Fieldwood Energy To Get OK For Ch. 11 Plan

Law360 (June 25, 2021, 2:01 PM EDT) -- A Texas bankruptcy judge on Friday said he would sign off on Gulf of Mexico oil and gas driller Fieldwood Energy's Chapter 11 plan after overriding objections centered on who will pay to shut down the company's offshore platforms.

At the close of a five-day virtual hearing, U.S. Bankruptcy Judge Marvin Isgur rejected arguments made by well decommissioning bond issuers that their subrogation rights against the companies that will emerge from Fieldwood's bankruptcy needed to be preserved and said he would approve the company's Chapter 11 plan, once a revised version is submitted reflecting changes made to resolve other objections....

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