Debtor Representation

• McDermott: Represented McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company and employs over 42,000 individuals across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases were confirmed in less than 60 days that will equitize nearly all of McDermott’s funded debt, eliminating over $4.6 billion of debt, and an auction process to sell McDermott’s Lummus technology business supported by a “stalking horse” bid with a base purchase price of $2.725 billion.
• iHeart: Served as co-counsel and conflicts counsel for iHeart Media, the largest radio broadcaster in the United States and the largest group of affiliated Chapter 11 cases ever filed in Texas. The Company had consolidated debts of over $20 billion and the Chapter 11 cases, which are the largest of 2018 based on outstanding debt, restructured over $16 billion of that debt. Our work encompassed pre-bankruptcy planning and first day motions, all the way through the disclosure statement/plan confirmation process and post-confirmation claim objections.
• Sanchez Energy: Represented Houston based driller Sanchez Energy Corporation and its affiliates in its Chapter 11 case in the Southern District of Texas. Sanchez Energy is currently using the Chapter 11 process to restructure over $1.5 billion in funded debt obligations in the face of a historic collapse of commodity prices.
• Sheridan: Served as co-counsel to the Fund I Debtors in their record setting Chapter 11 cases where the pre-packaged Plan was confirmed a little more than 24 hours after the petition date. Under the applicable Covid-19 related protocol in place at that time, counsel and witnesses appeared at the confirmation hearing via video conference.
• Jones Energy: Served as co-counsel and conflicts counsel to the Debtors, an Austin, Texas-based independent oil and gas company engaged in the exploration, development, production, and acquisition of oil and gas properties in the Anadarko Basin in Oklahoma and Texas. The pre-packaged Chapter 11 plan was confirmed in less than two months.

Secured Creditor Representation

• Represented national banks, state savings banks, and other institutional lenders in bankruptcies, receiverships, and workouts in a variety of industries and businesses, including healthcare companies, energy companies (upstream, mid-stream and down-stream), real estate companies (landlords and developers), manufacturers, technology companies, and a wide variety of other service providers, retailers, dealers, and suppliers.
• Represented lead, agent, and/or participant banks in syndicated secured credit facilities in energy company Chapter 11 cases in Texas, Delaware, and New York, including C&J Energy, Chaparral Energy, Energy XXI, Knight Energy, North American Petroleum, Penn Virginia, Postrock Energy, Sabine Oil & Gas, and Samson Resources.
• Represented MBS servicers and special servicers in connection with secured claims in distressed situations and company Chapter 11 cases.
• Represented indenture trustees in Chapter 11 cases involving companies in the energy, agriculture, and automotive finance industries.
• Represented an indenture trustee for a bond issuance in a Chapter 9 filing by a Texas city.

Unsecured Creditor Representation

• Represented retail energy providers in Chapter 11 cases.
• Represented seismic licensors in exploration and production Chapter 11 cases.
• Represented former spouses in Chapter 11 and Chapter 7 cases involving ex-spouses.
• Represented trade creditors in Chapter 11 and Chapter 7 cases in a large number of varied industries.
• Represented “first day” creditors as well as critical vendors before and during bankruptcy cases.
• Represented creditor clients in claims litigation under section 502 of the Bankruptcy Code, including late-filed and estimated claims.

Committee Representation

• EXCO Resources—Acted as co-counsel for the Official Committee of Unsecured Creditors, where we provided in-depth and specialized lien review and analysis with respect to alleged mortgages on oil and gas leases throughout the U.S. As a result of our lien analysis, the Committee successfully negotiated a proposed plan distribution up from the 0% estimated upon filing to 18%.
• Energy Future Holdings—Acted as counsel for the largest unsecured trade creditor and co-chair of the Official Committee of Unsecured Creditors.
• Reichhold—Represented petrochemical company/trade creditor holding a multimillion-dollar unsecured claim against the debtor multinational paint manufacturer. Successfully achieved appointment to the Unsecured Creditors’ Committee (co-chair) and favorable recovery of claim (92%) through a negotiated asset sale.
• Continental Airlines—Represented the Official Committee of Unsecured Creditors involving unsecured claims exceeding $100 million which resulted in a confirmed plan that provided for payment to unsecured creditors of 100%.
• North Texas Motorcars—Represented the Official Committee of Unsecured Creditors involving unsecured claims of $57 million in a subprime automobile lender.
• Consolidated Fuel Corporation—Represented the Official Committee of Unsecured Creditors with claims of $10 million, resulting in a plan that paid unsecured creditors in full, with interest.

Bankruptcy Trustee Representation

• Represented Chapter 7 trustee in global enterprise case involving collection of accounts and recovery of fraudulent transfers against foreign corporations resulting in collection of $30m.
• Represented Chapter 7 trustee coal mining and processing operation regarding the sale of assets and pursuit of accounts and fraudulent transfers.
• Represented Chapter 7 trustee of failed shipping company with assets largely consisting of maritime lien claims on non-debtor owned vessels.
• Represented Chapter 11 trustee of company with a million-acre oil and gas concession in Africa.
• Represented receiver appointed over automobile dealership in taking control of assets, as well as the sale of installment sale contracts, vehicle inventory, and real estate.

Distressed Asset Buyers & Sellers Representation

• Represented purchaser of all assets of a full service pipe-bending business.
• Represented purchaser buying three apartment projects totaling over $30m.
• Represented purchaser of story treatment by major motion picture studio.
• Represented purchasers of healthcare entities as a going concern through asset purchases and stock purchases.
• Represented bidder in auction for real property in national retailer case.
• Represented debtor in $15m sale of assets, including patents and licenses, for installation of proton therapy systems for radiation treatment of cancer patients.
• Represented largest unsecured creditor in sale of 41-unit chain of liquor stores.

Landlord & Contract Counter Parties Representation

• Represented a variety of landlords in large and complex cases throughout the nation, including Mattress Firm, Ignite Restaurants, Mac Acquisition, Radioshack, Toys “R” Us, Restaurants Acquisition, Energy Future Holdings, Circuit City, Movie Gallery, The Great Atlantic & Pacific Tea Company, Borders, HUSA, Inc., Seahawk Drilling, and MJ Designs.
• Represented national owner of real estate in numerous bankruptcy cases throughout Texas, including with respect to proposed treatment of leases and post-confirmation default issues.
• Represented multiple seismic company licensors in various bankruptcy cases. Successfully opposed and negotiated acceptable terms for confirmation of proposed bankruptcy plans that would have negatively affected seismic licensor rights.
• Represented energy trading counterparties regarding the treatment of their forward contracts and swap agreements in Chapter 11 cases.