Alaskan Oil & Gas Co. Opens Del. Ch. 11 With $450M Debt

Law360 (August 9, 2019, 10:27 AM EDT) -- Long-struggling Alaskan oil and gas producer Furie Operating Alaska LLC hit Chapter 11 in Delaware on Friday with about $450 million in debt and plans to sell its assets within the next few months.

Furie and two affiliates opened the bankruptcy citing uncertainty with tax credits it has historically received due to a drop in oil and gas prices, years of liquidity issues and breaches of credit facilities, construction delays, and cost overruns, according to a first-day declaration of Chief Operating Officer Scott M. Pinsonnault.

The company operates "as an independent energy company primarily focused on the acquisition, exploration, production, and...

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