Maxus Energy Corporation and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11501).  The debtors are subsidiaries of YPF SA, Argentina’s state-run oil company and include Maxus, which holds oil and gas-related interests, primarily in the Gulf of Mexico, and Tierra Solutions, Inc. which conducts remediation services, primarily at legacy sites related to Occidental Chemical Corporation, which Maxus sold in 1986.  The debtors have reached a settlement agreement with YPF, pursuant to which YPF will provide the debtors with $130 million in return for a release from environmental remediation and litigation liabilities.  YPF has also agreed to provide debtor-in-possession financing.  The petitions (including the consolidate list of top 20 creditors), first day declarations (here and here) and docket are available through Prime Clerk.

The debtors and there cases numbers are:

Case No.         Debtor                                                

16-11501         Maxus Energy Corporation

16-11502         Tierra Solutions, Inc.

16-11503         Maxus International Energy Company

16-11504         Maxus (U.S.) Exploration Company

16-11505         Gateway Coal Company


Contact Norman L. Pernick, Nicholas J. Brannick, or David W. Giattino for more information.