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Haynes and Boone Helps Copper Giant ASARCO Emerge from Bankruptcy

HOUSTON – After four and one-half years in Chapter 11, ASARCO, LLC emerged from bankruptcy Wednesday with the closing of a full payment reorganization plan proposed by Americas Mining Corporation (AMC) and ASARCO, Inc, wholly owned subsidiaries of Grupo Mexico SAB represented by Haynes and Boone, LLP and Milbank, Tweed, Hadley & McCloy, LLP. >>

Chambers USA Recognizes Haynes and Boone Lawyers, Practices

Chambers USA: America’s Leading Lawyers for Business 2009 has singled out 36 Haynes and Boone, LLP lawyers in 16 practices for recognition in its annual law firm rankings. The firm was also honored for having 13 separate areas of practice that lead at the state and national levels. >>



Recent Publications

Derivative Exposure and Counterparty Insolvency: Lessons Learned in the Current Market

Almost all large (and many small) companies in today’s economy use derivatives in one way or another to hedge against future risk. Hedging allows a business to limit potential exposure to market fluctuation upfront (for a price) and instead focus on its strengths and core competencies. >>



Charles A. Beckham, Jr.

Partner

Houston


1 Houston Center
1221 McKinney, Suite 2100
Houston, Texas 77010
T +1 713.547.2243
F +1 713.236.5638

Areas of Practice

Education

  • J.D., St. Mary's University School of Law, 1979, Articles Editor, St. Mary's Law Journal
  • B.B.A., University of Texas at Austin, 1976

Bar Admissions

  • Texas, 1979

Charles Beckham has more than twenty-five years experience helping a broad spectrum of clients with bankruptcy and insolvency problems. 

He has assisted in a variety of transactions including:

  • Represents America's Mining Corporation, the corporate parent of ASARCO, LLP in Chapter 11 proceeding pending in Corpus Christi, Texas.

  • Represents Lothian Oil, Inc., the Debtor in the Chapter 11 of this independent oil exploration and production company pending in the Western District of Texas. 

  • Represented Agent for Bank Group in Chapter 11 of Magnolia Energy, L.P., the owner of a 900-MW power plant located in Mississippi. 

  • Represented the Co-Chair of the Creditors Committee in Chapter 11 of Enron Corp. 

  • Represented Calyon (now known as Credit Agricole Corporate and Investment Bank) in Chapter 11 proceeding of Yukos Oil Company pending in Houston, Texas. Obtained dismissal of Adversary Proceeding filed against Calyon and other lenders. 

  • Represented Agent for Working Capital Lenders in Chapter 11 of Texas Petrochemicals, L.P. 

  • Represented Agent for Bank Group in Chapter 11 of MFI Partners, LP, a franchisee of a nationwide chain of limited service hotels. Confirmed Creditor Plan of Reorganization over objection of Debtor. 

  • Represented Agent for Bank Group in Chapter 11 of Tri-Union Development Corporation. Recovered full amount of claim in approximate amount of $125 million for Bank Group pursuant to Plan of Reorganization. 

  • Represented Agent for Bank Group in the out-of-court restructuring of Darling International, Inc., the largest independent publicly held rendering company in the United States. 

  • Represented the Receiver for World Manufacturing Ltd. and Manufacturera del Bravo, Ltd., two British Virgin Island corporations. Assisted the Receiver in the recovery of assets in the United States, Mexico, the British Virgin Islands, the Cayman Islands and Switzerland. 

  • Has represented secured lenders, unsecured creditors, debtors and trustees in a variety of industries including numerous oil and gas, power and energy related bankruptcies. 

  • Has represented numerous debtors and creditors with cross-border bankruptcy and insolvency problems in Mexico.

Selected Honors

  • Recognized by Chambers USA as one of the leading practitioners in Texas for bankruptcy, 2005-2009
  • Recognized as one of the Best Lawyers in America - Bankruptcy & Creditor/Debtor Rights (Woodward/White, Inc., 2010). He has been listed in The Best Lawyers in America for more than 10 years.
  • Recognized as a Top 100 Texas Super Lawyer - Bankruptcy & Creditor/Debtor Rights, 2003-2009
  • Recognized as a Top 100 Houston Super Lawyer - Bankruptcy & Creditor/Debtor Rights, 2003-2009

Selected Presentations

  • "Derivative Exposure and Counterparty Insolvency: Lessons Learned in the Current Market," presented to The 8th Annual Gas and Power Institute, September 11, 2009.
  • "Bankruptcy in the Oil Patch," co-presenter with Christopher L. Castillo, University of Houston Law Foundation Advanced Oil & Gas Short Course, February 2009.
  • "The Continued Expansion of the Financial Market Protections Under the 2005 and 2006 United States Bankruptcy Code Amendments," presented at The Canadian Institute's 4th Annual Advanced Forum on Derivatives: Structuring/Documenting/Managing Risk, April 30-May 1, 2007.


Selected Representative Experience


ASARCO LLC v. Americas Mining Corp. (In re ASARCO LLC), Adversary No. 07-02011 (S.D. Tex.)
Assisted bankruptcy and tax counsel with briefing and argument of novel issues of law and preservation of error in adversary proceeding between parent company and wholly-owned, "disregarded" entity over ownership of a $50 million tax refund, liability for more than $100 million in post-petition federal income taxes owed under tax sharing agreement, and liability for taxes attributable to $600 million deferred intercompany gain.

ExxonMobil - Bankruptcy Counsel
Serve as one of ExxonMobil's national bankruptcy counsel.

National Energy & Gas Transmission, Inc.
Represented Calyon's New York Branch in its capacity as a member of the Official Committee of Unsecured Creditors in this Chapter 11 case pending in Maryland. Calyon (now known as Credit Agricole Corporate and Investment Bank) is an unsecured lender with a claim of approximately $100 million against the debtor.

Creditor Committee Representation - Enron
Represented Calyon S.A. (now known as Credit Agricole Corporate and Investment Bank), the co-chair of the Official Committee of Unsecured Creditors in Enron's epic Chapter 11 bankruptcy case.

Williams Communications Group, Inc.
Represented bank in the Chapter 11 cases of Williams Communications Group, Inc. and CG Austria, Inc., pending in the Southern District of New York. The bank was a member of the Bank Group Steering Committee for a group of senior secured lenders with claims against the debtors in excess of $750 million.

Chapter 11 Representation - ASARCO LLC
Represent the corporate parent of ASARCO LLC, a copper miner and smelter which filed for Chapter 11 bankruptcy protection in Corpus Christi, Texas with approximately $10 billion in claims. Following Chapter 11 filing, ASARCO filed a fraudulent transfer action against Americas Mining Corp., seeking recovery of several billion dollars.

Chapter 11 Case - Oil and Gas Exploration and Production Companies
Represented oil and gas exploration and production companies in Chapter 11 case involving a severe liquidity crisis and numerous lawsuits.

Bankruptcy Representation - Energy Industry
Brought notice of default and non-judicial foreclosure procedures to bear of defaulting borrower; represented lender throughout subsequent bankruptcy and defended lender's lien priority against vendor lien claimants during liquidation.

SemGroup
Represent Calyon (now known as Credit Agricole Corporate and Investment Bank) as a secured lender and potential DIP lender to various SemGroup entities. SemGroup is a multi-billion dollar global distributor and transporter of oil and gas and asphalt. SemGroup and several of its subsidiaries are in Chapter 11. Calyon is also a secured lender to other SemGroup entities that are not currently in bankruptcy.

Tri-Union Development Corporation
Representation of debtor in reorganizing its secured, unsecured and governmental obligations associated with the operation of onshore and offshore oil and gas properties. Included in the representation was an analysis of hedged positions for the sale of physical oil and gas production in a rising market, the restructuring of significant second lien secured bond indebtedness held under trust indenture, and the negotiation and resolution of substantial onshore and offshore plugging and abandonment and environmental obligations owed to state and federal authorities. Included in the proceeding was litigation over payment of royalty claims, litigation concerning the design and resolution of decommissioning obligations for offshore platforms and wells, and litigation with co-owners and other parties in interest over continuation of oil and gas leases and farm out agreements. Reported decision in the case addressing satisfaction of offshore well obligations: In re Tri-Union Dev. Corp., 314 B.R. 611 (Bankr. S.D. Tex. 2004) and In re Tri-Union Dev. Corp., 349 B.R. 145 (Bankr. S.D. Tex. 2006)

Debtor Representation - Lothian Oil Company
Represented this privately held oil and gas exploration and production company in its Chapter 11 case in the bankruptcy court in San Antonio, Texas.

Memberships

  • Board Certification: Business Bankruptcy Law, Texas Board of Legal Specialization and American Board of Certification
  • Fellow, American College of Bankruptcy
  • Chair, Bankruptcy Law Section of the State Bar of Texas (2004-2006)
  • President (2006-2007) Moller/Foltz American Inn of Court
  • Chair, Bankruptcy Law Exam Commission of the Texas Board of Legal Specialization (2007-2008)
  • Co-Chair (2008-2010), Board of Directors of the United States/Mexico Bar Association
  • Chairman of the Board of Directors (1997-98) World Trade Center El Paso/Juarez
  • President (1991-92) Texas Young Lawyers Association
  • Member (1990-93) Board of Directors, State Bar of Texas
  • Chair (2006-07) Council of Chairs, State Bar of Texas
  • President (1990-91) Border Bankruptcy Bar Association
  • Fellow, Houston Bar Foundation, Texas Bar Foundation and American Bar Foundation
  • Trustee, St. Mary's University School of Law - Law School Foundation
  • President (1996-97), St. Mary's University School of Law Alumni Association

Online Publications

Weathering the Storm: Charter Communications Decision Allows Reinstatement of Debt
Many companies secured their financing several years ago when the credit market featured advantageous pricing and loose loan covenants. Because these favorable terms would be impossible for borrowers to obtain in today’s lending environment, many viable companies with highly leveraged capital structures are looking for strategies to restructure debt. Charter Communications (“Charter”), the country’s fourth largest cable television company, took a gamble during, arguably, the most challenging period in the modern era of global corporate finance.  See how the company's bold moves paid off. 

09/11/2009 - Derivative Exposure and Counterparty Insolvency: Lessons Learned in the Current Market
Almost all large (and many small) companies in today’s economy use derivatives in one way or another to hedge against future risk. Hedging allows a business to limit potential exposure to market fluctuation upfront (for a price) and instead focus on its strengths and core competencies.

04/12/2007 - Supreme Court Holding Allows Bankruptcy Proofs of Claim to be Amended to Recover Attorneys' Fees
On March 20, 2007, the United States Supreme Court issued a unanimous opinion in Travelers Casualty & Surety Co. of America v. Pacific Gas & Electric Co., No. 05-1429, 2007 WL 816795 (March 20, 2007), holding that a creditor may supplement its unsecured claim in a bankruptcy case to recover contract-based attorneys’ fees incurred during the bankruptcy case through the litigation of bankruptcy law matters.

06/10/2002 - Cross-Border Insolvency With Mexico
III Second Annual International Insolvency Conference, Fordham University Law School, June 10-11, 2002

North American Cross-Border Insolvency

01/14/2002 - Enron Bankruptcy: Purchasing Assets from Enron and its Subsidiaries and Affiliates
Enron announced in court Friday, January 11, that it had selected UBS Warburg’s bid for its wholesale commodity trading business.  Many details concerning the sale remain to be resolved through the bankruptcy court process. Importantly for Haynes and Boone’s energy clients, there are many other Enron assets remaining on the auction block. 

12/06/2001 - Enron Bankruptcy: Producer's Rights Under Product Purchase Contracts- Royalty Payments

12/05/2001 - Enron Bankruptcy: Counter-Party Rights Under Derivative Contracts
The bankruptcy filing by Enron Corp. and several of its subsidiaries, including its principal energy trading subsidiary, creates a number of issues for our clients, including those clients who are in the exploration and production business and who have entered into financial and physical swaps, puts and other derivative contracts with Enron or one of its subsidiaries.

 

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