Oil & Gas

Oil & Gas

Roles
Financial Advisor, Chief Restructuring Officer
  • Prepared Plan of Reorganization
  • Trustee motion was settled
  • An orderly transition to a new financial advisor took place
The company had 80 operating wells in the Permian Basin with over $280MM of mechanic's liens filed against it. The company was in bankruptcy and out of compliance with certain bankruptcy filing requirements and faced a trustee motion and other adversarial litigation. CR3 Partners was engaged as CRO and put the estate in compliance with all bankruptcy requirements, opened authorized depository accounts, and set up a secure data room. A draft outline of a Plan of Reorganization was prepared, the trustee motion was settled, an orderly transition to a new financial advisor was concluded, and a 13-week cash collateral budget was developed.

The Situation

  • Company with 80 operating wells in the Permian Basin
  • Company was in bankruptcy and needed a CRO
  • Company was faced with a trustee motion as well as other adversarial litigation
  • Company was not in compliance with its bankruptcy filing requirements, including deficiencies in certain schedules and statements, cash flow projections for use of cash collateral, authorized depositories, and monthly operating reports
  • There was no secure data room to provide information to creditor advisors and no internal or external communication protocol
  • Over $280MM of mechanics liens filed against company and no process to organize or evaluate validity of claims

The Work

  • CR3 Partners was engaged as CRO
  • In a short period, CR3 put estate into compliance with all bankruptcy requirements
  • Opened authorized depository accounts
  • Set up secure data room and established weekly calls with stakeholders

The Results

  • Company determined cash requirements for next six months
  • Draft outline of a Plan of Reorganization was prepared
  • Trustee motion was settled
  • An orderly transition to a new financial advisor took place
  • 13-week cash collateral budget was developed and reporting was implemented

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