Buccaneer reorganization plan approved by bankruptcy court - November 16, 2014

Providing coverage of Alaska and northern Canada's oil and gas industryNovember 2014

Vol. 19, No. 46

Week of November 16, 2014

Buccaneer reorganization plan approved by bankruptcy court

A federal bankruptcy court has approved a reorganization plan for Buccaneer Energy Ltd., which allows the bankrupt company to move toward a vote in December.

Creditors now have until Dec. 2 to approve or reject the plan or to formally object to it.

If all proceeds as planned, Buccaneer would have until Dec. 5 to report on the results of the vote. The court has scheduled a hearing for Dec. 8 to potentially finalize the plan.

Additionally, on Nov. 7, Buccaneer closed on a sale of its Cook Inlet assets to AIX Energy LLC, its largest creditor, according to a filing from Buccaneer’s lawyers.

The sale price was $44 million in the form of credits owed by Buccaneer.

- Eric Lidji

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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