Venoco, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Prime Clerk LLC as administrative advisor.
The services to be provided by the firm include:
(a) assisting in the solicitation, balloting and tabulation of votes, and preparing any related reports in support of confirmation of a Chapter 11 plan;
(b) preparing an official ballot certification and, if necessary, testifying in support of the ballot tabulation results;
(c) assisting in the preparation of schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith;
(d) providing a confidential data room, if requested;
(e) managing and coordinating any distributions pursuant to a bankruptcy plan; and
(f) providing processing, solicitation, balloting and other administrative services.
The hourly rates charged by the firm are:
Analyst $30 – $50
Technology Consultant $35 – $95
Consultant/Senior Consultant $65 – $160
Director $170 – $195
Chief Operating Officer/Executive VP No charge
Solicitation Consultant $185
Director of Solicitation $210
Michael Frishberg, co-president and chief operating officer of Prime Clerk, disclosed in a court filing that his firm is a “disinterested person” as defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael J. Frishberg
Prime Clerk LLC
830 Third Avenue, 9th Floor
New York, NY 10022
Tel: (212) 257-5450
On April 17, 2017, Venoco LLC and six of its subsidiaries filed voluntary petitions with the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 17-10828). The cases have been assigned to Judge Kevin Gross.
The Debtors hired Bracewell LLP as counsel; Morris Nichols as co-counsel; Zolfo Cooper Management’s Bret Fernandes as chief restructuring officer; and Prime Clerk LLC as claims, noticing and balloting agent.
Venoco, Inc., the predecessor to the Debtors, was founded in 1992. The Debtors’ corporate office and principal place of business is located at 370 17th Street, Suite 3900, Denver, Colorado 80202-1370. The Debtors also maintain a regional office and various operations in California, where the majority of their
personnel are located.
As of the Petition Date (and following the quitclaim of the SEF Leases), the Debtors held interests in approximately 57,859 net acres, of which approximately 40,945 are developed. The majority of the Debtors’ revenues are derived through sales of oil to competing buyers, including large oil refining companies and independent marketers. Nearly all of the Debtors’ annual revenues are generated from sales to one purchaser, Tesoro. The Debtors’ revenues from oil and gas sales were approximately $33.6 million on a rolling 12 month basis.
As of the bankruptcy filing, the Debtors listed assets in the range of $10 million to $50 million and liabilities of up to $100 million. As of the Petition Date, the Debtors have approximately $25 million in cash, all of which is unrestricted. The Debtors anticipate that they will need all or substantially all of this cash to fund ongoing operational expenses, fund these cases and a sale process, and wind down their affairs.