On February 3, 2016, EmKey Companies, LLC and its affiliates (collectively, “EmKey” the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division.
According to the declaration of the EmKey’s President, Worth Snyder, (the “Snyder Declaration”), the Debtors operations have been focused on the acquisition, production, exploration, and development of midstream assets and upstream oil and natural gas properties primarily within New Mexico, New York and Wyoming. The Debtors primary assets are working interests (operated and non-operated) in approximately 117 “oil and gas production sites” encompassing over 25,000 gross acres. See Synder Declaration at 6-7.
The Emkey’s liabilities total approximately $14.6 million dollars in unpaid principal plus accrued interest and other fees and expenses, pursuant to a Credit Agreement with Texas Capital Bank, N.A. as Administrative Agent, secured by liens on substantially all of the Debtors assets. See Synder Declaration at 14-15
The Debtors’ bankruptcy cases are being jointly administered in the bankruptcy case captioned In re Emkey Companies, LLC, et al., Case No. 16-30548.
A copy of the Synder Declaration can be accessed here: Download Snyder 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/.