The Chapter 11 plan of reorganization (the Plan) filed on the “first day” of the case encompasses a comprehensive restructuring of the Company’s balance sheet and an acquisition of significant revenue-producing assets. Specifically, the proposed restructuring contemplates (a) reducing current debt by approximately $1.6 billion, (b) raising capital of approximately $525 million through an equity rights offering (the “Rights Offering”), and (c) acquiring all deepwater oil and gas assets of Noble Energy, Inc. located in the Gulf of Mexico. The assets complement and enhance the Company’s asset base and operations. The Company will use the proceeds of the Rights Offering to fund the acquisition, fund the costs and expenses of the Ch…
Read the full article at: http://www.worldoil.com/news/2018/2/16/fieldwood-energy-files-for-chapter-11-bankruptcy-relief