A big Louisiana oil company went bankrupt. Many of its suppliers are small companies from Acadiana who could lose millions

A big Louisiana oil company went bankrupt. Many of its suppliers are small companies from Acadiana who could lose millions

by Adam Daigle | Acadiana business editor​ ​ ​

Good Monday morning, Acadiana business news readers. It's business news time. Let's dive in.

A Metairie-based oil company that’s one of the largest independent operators still working in the state’s shallow coastal waters has filed for bankruptcy protection, leaving dozens of south Louisiana service and supply companies facing potential bankruptcies of their own.

Cox Operating LLC executives have blamed the pandemic, OPEC price wars, the hurricanes of 2020 and 2021, and an accident that damaged one of their oil platforms for the company’s woes. Bankruptcy court documents show Cox’s estimated liabilities are close to $500 million — more than $200 million of which is owed to small businesses in the Houma-Thibodeaux and Acadiana areas.

“If I can get the money they owe me, I can survive and move on,” said Keystone Chemicals owner Jeff Delahoussaye, whose Broussard company is owed $2.8 million from Cox.

You can read the full story here.

Have a great week and thanks for reading.