Linc USA Files For Bankruptcy in Houston, TX

On May 29, 2016, Linc USA GP and certain of its affiliates (collectively, “Linc” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern  District of Texas, Houston Division. According to the declaration of Linc’s Vice President of Corporate Development, Jude Rolfes (the “Rolfes Declaration”), Debtors’ operations involve the exploration and production of oil and gas with a primary focus on conventional onshore and shallow state water properties along the Gulf Coast of Texas, properties in the Powder Rivers Basin of Wyoming and Alaska’s Umiat field.  Debtors own about 61,882 net acres and around 181 producing wells across the Gulf Coast, Wyoming and Alaska.  The Debtors are owned by an Australian corporation also in  insolvency proceedings in Australia.  See Rolfes Declaration at 5-14.Debtors’ liabilities total approximately $413 million which include: (i) $125 million pursuant to a 2014 Indenture with The Bank of New York Mellon Trust Company, N.A. as Trustee and Collateral Agent; (ii) and $283.5 million pursuant to a Second Lien Indenture also with The Bank of New York Mellon Trust Company, N.A. as Trustee;  and (iii) $5.8 million to several trade vendors. See  Rolfes Declaration at 24-26.The Debtors cases are jointly administered under the lead bankruptcy case In re Linc USA GP, et al., Case No. 16-32689.A copy of the Rolfes Declaration can be accessed here: Download Rolfes 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