Oilfield services firm BJ Services filed for bankruptcy Monday in the Southern District of Texas. BJ Services GC John Bakht selected Kirkland & Ellis and Gray Reed as legal advisors, PJT Partners as a financial advisor and Ankura Consulting as its restructuring advisor.
More Texas corporations filed for bankruptcy during the first six months of 2020 than in any period in the state’s history. New bankruptcy data provided exclusively to The Texas Lawbook by Androvett Legal Media research documents the extraordinary number of businesses that have filed to restructure so far this year and how the Southern District of Texas has the hottest corporate bankruptcy docket in the country.
Like many before it, the Houston-based fracking services company cited chronic hardships in the market combined with COVID-19 and the Saudi-Russian oil price war as factors for filing for Chapter 11. An oversupply of a certain premium fracking sand played a large role.
On Tuesday, Michelle Larson officially traded her law office at Carrington Coleman for black robes as the newest federal bankruptcy judge in the Northern District of Texas. But instead of a small, usually private ceremony in the courthouse, Larson was joined by 90 of her closest colleagues, friends and family on Zoom to celebrate the milestone. Natalie Posgate tuned in and has details on the momentous occasion and the Dallas bankruptcy bench’s newest jurist.
The country’s largest franchisee of two major fast food chains, a fairly new company that is the product of the No. 1 and No. 3 largest sand suppliers in the U.S. and an exit by a behemoth oilfield services company are the latest happenings on U.S. Bankruptcy Judge David Jones’ docket in the Southern District of Texas. Plus, an upcoming Ch. 11 to watch out for.
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.