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.
Two More Permian-Focused Oil Companies File for Chapter 11 Bankruptcy
Gibson Dunn, Haynes and Boone and Okin Adams are on the latest oil patch bankruptcies to appear on Houston federal judge David Jones’ docket.
Kirkland and Gray Reed Lead BJ Services into Chapter 11 – Updated
Oilfield services firm BJ Services filed for bankruptcy Monday in the Southern District of Texas. BJ Services GC John Bakht selected Kirkland & Ellis and Gray Reed as legal advisors, PJT Partners as a financial advisor and Ankura Consulting as its restructuring advisor.
Avalanche of Business Bankruptcies has Arrived in Texas
More Texas corporations filed for bankruptcy during the first six months of 2020 than in any period in the state’s history. New bankruptcy data provided exclusively to The Texas Lawbook by Androvett Legal Media research documents the extraordinary number of businesses that have filed to restructure so far this year and how the Southern District of Texas has the hottest corporate bankruptcy docket in the country.
Latham, Hunton AK on Hi-Crush Bankruptcy
Like many before it, the Houston-based fracking services company cited chronic hardships in the market combined with COVID-19 and the Saudi-Russian oil price war as factors for filing for Chapter 11. An oversupply of a certain premium fracking sand played a large role.