New Filing - Stone Energy Corporation

Stone Energy Corporation

  • 12/14/16 Recap: Louisiana-based oil-and-gas producer files prepackaged chapter 11 case to sell its Appalachia assets to TH Exploration III LLC (an affiliate of Tug Hill Inc.), and shed approximately $850mm of debt and $46mm of annual interest expense. The company faces a potential equity committee appointment - all the rage these days.
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $360mm RCF, $300mm '17 1.75% convertible unsecured notes, $775mm '22 7.5% unsecured notes     
  • Company Professionals:
    • Legal: Latham & Watkins LLP (David Heller, Josef Athanas, Caroline Reckler, Matthew Warren, Matthew Dillard, Christopher Harris) & (local) Porter Hedges LLP (John Higgins, Joshua Wolfshohl, Aaron Power)
    • Financial Advisor: Alvarez & Marsal LLC (Dean Swick)
    • Investment Banker: Lazard (David Kurtz) & Tudor Pickering & Holt & Co. (Chad Michael)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Agent of RCF (BofA)
      • Legal: O'Melveny & Meyers LLP (George Davis, Suzzanne Uhland, Michael Lotito, Sean Davis)
      • Financial Advisor: RPA Advisors
    • Bank of New York Mellon Trust Company N.A.
      • Legal: Heller Draper Patrick Horn & Dabney LLC (William Patrick III, Tristan Manthey, Cherie Dessauer Nobles)
    • Ad Hoc Group of Unsecured Lenders
      • Legal: Akin Gump (Charles Gibbs, David Zensky, Kevin Zuzolo, Meredith Lahaie, Michael Stamer)
      • Investment Banker: Intrepid Partners
    • Buyer: TH Exploration III LLC
      • Legal:
    • Exxon Mobil Corporation
      • Legal: Haynes & Boone LLP (Charles Beckham)
    • Independent Directors of the Board of Directors
      • Legal: Andrews Kurth Kenyon LLP (Robin Russell, Timothy Davidson, Ashley Harper)
    • Ad Hoc Committee of Shareholders
      • Legal: Quinn Emanuel Urquhart & Sullivan LLP (K. John Shaffer, Benjamin Finestone, David Gerger, Emily Smith, Victor Noskov)

Updated 1/20/17.