![CorEnergy Restructures, Emerges from Chapter 11](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/06/corenergy-infrastructure-aims-june-emergence-bankruptcy_1.jpg?itok=eF9nmnL7)
(Source: Shutterstock, CorEnergy, Hart Energy archives)
CorEnergy Infrastructure Trust Inc. completed its reorganization and emergence from Chapter 11 bankruptcy, effective June 12.
CorEnergy expects the restructuring will allow the company to return to positive free cash flow beginning 2025, while pursuing energy transition opportunities.
The restructuring is in tandem with the resolution on the company’s San Pablo Bay rate case regarding its acquisition of California’s Crimson Pipeline assets.
The company’s prior common and preferred shares have been cancelled as of June 12, with no action required by shareholders.
“We are also encouraged by the progress in our cases for rate relief before the California Public Utilities Commission,” said CorEnergy CEO Robert Waldron. “We look forward to building on the momentum in our business as we continue to provide safe, efficient and reliable transportation for the oil and gas industry in California, return our crude oil business to profitability and capitalize on energy transition opportunities.”
In the future, CorEnergy plans to pursue an over-the-counter listing for the new shares in the reorganized company.
CorEnergy has also added five new members to its board who were appointed by its new equity holders.
Recommended Reading
Global Electrolyzer Maker Thyssenkrupp Nucera Talks Hydrogen
2024-07-03 - Thyssenkrupp Nucera CEO Werner Ponikwar recently shared insight on the electrolytic hydrogen sector and the company’s plans in the U.S. during an exclusive interview with Hart Energy.
Seeing is Believing: Fiber Optics for CO2 Storage Monitoring
2024-07-02 - Fiber optic systems can offer CO2 plume insights in CCS applications, according to services company Weatherford.
US Approves Avangrid’s New England Wind Project
2024-07-01 - Plans for Avangrid’s New England Wind, being developed as two projects, include up to 129 wind turbine generators.
The New Wildcatters: Geothermal Developers on the Hunt for Heat
2024-07-01 - The U.S. is poised for a geothermal boom using existing oil and gas technology. Does the industry have what it needs to scale?