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Nine corporate law firms in Texas have added lawyers to their bankruptcy practices and 20 other firms are aggressively recruiting experienced restructuring partners. Legal and financial advisors believe a surge of business bankruptcies is heading toward Texas and there is big money to be made representing clients in deep economic distress.
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.
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.
Another oil and gas company has filed for bankruptcy protection, this time Houston-based Sanchez Energy Corp.
Houston oil and gas explorer Halcón Resources filed for Chapter 11 bankruptcy a second time – and went with the same law firm it did the last go around. Claire Poole has the names.
The oilfield services company reported to the bankruptcy court in Houston that it had as much as $10 billion in liabilities, including $7.5 billion in unsecured bond debt.
Monitronics International Inc. said Monday it had filed and that it hoped to emerge from bankruptcy within about 75 days.
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.
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.
Prior to joining Shearman, Lucky McDowell practiced for his entire 17-year career at Baker Botts.
Frisco’s Skinny IT – once a rising star in North Texas – has filed for bankruptcy, the Dallas Business Journal reports.
Adeptus Health General Counsel Tim Mueller has seen good times and bad times. During a three-year period, Adeptus experienced wild expansion, did an IPO, had its market cap hit $1 billion, filed for bankruptcy and restructured with a new plan for steady growth. Through it all, Mueller's legal counsel has been both sound and poised. The Lawbook has the story.
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