Enterprise Technologies Finishes Reorganization

Enterprise Technologies, a Calabasas oil and gas company, announced that it reorganized and emerged from Chapter 11 bankruptcy proceedings. Enterprise said as part of the reorganization, it exchanged $18 million in secured and unsecured debt for $250,000 in debt and 7 million units of stock and warrants.

Enterprise also said it acquired Enterprise Entertainment, and took that company’s name. The company also created a new company, NUOILCO, which will own Enterprise’s oil and gas properties. NUOILCO and Enterprise Entertainment will have the same shareholders.

Enterprise said it will now concentrate on distribution, publishing, production and management of music.