Local Debt Consolidation Lawyers Highlight Results of Gulf Oil Company Bankruptcy
Fort Walton Beach in Florida. Fieldwood Energy LLC, a company that plans to redevelop several old oil wells in the Gulf of Mexico, has filed for bankruptcy. It has been granted authorization to transfer hundreds of million dollars of environmental liabilities to former owners and insurers of the well.
This was done last month after the bankruptcy process was completed. According to a press release from Fieldwood Energy LLC, certain subsidiaries (collectively “Fieldwood” and “Company”) have filed for bankruptcy in the South District of Texas bankruptcy court. According to local debt consolidation lawyers, the company currently operates multiple oil facilities in the Gulf of Mexico.
Fieldwood continued his business operations and supported the production with vendors and coworking space owners during Chapter 11. The company underwent a complete restructuring as part of Chapter 11. Fieldwood filed a petition with the bankruptcy court asking permission to continue the company’s business, even in the Gulf of Mexico.
A federal bankruptcy court in Houston debated for months which company should pay the huge costs of abandoning and plugging wells after the bankruptcy. They are all located in the shallow waters of the Gulf of Mexico, where oil can cause havoc. All along the Gulf Coast agree that Fieldwood’s bankruptcy should not compromise the beauty of the Gulf Coast.
Lewis and Jurnovoy are proud to serve the Gulf Coast of Florida as a local bankruptcy office. They are experts in Chapters 13 and 7. Lewis and Jurnovoy have been helping people in Fort Walton Beach and surrounding areas with bankruptcy for more than 20 years. For more information on debt relief or bankruptcy, call them at (850) 863-9110 or visit them online at www.lewisandJurnovoy.com.
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Lewis & Jurnovoy (PA-FWB)
Steven D. Jurnovoy, Martin S. Lewis
151 South Mary Esther Coupe NW Ste103, Mary Esther FL 32569