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Energy Workouts and Reorganizations

Thompson & Knight’s uniquely high level of expertise in oil, gas, and energy reorganization proceedings is demonstrated through our attorneys’ regular lecturing, writing, and speaking on these issues. We represent the entire range of constituencies in energy reorganizations, including debtors, secured and unsecured creditors, bondholders, committees, and regulatory agencies.

Overview

Thompson & Knight’s uniquely high level of expertise in oil, gas, and energy reorganization proceedings is demonstrated through our attorneys’ regular lecturing, writing, and speaking on these issues. We represent the entire range of constituencies in energy reorganizations, including debtors, secured and unsecured creditors, bondholders, committees, and regulatory agencies.

Our attorneys understand and are highly experienced in all aspects of plan negotiation, preparation, and confirmation, and 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. 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.

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

  • Represented Davis Petroleum Corp., as debtor, and confirmed a prepackaged 100 cent plan of reorganization with $150 million of debt in three days
  • Represented Triangle Production & Operations, LLC, the principal secured and unsecured creditor; case was converted to Chapter 7, and we obtained foreclosure on the collateral
  • Represented a public refinery and gas distribution company, as debtor, and obtained confirmation of a pre-packaged plan within five months of filing; cited as the most successful pre-packaged plan in United States history with respect to retention of equity ownership interests
  • Represented secured and unsecured creditors as well as a counter-party to a production payment in the TransTexas Gas Corp. case, in which we sought and obtained a transfer of venue from Wilmington, Delaware to Texas
  • Represented the purchaser of a significant exploration and production company out of its Chapter 11 bankruptcy case including a more than $100 million purchase price
  • Represented creditors and contract counterparties of a drilling company with one of the largest offshore fleets of drilling rigs in the world
  • Represented the Official Unsecured Creditors Committee in a Chapter 11 proceeding of a major drilling company.
  • Represented Marathon, at one time the largest manufacturer of jack-up drilling rigs in the world, as a creditor in many oil and gas bankruptcies and contract disputes
  • Represented an international company in the resolution of Indian power plant construction issues
  • Obtained confirmation of creditors’ plan for our client, a major industrial company, in the bankruptcy of a supplier
  • Represented the liquidating plan trustee in the Kimball Trading Company reorganization
  • Represented the Official Creditors’ Committee in the Texas Commercial Energy Chapter 11 case, which resulted in a successful plan confirmation