Bankruptcies have hit North American oil and gas explorers and producers harder than oilfield service and midstream operators over the last four-and-a-half years, with an uptick so far this year, according to Haynes and Boone.
Corporate Bankruptcies: ‘Calm before the Storm’ in TX
Business bankruptcy filings in Texas plummeted during the first six months of 2019, but experts predict a financial storm is brewing that could force hundreds and hundreds of Texas businesses into insolvency. “We are beginning to see some bad signs,” says Sidley’s Duston McFaul. “Another wave is on the way,” says Jackson Walker’s Elizabeth Freeman. Adds Lou Strubeck: “We are on the cusp of something big happening.” The Texas Lawbook has new data and complete details in Part One of a series.
Akin Gump, Jackson Walker Advise Sanchez Energy on Bankruptcy Filing
Another oil and gas company has filed for bankruptcy protection, this time Houston-based Sanchez Energy Corp.
Exclusive: Legal, Financial Advisor Tab Hits $61M in Exco Resources Bankruptcy
Exco Resources is paying its legal and financial advisors $4 million a month to help guide the company through bankruptcy. Since the Dallas oil and gas operation filed for Chapter 11 protection last year, Exco has paid the lawyers and other restructuring experts $61.6 million. The Texas Lawbook has exclusive details.
DBJ: Exco Resources to Emerge from Bankruptcy in ‘Coming Weeks’ After Court Reorgnization
The Dallas oil and natural gas company expects to complete the financial restructuring process in the coming weeks. Exco will reduce its leverage by more than $1.1 billion.
Updated – Shearman Adds Restructuring Pro from Baker Botts
Prior to joining Shearman, Lucky McDowell practiced for his entire 17-year career at Baker Botts.
Frisco tech firm files for bankruptcy, owes up to $50M
Frisco’s Skinny IT – once a rising star in North Texas – has filed for bankruptcy, the Dallas Business Journal reports.