Express Energy filed for chapter 11 bankruptcy protection in October 2009, submitting a pre-negotiated reorganization plan that was approved by its 75 senior secured creditors. The lenders agreed to exchange their $330m in claims for Express Energy equity and obtain ownership of the oilfield services company that is now essentially debt-free.
Jeff Bohm of the US Bankruptcy Court for the Southern District of Texas, Houston Division, confirmed the company’s joint plan for reorganization on December 7, 2009. The company postponed its emergence from chapter 11 until the end of the calendar year for administrative and accounting purposes.
Express Energy will remain a privately owned company. The new owners do not plan to make any major changes in the company’s operations or senior management.
