(AP)– 9 hours ago HOUSTON — Energy producer Baseline Oil & Gas Corp., citing turmoil in the economy and global credit markets, said Monday it has filed for Chapter 11 bankruptcy protection after securing agreements with some creditors.
Full Story: Baseline Oil & Gas files for bankrupt... - The Associated Press
The filing was in U.S. Bankruptcy Court in Houston. The company said that as of June 30 it had liabilities of $138.6 million and assets of $2.96 million.
The company will continue to operate its business through the court process, and will seek confirmation of its reorganization plan. Under a so-called prepackaged bankruptcy plan, a company negotiates with major lenders prior to filing for protection.
Baseline Oil & Gas' Chapter 11 case was filed pursuant to a plan support agreement dated July 17. The agreement is between the company and holders of more than 85 percent of the company's outstanding 15 percent senior secured notes due 2009 and its 12.5 percent senior secured notes due 2012.
Full Story: Baseline Oil & Gas files for bankrupt... - The Associated Press
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