Venoco, Inc. and six of its affiliates, which engage in the acquisition, exploration, and development of oil and gas properties, have commenced cases (Lead Case No. 16-10655 (KG)) under Chapter 11 of the Bankruptcy Code by filing petitions with the U.S. Bankruptcy Court for the District of Delaware. The Honorable Kevin Gross will preside over the cases. The debtors have asked the Court to authorize them to obtain postpetition financing from entities that Apollo Capital Management L.P. or one of its affiliates owns or manages. Further, according to that motion, as well as a first-day declaration, the debtors’ senior lenders have agreed to support a plan of reorganization. Additional information on all these cases is available from BMC Group, Inc.’s website.
Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.