A Metairie-based oil company thats one of the largest independent operators still working in the states shallow coastal waters has filed for bankruptcy protection, leaving dozens of south Louisiana service and supply companies facing potential bankruptcies of their own.
Cox Operating LLC executives have blamed the pandemic, OPEC price wars, the hurricanes of 2020 and 2021, and an accident that damaged one of their oil platforms for the companys woes. Bankruptcy court documents show Coxs estimated liabilities are close to $500 million more than $200 million of which is owed to small businesses in the Houma-Thibodeaux and Acadiana areas.
Court documents indicate that Cox followed a path that led to financial trouble for o…
Read the full article at: https://www.nola.com/news/business/louisiana-oil-company-cox-operating-files-for-bankruptcy/article_6ee3ad4c-06f4-11ee-af49-e344fd063b30.html