Oro Negro Drilling affiliate Perforadora files insolvency proceeding

By Caroline Salls

Pittsburgh, Sept. 25 – Oro Negro Drilling Pte. Ltd. affiliated entity Perforadora Oro Negro, S de RL de CV filed for a concurso mercantil insolvency proceeding in Mexico to preserve its operations and activities in the ordinary course of business, according to a news release.

The company said Perforadora believes that the filing will allow it to protect its assets and operations and provide the framework for negotiations with its creditors for the conservation of its business.

In accordance with Mexican law, any provision in agreements that worsens the situation of Perforadora as a result of the filing of the petition will not be deemed effective and any actions taken in violation of the foregoing and/or applicable law will result in liability.

Perforadora and Oro Negro also reiterated their commitment to continue carrying out their operations and activities in the ordinary course of business, the release said.

Oro Negro is an oil and gas services company based in Alvaro Obregon, Mexico.

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