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BRIEF-Adams Resources says its unit plans to file voluntary petition for reorganization under Chapter 11 of Bankruptcy Code
April 20, 2017 / 9:43 PM / 4 months ago

BRIEF-Adams Resources says its unit plans to file voluntary petition for reorganization under Chapter 11 of Bankruptcy Code

April 20 (Reuters) - Adams Resources & Energy Inc:

* Adams Resources announces the conclusion of strategic alternatives related to its exploration and production subsidiary

* Company does not expect Chapter 11 filing by its subsidiary to have material adverse impact on any of core businesses

* Says AREC has retained Oil and Gas Asset Clearinghouse, LLC to advise it with respect to sale process

* Plans to direct its attention to its core businesses or other business development initiatives

* Company continues to have no debt and held approximately $87 million in cash at end of fiscal year ended December 31, 2016

* AREC plans to file voluntary petition for reorganization under Chapter 11 of Bankruptcy Code

* Co plans to conduct a sale process Source text for Eikon: Further company coverage:

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