Venoco files for Chapter 11 bankruptcy

Oil spill, price crash, triggered Chapter 11 reorganization

Added by Citizen Reporter on March 18, 2016.
Saved under County, News, Ventura/Santa Paula/Ojai
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Pacific Coast Business Times
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Venoco, the Denver-based oil and gas company with substantial operations in the tri-county region, has filed a pre-packaged Chapter 11 bankruptcy after agreeing with lenders to slash $1 billion in debt.
 

Venoco said March 18 that it reached an agreement with its senior lenders on a restructuring agreement. The company earlier said it was suspending debt payments in order to negotiate better terms. The Chapter 11 reorganization filing was before the U.S. Bankruptcy Court in Delaware.

“Today’s announcement represents another significant step in our ongoing efforts to address the challenges before us and position the company for long-term success,” said CEO Mark DePuy.

Venoco has been buffeted by both the plunge in oil prices and the shutdown of Plain All American’s pipelines, which are the only way for the company’s output from offshore platforms on the South Coast to reach broader markets. The company earlier raised some $200 million in cash through the sale of Ventura County operations but the pipeline break and falling oil prices hurt cash flow

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Hat tip to David Pu’u of Ventura
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Venoco files for bankruptcy after missing interest payment

The Denver Post‎ – 7 hours ago

Denver-based Venoco Inc., an oil and natural gas explorer that operates in California, has …

U.S. oil producer Venoco files for bankruptcy

Reuters‎ – 8 hours ago

Venoco Seeks Chapter 11 Protection

Wall Street Journal‎ – 6 hours ago

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