Cobalt International Energy, Inc. Commences Chapter 11 Cases to Facilitate Restructuring
December 14 2017 - 6:00AM
Business Wire
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today
announced that it and certain of its U.S. affiliates filed
voluntary petitions for relief under chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of Texas (the “Chapter 11 Cases”). Cobalt
expects to conduct business in the ordinary course, and its cash on
hand is expected to provide Cobalt with adequate liquidity to fund
its operations during the restructuring process. The Chapter 11
Cases are expected to facilitate the restructuring process and the
proposed sale of Cobalt’s assets.
Cobalt has been engaged in constructive discussions with its
first lien noteholders, second lien noteholders, unsecured
noteholders and their respective advisors regarding the need for,
sponsorship of, and terms of a restructuring and proposed sale of
Cobalt’s assets. Cobalt plans to utilize the Chapter 11 Cases to
continue and complete these discussions with key stakeholders and
evaluate other value-maximizing opportunities to facilitate an
expedited restructuring that will deliver maximum value to its
stakeholders.
Cobalt has filed a variety of “first-day” motions with the court
seeking, among other things, authority to use the cash collateral,
maintain its existing cash management system and other customary
relief. When granted, such motions will assure Cobalt’s ability to
maintain business-as-usual operations throughout the restructuring
process.
Additional information, including court filings, regarding
Cobalt’s restructuring is available at www.kccllc.net/cobalt or by
contacting Cobalt’s proposed notice and claims agent at
866-967-1782 (for toll-free domestic calls) and 310-751-2682 (for
tolled international calls) or by email at
cobaltinfo@kccllc.com.
Kirkland & Ellis LLP is serving as Cobalt’s legal advisor
and Houlihan Lokey, Inc. is serving as Cobalt’s financial
advisor.
About Cobalt
Cobalt International Energy, Inc. (NYSE:CIE) is an independent
exploration and production company active in the deepwater U.S.
Gulf of Mexico and offshore West Africa. Cobalt was formed in 2005
and is headquartered in Houston, Texas.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws, including the safe
harbor provisions of the Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 — that is,
statements related to future, not past, events. Forward-looking
statements are based on current expectations and include any
statement that does not directly relate to a current or historical
fact. In this context, forward-looking statements often address
Cobalt’s expected future business and financial performance, and
often contain words such as “anticipate,” “believe,” “may,” “will,”
“aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan,”
and other similar words. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be
accurate. Actual results and future events could differ materially
from those anticipated in such statements. For further discussion
of risks and uncertainties, individuals should refer to Cobalt’s
Securities and Exchange Commission filings. Cobalt disclaims any
obligation or undertaking, and does not intend, to update these
forward-looking statements to reflect events or circumstances
occurring after this press release, other than as required by law.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
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Investor Relations:Cobalt International Energy, Inc.Aaron
Skidmore, +1 713-457-4426Director, Investor Relations