Detalles de Nuestra Experiencia en Asuntos
Chapter 11 Case - Oil and Gas Exploration and Production Companies
Highsmith, Autumn D.
, Terry, Eric
Services: Bankruptcy and Business Restructuring
, Bankruptcy and Insolvency Litigation
, Debtors and Debtors-in-Possession
, Distressed Mergers and Acquisitions
, Companies Facing Environmental Challenges
, Restructuring, Workouts, and Recapitalizations
, Energy and Petrochemical Industry
, Energy Finance
Represented oil and gas exploration and production companies in Chapter 11 case involving a severe liquidity crisis and numerous lawsuits. During the bankruptcy, the debtors negotiated and obtained court approval of a number of compromises, settling costly litigation in which they were unlikely to prevail. The debtors also successfully conducted public auctions of their oil and gas properties. The prices obtained for the primarily undeveloped properties far exceeded all expectations and marked a new high for sales of that type of acreage. The Chapter 11 petitions were filed in June 2007 and a joint plan of liquidation was confirmed one year later, in June 2008. The Plan Administrator is currently administering claims and distributions. Unsecured creditors will likely be paid in full with interest, and certain holders of preferred equity interests are expected to receive a substantial distribution as well.