Warren Resources Preps for Bankruptcy, New Role for CEO

We’ve heard of a Chief Executive Officer (CEO), a Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Marketing Officer (CMO) and Chief Risk Officer (CRO). But until now, we’d never heard of a Chief Restructuring Officer. Somebody who’s full-time job it is to work on keep the company from shutting its doors and liquidating the assets. Warren Resources has just appointed it’s current CEO and President, James Watt, as the company’s Chief Restructuring Officer. In February MDN reported that Warren–a small, independent exploration and production company with an ongoing drilling programs in California, Wyoming, and in the northeast Pennsylvania Marcellus Shale–had missed a $7.5 million payment (see Warren Resources: Potential Bankruptcy, No Drilling in 2016). At the time, Warren said if the company could not come to a workable agreement regarding an out-of-court restructuring, it would have to seek protection from its creditors through a bankruptcy proceeding. In Warren’s announcement yesterday, they once again warned of potential bankruptcy–for the third time. Without saying outright “we’re about to file for bankruptcy,” the company issued a very clear and loud signal that’s just what they’re about to do…

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