BJ Services, an oilfield services company based in Tomball, filed for Chapter 11 bankruptcy restructuring Monday in the Southern District of Texas. But this bankruptcy appears to be much more of a liquidation than a reorganization.
BJ Services General Counsel John Bakht selected Kirkland & Ellis and Gray Reed as the company’s legal advisors to lead the company through the bankruptcy process. He also selected PJT Partners as its financial advisor and Ankura Consulting as its restructuring advisor.
In addition, BJ Services appointed Anthony Schnur, a senior managing director at Ankura in Houston, as its official chief restructuring officer.
Bakht, who has been the chief legal officer at BJ Services for three years, spent several years at the vice president of legal for Baker Hughes and then the GC of CARBO Ceramics. He has his law degree from the University of Texas.
Sidley Austin is advising JPMorgan Chase Bank, which is serving as administrative agent under a pre-petition asset-based loan facility that’s part of the Chapter 11 proceeding. Texas-based lawyers involved from Sidley include global finance lawyers Herschel Hamner, Erica von Pechmann, Andy Chen and Michael McCormick from the firm’s Houston office.
For more details about this bankruptcy, please visit the Houston Chronicle’s article here: