Forcenergy files for Chapter 11 bankruptcy
Forcenergy Inc. and its subsidiary Forcenergy Resources Inc. filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on March 21.
Forcenergy said in a March 22 statement that the voluntary action was "precipitated by the prolonged impact of severely reduced oil and gas prices."
The company said it was initiating efforts to achieve a comprehensive restructuring with all creditors concurrent with the filing with the objective of positioning itself to "emerge from Chapter 11 with an improved capital structure and adequate resources to realize maximum value for all stakeholders."
Forcenergy said that based on conversations with the company's agent bank, it anticipates that it will have adequate capital and liquidity to fund operating activities during the restructuring period.
Record of decision should come by end of month
Spokesman John Killoran of the U.S. Army Corps of Engineers said March 22 that a record of decision on permits for the Northstar project is expected by the end of the month. The Corps had earlier targeted March 22 for its record of decision, but Killoran said that extensive comments were received after the final environmental impact statement was published, many right at the end of the comment period.