Haynes & Boone has been tracking Chapter 11 bankruptcies for energy companies since 2015. Here’s the data on the latest quarter for midstream, oilfield services and oil and gas producer companies.
For a year, Bankruptcy Court in Houston has been the setting for A Tale of Two Calamities. A raging disease and a crippled economy tugged the court in two directions. Wave after wave of businesses sought haven from creditors. Covid-19 rendered the court uninhabitable, but also made it indispensable. A flood of cases and no courtrooms in which to try them. Along came two trial lawyers from the two most competitive law firms in the corporate bankruptcy space. This is their story.
The Fort Worth company is represented by a solo attorney and lists assets ranging from $0 to $50,000 and debts ranging from $1,000,001 to $10,000,000.
The buffet-style pizza chain has emerged from the U.S. Bankruptcy Court for the Northern District of Texas in less than two months after filing for Chapter 11.
Griddy Energy, a retail power supplier facing a slew of civil lawsuits as a result of charges from the February winter storm, says it has less than $10 million in assets but owes ERCOT, CenterPoint Energy and Oncor three times that amount.
The Austin-based movie theater chain — known as a pioneer for the dine-in-theater experience — is the latest indoor, consumer-oriented business to fall prey to the financial woes of the Covid-19 pandemic. Natalie Posgate details where the company filed and who from Texas has appeared in the case.
In the world of corporate bankruptcy and restructuring, they call it Chapter 22. For the second time in four years, Houston-based oil and gas exploration and drilling company Castex Energy has filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas.
Last week, Brazos Electric Power Cooperative got a $2 billion bill from ERCOT demanding payment for power supplied during the winter storm that hit Texas two weeks ago. Early this morning, Brazos, the largest generation and transmission cooperative in Texas, filed for Chapter 11 bankruptcy protection in the Southern District of Texas citing more than $3 billion in debts.
A federal judge in Houston is considering whether to take over an explosive adversary proceeding currently in U.S. Bankruptcy Judge Marvin Isgur’s court that may result in Isgur calling the U.S. Attorney’s Office on one of the parties.
With a large amount of unsecured creditors who hail from Dubai and Saudi Arabia, Asia Offshore Drilling says it’s looking to clear between $100 million and $500 million in debt.