The past couple of years have been tumultuous for the energy sector. From suppliers and service providers to distributors and retailers and all other parts of the energy supply chain, increased competition, weakened domestic and international economies, the availability of alternative energy sources, and increased regulation have pummeled companies in the energy market. In 2015 alone, there were approximately 40 Chapter 11 bankruptcy filings by oil and gas producers, involving approximately $18 billion of secured and unsecured debt.
Seward & Kissel attorneys are at the forefront of a number of these restructurings – both in and out of court. To more effectively serve the legal needs of the energy finance sector during these difficult times, the Firm has formed an Energy Finance Restructuring Team, a highly focused and specialized cross-disciplinary team dedicated to energy sector bankruptcies and restructurings. Our lawyers combine their vast expertise in finance, restructuring, transportation and litigation to provide centralized representation to our clients on a global range of energy related matters.
Composed of attorneys from our Global Institutional Finance & Restructuring, Bankruptcy, Litigation and Transportation Finance practice groups, the team is advising our agent bank and trustee bank clients, as well as lenders and bondholders, with respect to navigating the difficult issues presented by this downturn. The members of the Energy Finance Restructuring Team bring to the table years of extensive experience on a broad spectrum of significant issues prevalent in today’s fast changing energy environment.
Representative Matters
Representative examples of the Firm’s engagements in respect of financially challenged energy companies include:
- Energy Future Holdings
- Arch Coal
- Magnetation
- Venoco
- Schahin Group
- Pacific Exploration & Production Corp.
- Ultrapetrol
- Enron
- Longview Power, LLC
- AES Eastern Energy LP
- Northeast Biofuels
- Cerro Negro
- Petrozuata
- Fertinitro
- Edison Mission
- Overseas Shipholding Group
- Pacific Gas & Electric