Fieldwood Energy and certain affiliates announced on August 4, 2020, that it has taken a significant step forward in its restructuring efforts in order to effectuate a plan to strengthen and secure Fieldwood’s future.

In order to implement the restructuring transaction, the Company and certain affiliates have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court.

Fieldwood expects to have access to sufficient liquidity to meet financial obligations during the restructuring, including cash on hand and a debtor-in-possession facility provided by certain of its First Lien Term Loan lenders. Fieldwood has filed a series of motions with the Bankruptcy Court which, when granted, are expected to enable the Company to maintain its operations as usual throughout the restructuring process. Fieldwood will continue to pay employee wages and health and welfare benefits as well as vendors in the normal course.

Full press release is available at: https://www.fieldwoodenergy.com/wp-content/uploads/2020/08/FWE-LLC-Press-Release-Fieldwood-Energy-Commences-Voluntary-Chapter-11-Process-08042020.docx.pdf


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Court filings and other information related to the court-supervised proceedings are available at: https://cases.primeclerk.com/FieldwoodEnergy