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Arena Energy completes restructuring, emerges from bankruptcy
By Sarah Lizee
Olympia, Wash., Oct. 1 – Arena Energy, LP announced that it has successfully completed its financial restructuring and has emerged from bankruptcy under the ownership of San Juan Offshore LLC, according to a press release.
Arena received support from 100% of its secured lenders for its pre-packaged plan of reorganization.
San Juan Offshore was formed by members of the Arena Energy management team, in partnership with Lime Rock Partners, to sponsor Arena Energy’s pre-packaged plan of reorganization.
The company will continue to operate as Arena Energy with the continuation of its management team and employees led by Mike Minarovic. Operations over its portfolio of 120 platforms across 71 blocks in the Gulf of Mexico is unchanged, and all ordinary course trade and lienholder claims will be paid in full in cash.
Arena Energy said in the release that it emerges from the restructuring with a substantially strengthened balance sheet and no debt apart from a contingent payment obligation due to its former secured lenders contemplated by the pre-packaged plan, subject to future market conditions.
Arena Energy was advised in connection with the plan of reorganization by Kirkland & Ellis LLP as legal counsel, Evercore as financial adviser and Alvarez & Marsal as restructuring adviser.
San Juan Offshore was advised by Davis Polk & Wardwell LLP as legal counsel, and Lime Rock Partners was advised by Willkie Farr & Gallagher LLP as legal counsel. Perella Weinberg Partners and Tudor, Pickering, Holt & Co. were financial advisers.
Arena, a The Woodlands, Tex.-based oil and gas well driller, filed for bankruptcy on Aug. 20. The Chapter 11 case number is 20-34215.
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