California Resources Corp. (NYSE: CRC), an independent California-based oil and natural gas exploration and production company, announced its emergence yesterday from Chapter 11. In relation to this, Kirkland & Ellis counseled Ares Management L.P., which was CRC’s partner in the Elk Hills midstream joint venture. CRC’s Joint Plan of Reorganization in its Chapter 11 case cancelled pre-existing debt, consolidated CRC’s ownership in the Elk Hills power plant and cryogenic gas plant, and provided for the payment in full of all valid and undisputed trade and contingent claims in the ordinary course of business. CRC officially concluded its reorganization after completing all required actions and satisfying the remaining conditions of the Plan.
The Kirkland team was led by restructuring partner Steve Serajeddini; debt finance partner Lucas Spivey; and transactional partner John Pitts.