Report: E&P Bankruptcies Up, Credit Expected to Tighten
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.
Chron: Bankruptcy Judge Accepts Weatherford Reorganization Plan
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.
Chron: Alta Mesa Files for Bankruptcy Under Former Anadarko Chief
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.
Bankruptcies = Big Dollars, Big Risks for Texas Corporate Law Firms
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.
Corporate Bankruptcies: ‘Calm before the Storm’ in TX
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.
Akin Gump, Jackson Walker Advise Sanchez Energy on Bankruptcy Filing
Another oil and gas company has filed for bankruptcy protection, this time Houston-based Sanchez Energy Corp.
Halcón Files for Bankruptcy …Yet Again
Houston oil and gas explorer Halcón Resources filed for Chapter 11 bankruptcy a second time – and went with the same law firm it did the last go around. Claire Poole has the names.
Houston Chronicle: Weatherford files for bankruptcy protection
The oilfield services company reported to the bankruptcy court in Houston that it had as much as $10 billion in liabilities, including $7.5 billion in unsecured bond debt.
DBJ: DFW company files for bankruptcy, aims to eliminate nearly $900M in debt
Monitronics International Inc. said Monday it had filed and that it hoped to emerge from bankruptcy within about 75 days.
Exclusive: Legal, Financial Advisor Tab Hits $61M in Exco Resources Bankruptcy
Exco Resources is paying its legal and financial advisors $4 million a month to help guide the company through bankruptcy. Since the Dallas oil and gas operation filed for Chapter 11 protection last year, Exco has paid the lawyers and other restructuring experts $61.6 million. The Texas Lawbook has exclusive details.