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.
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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.”
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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.
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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.
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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.”
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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.
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Sabine Oil & Gas’s Chapter 11 Case
The second lien agent in the chapter 11 case of Sabine Oil & Gas Corporation, an oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties onshore in the United States.
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Ultra Petroleum’s Chapter 11 Cases
An ad hoc committee of holdco noteholders in the chapter 11 cases of Ultra Petroleum and its affiliated debtors, oil and gas exploration and production companies with over $3 billion in indebtedness.
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Pacific Exploration’s Cross-border Restructuring
U.S. counsel to the ad hoc committee of senior noteholders of Pacific Exploration and Production (n/k/a Frontera Energy), an oil and gas exploration company, and certain debtor-in-possession financing providers in the cross-border restructuring of the company’s approximately $5 billion of debt obligations through proceedings commenced in Canada, the U.S. and Colombia.
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Tidewater’s Prepackaged Chapter 11 Case
An unofficial committee of noteholders of Tidewater, a leading provider of offshore service vessels in the global energy industry, in connection with a restructuring of the company’s approximately $2 billion of debt pursuant to a prepackaged chapter 11 plan.
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Triangle Petroleum’s Prepackaged Chapter 11 Case
Triangle Petroleum, an independent energy holding company, in its prepackaged chapter 11 case in Delaware.
