A federal court has vacated a 2021 settlement that awarded more than $9 million to Pennsylvania landowners that alleged underpayment of royalties by Chesapeake Energy Corp. The 2021 settlement, filed in the U.S. Bankruptcy Court for the Southern District of Texas, was reached following Chesapeake’s Chapter 11 bankruptcy reorganization. Lessors argued that the third-largest publicly…
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HighPoint Files for Chapter 11, but Bonanza Creek Merger Still Proceeding
Colorado pure-play HighPoint Resources Corp. has filed for Chapter 11 after a senior notes exchange offer failed by merger partner Bonanza Creek Energy Inc. The Denver-based exploration and production (E&P) companies, which both train their talents on the Denver-Julesburg (DJ) Basin, agreed in November to merge in an estimated $376 million transaction. Bonanza Creek in…
March 16, 2021
Superior Energy’s Bankruptcy Package to Eliminate Debt, Improve Operational Flexibility
Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court for the Southern District of Texas to implement a proposed pre-packaged restructure plan. The company announced its intention to file for bankruptcy in September. “Since the initial announcement of our planned recapitalization initiative in September,…
December 7, 2020
Unit Ready to ‘Handle Current Challenges’ with Chapter 11 Exit, Says CEO
Tulsa-based Unit Corp., which sought bankruptcy protection in late May, has completed restructuring with enhanced financial strength, CEO David T. Merrill said. The Lower 48 explorer’s exit from Chapter 11 was approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. “Our successful financial restructuring positions us to handle current challenges…
September 4, 2020
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