On Friday, December 11, 2015, Cubic Energy Inc. and affiliated debtors ("Debtors" or "Cubic") filed a voluntary Chapter 11 with the United States Bankruptcy Court for the District of Delaware. This is a prepack bankruptcy, with Cubic filing a proposed Chapter 11 plan of reorganization and disclosure statement on the same day it filed for bankruptcy.
In addition, Cubic filed the standard "first-day" motions, including a motion to approve use of cash collateral, motion to pay employee wages, motion to appoint claims agent, and a motion to schedule a confirmation hearing, etc.
Per the Declaration of John S. Ross in support of First Day Motions, who serves as the Executive Vice President and Corporate Secretary for Cubic Energy, Inc., the Debtors are independent oil and gas exploration and production companies that have been adversely impacted by the significant decline in oil and gas prices that began in 2014. The Debtors have entered into a proposed Chapter 11 plan to restructure their debt.
The bankruptcy proceedings have not yet been formally assigned to a judge. The law firm of Bayard, P.A. represents the Cubic Debtors.
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