Arena Energy Gets OK For $1B Ch. 11 Sale

Law360 (September 25, 2020, 4:55 PM EDT) -- A Texas bankruptcy judge on Friday gave Arena Energy LP permission to go ahead and erase nearly all of its funded debt with its $1 billion Chapter 11 sale to a private equity-backed entity, after the offshore oil and gas exploration company told him it has resolved all opposition to the plan.

At a remote hearing, counsel for Arena told U.S. Bankruptcy Judge Marvin Isgur that the plan now has the support of all of the company's term and reserved facility lenders and that all objections had been resolved.

Arena, which concentrates on offshore drilling in the Gulf of Mexico, filed...

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