November 30, 2016 Comments (0) Blog, Current Investigations

Bennu Oil and Gas Files Chapter 7 Liquidation

(Last Updated On: April 6, 2017)

Are you concerned about your losses investing in Bennu Oil & Gas, LLC? If so, the attorneys at The White Law Group may be able to help you by filing a FINRA arbitration claim against the brokerage firm that sold you the investment.

Houston-based Bennu Oil & Gas has assembled a portfolio of oil and gas resources in the Gulf of Mexico, offshore Louisiana and Texas, according to their website. Bennu was formed in 2013 to acquire infrastructure and other drilling assets from ATP Oil & Gas, which liquidated in bankruptcy after its operations were disrupted by the Deepwater Horizon oil spill disaster. For more information on ATP Oil and Gas, click here.

Bennu Oil & Gas LLC, filed for chapter 7 bankruptcy protection this week, indicating its intention to liquidate. According to court papers, the company no longer operates. Bennu valued its total assets at $10 million to $50 million and total liabilities at $500 million to $1 billion.

In August, Texas’ Beal Bank USA successfully forced an affiliate of Bennu Oil & Gas, Bennu Titan LLC, into an involuntary chapter 11 bankruptcy and later won a judge’s order appointing an independent trustee to take control of the affiliate.

Bennu Titan owns an offshore multicolumn drilling and production platform in the Gulf of Mexico that was being used by Bennu Oil & Gas. The platform has since been shut down.

Three BDCs have investments in Bennu Oil & Gas: OHA Investment (OHAI), PennantPark Investment (PNNT) and Sierra Income, a non-traded BDC. For more information on Sierra Income, click here.

For more information on The White Law Group’s investigation see Investor Alert: Bennu Oil and Gas, LLC.

The firm continues to investigate the liability that broker-dealers and financial professionals may have for improperly recommending Bennu Oil and Gas investments to its clients.

Brokerage firms and financial advisors have a fiduciary duty to perform adequate due diligence on any investment they recommend and to ensure that such recommendations are appropriate for their client in light of that particular clients’ age, income, investment experience, investment objectives, and net worth.

If you suffered losses investing in Bennu Oil and Gas, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in claims against their brokerage firm.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.