Drilling / Oil And Gas / Energy
Industry Overview
Energy prices have experienced high volatility following sharp supply and demand shocks caused by geopolitical events and the coronavirus pandemic. This volatility has led to reduced drilling activity, cutting costs, and rationalizing headcount. The industry has already seen its share of bankruptcy filings and is expected to experience more. The outlook of the industry will be driven by the uncertain course of the broader economic recovery.
How We Can Help
Our familiarity with the demands of complex reorganizations and our commitment to containing legal costs make our firm especially well-suited for representing struggling companies through difficult times. Keeping our billing rates 25% below market, our firm represents companies that are considering whether to pursue a restructuring, including in or out of Chapter 11. Because we have no retainer clients or institutional relationships, our law firm can act independently in the interests of the debtor and the estate without the conflicts or complications presented by preexisting affiliations with lenders or parties in interest.
Relevant Experience
The Togut Firm has achieved outstanding results in several airline restructurings by providing independent, creative and efficient client service. Our relevant experience in this area includes:
Pacific Drilling S.A.
Counsel to the debtors, an international offshore drilling business specializing in high-specification deepwater and complex well construction services. The Togut Firm led the debtors through a complex mediation that ultimately resulted in a consensual Chapter 11 plan that provided for the elimination of over $2 billion in debt and full payment of all senior secured and general unsecured creditors and saw the debtors emerge with over $400 million in liquidity. Following confirmation, as part of the restructuring, the Togut Firm obtained an order disallowing an untimely $387 million secured claim that threatened to unwind the debtors’ consummated plan.
Westinghouse Electric Company LLC
Counsel for Toshiba Nuclear Energy Holdings (UK) Limited, one of the debtors and the parent company of the international arm of Westinghouse’s global nuclear power business, in connection with the restructuring of over $9 billion in debt between Toshiba Nuclear Energy Holdings (UK) Limited and the 31 other Westinghouse debtors, as well as the $4.7 billion sale to Brookfield. The Westinghouse debtors were represented by Weil, Gotshal & Manges.
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Toisa, Limited
Main counsel to the debtors, 24 international shipping companies involving 46 vessels. The Togut Firm assisted the debtors to restructure more than $1 billion in liabilities.
SunEdison, Inc.
Co-counsel to the debtors, one of the world’s leading developers of renewable-energy solutions, in connection with the restructuring of more than $8 billion in liabilities.