Venoco requests court approval of settlement-related sale of assets

By Caroline Salls

Pittsburgh, Nov. 16 – Venoco, LLC requested court approval of the proposed sale of some of the assets of Venoco and Ellwood Pipeline, Inc. to Chevron U.S.A. Inc., according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The assets being sold include the companies’ Carpenteria plan, Carpenteria pier and other related assets. The proposed sale is part of a court-approved settlement reached with Chevron.

Chevron agreed to pay $3.45 million for the assets and may elect to credit bid other secured claims it has in the Venoco bankruptcy cases.

A hearing is scheduled for Dec. 4.

Venoco is a Denver-based energy company. The company filed for bankruptcy on April 17, 2017 under Chapter 11 case number 17-10828.

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