Free Speech, Due Process and Trial by Jury
Houston-based Oasis Petroleum said Wednesday that it had filed for Chapter 11 bankruptcy protection in federal court as part of prepackaged plan the company reached with its largest creditors in an effort to clear $1.8 billion in debt.
Aaron Kaufman, who recently guided Gold's Gym and its affiliates through bankruptcy in the Northern District of Texas, has left Dykema for Gray Reed.
Fort Worth-based Lonestar Resources US Inc. plans to wipe $390 million in debt with an upcoming bankruptcy filing and a restructuring agreement it has reached with its largest stakeholders, the oil producer announced Tuesday.
While energy bankruptcies are likely to continue, the airline industry may end up being the hardest hit, according to panelists participating in last week’s “Corporate Bankruptcy Fever” CLE. Moreover, the disruptions that have emerged from the COVID-19 pandemic are changing the paths and prospects for many more businesses in many different industries facing Chapter 11.
The future of Frisco’s $2 billion Wade Park project could be more uncertain after a bankruptcy case containing fraud allegations was filed last week – and it could take years in court to untangle.
The COVID-19 pandemic and the oil patch crisis have caused pain and cutbacks in the Texas legal community, but some corporate law firms are thriving because of these crises. Exclusive new Texas Lawbook data shows that more than 900 lawyers based in the Texas offices of 34 regional and national corporate law firms are representing debtors, creditors and other parties in 219 active Chapter 11 restructurings filed in Texas and other jurisdictions across the country. The Lawbook names the firms, the lawyers and the clients.
Bankruptcy Judge David Jones singlehandedly breathed new life into a Texas business bankruptcy practice that saw its work shift to Delaware and Manhattan for decades. Thanks to Jones' reforms, Houston has the busiest corporate restructuring court in the U.S. The Texas Lawbook provides an in-depth look at Judge Jones, his career and the impact he has had.
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.
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