Finance - Restructuring

SandRidge Energy Hires Advisers, Considers Bankruptcy

SandRidge, working with law firm Kirkland & Ellis and investment bank Houlihan Lokey on restructuring, drew down its credit line and trimmed costs with asset sales and job cuts, Reuters said.

March 30, 2016

Struggling US Oil, Gas Companies Consider Using 1.5 Lien Debt

Some credit rating agencies view the exchange of new 1.5 lien secured notes for existing senior unsecured and second-lien secured notes as a distressed exchange and a limited default, Reuters said.

March 21, 2016

Venoco Enters Restructuring Agreement, Files For Bankruptcy

"Today's announcement represents another significant step in our ongoing efforts to address the challenges before us and position the company for long-term success," said Mark DePuy, CEO.

March 18, 2016

SandRidge Energy Makes $50.1 Million Interest Payments

In separate filing, SandRidge said it would file annual report for 2015 late, and it expects accounting firm to doubt its ability to continue as a "going concern," Reuters reported.

March 17, 2016

Linn Energy Did Not Fully Secure Bond Swap With Collateral

With about $10 billion debt, if Linn files for bankruptcy it would be largest to date, Reuters said. Value of bonds issued in November fell to about 15 cents on dollar.

March 16, 2016

Midstream Sector Could Be Affected By Certain Bankruptcy Filings

Lawyers told Reuters some gathering agreements did not appear well protected against bankruptcy, in part because the contracts were written when one company owned both energy production and midstream operations.

February 22, 2016

Argent Energy Trust Begins Creditor Protection Proceedings In Canada

Restructuring became difficult after low commodity prices and limited access to capital, negative operating results, no suitable offer for assets and an accelerated credit facility payment, among other issues.

February 17, 2016

Paragon Offshore Begins Chapter 11 Proceedings

Certain first-day motions were filed with the court to ease normal course operations during the bankruptcy process. U.K.-based Paragon expects to maintain sufficient liquidity to maintain its business operations.

February 16, 2016

Hydrocarb Energy Retains Investment Bank As Refinancing Adviser

Kent P. Watts, chairman, added that Hydrocarb wants to enhance its current assets and leverage its P5 operator status in Texas.

January 20, 2016

Steel Pipe Maker Vallourec Considers Tougher Restructuring Plan

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.

January 15, 2016

RAAM Global Energy Retains Blackhill Partners As Restructuring Adviser

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.

January 4, 2016

Involuntary Bankruptcies Are Viable Debt-collection Option

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.

December 23, 2015