Debt-strapped Fieldwood Energy is filing for Ch. 11 bankruptcy protection the same day it said it would acquire Noble Energy’s Gulf of Mexico assets in a $roughly 700 million deal.
The seemingly bizarre dichotomy is part of Houston-based Fieldwood’s plan to cut its debt in half, receive an influx of capital from its private equity backers, exit bankruptcy in April and start expanding in the slowly recovering deepwater Gulf.
Source: FuelFix
