Gulf Oil Rig Co. gets quick loan to stay afloat at Ch. 11

By Rick Archer (June 17, 2022, 2:02 p.m. EDT) – A Texas bankruptcy judge on Friday allowed bankrupt owners of an oil rig in the Gulf of Mexico to tap into Chapter 11 funding of 23, $5 million after hearing the money was needed immediately to keep his currently unanchored and uninsured rig in sellable condition.

Portugal-based LaForta-Gestao e Investimentos filed for Chapter 11 protection late Thursday, saying it is likely over $1 billion in debt with no money or income, and that its only asset, the platform Deepwater drilling rig La Muralla, is currently off the coast of Mexico with little fuel and no functional anchor.

“The Muralla has the potential to…

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