Xcite Energy has initiated liquidation proceedings after failing to push through a proposed financial restructuring, putting its undeveloped Bentley heavy oil field up for grabs.
Initial offers from interested parties were due to be received by 2 December for assets of the London-listed company that was declared insolvent last month due to its inability to repay outstanding bond debt of $152 million, according to a statement from FTI Consulting that is handling the liquidation process.
Xcite
