BPZ board decides to attempt to sell substantially all company assets

By Caroline Salls

Pittsburgh, June 8 – BPZ Resources, Inc.’s board of directors has determined that it is in the best interest of the company’s stakeholders for BPZ to attempt to sell substantially all of its assets in a single transaction, according to a Monday news release.

The sale would be subject to approval by the U.S. Bankruptcy Court for the Southern District of Texas.

BPZ said it has been evaluating its potential strategic alternatives in order to preserve and maximize stakeholder value, including seeking a strategic transaction with a third party, the reinvestment of the company’s liquid assets in favorable opportunities and seeking third-party financing for ongoing operations.

However, BPZ said the process to date has not yielded any opportunities likely to provide greater realizable value than attempting to sell the assets in a single transaction, given current market conditions and other factors.

Houston-based BPZ Resources is an independent oil and gas exploration and production company with operations in Peru and Ecuador. The company filed for bankruptcy on March 9 under Chapter 11 case number 15-60016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.