Afren representative granted authorization to dismiss Chapter 15 case

By Mark Reccek

Bethlehem, Pa., Sept. 8 – Afren plc’s foreign representative received authorization from the U.S. Bankruptcy Court for the District of Delaware to dismiss the company’s Chapter 15 bankruptcy case, according to a motion filed Tuesday.

As previously reported, representative Anne Vallely said Afren completed an operational review after the Chapter 15 filing, which led management to expect significantly lower near-term production from its assets compared to the production level assumed in the company’s restructuring plan announced on June 19.

According to Vallely, Afren later had a discussion with stakeholders regarding the impact of the revised assumptions on its near-term cashflow, funding requirements and resulting amendments in the terms of the restructuring required to deliver a revised business plan.

Vallely also said the board took the necessary steps to place Afren into insolvency administration under the laws of England and Wales, and company management has been replaced by administrators Simon Appell, Daniel Imison and Catherine Williamson.

Afren is an oil and gas exploration and production company based in London. The Chapter 15 case number is 15-11452.

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