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.
Brazos Electric Coop Files for Bankruptcy
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.
District Judge Considers Taking Adversary Bankruptcy Case Amid Threats of Calling the Feds
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.
Bankruptcy Experts: Middle Market’s ‘Day of Reckoning is Coming’
Corporate bankruptcies in Texas shattered all records during the first 11 months of 2020, as the Covid-19 pandemic and struggles in the oil patch sent an historic number of large, multibillion-dollar companies rushing to federal court to restructure. All that changed in December, as Chapter 11 business bankruptcies plummeted more than 60% from November.
But bankruptcy experts see a second blitz of bankruptcies – this time filed by middle market and smaller companies, which will be much more difficult to restructure – hitting the Texas courts in Q2 and Q3 2021.
DBJ: Studio Movie Grill Founder Discusses Bankruptcy, Future of the Chain
Dallas Business Journal reporter Catherine Leffert recently visited with Studio Movie Grill Founder Brian Schultz, who called the bankruptcy process an “emotional rollercoaster.”
DBJ: Adeptus Health’s Flawed Business Model, COVID-19 Contributed to Bankruptcy, Expert Says
The Irving-based operator of First Choice ER, the oldest and largest freestanding emergency-room network in the country, faces a rocky road to liquidation. Bill Hethcock of the Dallas Business Journal has the story.
Spencer Fane Brings in New Year with Bankruptcy Trio in Plano
The Plano bankruptcy boutique Pronske & Kathman has merged its operations with Spencer Fane.