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Nine Point Energy files bankruptcy in wake of lower oil, gas prices
By Sarah Lizee
Olympia, Wash., March 15 – Nine Point Energy Holdings, Inc. and its subsidiaries filed Chapter 11 bankruptcy Monday in the U.S. Bankruptcy Court for the District of Delaware with plans to restructure its balance sheet, according to a statement from the company.
“Nine Point is voluntarily undertaking this restructuring in order to create a more sustainable capital structure, and to enable us to be a strong business partner going forward,” the company said.
“The entire petroleum industry has been affected by the severe and protracted downturn in oil and natural gas prices – Nine Point is no exception.
The company said it has a strong cash position and will continue normal business operations during the restructuring process.
Nine Point has secured a senior secured superpriority debtor-in-possession credit facility with its secured lenders. AB Private Credit Investors LLC is the agent.
The company also entered into a stalking horse agreement with the secured lenders.
Details of the DIP financing and stalking horse agreement were not available as of Monday evening.
In its petition, the company listed $100 million to $500 million in both assets and liabilities.
The company’s largest unsecured creditor is Caliber Midstream Partners LP with a $3.28 million trade payable claim. No other creditors were listed with unsecured claims of $1 million or more.
Latham & Watkins LLP and Young Conaway Stargatt & Taylor, LLP are acting as attorneys for the company, AlixPartners, LLP is financial adviser and Perella Weinberg Partners LP is investment banker.
The Denver-based exploration and production company filed bankruptcy under Chapter 11 case number 21-10570.
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