FuelFix – Warren Resources Turns to Andrews Kurth for Bankruptcy Restructuring

© 2016 The Texas Lawbook.

By Houston Chronicle

(June 3) – Houston-based Warren Resources Inc., the latest victim of the long decline in energy prices, filed for Chapter 11 bankruptcy protection Friday in Houston.

Warren officials announced in April that the firm hired Andrews Kurth as its legal counsel in the restructuring. Houston bankruptcy and restructuring partner Timothy A. “Tad” Davidson II is leading the effort for Andrews Kurth. Houston partner Henre Havre and associates Joseph Rovira and Ashley Gargour are also working with Davidson on the restructuring.

The proposed a bankruptcy plan, according to Bloomberg, calls for turning the oil and gas explorer over to senior lenders led by Blackstone Group LP’s GSO Capital Partners.

Under the proposal, which must be voted on by creditors and approved by a judge, Warren would reduce its debt by giving 82.5 percent of the company to funds advised by GSO Capital owed $248 million, Chief Executive Officer James A. Watt said in court papers.

For a longer version of this article, please visit FuelFix @ www.fuelfix.com/bankruptcy.

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