Houston-based Oasis Petroleum said Wednesday that it had filed for Chapter 11 bankruptcy protection in federal court as part of prepackaged plan the company reached with its largest creditors in an effort to clear $1.8 billion in debt.
The Future of Bankruptcy? ‘More to Come,’ Panel Says
While energy bankruptcies are likely to continue, the airline industry may end up being the hardest hit, according to panelists participating in last week’s “Corporate Bankruptcy Fever” CLE. Moreover, the disruptions that have emerged from the COVID-19 pandemic are changing the paths and prospects for many more businesses in many different industries facing Chapter 11.
DBJ: Case Over $2B Frisco Development Could Drag for Years, Lawyer Says
The future of Frisco’s $2 billion Wade Park project could be more uncertain after a bankruptcy case containing fraud allegations was filed last week – and it could take years in court to untangle.
The Battle of the Texas Bankruptcy Legal Advisors – A Statistical Analysis of the Firms and Lawyers
The COVID-19 pandemic and the oil patch crisis have caused pain and cutbacks in the Texas legal community, but some corporate law firms are thriving because of these crises. Exclusive new Texas Lawbook data shows that more than 900 lawyers based in the Texas offices of 34 regional and national corporate law firms are representing debtors, creditors and other parties in 219 active Chapter 11 restructurings filed in Texas and other jurisdictions across the country. The Lawbook names the firms, the lawyers and the clients.
Chief Judge David Jones: The Man Who Saved the Texas Bankruptcy Practice
Bankruptcy Judge David Jones singlehandedly breathed new life into a Texas business bankruptcy practice that saw its work shift to Delaware and Manhattan for decades. Thanks to Jones’ reforms, Houston has the busiest corporate restructuring court in the U.S. The Texas Lawbook provides an in-depth look at Judge Jones, his career and the impact he has had.
Texas Lawyers Working on Two Massive Offshore Drilling Bankruptcies
Two offshore drilling companies — The Woodlands-based Arena Energy and London-based Valaris — have filed for bankruptcy in the Southern District of Texas. Both cite a billion-dollars or more of debt. Natalie Posgate has the law firms and lawyers involved so far.
Remora Petroleum Files for Bankruptcy
A tough commodity environment, a failed IPO and a pandemic are a few of the factors causing this Austin-based energy company to be the latest to file for bankruptcy protection in Houston federal court. Natalie Posgate has the details, including notable creditors.
Fieldwood Energy Files for Bankruptcy, Again
Houston-based Fieldwood Energy filed for bankruptcy for the second time in two years in SDTX. Fieldwood GC Thomas Lamme turned to Weil Gotshal, Thompson & Knight and Jones Walker as its legal advisors.