Business Finance & Restructuring Representations
Weil represents an ad hoc group of unsecured and second lien holders with over $1.1 billion of notes issued by SandRidge Energy, Inc., a petroleum and natural gas exploration company headquartered in Oklahoma City. SandRidge filed for chapter 11 in May 2016 with $4 billion in debt – one of the year’s largest bankruptcies – approximately four months after commencing negotiations with Weil and the ad hoc group of noteholders. Weil was instrumental in improving recoveries for the noteholders while ensuring that SandRidge had the benefit of a pre-arranged chapter 11 restructuring that preserved the ongoing viability of the business and shortened the length of the bankruptcy.
Representation of oilfield services company Basic Energy Services Inc. in its recently filed prepackaged chapter 11 bankruptcy, which listed $1.1 billion in debt.