Cano Petroleum Seeks Ch. 11 Sale Amid Cash Woes

Law360, New York (March 8, 2012, 12:20 PM EST) -- Cano Petroleum Inc. told a Texas federal bankruptcy judge on Wednesday that it was looking to sell its assets to NBI Services Inc. in a $47.5 million stalking horse deal, after the oil driller’s capital well ran dry.

The Irving, Texas-based company and its affiliates listed assets of $63 million and debts of $116 million as of Sept. 30, according to a Chapter 11 bankruptcy petition. Under a reorganization plan, Cano would use NBI’s bid as a baseline offer at an asset auction and funnel the...
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