2016 saw a sustained increase in bankruptcies for Texas-based companies, specifically those in the energy industry. Oil and gas bankruptcies accounted for a considerable share of filings in the state, indicating the economic impact of oil price volatility.
In a recent interview with Texas Lawbook, Bruce Ruzinsky highlighted aspects of the industry that make oil and gas companies susceptible to bankruptcies.
“Oil and gas is an industry that has highs and lows,” said Ruzinsky. “The temptation in the oil and gas business is to catch the wave when things are blowing and going.”
Bruce is head of Jackson Walker’s Restructuring and Bankruptcy practice group and has represented large creditors in the oil and gas industry as well as multiple mid-stream companies in connection with the treatment of contracts in producer bankruptcy cases.
Though this series of bankruptcy filings is not the first in the oil and gas industry, Bruce explained why it has been so vast.
“This downturn has been more difficult than past ones because it has gone on longer and prices went lower than people expected,” Ruzinsky told Texas Lawbook.
For more information, read the full article by Texas Lawbook. Subscription may be required.
About Bruce Ruzinsky
Jackson Walker Partner Bruce Ruzinsky is based in Houston and represents financial institutions, corporations, and other business entities in workout/restructure efforts, chapter bankruptcy proceedings, and litigation. For more than 30 years, he has represented creditors, creditors’ committees, trustees, debtors, landlords, and asset purchasers in various industries and business environments, including energy, real estate, healthcare, shipping, manufacturing, transportation, retail, entertainment, wholesale produce, and personal services.
Bruce has been included in the prestigious Chambers USA: America’s Leading Lawyers for Business directory since 2012, and has been recognized as one of The Best Lawyers in America® (Woodward/White Inc.) for the past 10 years.