Louisiana Oil Field Co. Hits Ch. 11 Again With $115M Debt
PetroQuest Energy Inc., an oil and gas exploration company, filed for bankruptcy in Delaware reporting $115.5 million in debt with plans to sell its Texas operations five years after it exited Chapter 11 in 2019.
Lafayette, Louisiana-headquartered PetroQuest said in bankruptcy filings that it has $104.5 million in secured debt and about $11 million in unsecured claims including accounts payables, operating costs and royalty payments. Chief Financial Officer Angelle Perret said in a first day declaration alongside Wednesday’s bankruptcy petition that PetroQuest plans to sell its oil and gas assets in east Texas while in Chapter 11 after the company faced mounting operating and debt costs and agreed to pay millions of dollars in legal fees from a lawsuit it lost.
PetroQuest is represented by Patrick J. Reilley, Melissa M. Hartlipp, Daniel F.X. Geoghan, Jacob S. Frumkin and Daniel J. Harris of Cole Schotz PC.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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