Financial Restructuring

Key Contacts

William A. Wood III

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

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.

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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.

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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).

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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.

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Global 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.
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.

FTI Consulting Canada Inc. in its capacity as monitor and foreign representative for Imperial Tobacco Canada Ltd. in proceedings under Chapter 15 of the Bankruptcy Code in aid of the company’s restructuring in Canada
GPIF Aspen Club LLC as creditor in the consolidated Chapter 11 bankruptcy cases filed by The Aspen Club & Spa, LLC and Aspen Club Redevelopment Company, LLC in the bankruptcy court for the District of Colorado
JPMorgan Chase Bank, N.A. in the Rosehill Resources Inc. Chapter 11 bankruptcy cases in the US Bankruptcy Court for the Southern District of Texas
Kinder Morgan Tejas Pipeline, LLC, a subsidiary of Kinder Morgan, Inc., in its successful bid on and acquisition of certain natural gas pipeline assets owned by Southcross Energy, including the Corpus Christi Pipeline Network and the Bay City Lateral. The assets were one portion of the assets being auctioned off by Southcross Energy in its Chapter 11 bankruptcy proceeding
Linc USA GP as debtor in Chapter 11 proceedings resulting in the successful 363 sale of substantially all of the debtors’ assets – Energy Restructuring of the Year ($5 Million to $500 Million), 2017 Turnaround Atlas Awards
Macquarie Bank Limited as the secured lender in restructuring of a secured debt facility to provide inventory financing, cash advances and financing of margin calls for a commodities company
Natixis, as administrative agent of and co-lender to a senior secured RBL credit agreement, in jointly administered Chapter 11 proceedings of oil and gas company MDC Texas Energy, LLC and its related debtor affiliates
Nordheim Eagle Ford Gathering, LLC in a contract rejection dispute involving major issues of first impression in the oil and gas sector regarding treatment of covenants running with the land in a Chapter 11 proceeding
Omega Navigation Enterprises, Inc. as debtor in Chapter 11 proceedings involving issues of first impress regarding jurisdictional authority
Optim Energy, LLC as debtor in Chapter 11 proceedings, including the successful 363 sale of the Twin Oaks Plant to a unit of Blackstone Group and the confirmation of a plan of reorganization for the debtors’ other remaining power generation business
Equity owners in Chapter 11 proceedings of Toisa, Ltd.
Transworld Systems Inc. in the restructuring of its portfolio company which was implemented as a simultaneous exchange offer, rights offering, and prepackaged plan solicitation, and ultimately reduced Transworld’s debt and raised new equity capital, representing the private equity sponsor
Trinity River Resources, LP as debtor in Chapter 11 proceedings in the US Bankruptcy Court for the Western District of Texas
US Bank as indenture trustee in connection with the restructuring of the financing to build and renovate the parking garage system for the new Yankee Stadium
Venoco, LLC as debtor in Chapter 11 proceedings to restructure their capital structure by obtaining a confirmation of a plan of reorganization just four months after filing for bankruptcy. Venoco filed a second Chapter 11 proceeding in April 2017 in which brokered settlements with several holders of decommissioning claims, led to a consensual Chapter 11 plan that was confirmed in May 2018 – Energy Deal of the Year, 2017 M&A Advisor Turnaround Awards; Out-of-Court Restructuring Deal of the Year (Over $500 Million), 2015 M&A Advisor Turnaround Awards
WBH Energy Partners, LLC as debtor in Chapter 11 proceedings in the US Bankruptcy Court for the Western District of Texas
Wells Fargo Bank, N.A., as administrative agent to the first lien bank group and DIP lenders, in the Chapter 11 proceedings of PennVirginia, an oil and gas explorer with more than $1.4 billion of debt obligations; and administrative agent to the first lien bank group in the Chapter 11 cases of Triangle USA Petroleum Corporation and its subsidiary debtors (TUSA) pending in the US Bankruptcy Court for the District of Delaware
Wells Fargo Bank in connection with the Alta Mesa/Kingfisher Chapter 11 bankruptcy cases involving the sale of oil and gas assets in the SCOOP/STACK plays of Oklahoma to a private equity backed vehicle of Bayou City Energy Management and Mach Resources
Wells Fargo Bank, as administrative agent in connection with the establishment of, as well as the Chapter 11 proceedings related to, a $950 million secured, guaranteed, revolving credit facility to Diamond Offshore Drilling, Inc.
Wells Fargo Bank, as administrative agent and collateral agent and as representative of the First Priority Secured Parties under a $2.35 billion revolving credit facility to J. C. Penney, in connection with J. C. Penney’s Chapter 11 bankruptcy proceedings