“CDT Roundup: 16 Deals, 11 Firms, 42 Lawyers, $2B”
Fort Worth-based Approach Resources Inc. is the latest troubled oil and gas producer to file for bankruptcy and plans to explore restructuring of its balance sheet or the sale of its business. The company received a commitment from its pre-petition lenders for $16.5 million in new money debtor-in-possession financing from reserve-based lenders. JP Morgan Chase Bank served as the offering’s administrative agent. Thompson & Knight is counseling the company, including partner Demetra L. Liggins and associate Anthony F. Pirraglia. Perella Weinberg Partners and Alvarez & Marsal North America are its financial advisors. Approach focuses on developing oil and gas reserves in the Permian’s Midland Basin in West Texas. It lost $13.6 million on sales of $14.7 million in the second quarter and had $407.2 million in debt, according to documents filed in a Houston bankruptcy court.