A Texas bankruptcy judge Thursday ordered the bankruptcy of oil and gas exploration outfit Erin Energy Corp. be converted from Chapter 11 to Chapter 7
Chapter 7 is liquidation bankruptcy vs Chapter 11 which is rehabilitation bankruptcy.
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors.
It's a fair assumption that FAR retain a lien over Erin's 20% of A2 & 5.
As Cath has pointed out: "It's Ours"
An unbelievably good development. !
This 20% has the potential to be worth more than our entire current 140 net in Senegal.
Can't wait to see the announcement, this is big news !
The Erin Energy Liquidation Thread
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