On December 11, 2015, Cubic Energy Inc., and four affiliates (collectively, “Cubic”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Cubic is involved in development, production and exploration of crude oil, natural gas and natural gas liquids. According to the declaration of Jon S. Ross, Executive Vice President and Corporate Secretary of Cubic (the “Ross Declaration”), Cubic enters bankruptcy with a prepackaged plan to, among other things deleverage its balance sheet by converting its outstanding loans and obligations into new equity in the reorganized Cubic.Cubic’s primary assets are located in Texas and Louisiana. Its liabilities total approximately $126.4 million, the bulk of which (96.5 million) is owed pursuant to an October 2013 Prepetition Note Purchase Agreement with Wilmington Trust National Association as noteholder agent, and other secured parties. Cubic also owes $29.9 million to Wells Fargo Energy Capital, Inc., under an Amended and Restated Credit Agreement, also executed in October 2013. See Ross Declaration at 10.Cubic is seeking to have their bankruptcy cases jointly administered under the lead bankruptcy case captioned In re Cubic Energy, Inc. et al., Case No. 15-12500. A copy of the Ross Declaration can be accessed here: Download Ross Declaration.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.