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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.
After two years of fewer bankruptcies, the oil and gas exploration and production sector is seeing an uptick in filings at a time when the industry expects a decrease in available credit.
The approved plan gives Weatherford access to $600 million in credit and the ability to issue $1.6 billion of notes that will be used to pay down debt. Sergio Chapa of the Houston Chronicle has the story.
The Houston oil producer filed for bankruptcy protection Thursday amid collapsing finances and an SEC investigation into possible fraud. Latham & Watkins and Porter Hedges are serving as the debtors' co-counsel.
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.
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.
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