Black Elk Energy Offshore Operations LLC is intending to liquidate its assets now that their Chapter 11 bankruptcy filing is now active. On Wednesday, investment bank Blackhill Partners LLC. Announced that they managed to restructure Black Elk’s entire organization and assisted them in their financing liabilities. Blackhill Partners has announced that the Black Elk’s problem is the largest bankruptcy program they have done. The Black Elk application for bankruptcy was approved on July 13, placing the energy company’s assets in a trust before it can officially dissolve. Last year, the company filed a petition for Chapter 7 bankruptcy but this was changed to Chapter 11 eventually.
Read more about this here: Black Elk Energy moves through bankruptcy, to dissolve