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Cubic Energy Successor Hits Ch. 11 With $53M Of Note Debt

Law360 (May 16, 2019, 7:27 PM EDT) -- The oil and gas exploration company that emerged from the Chapter 11 case of Cubic Energy Inc. in 2016 found itself in Delaware bankruptcy court with $53 million in debt Thursday after three years of declining well production.

Hilltop Energy LLC comes to court with $53 million in secured note debt and a prepackaged plan to swap that debt for equity, with manager Claude A. Pupkin citing the well-production difficulties for putting a strain on the company's future ability to meet existing debt obligations, according to his first-day declaration.

Hilltop owns oil and gas wells in Texas it acquired in the...

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