Navigating Distressed Waters in Uncertain Times

When oil prices surged, companies took on tons of debt to fund expensive drilling activities and to acquire oil and gas leases. The ensuing increase in U.S. production helped to create a worldwide supply glut causing the commodity price to crash. The resulting drop in revenues impacted cash flows and caused massive defaults of financial covenants, borrowing base formulations, and outright payment defaults in many loans that are collateralized by oil and gas production.

A large number of oil and gas companies have already filed for bankruptcy protection in the last year, and more filings are expected as long as the price of oil stays below $50 per barrel.

In an effort to help lenders, producers, service companies, and others affected by these developments navigate these uncertain times, McAfee & Taft has developed a series of webinars that will explore the business and legal options available to them and help set expectations.

Louis J. Price
Louis J. Price
Robert T. Luttrell, III
Robert T. Luttrell, III

In this complimentary webinar, McAfee & Taft lawyers Louis Price and Bob Luttrell, both veteran attorneys who worked with clients through the oil bust of the 1980s – share a case study and discuss the general process of working out a troubled credit, with emphasis on what is happening currently in the bankruptcy arena. Topics covered include:

  • Key issues and options for lenders and borrowers
  • Remedies of last resort: Chapter 7 and Chapter 11 bankruptcy
  • Are Delaware and New York really the best places to sell Oklahoma oil and gas assets?
  • Distressed asset sale process
  • Bidding protections – break up fee, minimum overbid, matching rights
  • Advantages of Section 363 sales

This webinar is now available for on-demand viewing. Register below to receive immediate access.