The bankruptcy case of Energy Future Holdings is essentially over, but the millions of dollars in fees being paid to lawyers and financial advisers are likely to continue for a few more months. New research by The Texas Lawbook shows that law firms, banks and consultants working on the EFH restructuring have received so far more than $600 million, making it one of the most complex and expensive corporate bankruptcies in U.S. history. The final price tag could approach 10-digits.
Kilpatrick Townsend Adds Houston Bankruptcy & Restructuring Pro
Lenard Parkins was most recently at Greenberg Traurig.
A Three-Minute Call & Two Multi-Billion-dollar Wire Transfers – EFH Closes Oncor Sale to Sempra & $42B Bankruptcy Ends
At 7:03 a.m. Friday, Energy Future Holdings GC Andy Wright leaned into a conference room phone on the 41st floor of Energy Plaza in downtown Dallas and spoke six simple words: “EFH has signed off. We release.” Two hours later, two wire transfers totalling $9.4 billion were received. At 9:34 a.m., EFH officially sold its 80 percent ownership in Oncor Electric and the four-year-long, $42 billion corporate bankruptcy came to an end.
The Texas Lawbook was in the conference room and provides exclusive details about one of the most complex and expensive business bankruptcies in U.S. history.
Updated – Winstead Beefs Up Restructuring and Bankruptcy Bench in Dallas
Winstead announced Monday it has lured a team of three bankruptcy shareholders from Munsch Hardt in Dallas.
Texas Business Bankruptcies Skyrocketed in 2017, Debt Hits ‘Height of Debt Lunacy’
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.