McDermott International, Inc. — Representing McDermott International, Inc. and 225 of its subsidiaries and affiliates, including 107 foreign domiciled entities, in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court of the Southern District of Texas. McDermott is a premier, global upstream and downstream engineering, procurement, construction, and installation company and employs over 42,000 individuals across 54 countries and six continents. McDermott’s prepackaged Chapter 11 cases contemplate a fully consensual restructuring transaction to be confirmed in less than 60 days that will equitize nearly all of McDermott's funded debt, eliminating over $4.6 billion of debt, and an auction process to sell McDermott’s Lummus technology business supported by a “stalking horse” bid with a base purchase price of $2.725 billion.
American Energy – Permian Basin, LLC — Represented the private equity sponsors and Sable Permian Resources, LLC (as operator of the oil and gas assets) in the successful completion of AEPB’s $2.1 billion out-of-court recapitalization. The transaction reduced AEPB’s debt obligations by approximately $1.4 billion and reduced upcoming debt maturities over the next four years to approximately $36 million from approximately $2.1 billion. In addition, the transaction eliminated approximately $94 million of annual cash interest expense and simplified AEPB's organizational structure.
Sheridan Holding Company II, LLC — Representing Sheridan Holding Company II, LLC, and certain affiliates in their prepackaged Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas. Headquartered in Houston, Texas, Sheridan II is an oil and natural gas investment fund. Sheridan II’s prepackaged restructuring proposes to address over $1.1 billion of funded debt obligations through an equitization or a sale of all, or substantially all, of Sheridan II’s assets. The restructuring has near universal creditor support and leaves general unsecured creditors unimpaired.
Westmoreland Coal Company — Representing Westmoreland Coal Company and its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Westmoreland Coal Company is engaged in producing and selling thermal coal and has domestic operations in six states and international operations in Canada. As of the petition date of October 9, 2018, Westmoreland and its affiliates had funded debt of approximately $1.1 billion.
