Angola: Cobalt files for bankruptcy

Cobalt International Energy said on 14 December it had filed for bankruptcy to facilitate a restructuring and sale of assets. Cobalt expects to conduct business as usual and have enough cash on hand to fund its operations during the process.The bankruptcy filing comes after several months of efforts to reduce debt and avoid delisting from the New York Stock Exchange after the planned sale of the US company’s 40% holdings in blocks 20 and 21 ran into trouble.