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.
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.
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.
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.
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.
Restructuring Practices' Staffs Have Grown Amid Oil Downturn
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.
Report: CGG Will Decide Whether To Begin Restructuring Procedure
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.
Reduced Incentive Restructuring Plan Approved For Sabine
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.
Millstein Partners With TPH For Energy Restructuring Consulting
TPH has formed similar consulting alliances with other restructuring advisers, one of the people said Nov. 25.
Black Elk Hires Blackhill Partners As Restructuring Adviser
"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.