filed for Chapter 7 protection with the U.S. Bankruptcy Court in the Southern District of Texas, case number 15-35970. The Company, which is focused on coalbed methane exploration and development in China, is represented by John E. Mitchell of Baker & McKenzie. Each of the Company's directors and officers resigned effective immediately upon filing of the Chapter 7 proceeding. As a result of the filing of the filing, the Court will appoint a Chapter 7 trustee that will assume full control of the Company. All assets of the Company will be liquidated in accordance with the U.S. Bankruptcy Code. Far East Energy comments, "The Company's board of directors, after spending considerable time and effort attempting to sell or restructure the Company and not being successful, concluded that no viable options remained for implementing a restructuring, or obtaining financing, and that the Chapter 7 case was the only alternative available."

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