Cobalt International Energy secures interim access to cash collateral

By Caroline Salls

Pittsburgh, Dec. 15 – Cobalt International Energy, Inc. received court approval to access the cash collateral of its pre-bankruptcy secured parties on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for Jan. 11.

The cash collateral will be used to fund the company’s operations while in bankruptcy.

Cobalt is a Houston-based exploration and production company active in the deepwater section of the Gulf of Mexico and offshore of west Africa. The company filed bankruptcy on Dec. 14 under Chapter 11 case number 17-36709.

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