Bankruptcy, Restructuring & Creditors' Rights
Bankruptcy, Restructuring & Creditors' Rights
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Creditors and debtors turn to Porter Hedges for resolving problems creatively, effectively, and efficiently. We excel at reorganizations, both out of court and in Chapter 11 cases, and we have handled restructurings for financially distressed enterprises and for healthy companies seeking to recapitalize or restructure their organization and finances. We represent debtors, creditors, trustees, creditors' committees, institutional lenders, and investors in out-of-court debt restructurings, acquisitions and financings, and Chapters 7, 9, and 11 bankruptcies throughout the U.S.
Areas of experience
- Creditor and Committee Representation
- Debtor Representation
- Restructuring and Workouts
- §363 Asset Purchase and Sale
- Debtor-in-Possession Financing
- General Bankruptcy Litigation
- Trustee Representation
Our attorneys provide experienced guidance in assessing all stakeholder interests, including creditors who want their claims protected or paid promptly and debtors who want to remain viable for the company, its creditors, and its employees. While a consensual resolution is always the desired resolution, when that option is not workable, our lawyers are well prepared to litigate and have substantial litigation experience in bankruptcy courts, federal district courts, and federal appellate courts.
Oil and Gas Focus
Whether as lead counsel for creditors or as local counsel for global firms, our team has particular experience with the restructuring of oil and gas companies. We counsel clients in many of the issues specific to energy including:
- Payment Assurance
- Contract and Claim Analysis
- Review of Counterparty Agreements
- Asset Purchase and Sale
- Payment of Invoices Under Common “Critical Vendor” Orders
- Assumption of Contracts and Cure of Defaults
- Mechanic and Materialman (M&M) Liens and Related Financing
Chapter 11 Debtor
- Representation of Milagro Exploration; KiOR, Inc.; Philip Services Corporation; Continental Airlines, Inc. (Continental I); General Homes Corporation (I and II); Netversant Solutions; Community Health Computing Corp.; Equalnet Communications Corp.; TransCom USA Management, Inc.; Texas Development Investors, Ltd.; Contour Energy Co.; Superior Offshore International, Inc.; Eagle Geophysical, Inc.; Bison Building Materials, Inc. et al.; Doctors Hospital 1997, LP.; Easy Gardener Products, Ltd.; Bigler LP; and Propex Inc.
- Representation of former directors and officers in the Chapter 11 cases of Lyondell Chemical Co.
- Representation of the stalking horse bidder for substantially all equity interests of the reorganized Debtor in the Chapter 11 case of Edge Petroleum Corporation.
Chapter 11 Creditor
- Representation of Anadarko Petroleum Corporation; Kerr-McGee Oil & Gas Onshore, L.P.; Western Gas Resources, Inc.; and Concho Resources, Inc. in the Chapter 11 cases of SemCrude, L.P. and its affiliates, including Kerr-McGee in its capacity as a member of the Official Producer’s Committee.
- Representation of Amegy Bank N.A. as the senior secured lender et al. DIP lender and stalking horse bidder in the Chapter 11 cases of Bigler, L.P.
- Representation of Blackgate Resources, L.L.C. and Raptor Capital Investment, L.L.C. creditors in the Chapter 11 case of BNP Petroleum Corporation.
Chapter 11 Committee
- Representation of the Official Committee of Unsecured Creditors in the Chapter 11 cases of ATP Oil & Gas Corporation; Fayetteville-Floyd Gas Company, Inc.; Tekoil & Gas Corporation; and Tekoil and Gas Gulf Coast, LLC.
Restructuring and Workouts
- Representation of Carrizo Oil & Gas, Inc. in the bankruptcy and out-of court workouts of Striker Petroleum LLC; MSB Energy, Inc.; Sequent Energy Management; Star of Texas Energy Services, Inc.; Exterra Energy, Inc.; and Cygnus Oil & Gas Corp.
- Representation of Bridgeline Holdings, L.P.; Contour Energy Co.; and numerous other entities in the Enron Corp., et al. and Entergy New Orleans, et al. bankruptcy cases.
- Representation of GasRock Capital LLC in the bankruptcy cases or out-of-court restructurings/workouts of BPI Energy, Inc.; Admiral Bay Resources, Inc.; Admiral Bay (USA) Inc.; Alliance Energy Corporation; EnDevCo Eureka LLC; Two Oaks Exploration and Production Company, Ltd.; Rancher Energy Corporation; Delta CBM Holdings LLC; and Irvine Energy plc.
Debtor-in-Possession DIP Financing
- Representation of secured creditors and debtor in possession lenders in the reorganizations of Goldking Holdings LLC; Buccaneer Resources LLP; Resource Technology Corp.; Dunhill Resources, Inc.; Star Resources, Inc.; Crutcher-Tufts Resources, LP; TEC Resources LLC; and Resource Technology Corp.
Asset Purchase and Sales
- Representation of 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 numerous purchasers of assets including the bankruptcy cases Calpine Corp., et al.; Mirant Corporation, et al.; Transcoastal Marine Service, Inc.; Encompass Services Corp.; and TIC United.
- 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.
- Chapter 11 representation of Doctors Hospital 1997
- Chapter 11 representation of Diabetes America
- Chapter 11 representation of University General Health System, Inc.
- Chapter 11 representation of Brown Medical Center, Inc.
- Chapter 7 representation of St. Marie’s Clinic
- Chapter 7 representation of Quality Infusion Care, Inc.
- Chapter 7 representation of Spring ER, Inc.
- Chapter 7 representation of Bellaire General Hospital
- Counsel to Physician-Owners in Chapter 11 case of Cleveland Imaging and Surgical Hospital, LLC
|07/26/18||"Houston-based oil field services co. completes acquisition of local seismic data co.’s assets," Houston Business Journal|
|07/24/18||"PetroQuest Energy works with counsel to tackle upcoming cash interest cost spike," Debt Wire|
|07/12/18||"Neighbors Emergency Centers Files Chapter 11," The Deal|
|06/27/18||"Houston-based seismic data co. files for Chapter 11, plans to sell assets to another local co." Houston Business Journal|
|06/27/18||"Seismic Data Co. Files Ch. 11, To Be Bought By Competitor," Law360|
|02/08/17||"Stone Energy Corporation Announces Auction Results for Sale of Appalachia Properties" Stone Energy Press Release|
|12/15/16||"Latham Tapped for Two 'Prepack' Energy Bankruptcies," The American Lawyer|
|09/21/16||"Cowboys Dancehall loses foreclosure battle in court," Houston Chronicle|
|08/01/16||"PetroQuest Energy Announces Second Quarter 2016 Results," PetroQuest Press Release|
|07/08/16||"Houston Bankruptcy Law Firms Beef Up to Handle Uptick of Energy Bankruptcies," Houston Business Journal|
|06/03/16||"Porter Hedges Advises Vantage Energy in Asset Purchase," The Texas Lawbook|
|03/25/16||"Red Bluff Wins Ch. 11 Auction for Osage with $8.4M Bid," Law360|
|10/08/15||"Milagro Oil & Gas Ch. 11 Plan Gets Green Light from Judge," Law360|
|08/18/15||"Milagro Gets Green Light For White Oak Restructuring Pact," Law360|
|07/23/15||"Porter Hedges Brings on Bankruptcy Expert Eric English as a Partner," The Texas Lawbook|
|07/17/15||"Milagro Oil Gets Interim Approval Of $15M DIP," Law360|
|07/16/15||"Milagro Hits Ch. 11 With Plans For $217M White Oak Deal," Law360|
|06/18/15||"Porter Hedges Adds Ex-King & Spalding Bankruptcy Pro," Law360|
|02/27/15||"Bad Buys Drive Houston Health System Into Bankruptcy," Law360|
|01/08/14||"Porter Hedges Partner Named a Fellow of the American College of Bankruptcy," The Texas Lawbook|
|11/29/13||Porter Hedges Named Among Leading Bankruptcy Law Firms in Houston by the Houston Business Journal|
|10/17/13||"V&E, Porter Hedges and Baker Botts Advise in $910 Million Transaction," The Texas Lawbook|
|07/19/11||"Business Bankruptcies: Filings Down, but Workload Isn't," Texas Lawyer|
|03/31/17||"363 Sales: The Frequent Sine Quo Non of Chapter 11 Cases," 43rd Annual Southeastern Bankruptcy Law Institute|
|02/09/17||"Deep In The Heart Of Texas: How Complex Oil and Gas Cases Have Been Handled in the Sourthern District of Texas," 12th Annual TJOGEL Symposium|
|11/13/15||“Climbing Out of the Holes We’ve Drilled: Reorganizing E&P Oilfield Service Companies,” University of Texas 34th Annual Jay L. Westbrook Bankruptcy Conference|
|10/02/15||"Purchasing Assets in Oil & Gas Bankruptcy Cases," Advanced Oil, Gas & Energy Resources Law Seminar|
|11/2012||"How to take an Appeal from a Bankruptcy Court's Order: Appealability and a Step-by-Step Guide," 31st Annual Jay L. Westbrook Bankruptcy Conference|
|11/2011||"Searching for a Definition of 'Specific and Unequivocal:' An Update on the Application of United Operating’s Standard for Retention of Causes of Action Under 11 U.S.C. § 1123(b)(3)," 30th Annual Jay L. Westbrook Bankruptcy Conference|
|09/09/11||"The Quickest Way to Double Your Money is to Fold it Over: Important Energy Issues, Including § 363, Credit Bidding, Preferential Rights, and Hart-Scott-Rodino," TexasBarCLE: Advanced Business Bankruptcy Seminar|
|11/2009||"363(k) Credit Bidding Issues," 28th Annual Jay L. Westbrook Bankruptcy Conference|
|11/01/08||"Mediation - When One Judge is Not Enough," The First Bankruptcy Bench/Bar Conference for the Southern District of Texas|
|02/27/08||"Direct Appeal to the Fifth Circuit - A Change to the Bankruptcy Code," Houston Bar Association, Bankruptcy Section|
|02/21/08||"Gas Sales and Purchase Contracts from a Producer's Perspective"|
|01/17/08||"ISDA Master Agreements"|
|2008||Presenter, "How to Perfect a Direct Appeal from the Bankruptcy Court to the Fifth Circuit," University of Texas CLE - Fourth Annual Consumer Bankruptcy Practice|
|10/2007||"Top Law Review Articles that Practitioners and Judges Should Know About," National Conference of Bankruptcy Judges, Orlando FL|
|06/2007||"Some Do’s and Don’ts in the Practice of Bankruptcy," Contributor, University of Texas CLE – Third Annual Consumer Bankruptcy Practice, Galveston, TX|
|02/01/07||"Rule 9019: Compromise of Controversies in Bankruptcy"|
|10/01/06||"Preparing Corporate Defendants for Deposition," Houston Bar Association, Continuing Legal Education Committee|
|05/01/06||"Post-Confirmation Issues," Advanced Business Bankruptcy, State Bar of Texas |
|01/01/05||“‘Give It To Me Now – Or Else’: Obtaining and Compelling Discovery, Including Privilege Issues,” Bankruptcy Litigation: Advanced Pre-Trial Practice and Procedure Workshop, State Bar of Texas |
|05/01/04||“Environmental Issues,” Advanced Business Bankruptcy, State Bar of Texas|
|02/01/04||“Witness Preparation: Preparing the Witness for Direct and Cross-Examination,” Bankruptcy Institute, Houston Bar Association |
|02/01/04||Panel Discussion on Debtor in Possession Financing - Debtor’s Counsel, Turnaround Management Association|
|05/01/02||“Selected Pre-Bankruptcy Planning Issues for Corporate Chapter 11 Cases,” Advanced Business Bankruptcy, State Bar of Texas |
|04/01/02||“Creditors’ Committee Rights, Obligations and Duties in Chapter 11 Cases,” Bankruptcy Law Conference, South Texas College of Law|
|09/01/00||“An Analysis of Preferential Transfers,” Bankruptcy Primer for Transaction Lawyers, State Bar of Texas|