Cleary Gottlieb represented ACON Investments, LLC in a controlling equity investment in Chroma Oil & Gas, LP, which closed on April 30, 2008.
Chroma Oil & Gas, an oil and gas exploration and production partnership based in Houston, Texas, used the proceeds of ACON’s investment—together with additional equity from Laminar Direct Capital, an affiliate of hedge fund D. E. Shaw & Co., and first and second lien debt financing arranged by BNP Paribas—to purchase certain exploration and production assets from White Oak Energy, LLC. The Exploration and Production assets of Chroma Exploration & Production, Inc. were also contributed to the company as part of the transaction, and its management team will continue at the new company.
