Bennu Oil & Gas Files For Ch. 7 Bankruptcy In Texas

Law360, Dallas (December 1, 2016, 5:55 PM EST) -- Bennu Oil and Gas LLC, a 3-year-old company focused on offshore production in the Gulf of Mexico, on Wednesday filed a voluntary Chapter 7 bankruptcy in Texas, saying it has shuttered operations.

Bennu said in court filings it has about $32.5 million in assets, and a total of $727 million in liabilities. The bulk of that — $495 million — is owed to creditors whose claims are secured by property, it said. There’s also less than $300,000 in priority unsecured claims and about $229 million in nonpriority unsecured...
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