Tag Archives: oil and gas

Cross Border Insolvency Regulations 2006- UK recognition of Azerbaijan Restructuring Proceedings

 The English courts have recently wrestled with the Cross Border Insolvency Regulations 2006 (“CBIR”) in a case about the lifting of the automatic stay on proceedings against Korean company STX Offshore & Shipbuilding Co Ltd In the present case (Re International Bank of Azerbaijan OJSC) the English High Court found itself dealing with the application … Continue Reading

Saudi Arabia’s Vision 2030

On April 25, 2016, H.R.H. Deputy Crown Prince Mohamed Bin Salman announced the Kingdom of Saudi Arabia “Vision 2030”, a plan to radically transform the Kingdom’s economy in, what many commentators saw as, a response to budgetary pressures arising from the slump in crude oil prices. Vision 2030 sets out a comprehensive road map to … Continue Reading

Behind Sabine’s Curtain Lies Negotiation

This is the first of several posts on gathering agreements in bankruptcy, covenants running with the land and rejection claims that arise when a debtor finds gathering agreements financially burdensome. As our readers know, we waited with much anticipation for the Sabine ruling and wait with equal anticipation for the ruling on similar issues in … Continue Reading

Back To The Future: This Plummeting Oil & Gas Market Is Unlike Any Prior Crisis

Last week our Energy Restructuring Team attended the Energy CFO Roundtable in Houston that focused on “Restructuring in the Oil Patch”.  Stephen Lerner, the chair of our Restructuring & Insolvency Practice Group, was one of the panelists.  In this blog we summarize some of the important takeaways from the Roundtable, along with our current thoughts … Continue Reading

Oil and Gas M&A Market to Re-energize in 2016

Since the third quarter of 2014, the appetite for lending to small and midsized exploration and production companies (E&P Companies) has decreased substantially for several reasons. The most significant reason is the drop in oil prices to the WTI Spot close at Cushing, Oklahoma in the $35 per barrel range at the end of 2015. … Continue Reading

Bankruptcy Won’t Help You Avoid an Oil & Gas Lease

A district court judge in the Middle District of Pennsylvania recently vacated a bankruptcy court’s decision allowing rejection of an oil and gas lease under section 365 of the Bankruptcy Code.  The District Court held that a debtor’s oil and gas lease was a conveyance of an interest in real property and not an executory … Continue Reading

Michael Cuda comments on energy lending on Bloomberg TV

On October 15,  Squire Patton Boggs Partner Michael Cuda was interviewed for a segment on Bloomberg TV’s “Markets” program where he discussed the price of oil and energy credit line redeterminations. Michael, based in the Dallas office, specializes in petroleum-industry turnarounds. He said Banks that lend money to energy companies are likely to slash credit … Continue Reading

Analysis of US Oil and Gas Bankruptcies as a Result of the Declining Oil Price

Michael Cuda, Max Tucker and Susan Kelly have written an article for Corporate Rescue & Insolvency analysing the increase in US oil and gas bankruptcies as a direct result of the declining oil price, and the related decrease in the borrowing base availability. This has led to a number of Chapter 11 proceedings throughout the … Continue Reading