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Haynes and Boone Releases Fall 2018 Energy Roundup

Haynes and Boone, LLP has released its Fall 2018 Energy Roundup, a comprehensive report on the industry that reflects an improved outlook for oil and gas producers. The Energy Roundup includes the firm’s latest “Borrowing Base Redeterminations Survey,” which captures September polling of oil and gas producers, oilfield services companies, energy lenders, private equity firms, and other industry participants to get their predictions about producers’ future borrowing capacity or “borrowing bases.” Producers’ loans are assessed by their lenders twice a year to determine how much credit will be available based upon the collateral value of the producers’ property, referred to as their “borrowing bases.” The borrowing bases turn on banks’ projections about future prices for the producers’ oil and gas reserves. The survey, which the firm has conducted twice a year since April 2015, offers a clear, forward-looking view about the projected financial state of the domestic energy market. The latest… Continue Reading

UPDATED: Energy Bankruptcy Reports and Surveys

Haynes and Boone Energy Roundup, a comprehensive report on the industry that reflects an improved outlook for oil and gas producers – most recent update: September 26, 2018.   Borrowing Base Redeterminations Survey, a forward looking survey that reveals what lenders, borrowers and others in the industry expect regarding the borrowing base redeterminations in light of oil price uncertainty – most recent update: September 26, 2018.   Oil Patch Bankruptcy Monitor, which includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update: August 31, 2018.   Oilfield Services Bankruptcy Tracker, which includes details on oilfield services companies that have filed for bankruptcy since the beginning of 2015  – most recent update: August 31, 2018.   Midstream Report, which includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update: August 31, 2018.

UPDATED: Energy Bankruptcy Reports and Surveys

Borrowing Base Redeterminations Survey: Includes details on what lenders, borrowers and others in the energy industry expect regarding the borrowing base redeterminations in light of oil price uncertainty – most recent update April 10, 2018. Oil Patch Bankruptcy Monitor: Includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update March 31, 2018. Oilfield Services Bankruptcy Tracker: Includes details on oilfield services companies that have filed for bankruptcy since the beginning of 2015 – most recent update March 31 2018. Midstream Report: Includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update: March 31, 2018.

UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: Includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update October 31, 2017. Oilfield Services Bankruptcy Tracker: Includes details on oilfield services companies that have filed for bankruptcy since the beginning of 2015 – most recent update October 31 2017. Midstream Report: Includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update: October 31, 2017.

UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update July 31, 2017. Oilfield Services Bankruptcy Tracker: includes details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015 – most recent update July 31 2017. Midstream Report: includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update July 31, 2017.

Haynes and Boone Oilfield Services Bankruptcy Tracker – Updated September 30, 2016

Haynes and Boone Oilfield Services Bankruptcy Tracker – Updated September 30, 2016

As a service to energy industry participants, the lawyers of the Oilfield Services and Bankruptcy Practices at Haynes and Boone, LLP have been tracking and reporting industry developments in oilfield service restructurings. Our research includes details on 100 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each case. The total amount of aggregate debt administered in oilfield services bankruptcy cases in 2015- 2016 is more than $14 billion and the average debt of these cases exceeds $144 million. The largest reported bankruptcy cases involve total debt of approximately $2.7 billion (Vantage), $2.5 billion (Paragon Offshore), $1.7 billion (Seventy Energy), $1.3 billion (Hercules Offshore) and $1.3 billion (C&J). The latest Oilfield Services Bankruptcy Tracker Report is available here. Full link: http://www.haynesboone.com/~/media/files/attorney%20publications/2016/ofstracker.ashx

Department of Labor Proposes Rule to Speed Distributions to Participants of Plans Sponsored by Bankrupt Companies

The U.S. Department of Labor’s Employee Benefits Security Administration announced a proposed rule that would expand its Abandoned Plan Program to include individual account plans, including 401(k) plans, of companies in Chapter 7 bankruptcy (a “Chapter 7 Plan”). Under the current rule, only large financial institutions and other asset custodians can serve as administrators of abandoned plans, and a plan is considered abandoned only after no contributions or distributions have been made for at least 12 months. Under the proposed rule, a Chapter 7 Plan would be considered abandoned on the date the plan sponsor’s bankruptcy proceeding commences. A bankruptcy trustee, or its designee, could then take advantage of the Abandoned Plan Program’s streamlined plan termination and benefit distribution procedures. As a result, plan participants would likely see fewer administrative and termination fees charged to their accounts and could receive benefit distributions more quickly. Additionally, the proposed rule permits a… Continue Reading

>Tip: Buying Video Game Assets Out of Bankruptcy

>Like many industries, the video game industry has seen a rise in Chapter 11 bankruptcy filings. Large corporate bankruptcy cases can be complicated and intimidating affairs, but for the savvy investor (or the savvy competitor), they can present tremendous opportunities. Traditionally, companies filed Chapter 11 to restructure their debt and emerge from bankruptcy as a more efficient going concern. It is becoming more common, however, for companies to file bankruptcy and quickly sell some or all of their assets and liquidate the remainder. These transactions are commonly referred to a “363 sales” (named after the applicable Bankruptcy Code section). Such sales can involve any asset of a bankrupt company, including intellectual property rights, and a prospective buyer has an opportunity to acquire a desired asset at a discounted price. However, because of the particularities of the bankruptcy proceeedings, there are some choppy waters that a prospective buyer needs to successfully… Continue Reading

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