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
, Oil and Gas Exploration and Production
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.