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Financial Restructuring
A Leading Firm for Restructuring
Bracewell is a nationally recognized firm for restructuring and bankruptcy matters. For decades, we have represented the interests of domestic and global clients in significant restructurings and bankruptcies across multiple industries. This experience is especially critical in today’s economic climate, given the proliferation of fraudulent transfer, fiduciary duty, lender liability, valuation disputes and other complex litigation issues. For this work, we have received various awards, as well as top rankings in Chambers USA, IFLR1000 and Legal 500 US.
According to Legal 500 US (2021), the strength of our restructuring practice is "the breadth and depth of its legal team." We are particularly known for our experience in the energy and maritime sectors, including on behalf of oil and gas companies, international shipping groups, retail companies and power generation projects. We also advise corporate borrowers and debtors, private investment funds, financial institutions, commercial lenders and institutional investors in restructurings. For example, we recently represented Wells Fargo in connection with Chapter 11 reorganization of Diamond Offshore Drilling and the related exit financings, as well as in connection with the Alta Mesa/Kingfisher Chapter 11 bankruptcy cases and J. C. Penney Chapter 11 bankruptcy proceedings. We also represented GPIF Aspen Club in connection with the Chapter 11 bankruptcy cases filed by The Aspen Club and Aspen Club Redevelopment Company and Venoco in Chapter 11 proceedings.
Areas of Focus
- Bankruptcy Litigation
- Creditors, Agents, Ad Hoc Groups and Official Committees
- Debtor Representation
- Maritime Investment and Restructuring
Bankruptcy Litigation
Our bankruptcy team has extensive experience handling large, complex bankruptcy litigation matters for both debtors and creditors. For several years, we have represented Venoco in Chapter 11 proceedings in bankruptcy courts in California and Delaware. We also recently advised GPIF Aspen Club as a creditor in consolidated bankruptcy cases in Colorado.
Our litigators serve as advocates in restructuring and indenture disputes and in bankruptcy courts across the United States. We help create cost-effective strategies and utilize a full range of options to achieve the best results possible.
Meet the teamCreditors, Agents, Ad Hoc Groups and Official Committees
We have significant experience representing official creditors’ committees, ad hoc groups and creditors in restructuring-related second lien and mezzanine financing matters. Our lawyers understand the interests of diverse creditor constituencies and are skilled in navigating competing interests to maximize unsecured creditor recoveries. For example, we have represented Natixis as administrative agent and co-lender to a senior secured RBL credit agreement in MDC Texas Energy’s Chapter 11 proceedings; GPIF Aspen Club as creditor in consolidated bankruptcy cases in Colorado; and Macquarie as the secured lender in the restructuring of a secured debt facility for a commodities company.
Meet the teamDebtor Representation
We have broad experience act on behalf of Chapter 11 debtors, including on complex matters of first impression. We represented Eastern Outfitters as debtor in Chapter 11 proceedings that resulted in a successful 363 sale to SportsDirect.com Retail (Section 363 Sale of the Year ($100 Million to $250 Million), 2018 Turnaround Atlas Awards); Energy & Exploration Partners and its subsidiary debtors in Chapter 11 proceedings that resulted in a restructuring of over $1 billion in debt (Turnaround of the Year ($1 Billion to $2 Billion), 2017 Turnaround Atlas Awards); and Venoco as debtor in proceedings to restructure its capital structure by obtaining a conformation of a reorganization plan (Energy Deal of the Year, 2017 M&A Advisor Turnaround Awards).
Meet the teamMaritime Investment and Restructuring
Our maritime investment and restructuring practice is a unique blend of experience in US and international insolvency law, maritime finance, regulatory and corporate law. We advise on a diverse range of maritime-related transactions, many of which are precedent setting. For example, we scored a landmark victory for Omega Navigation Enterprises that established a new precedent for other foreign shipping companies seeking refuge from unpaid banks through the US bankruptcy courts.
Meet the team
Bankruptcy Litigation
Our bankruptcy team has extensive experience handling large, complex bankruptcy litigation matters for both debtors and creditors. For several years, we have represented Venoco in Chapter 11 proceedings in bankruptcy courts in California and Delaware. We also recently advised GPIF Aspen Club as a creditor in consolidated bankruptcy cases in Colorado.
Our litigators serve as advocates in restructuring and indenture disputes and in bankruptcy courts across the United States. We help create cost-effective strategies and utilize a full range of options to achieve the best results possible.
Meet the team
Creditors, Agents, Ad Hoc Groups and Official Committees
We have significant experience representing official creditors’ committees, ad hoc groups and creditors in restructuring-related second lien and mezzanine financing matters. Our lawyers understand the interests of diverse creditor constituencies and are skilled in navigating competing interests to maximize unsecured creditor recoveries. For example, we have represented Natixis as administrative agent and co-lender to a senior secured RBL credit agreement in MDC Texas Energy’s Chapter 11 proceedings; GPIF Aspen Club as creditor in consolidated bankruptcy cases in Colorado; and Macquarie as the secured lender in the restructuring of a secured debt facility for a commodities company.
Meet the team
Debtor Representation
We have broad experience act on behalf of Chapter 11 debtors, including on complex matters of first impression. We represented Eastern Outfitters as debtor in Chapter 11 proceedings that resulted in a successful 363 sale to SportsDirect.com Retail (Section 363 Sale of the Year ($100 Million to $250 Million), 2018 Turnaround Atlas Awards); Energy & Exploration Partners and its subsidiary debtors in Chapter 11 proceedings that resulted in a restructuring of over $1 billion in debt (Turnaround of the Year ($1 Billion to $2 Billion), 2017 Turnaround Atlas Awards); and Venoco as debtor in proceedings to restructure its capital structure by obtaining a conformation of a reorganization plan (Energy Deal of the Year, 2017 M&A Advisor Turnaround Awards).
Meet the team
Maritime Investment and Restructuring
Our maritime investment and restructuring practice is a unique blend of experience in US and international insolvency law, maritime finance, regulatory and corporate law. We advise on a diverse range of maritime-related transactions, many of which are precedent setting. For example, we scored a landmark victory for Omega Navigation Enterprises that established a new precedent for other foreign shipping companies seeking refuge from unpaid banks through the US bankruptcy courts.
Meet the teamGlobal Recognition for Excellence
Our restructuring team is highly regarded within the legal industry.
- Chambers USA – Texas Bankruptcy/Restructuring
- IFLR1000 – US Restructuring & Insolvency
- Legal 500 US – Restructuring (Including Bankruptcy)
- U.S. News – Best Lawyers – Houston Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law (Tier 1)
exceptional at representing clients — we’ve never been disappointed in them.
Chambers USA, 2022
Market-Leading Engagements
We have broad experience on restructuring and bankruptcy matters.
- Amegy Bank, as administrative agent for first lien lender group in the Chapter 11 proceedings of Torqued-Up Energy Services, Inc.
- Serving as Texas local counsel to Barclays Bank plc, as administrative agent under a prepetition secured credit facility and a post-petition, senior secured super priority debtor in possession credit facility, in the Chapter 11 case of borrower Cineworld Group plc and its affiliate debtors
- Crédit Agricole Corporate and Investment Bank, as agent to revolving debtor-in-possession (DIP) lenders, in the $2.8 billion financing facility in prepackaged Chapter 11 restructuring transaction for McDermott International – Restructuring Deal of the Year Finalist, 2021 IFLR Americas Awards
- Eastern Outfitters, LLC as debtor in Chapter 11 proceedings resulting in the successful Section 363 sale of certain Bob’s Stores and Eastern Mountain Sports retail stores to SportsDirect.com Retail Ltd., the UK’s largest sporting goods retailer – Section 363 Sale of the Year ($100 Million to $250 Million), 2018 Turnaround Atlas Awards
- Echo Energy Partners in a Chapter 11 US bankruptcy case in the Southern District of Texas, with a debtor-in-possession (DIP) financing approved for $8.5 million
- Energy & Exploration Partners, LLC and its subsidiary debtors in Chapter 11 proceedings resulting in the restructuring of more than $1 billion of funded debt enabling the company to emerge from Chapter 11 with a deleveraged balance sheet and new financing to support future operations – Turnaround of the Year ($1 Billion to $2 Billion), 2017 Turnaround Atlas Awards
- ENI Petroleum Co. Inc., as the joint venture partner of Quicksilver Resources in Quicksilver’s Chapter 11 proceedings
- Equity owners in Chapter 11 proceedings of Excel Maritime, Ltd.
- Prepetition secured lender and DIP lender in the Chapter 11 proceedings of EXCO Resources, Inc.
People
Key Contacts
Mark E. Dendinger
Managing Partner, Connecticut
