Bankruptcy

Nineteen North American exploration and production (E&P) operators have filed for bankruptcy protection since the start of the year, and it is “reasonable to expect” more companies will seek protection from creditors in the months to come, according to Haynes and Boone LLP.

California regulators on Thursday approved with conditions Pacific Gas and Electric Co.’s (PG&E) proposed $58 billion bankruptcy reorganization plan, giving the combination utility a clear path to exit Chapter 11 once a federal bankruptcy court approves the proposal.

Pacific Gas and Electric Co. (PG&E) and its parent company last Friday gained approval to reorganize and exit Chapter 11 bankruptcy, including approval from the wildfire victims, with more than 85% voting in favor of the plan.

Stung by the decline in activity from low oil price and the coronavirus pandemic, Gulf of Mexico operator Hornbeck Offshore Services Inc. said it plans to file for Chapter 11 to restructure.

The U.S. Bankruptcy Court in San Francisco on Tuesday approved the Pacific Gas and Electric Co. (PG&E)revised reorganization planand left unchanged the $13.5 billion settlement signed late last year.

The U.S. Bankruptcy Court in San Francisco on Tuesday approved the Pacific Gas and Electric Co. (PG&E)revised reorganization planand left unchanged the $13.5 billion settlement signed late last year.

Denver-based Whiting Petroleum Corp. has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, citing low oil prices and an uncertain outlook for the sector.

Denver-based Whiting Petroleum Corp. has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, citing low oil prices and an uncertain outlook for the sector.

California Gov. Gavin Newsom and bankruptcy bound Pacific Gas and Electric Co. (PG&E) and its parent company have informed a federal court in San Francisco of their joint support for a revisedplan of reorganizationfor the combination utility’s exit from Chapter 11. The agreement includes PG&E’s acceptance of a state takeover if it fails to get timely court and state approvals.