Experience Details

Representation: Debtor Representation - Rand Energy Company
Haynes and Boone Team: Albergotti, Robert D., Everett, Scott W., Pezanosky, Stephen M.
Services: Bankruptcy and Business Restructuring, Bankruptcy and Insolvency Litigation, Debtors and Debtors-in-Possession, Distressed Mergers and Acquisitions, Restructuring, Workouts, and Recapitalizations, Energy and Petrochemical Industry, Environmental, Oil and Gas Exploration and Production
Description: Represented this privately held oil and gas exploration and production company with substantial producing and prospective assets in south and central Texas and in Mississippi. The assets were sold in a series of controlled auctions supervised by the bankruptcy court, resulting in a substantial recovery to the company’s unsecured creditors and a full recovery to its banks.

The bankruptcy was precipitated by a massive blowout of a gas well in southern Mississippi that threatened toxic exposure to hundreds of persons in the vicinity of the blowout. Well control and remediation costs were in excess of $15 million.