6/2/17 Recap: Integrated oil and gas offshore exploration and production company with properties located in the outer continental shelf of Gulf of Mexico filed for bankruptcy because it was an offshore exploration and production company operating in the Gulf of Mexico.
Jurisdiction: W.D. of Louisiana
Capital Structure: $53.1mm '18 debt (Angelo Gordon Energy Servicer LLC), $24mm subordinate secured debt (K2 Principal Fund LP)
Company Professionals:
Legal: Baker Donelson Bearman Caldwell & Berkowitz PC (Jan Hayden, Edward Arnold III, Lacey Rochester, Susan Mathews, Daniel Ferretti)
Financial Advisor: Opportune LLP (Sean Clements)
Investment Banker:
Claims Agent: Donlin Recano & Company Inc. (*click on company name above for free docket access)
Other Parties in Interest:
Official Committee of Unsecured Creditors (Cochun Properties)
Legal: Heller Draper Patrick Horn & Dabney LLC (William Patrick III, Tristan Manthey)
Official Committee of Unsecured Creditors (Rooster)
1/30/17 Recap: This is a revenue and operating costs story. Not enough of the first. Too much of the latter. Utilization didn't make up for the cost and capital structure and now the debtor is in Chapter 11 with the hope of finding a buyer.
Jurisdiction: E.D. of Louisiana (transferred from D. of Delaware)
Capital Structure: $12mm RCF/$6.7mm funded (MidCap Financial LLC), $105mm Demand Note (Cardiovascular Care Group Inc.),
Company Professionals:
Legal: Alston & Bird LLP (Grant Stein, David Wender, Sage Sigler), Jones Walker LLP (Elizabeth Futrell) & (local) Young Conaway Stargatt & Taylor LLP (Joel Waite, Kenneth Enos)
Financial Advisor & CRO: Solic Capital Advisors LLC (Neil Luria)
Claims Agent: Garden City Group (*click on company name above for free docket)
12/14/16 Recap: Louisiana-based oil-and-gas producer files prepackaged chapter 11 case to sell its Appalachia assets to TH Exploration III LLC (an affiliate of Tug Hill Inc.), and shed approximately $850mm of debt and $46mm of annual interest expense. The company faces a potential equity committee appointment - all the rage these days.
