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.
Three Energy Companies, Seven Firms: The Latest on SDTX’s Bankruptcy Docket
The Southern District of Texas has been a hub for corporate bankruptcies for some time, but even more so now as energy companies continue to be crippled by the one-two punch of the coronavirus outbreak and oil price war. Natalie Posgate explains the circumstances behind three new energy bankruptcies in Houston and identifies their lawyers.
Covid-19: A Bankruptcy Pandemic
The country is about to witness an unprecedented number of corporate bankruptcy filings. Companies that were otherwise healthy 90 days ago or at least had a fighting chance of avoiding a trip through the bowels of bankruptcy are now faced with the grim reality of a Chapter 11 filing. Gary Kennedy, who guided American Airlines through one of the most successful corporate bankruptcies in history, provides guidance for companies facing restructuring.
‘There is a Tsunami Coming’
More Texas businesses are filing for bankruptcy this year than during the Great Recession or anytime in the past two decades, and legal experts say the wave of insolvencies and restructurings is still far from breaking or hitting their peak. Houston has emerged as the preferred venue for large, complex restructurings for companies such as J.C. Penney and Neiman Marcus, though Dallas has a new bankruptcy judge on deck. The Texas Lawbook examines the trends and provides analysis from the top bankruptcy experts.
DBJ: Tuesday Morning Files for Bankruptcy
Tuesday Morning Corp. filed voluntary petitions for protection under Chapter 11 bankruptcy, in response to the strain that COVID-19 pandemic and related store closures have put on the company, the Dallas Business Journal reports. The Dallas-based retailer retained Haynes and Boone to guide it through its corporate restructuring.