Houston-based Erin Energy Corporation, which mainly focuses on offshore oil developments in Africa, has filed for Chapter 11 bankruptcy protection.
Under the filing, made in the Southern District of Texas, Houston Division, Erin and some of its subsidiaries are asking the court to approve a reorganization plan as it seeks to restructure its debt.
Erin and the subsidiaries will continue to operate under the jurisdiction of the court.
Court documents show the company listing assets of nearly $247.54 million and total debts exceeding $628.72 million.
Erin has exploration licences for offshore Nigeria, Ghana, Gambia and Kenya but the oil sector in Africa has been struggling.
