Longtime Houston bankruptcy attorney Charlie Beckham at Haynes and Boone lays out the landscape for the avalanche of Chapter 11’s expected in the oil industry thanks to the recent slide in commodity prices.
The Boy Scouts of America filed for bankruptcy overnight in Delaware. The Irving-based nonprofit has reached out to a Chicago law firm to advise in the development of a trust to deal with the legal fallout from lawsuits claiming decades of sexual abuse.
The long-anticipated bankruptcy of home decor retailer Pier 1 was filed Monday in Virginia. The company has been buffeted in recent months by the death of its GC, a plan to close down 450 stores and, at one point, a halt in trading. Now it says it’s looking for a buyer. Natalie Posgate has the details.
The Fort Worth oil and gas company, backed by EnCap Investments, cited market pressures in filing for Chapter 11 bankruptcy.
Kirkland, Jackson Walker, Baker Botts, Bracewell, Weil and Porter Hedges all have a hand in the reorganization, which the oil and gas engineering and construction company hopes will erase more than $4.6 billion in debt.
Dallas-based Borden Dairy and its GC Alex Madrazo, a former litigation associate at Locke Lord in Dallas, hired New York-based Arnold & Porter to lead its corporate restructuring. The 163-year-old dairy producer chose to file for bankruptcy in Delaware instead of the Northern District of Texas.
Dallas area bankruptcy courts recorded nine business filings – including three with total debts above $1 million – during the week that ended November 8, 2019. Year to date through
Dean Foods GC Kristy Waterman and CFO Gary Rahlfs have tapped New York lawyers with Davis Polk and Norton Rose Fulbright partner William Greendyke as its lead outside counsel in the upcoming restructuring, which was filed Tuesday in the Southern District of Texas. The Texas Lawbook has details on the full legal and financial advisory teams.
Highland Capital Management L.P., a unit within Highland Capital Management’s alternative investment platform, voluntarily filed for Chapter 11 bankruptcy on Wednesday in Delaware. The firm said in a statement that HCMLP’s filing stems from a potential judgment being sought against it that could exceed the entity’s liquid assets.
With the global economy slowing and debt obligations in the energy sector coming due, many experts foresee a wave of bankruptcies hitting Texas very soon. Law firms looking to bulk up their bankruptcy practices can turn to litigation finance to help them grow and compete in Texas’ busy restructuring market.