Finance - Restructuring
Kent P. Watts, chairman, added that Hydrocarb wants to enhance its current assets and leverage its P5 operator status in Texas.
Vallourec, which gets two-thirds of sales' revenue from the oil and gas sector, has been trying to cut production capacity to cope with the downturn affecting its customers as energy prices fall.
As the chief restructuring officer, Jim Latimer, managing director of Blackhill, will manage RAAM’s operations. Latimer said RAAM should emerge from bankruptcy with more capital available for drilling.
Since August, creditors have filed petitions for involuntary bankruptcy against three energy producers with nearly $2 billion in combined debt, Reuters said. The rare involuntary bankruptcy petitions target smaller companies.
The 17-month downturn in oil prices is generating much work for bankers and attorneys, Reuters said. Many law firms and banks began reshuffling staff this summer.
CGG’s options are to increase capital or attract new investors to finance a planned reorganization, sources told Reuters, adding that a formal announcement is expected next week.
The revisions, which received last-minute backing from second-lien lenders, include lowering the threshold payout for some executives and moving up the date for a bankruptcy confirmation hearing, Reuters said.
TPH has formed similar consulting alliances with other restructuring advisers, one of the people said Nov. 25.
According to Petrie co-founder Andrew Rapp, the firms began planning collaboration this summer and started pitching companies for business early this fall. They currently have a few assignments, Reuters reported.
"Blackhill Partners' long history of serving energy companies in difficult situations allows us to provide the leadership required in this highly complex bankruptcy," said managing director Jeff Jones.
While the company has about $5 billion in liquidity, Noble wants to be cash flow neutral in 2016 and continue to ramp up in its new Texas shale acquisitions.
Samson has arranged a deal with some of its lenders to eliminate debt and provide new equity investment, though owner KKR will lose its stake in the company.