Restructuring

Pioneer Energy Declares Bankruptcy on Energy Industry’s ‘Difficult Economics’

Pioneer Energy Declares Bankruptcy on Energy Industry’s ‘Difficult Economics’

Lower 48 oilfield services provider Pioneer Energy Service Corp. has filed for voluntary bankruptcy and is planning a comprehensive financial restructuring under an agreement with key stakeholders.

March 3, 2020

Southcross Enters Chapter 11; Options Include Sale

Southcross Energy Partners LP is seeking restructuring through bankruptcy and will evaluate a range of options during the process, including the sale of the business, divestiture of assets or a standalone restructuring plan, the Eagle Ford Shale processor said Monday.

April 2, 2019

Gastar Considering Sale, Restructuring

Houston-based Gastar Exploration Inc. said in a regulatory filing on Monday it has hired advisers to explore strategic alternatives, including the possibility of selling the company or restructuring the balance sheet.

July 24, 2018

Stone Energy Shareholder Protests Restructuring Plan, Would Fight Bankruptcy

Stone Energy Corp.’s largest shareholder said he won’t support the company’s current restructuring plan with noteholders if it files for bankruptcy, saying in a regulatory filing that he has hired counsel to defend common shareholders in the event of those proceedings.

November 29, 2016

Midstates Emerges from Bankruptcy, Returns to Action with New Board

Tulsa-based onshore producer Midstates Petroleum Co. Inc. has emerged from voluntary bankruptcy protection with a new board of directors and nearly $2 billion less in debt.

October 24, 2016

SandRidge Set to Emerge from Bankruptcy in October

Midcontinent producer SandRidge Energy Inc. said Monday its reorganization plan has received “overwhelming support” from stakeholders and been confirmed by a Texas bankruptcy court, enabling it to emerge from Chapter 11 in October.

September 12, 2016

Bankruptcy Court Approves Penn Virginia’s Restructuring Plan

A U.S. bankruptcy court has approved Penn Virginia Corp.’s restructuring plan a month after the 134 year-old company filed for Chapter 11 protection, giving it what could be a swift exit from the proceedings.

June 17, 2016
Never Too Early to Prep For Restructuring Deals, Lawyer Says

Never Too Early to Prep For Restructuring Deals, Lawyer Says

With recent strengthening of oil prices, the outlook for the next wave of exploration and production company restructurings has improved somewhat, an attorney in the Baker Botts LLP financial restructuring practice told NGI’s Shale Daily. If the improvement sticks, it will be none too soon for many. For now, though, a painful reckoning continues.

June 3, 2016
Halcon to Restructure, Joins List of E&P Bankruptcies

Halcon to Restructure, Joins List of E&P Bankruptcies

Another day, another bankruptcy in the exploration and production (E&P) sector, more evidence of the financial pain inflicted by the oil and gas commodity price rout.

May 19, 2016

Bankruptcy Toll Continues as Midstates, Ultra File For Chapter 11

Continuing low commodity prices and a combined $5.8 billion in debt have forced two independent exploration and production companies (E&P) with holdings in several shale plays, Midstates Petroleum Co. Inc. and Ultra Petroleum Corp., to voluntarily file separate motions for bankruptcy protection.

May 2, 2016
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