Debtor Representation
Jackson Walker has one of the premier Chapter 11 debtor practices in Texas. Over the last several years we have been counsel or co-counsel to debtors in some of the largest and most complex Chapter 11 cases in Texas.
Our attorneys are skilled in all phases of Chapter 11 debtor representations. Our representations include:
- workouts
- pre-bankruptcy planning
- prepacks
- first day motions
- cash collateral and DIP financing
- automatic stay litigation
- contract and lease assumption and rejection
- plans and disclosure statements
- claim objections
- 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.
- Parker Drilling: Served as co-counsel and conflicts counsel to the Debtors, a Houston, Texas based provider of drilling services and rental tools to the global E&P market. The pre-packaged Chapter 11 plan was confirmed in less than four months. We also assisted with post-confirmation matters, including claim objections.
- Gastar Exploration: Served as co-counsel and conflicts counsel to the Debtors in this pre-packaged Chapter 11 filing. Jackson Walker assisted litigation efforts with respect to a contested first day hearing, and the plan is currently set for confirmation–only 50 days from the filing date. The Debtors have a funded debt of approximately $446 million.
- Westmoreland Coal: Served as co-counsel and conflicts counsel to the Debtors. Assisted with a partial 363 sale of certain assets of one of the Debtors. The Debtors are obligors on a principal amount of prepetition funded indebtedness totaling approximately $1.076 billion.
- Linn Energy: Served as co-counsel and conflicts counsel for the Debtors; we assisted with a contested confirmation hearing that resulted in the confirmation of the Debtors’ Chapter 11 plan that restructured approximately $9 billion in funded debt. As conflicts counsel, Jackson Walker also assisted with post-confirmation matters, including with respect to hundreds of claim objections, significantly reducing the pool of general unsecured claims, yielding a higher distribution for valid claims.
- Light Tower Rentals: Represented oil field services company in the successful prosecution of a “straddle” pre-packaged reorganization, resulting in a confirmed 100% pay plan only 30 days after petition date.
- Midstates Petroleum: Represented E&P company and affiliate in a successful Chapter 11 proceeding concerning in excess of $3 billion in assets and liabilities, including through deploying key litigation strategies related to confirmation, resulting in confirmation of a plan five months after the petition date.
- SH-130: Represented a toll road concessionaire, SH-130, in ongoing Chapter 11 cases in the Western District of Texas in the restructure of $1 billion in debt requiring successful resolution of defaults alleged by TxDOT that threatened emergence.
- El Paso Children’s Hospital: Represented a non-profit hospital in a highly contested and litigious Chapter 11 reorganization in the Western District of Texas. Following extensive and expedited litigation, filed and confirmed a 100-cent plan of reorganization in less than seven months.
- UPH Holdings: Represented multiple telecommunication companies in a jointly administered Chapter 11 proceeding in the Western District of Texas and organized the sale of all of the companies’ assets, including obtaining reluctant secured creditor’s agreement. Following the closing of the sale of assets, directly managed the liquidating trust, successfully resolving multiple adversary proceedings relating to inter-carrier compensation and ad valorem taxes.
- HRD: Represented a petroleum wax company in a litigious Chapter 11 proceeding involving numerous objections from major creditor and competitor. Obtained confirmation of Chapter 11 plan and successful denial of major creditor’s request to dismiss case or appoint a trustee.
- KLN Manufacturing: Represented multiple metal fabricating and manufacturing companies in a jointly administered Chapter 11 proceeding in the Western District of Texas. Organized the sale of all the companies’ assets under a plan of reorganization and represented liquidating trustee in numerous avoidance actions.
March 29, 2023
Spotlight
Jennifer Wertz on Her Path Toward Restructuring
After spending four years as a bilingual kindergarten teacher, Jennifer Wertz intended to practice immigration law, an area in which she saw a need while teaching. But her unexpected love for learning contracts during her first year of law school coupled with the bankruptcy filing of Lehman Brothers in her first month of law school refocused her attention to an area she had never considered: bankruptcy and restructuring.
August 19, 2021
Attorney News
‘The Best Lawyers in America’ Honors 178 Jackson Walker Attorneys in 2022 Edition, Including 8 “Lawyers of the Year” and 31 “Ones to Watch”
The Best Lawyers in America has recognized 178 Jackson Walker attorneys across 6 offices and 67 specialty practice areas in its 2022 edition, including 8 Lawyers of the Year and 31 Ones to Watch. Best Lawyers listings are based on an exhaustive peer review survey of thousands of attorneys who vote on the legal abilities of others in their practice areas.
