"Bennu Oil & Gas, LLC is engaged in the acquisition, exploration, development and production of oil and natural gas properties in the US Gulf of Mexico. The Company began operations in 2013 under the guidance of an experienced management team with extensive engineering, geological, geophysical, technical, operational, financial, and business expertise. Bennu seeks to grow its existing portfolio of properties through exploration, exploitation, and further development of properties in the Gulf of Mexico that are economically attractive". From the LinkedIn Profile.
BDC Credit Reporter View
On December 1, 2016 the Company filed for Chapter 7 bankruptcy in which its assets will be liquidated. The Company's oil rigs are no longer operating and the reported assets are dwarfed by the liabilities to secured and unsecured lenders, as well as to creditors. Virtually all the Company's officers have departed. The BDC Credit Reporter had the Company as Non Performing since the IQ of 2016 when the second lien debt went on Non Accrual. The Credit Rating is 5, which means we expect realized losses to be incurred. There are 3 BDCs with exposure, either in second lien debt or with a royalty interest. Based on available information, we expect a full write-off of the $59mn at cost invested in the Company, which still had a value of $22mn at September 30, 2016. Because there was still substantial fair value on the BDC books at September 30, 2016, we project the Credit Trend will be Down in the IVQ 2016, either in the form of further Unrealized Depreciation or a Realized Loss should the Chapter 7 be effected quickly. For full details see the December 2, 2016 analysis.