Oilfield services providers followed with 204 bankruptcies over the last five years and midstream providers amounted to 30, according to Haynes and Boone. But few in the oil and gas industry will be immune given low oil prices and uncertainty around the demand-sapping coronavirus.
DBJ: Dean Foods Finds Buyer for ‘Substantial Portion’ of Business Operations Amid Chapter 11 Proceedings
Dairy Farmers of America will acquire 44 of Dean’s fluid and frozen assets for $433 million in cash. The Dallas Business Journal has more on the story.
Report: Borrowing Bases Expected to Slide at Least 20% After Oil Free-Fall
The results contrast with Haynes and Boone’s fall survey, which found the largest share of respondents predicting a 10% decrease during redetermination season.
Airline Bailouts and Bankruptcy – Not So Simple
The government is closing in on a $50 billion infusion of emergency aid to the airline industry in light of the extraordinary decrease in demand for air travel following the onset of COVID-19. While well-intended, the proposed package is insufficient to ward off catastrophic airline failures.
Charlie Beckham Sees ‘No Exit’ – A Lawbook Q&A
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.
Chapter 11 for Boy Scouts of America
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.
Pier 1 Files for Bankruptcy — in Richmond
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.
DBJ: Fort Worth-based Energy Company Files for Chapter 11 Bankruptcy
The Fort Worth oil and gas company, backed by EnCap Investments, cited market pressures in filing for Chapter 11 bankruptcy.
UPDATED: At Least Six Firms in Texas Advise Parties on McDermott 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.
Elsie the Cow Seeks Bankruptcy Protection in Delaware
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.