On July 14, 2016, The U.S. Bankruptcy Court for the District of Delaware approved Venoco, Inc’s restructuring plan and the company ultimately emerged from the restructuring process in the weeks following. Approximately $1 billion of debt was eliminated from the company’s balance sheet.
The company’s operations were maintained throughout the restructuring process and the company also fully met financial and regulatory obligations throughout the court-supervised restructuring process. Following the restructuring process Venoco, Inc. became Venoco, LLC.
Venoco, LLC. is an independent energy company primarily focused on the acquisition, exploration and development of oil and natural gas properties. For more than 20 years, Venoco has operated in California where there is a rich history of oil and natural gas production from some of the largest oil fields in the country. Venoco has built a solid reputation as a good corporate citizen and its highly efficient operations have a distinguished record of meeting California’s high environmental and safety standards.
For more information, please visit the links below:
Claims Administration Website: http://www.bmcgroup.com/venoco
Frequently Asked Questions: http://www.venocoinc.com/restructuring-faq