Turnarounds & Workouts Names Fieldwood Energy Restructuring Among 2021’s Most Successful Restructurings

HOUSTON – Bracewell LLP was among the law firms, financial advisors and investment bankers honored for their role in Fieldwood Energy’s Chapter 11 restructuring, which was named one of Turnarounds & Workout’s Successful Restructurings of 2021.

Bracewell represented Eni US Operating Co. Inc. and Eni Petroleum US LLC as predecessors in interest to certain debtors to address Eni’s potential legacy decommissioning liabilities. These included up to $110 million due to Fieldwood’s proposed abandonment of certain assets in its reorganization plan. Bracewell negotiated a favorable settlement between Eni, the lenders and the debtors, including a lump sum payment, a cap on Eni’s potential decommissioning liability and payment of legal fees.

Mark E. Dendinger, William A. (Trey) Wood III and Jason B. Hutt led the Bracewell team. Other team members included Jason G. Cohen, Kevin A. Ewing, James “JJ” McAnelly III, Jonathan Lozano and Kevin M. Voelkel.