Another Texas exploration and production company has sought protection under Chapter 11 of the U.S. Bankruptcy Code. Fort Worth-based Lilis Energy filed Tuesday in the U.S. District Court in the Southern District of Texas, citing $251 million of debt.
Occidental Petroleum sued Sanchez Energy last week in a federal bankruptcy court in Houston, where Sanchez has been undergoing a Chapter 11 reorganization since last August. The lawsuit is tied to a $2.3 billion deal in the Eagle Ford that Sanchez entered with Anadarko, which is now owned by Oxy.
Citing the need to eliminate $7 billion in debt, Oklahoma City-based Chesapeake Energy officially filed for Chapter 11 restructuring protection Sunday in the Southern District of Texas. Seven prominent corporate law firms, including Kirkland, Jackson Walker, Sidley, V&E and Akin Gump, are working on the bankruptcy.
Houston-based Sable Permian Resources is the latest energy company to fall victim to the COVID-19 crisis and the Saudi-Russia oil price war and file for bankruptcy protection as a result. But court documents reveal that the oil producer has been struggling with his balance sheet since 2016.
A Texas-based arcade also known for its pizza and a French multinational corporation that was a foundational backbone to Hollywood’s Golden Age are the latest companies to file for bankruptcy protection in Houston. Natalie Posgate explains the circumstances and reveals the lawyers.
While bankruptcy will result in a period of change, it doesn’t have to be feared. Instead, bankruptcy often may be more appropriately seen as a strategy to obtain a fresh start. This article identifies four strategic options for distressed or insolvent companies.
Lower for longer remains the watchword for producers and their creditors, according to Haynes and Boone’s periodic energy bankruptcy reports. Here’s what’s happened so far this year.
A Tulsa, Oklahoma-based shale driller and a Houston-based provider of drilling fluids are the latest companies in the energy industry to file for bankruptcy protection in South Texas federal courts.
Tuesday Morning Corp. filed voluntary petitions for protection under Chapter 11 bankruptcy, in response to the strain that COVID-19 pandemic and related store closures have put on the company, the Dallas Business Journal reports. The Dallas-based retailer retained Haynes and Boone to guide it through its corporate restructuring.
If the forecast by Norwegian energy research firm Rystad Energy is true, the number of energy bankruptcies from the coronavirus-driven oil crash will eclipse that of the last bust.