White Star Petroleum is exploring strategic alternatives including a sale of the US company as it navigates a voluntary Chapter 11 bankruptcy protection filing, writes Caroline Evans.
The mid-continent-focused company said it had received $28.5 million in committed "debtor-in-possession" financing to boost liquidity and it then commenced voluntary Chapter 11 cases with the support of its primary secured creditors.
The financing is being provided by members of the company's current syndicate of RBL lenders, with MUFG Union Bank as administrative agent and collateral agent.
