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.

New Filing - Illinois Power Generating Company

Illinois Power Generating Company

  • 12/9/16 Recap: Wholly-owned subsidiary of Dynegy Inc. files for Chapter 11 to effectuate a prepackaged plan of reorganization that has significant support from noteholders - just not enough support to avoid a filing. Top unsecured creditors include a who's who of recent restructuring favorites like Peabody Energy and Arch Coal.  
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $825mm of total funded debt. $300mm '18 7% senior notes, $250mm '20 6.3% senior notes, $275mm '32 7.95% senior notes     
  • Company Professionals:
    • Legal: Latham & Watkins LLP (D.J. Baker, Caroline Reckler, Kim Posin, Josef Athanas, Jeffrey Mispagel) & (local) Andrews Kurth Kenyon LLP (Robin Russell, Timothy A. Davidson, Joseph Buoni, Ashley Harper)
    • Financial Advisor: Ducera Partners LLC (Derron Slonecker, Mark Davis, Adrian Reiter) & Waterloo Capital Management Inc. (Jeff Hunter)
    • Claims Agent: Epiq Bankruptcy Solutions LLC (*click on company name for docket)
  • Other Parties in Interest:
    • Ad Hoc Group of Consenting Noteholders (Caspian Capital LP, Farmstead Capital Management LLC, Lord Abbett & Co. LLC, Pacific Investment Management Company LLC, Venor Capital Management)
      • Legal: Willkie Farr & Gallagher LLP (Jennifer Hardy, Joseph Minias, Weston Eguchi)
    • Parent Company: Dynegy Inc.
      • Legal: White & Case LLP (Thomas Lauria, Matthew Brown)

Updated 3/26/17

New Filing - Northstar Offshore Group

Northstar Offshore Group

  • 12/2/16 Recap: The E&P-oriented debtors filed a voluntary case converting an earlier August involuntary filing. The company is tied to the defunct Platinum Partners, which we covered in some detail here and here
  • Jurisdiction: S.D. of Texas
  • Capital Structure: $30mm LOCs (First National Bank of Central Texas) & $80mm 12% '19 second lien private notes (ex-interest of $13.7mm)   
  • Company Professionals:
    • Legal: Diamond McCarthy LLP (Kyung Lee, Charles Rubio, Christopher Murphy, Michael Fritz)
    • Restructuring Advisor: CR3 Partners (Donald Martin)
    • Financial Advisor: M1 Energy Capital Management (Richard Bernardy)
    • Investment Banker: Parkman Whaling LLC (Thomas Hensley Jr.)
    • Claims Agent: Prime Clerk (*click on company name for docket)
  • Other Parties in Interest:
    • Sponsor: Platinum Partners
      • Legal: Holland & Knight (Robert Jonres, Warren Gluck, Barbra Parlen, Arthur Rosenberg)
    • Official Committee of Unsecured Creditors
      • Legal: DLA Piper LLP (Vincent Slusher, David Avraham, Adam Lanza, Daniel Simon, Andy Zollinger)
      • Financial Advisor: FTI Consulting Inc. (Conor Tully, David Rush, Michael Cordasco, Paul Jordan, James Aharonian, Marili Hellmund-Mora)
    • Creditor: Spartan Offshore Drilling LLC
      • Legal: Vinson & Elkins LLP (Reese O'Connor)
    • DIP Lender: Arena Limited SPV LLC
      • Legal: Andrews Kurth Kenyon LLP (Timothy A. Davidson, Joseph Rovira)
    • First National Bank of Central Texas
      • Legal: Dykema Cox Smith (Deborah Williamson)

Updated 5/18/17