A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Oil & Gas
Our restructuring department fields large, multidisciplinary teams that leverage the resources of our firm as a whole. We act on all sides of cutting-edge restructuring transactions across a range of industries.
-
Talen Energy Chapter 11 Cases
An ad hoc group of crossholders of Talen Energy Supply, LLC, one of the largest competitive power generation companies in North America that owns the Susquehanna Nuclear Plant, in connection with the chapter 11 cases filed by the company and its affiliates in the U.S. Bankruptcy Court for the Southern District of Texas.
-
Chapter 11 Cases of Altera Infrastructure
Brookfield in a restructuring of its portfolio company, Altera Infrastructure, a leading international midstream services provider to the oil and gas industry, through prearranged chapter 11 cases in the Southern District of Texas. Brookfield provided a $70 million DIP loan and participated in an approximately $95 million equity rights offering. The company’s plan provided for the restructuring of over $1 billion in liabilities.
-
Salem Harbor Power Development LP Prearranged Chapter 11 Cases
Salem Harbor Power Development LP and certain of its affiliates, owner of a 674 MW gas fired combined cycle electric power generating facility located in Salem, Massachusetts, in their prearranged chapter 11 cases commenced on March 23, 2022 in the District of Delaware.
-
Diamond Offshore Drilling's Chapter 11 Case
Diamond Offshore Drilling, a leading provider of offshore drilling services, and 14 of its U.S. and foreign subsidiaries, in their chapter 11 cases in the Southern District of Texas, which provided for the equitization of approximately $2.1 billion in senior unsecured note obligations and the provision of over $625 million of new capital.
-
Gulfport Energy's Chapter 11 Cases
An ad hoc committee of unsecured noteholders in the prearranged chapter 11 cases of Gulfport Energy, an independent, natural gas-weighted exploration and production company and one of the largest producers of natural gas in the contiguous United States. Gulfport’s chapter 11 plan facilitated a comprehensive operational restructuring and discharged more than $1.2 billion of debt, resulting in the ad hoc committee receiving substantially all of the equity of the reorganized company.
-
Oro Negro’s Contentious Cross-Border Restructuring
An ad hoc group of senior secured creditors of Oro Negro, a Mexican offshore drilling company, in a restructuring of over $900 million of secured debt obligations issued pursuant to Norwegian law-governed documents that involves contested concurso mercantil proceedings in Mexico, a related chapter 15 proceeding in the Southern District of New York, and litigation in Singapore and Norway.
-
Out-of-Court Restructuring of Chief Power
An ad hoc group of term loan lenders in the out-of-court restructuring of Chief Power, the largest owner of undivided interests in two power generating stations in Western Pennsylvania. The restructuring, which was supported by 100% of the company’s term loan lenders, provided for the conversion of over $330 million in debt into 97% of the equity of the company, and the raising of a backstopped new money debt facility
-
Oasis Petroleum's Prepackaged Chapter 11 Cases
An ad hoc group of senior noteholders in the prepackaged chapter 11 cases of Oasis Petroleum, a Houston, Texas-based independent exploration and production company with a focus on unconventional crude oil and natural gas development. The prepackaged plan provided for the restructuring of about $2.23 billion of debt, including the extension and modification of its RBL facility, the conversion of the senior notes into all of the equity of the reorganized company, and the settlement of significant litigation claims.
-
Chisholm Oil and Gas Chapter 11 Restructuring
Chisholm Oil and Gas and Gastar Holdco as equity sponsors in the prearranged chapter 11 cases of Chisholm Oil and Gas Operating, a Tulsa, Oklahoma-based oil and gas exploration and production company. The company’s plan provided for the partial equitization of the company’s funded debt obligations as well as a distribution of new common equity to the equity sponsors.
-
Denbury Resources's Prepackaged Chapter 11
An ad hoc group of secured noteholders in the prepackaged chapter 11 restructuring of Denbury Inc., a Plano, Texas-based hydrocarbon exploration company and the only U.S.-based public company of scale with a primary focus on carbon dioxide enhanced oil recovery. The company’s plan provided for the restructuring of nearly $2.4 billion of debt, including the extension and modification of its RBL facility and equitization of the secured notes.
-
California Resources Corporation's Chapter 11 Case
An ad hoc group of creditors of California Resources Corporation, an independent, publicly traded oil and natural gas exploration and production company with the largest oil and natural gas production operations in California, in its chapter 11 cases. The company’s plan provided for the restructuring of over $5.8 billion of debt and preferred equity interests.
-
Hi-Crush's Chapter 11 Case
An ad hoc group of senior noteholders in the prearranged chapter 11 restructuring of Hi-Crush, a fully-integrated provider of proppant and logistics services used in the hydraulic fracturing of oil and gas wells. The company’s plan provided for the restructuring of over $600 million of debt, including an approximate $50 million new money capital raise and the equitization of its senior unsecured notes.
-
Prearranged Chapter 11 of Extraction Oil & Gas
An ad hoc group of unsecured noteholders in the prearranged chapter 11 restructuring of Extraction Oil & Gas, one of the largest oil and gas exploration and production companies in the Rocky Mountain region, with approximately $1.7 billion of funded debt obligations.
-
Templar Energy's Prepackaged Chapter 11 Case
Templar Energy, an independent upstream oil and gas company, in its prepackaged chapter 11 cases in the District of Delaware, pursuant to which the company sold substantially all of its assets under section 363 of the Bankruptcy Code.
-
Whiting Petroleum Corporation Chapter 11
An ad hoc committee of noteholders in the chapter 11 restructuring of Whiting Petroleum Corporation, one of the largest independent exploration and production companies in the U.S. with over $3.4 billion in funded debt obligations.
-
Jonah Energy's Out-of-Court Restructuring
TPG Global and EIG Management Company in an out of court restructuring of their equity investment in Jonah Energy Holdings, one of the largest privately-held natural gas producers in the United States.
-
Pioneer Energy Services Corp.'s Prepackaged Chapter 11
Pioneer Energy Services Corp., a land-based drilling and production services provider operating in the U.S. and Colombia, in its prepackaged chapter 11 cases in the Southern District of Texas. The company’s prepackaged plan reduced Pioneer’s funded debt and injected approximately $120 million of new capital into the company, enabling the company’s emergence from chapter 11 as a going concern and preserving over 1,000 jobs.
-
Seadrill Limited Chapter 11 Case
A group of new money in lenders in the purchase new secured notes issued by Seadrill Limited in connection with its exit financing implemented through a chapter 11 plan.
-
PDVSA's Restructuring
The ad hoc group of 2020 secured PDVSA noteholders in a potential restructuring of the senior secured notes issued by Petróleos de Venezuela, S.A., an oil and gas company that is wholly owned by the government of Venezuela.
-
Out-of-Court Restructurings of Brazos Valley Longhorn (f/k/a WildHorse Resource Development)
An ad hoc group of noteholders of Brazos Valley Longhorn (f/k/a WildHorse Resource Development), a subsidiary of Chesapeake Energy Corporation in the out-of-court restructuring of over $600 million debt. The restructuring took place via a tender offer and consent solicitation in which our clients received par value for their notes.
-
Pacific Drilling’s Chapter 11 Cases
An ad hoc committee of debtholders in the chapter 11 cases of Pacific Drilling S.A., a leading international offshore drilling contractor with approximately $3 billion in indebtedness, and its affiliates, including in a plan-related mediation ordered by the Bankruptcy Court. This matter was recognized by The M&A Advisor as the 2019 “Energy Deal of the Year.”
-
CGG’s Prenegotiated Cross-border Restructuring
Certain subsidiaries of CGG S.A., a Paris-based global geophysical and geoscience services company serving customers principally in the oil and gas exploration and production industry, in their prenegotiated chapter 11 cases by which the company and its subsidiaries equitized approximately $2 billion of unsecured debt through concurrent restructuring proceedings in France and the United States. Brian S. Hermann was named an American Lawyer 2018 “Dealmaker of the Year” for his work representing CGG S.A. in its chapter 11 cases.
-
Expro Holdings’ Prepackaged Chapter 11 Case
Expro Holdings, a leading provider of well flow management services to the oil and gas industry, in its prepackaged chapter 11 case in the Bankruptcy Court for the Southern District of Texas. The company emerged from chapter 11 in a mere 49 days having (a) eliminated its entire $1.4 billion of funded bank debt and $80 million in annual interest payments through a debt-to-equity swap, and (b) raised $200 million of equity investment capital from its new shareholders through a backstopped rights offering.
-
Preferred Sands’ Out-of-Court Restructurings
Preferred Sands, one of the leading producers of sand and resin coated proppants for North America’s oil and gas industry, in (a) a comprehensive out-of-court restructuring that involved the equitization or renegotiation of more than $1.4 billion of funded indebtedness, the issuance of new debt and the carve-out of certain of its in-basin production assets into a new entity, Signal Peak Silica, LLC., and (b) certain prior out-of-court restructuring transactions. Paul, Weiss was recognized by The Financial Times for our “Commended” work in “Enabling Clients’ Business.”
-
Paragon Offshore’s Restructuring
An ad hoc group of senior unsecured creditors of Paragon Offshore, a U.K. offshore drilling company servicing oil and gas companies with operations in Brazil, Mexico, the North Sea, the Middle East, and elsewhere, in a restructuring of over $2 billion of secured and unsecured debt obligations. Paul, Weiss was also counsel to the Official Committee of Unsecured Creditors in the company’s chapter 11 cases.
