“A big Louisiana oil company went bankrupt; small suppliers could be out millions.”
By Stephanie Riegel| June 12, 2023
“A rig and supply vessel are pictured in the Gulf of Mexico, off the coast of Louisiana.AP Photo/Gerald Herbert, File”
“A Metairie-based oil company that’s one of the largest independent operators still working in the state’s shallow coastal waters has filed for bankruptcy protection, leaving dozens of south Louisiana service and supply companies facing potential bankruptcies of their own.”
“Cox Operating LLC executives have blamed the pandemic, OPEC price wars, the hurricanes of 2020 and 2021, and an accident that damaged one of their oil platforms for the company’s woes. Bankruptcy court documents show Cox’s estimated liabilities are close to $500 million — more than $200 million of which is owed to small businesses in the Houma-Thibodaux and Acadiana areas.”
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