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

Adams Resources & Energy

20/04/2017 22:26

April 20 (Reuters) - Adams Resources & Energy Inc  AE.A : 
    * 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 
 
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