Declines in oil and gas prices in recent months have led some companies to file for reorganization under Chapter 11 bankruptcy. This method of bankruptcy is intended for businesses with heavy debt burdens who propose a plan of profitability post-bankruptcy to pay creditors over time.
Speaking at the Oklahoma Society of CPA’s Oil & Gas Conference, McAfee & Taft bankruptcy attorney Steven Bugg discusses the fundamentals of Chapter 11 bankruptcy, including:
- Knowing when to retain restructuring advisors
- Identifying the costs and benefits associated with filing in the most commonly chosen venues
- Understanding Chapter 11 from the perspectives of the debtor, the secured creditor and the unsecured creditors
- Understanding the roles played by secured and unsecured creditors’ committees
- Assisting the debtor and the committees throughout Chapter 11 business reorganization