We assist financially distressed companies in evaluating the full range of options open to them, taking into account each company's unique financial and market circumstances in order to arrive at the strategic option that best fits each client's desired outcome. We have experience in both true restructurings within the bankruptcy context, through the negotiation, filing and confirmation of a plan of reorganization, and liquidation, through court-sanctioned sales.
We are typically involved in every step of a reorganization effort, including structuring the terms of financing (in and out of court), addressing operational and administrative issues, negotiating with creditors and forming a plan of reorganization. Often we work in conjunction with informal or ad hoc committees of creditors to make a restructuring successful.
Porter Hedges has enabled debtors in industries as diverse as energy, airlines, distribution, telecommunications, technology and apparel to undertake reorganization, including the negotiation of debtor-in-possession financing with lenders and the restructuring of existing bank debt.
Representative Matters
Chapter 11 Debtor Representation
- Counsel for former directors and officers in the Chapter 11 cases of Lyondell Chemical Company, et al pending in the Southern District of New York.
- Counsel for the stalking horse bidder for substantially all equity interests of the reorganized Debtor in the Chapter 11 case of Edge Petroleum Corporation.
- Debtor's counsel in the reorganization of Superior Offshore International, Inc., Netversant Solutions, Inc., Continental Air Lines, Inc. (Continental I), General Homes Corporation (I and II), Community Health Computing Corp., Equalnet Communications Corp., TransCom USA Management, Inc., Texas Development Investors, Ltd., Contour Energy Co., Philip Services Corporation and numerous others.
- Representation of an apparel company in connection with the negotiation and implementation of DIP financing with asset-based lenders.
Chapter 9 Debtor Representation
- Debtor's counsel in multiple municipal bankruptcy cases.
Restructuring and Workouts
- Counsel for GasRock Capital in several loan restructurings, workouts and foreclosures
- Representation of a national homebuilder in connection with restructuring of existing bank facility.
- Representation of energy services companies in connection with recapitalization and restructuring of existing equity and bank debt.
- Representation of a diversified industrial company in connection with a workout and restructuring of in excess of $100 million in syndicated bank loans.
- Counsel for Phillips Petroleum Company, Mission Resources, Inc., Torch Energy, Inc., Bridgeline Holdings, L.P., Contour Energy Co., and numerous other entities in the Enron Corp., et al. bankruptcy cases.
- Representation of Bank of New York as Indenture Trustee in the reorganization of EOTT Energy Partners and Mirant Corporation.
- Representation of numerous creditors in SemCrude, LP.
Asset Sales
- Representation of Equus Capital Management Corp. and affiliates as the post-petition lender and purchaser of substantially all of the assets in the Chapter 11 case of Reliant Building Products, Inc.
- Representation of purchaser of over $7 million in assets from the estates of Transcoastal Marine Service, Inc. and its affiliates.
- Representation of purchaser of Washington steel foundry from the estate of TIC United Corp.
- Representation of numerous purchasers of oil and gas assets in various Chapter 11 cases.
Debtor-in-Possession Financing
- Representation of debtor-in-possession lenders in numerous Chapter 11 cases.
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