Texas companies restructuring in federal bankruptcy court jumped more than 42 percent in 2017, nearly reaching the highs of the Great Recession eight years ago. Filings for Chapter 11 bankruptcy protection in 2017 skyrocketed to record levels in the Southern District of Texas and near record levels in the Northern District. Some corporate restructuring experts predict there could be another wave of bankruptcies filed by Texas businesses burdened with historic levels of debt.
Houston Bankruptcy Partner Laterals to Jones Walker
Joe Bain was previously at Edison, McDowell & Hetherington.
Exco Resources Chooses Kirkland & Ellis as Ch. 11 Adviser
Dallas oil and gas company Exco Resources filed for bankruptcy this week as executives are in discussions with its creditors to restructure its troubled balance sheet. Exco has hired Kirkland & Ellis, which has offices in Houston and is also representing Energy Future Holdings in its bankruptcy, as its lead outside counsel to advise the company on its corporate restructuring.
Perkins Coie Taps Dallas Partner John Penn to Lead Bankruptcy and Restructuring Practice
Penn is a fellow of the American College of Bankruptcy and past president of the American Bankruptcy Institute.
Husch Blackwell Advises Dairy Queen Franchisee in Bankruptcy
Irving-based Dairy Queen franchisee Vasari has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. Varasi, which is closing 19 operations in Texas, turned to Husch Blackwell partner Vickie L. Driver and senior counsel Christina W. Stephenson as its restructuring advisers.
Bankruptcy Judge Approves Oncor Deal with Sempra
U.S. Bankruptcy Judge Christopher Sontchi has given his approval for Energy Future Holdings to sell its 80 percent ownership stake in Oncor to Sepra Energy for $9.45 billion in cash. The judge’s thumbs up means the deal heads to the Texas Public Utility Commission, which is the regulatory authority that must give its blessing before the deal can be final.
Analysis: How New Bankruptcy Rules Will Impact Financial Institutions
Significant changes to federal rules governing the administration of consumer bankruptcy cases – and Chapter 13 cases in particular – are set to take effect Dec. 1. In the meantime, the bankruptcy bench and bar for each district will be busy ensuring their rules and forms are in compliance. This article highlights the major rule changes and what they will mean for creditors in bankruptcy cases.
Exclusive: Texas Business Bankruptcy Filings Spike Again
The number of Texas companies seeking to restructure their debt and reorganize under Chapter 11 of the U.S. Bankruptcy Code hit a record high during the first six months of 2017. In fact, the number of Texas businesses that filed for bankruptcy in the first half of this year exceeded the previous record set in 2009 during the Great Recession by 12 percent.
SCOTX: Noble Energy Owes $63 million in Closely Watched Bankruptcy Assets Case
The Texas Supreme Court says that obligations assumed in a 1999 bankruptcy require Noble Energy to indemnify ConocoPhillips in a $63 million oil field contamination agreement with the State of Louisiana. The Texas Lawbook has the details.
Dallas & Houston Federal Judges to Mediate Puerto Rico Bankruptcy
Two Texas judges have been appointed to play key roles in the $73 billion bankruptcy of Puerto Rico. U.S. Bankruptcy Chief Judge Barbara Houser of Dallas is heading a five-member judicial panel that is mediating key issues. U.S. Senior District Judge Nancy Atlas of Houston is also on the mediation panel.