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Bankruptcy and Restructuring

Thompson & Knight has a uniquely high level of expertise in oil, gas, and energy reorganization and bankruptcy proceedings, and we have represented industry clients through decades of highs and lows in the market. We represent the entire range of constituencies involved, including debtors, secured and unsecured creditors, bondholders, committees, and regulatory agencies.

Overview

Thompson & Knight has a uniquely high level of expertise in oil, gas, and energy reorganization and bankruptcy proceedings, and we have represented industry clients through decades of highs and lows in the market. Our experience ranges from medium-sized regional bankruptcy cases to larger cases of national import, including Lehman, Enron, and others. We represent the entire range of constituencies involved, including debtors, secured and unsecured creditors, bondholders, committees, and regulatory agencies.

“Capable bankruptcy practice with an established reputation for its frequent engagement on oil and gas reorganizations, especially upstream and midstream.” – Chambers USA 2019

Our attorneys are extremely experienced in Gulf of Mexico and other federal lease oil and gas issues, including working with the Minerals Management Service, the Louisiana State Mineral Board, the Texas General Land Office, state Attorneys General, and other regulatory and supervisory agencies.

Thompson & Knight attorneys understand and are highly experienced in all aspects of plan negotiation, preparation, and confirmation. For example, we represented Baseline Oil & Gas Corp., Cross Canyon Energy Corp., and Davis Petroleum Corp. in Chapter 11 bankruptcy cases, each involving prepackaged plans of reorganization (“pre-packs”). Each company exited from bankruptcy in less than 60 days and are among the fastest to be confirmed in the United States.

Our attorneys are particularly well-versed in such litigation options as asset valuation, preference, fraudulent transfer, avoidance, and officer and director litigation. We have assisted clients in debtor-in-possession financing, motions to lift stay, exit financing, asset purchases and sales (including Section 363 sales), data rooms, bid procedures, and dealing with environmental issues.

Ranked among the top firms in Texas for Bankruptcy/Restructuring in Chambers USA 2019 by Chambers and Partners

National tier-one ranking in Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law in “Best Law Firms” 2019 by U.S. News-Best Lawyers®

Experience

  • Energy Future Holdings Corp.: Currently serving as special tax counsel in the Chapter 11 bankruptcy case, In re: Energy Future Holdings Corp., Bankruptcy Court, District of Delaware.
  • ATP Oil & Gas Corporation: Currently serving as counsel for overriding royalty interest owners in the bankruptcy case of ATP Oil & Gas Corporation, an offshore Gulf of Mexico upstream company
  • III Exploration II LP: Currently serving as counsel for the agent to the first lien lenders owed approximately $85 million by this exploration and production company debtor
  • Parallel Energy LP: Served as counsel to Parallel Energy LP, as debtor, in its Chapter 11 bankruptcy case pending in the United States Bankruptcy Court for the District of Delaware, which was filed to facilitate a sale process initiated prior to bankruptcy
  • Endeavour Operating Corporation et al.: Served as counsel to the official unsecured creditors committee in this Delaware Chapter 11 bankruptcy case involving an offshore United Kingdom producer with greater than $1 billion of debt
  • Cano Petroleum: Represented Cano Petroleum Inc., the debtor, in its Chapter 11 bankruptcy case, In re: Cano Petroleum Inc. et al, Case No. 12-31549, in the U.S. Bankruptcy Court for the Northern District of Texas; obtained confirmation of plan of reorganization on behalf of the debtor
  • Seahawk Drilling: Represented Hercules Offshore in its acquisition of all of the debtor’s drilling rig assets through a Sec. 363 purchase in the Seahawk Drilling, Inc. bankruptcy case
  • Gulf Fleet Holdings: Represented the senior secured creditor in the Gulf Fleet Holdings, Inc. bankruptcy case and participated in the Sec. 363 sale of all assets of this workboat operator in the Gulf of Mexico
  • Trico Marine: Represented NAMESE, a subsidiary of Trico Marine Services, Inc., in connection with the reorganization and liquidation of assets of that entity in the Trico Marine bankruptcy case
  • Cross Canyon Energy Corp.: Obtained confirmation of a pre-packaged Chapter 11 bankruptcy plan for Cross Canyon, with the confirmation taking place in 42 days
  • Baseline Oil & Gas Corp.: We obtained confirmation of a pre-packaged Chapter 11 bankruptcy plan for Baseline, one of the 10 fastest prep-packs to be confirmed, with confirmation taking place in 28 days
  • Monitor Oil: Represented the Official Unsecured Creditors Committee in the Monitor Oil PLC bankruptcy case
  • Corpus Christi Resources: Represented the debtor in the Corpus Christi Resources, LLC bankruptcy case, resulting in a confirmed plan of reorganization that recapitalized a company owning contaminated real estate
  • Lehman Brothers: Represented creditors and contract counter-parties in the Lehman Brothers Inc. (SIPA) and Lehman Brothers Holdings, Inc. bankruptcy cases
  • Lothian Oil Inc.: Represented the Debtor-in-Possession lender, working interest owner, and Sec. 363 purchaser in the Lothian Oil Inc. Chapter 11 case
  • Viking Drilling: Represented Norsk Tillitsmann as bond trustee with respect to the Chapter 11 case of Viking Drilling on bonds denominated in both U.S. and Norwegian currency
  • Crusader Energy Group, Inc.: Represented a mezzanine lender group with secured claims totaling $250 million in the Chapter 11 bankruptcy case of Crusader Energy Group, Inc.
  • Mirant: Represented the agents for more than $2 billion in unsecured debt in the Mirant bankruptcy case, which was the largest Chapter 11 case ever filed in the Fifth Circuit
  • Enron: Received worldwide recognition for our aggressive representation of an informal committee of Enron North America (“ENA”) creditors, which were among the most active creditor groups in the Enron bankruptcy case; instrumental in obtaining separate representation for the ENA case and separate treatment in the Enron plan of reorganization; extensively involved in litigation of our clients’ claims against ENA and its affiliates arising from their energy trading and other ENA derivative contracts
  • Davis Petroleum Corp.: Represented Davis Petroleum Corp., the debtor, and confirmed a prepackaged “payment in full” plan of reorganization for this exploration and production company with $150 million of debt in three days