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Bracewell Financial Restructuring Deals Win 2017 Turnaround Atlas Awards

HOUSTON – Bracewell LLP, a leading law and government relations firm, is pleased to announce that Global M&A Network has recognized two matters handled by the firm for its 2017 Turnaround Atlas Awards. Bracewell successfully represented Energy & Exploration Partners, Inc. (ENXP) and its subsidiary debtors in their jointly administered Chapter 11 bankruptcy cases, which was named the Turnaround of the Year ($1-$2 billion). The firm also successfully represented Linc USA GP in its reorganization and sale of assets, which was honored as the Energy Restructuring of the Year ($5-$500 million).

These winning deals showcase Bracewell’s strength in both the energy and financial restructuring spaces. Global M&A Network equates winning to achieving the “Gold Standard of Performance” in executing the best value-generating transactions, while displaying market knowledge and team leadership.

Turnaround of the Year ($1-$2 billion)
In representing Energy & Exploration Partners and its subsidiary debtors, Bracewell assisted the ENXP corporate group in restructuring more than $1 billion of funded debt, so that the group could emerge from Chapter 11 with a significantly deleveraged balance sheet, and with obtaining new financing to support future operations. The debtors’ cases were innovative in the sector because the debtors did not have a prearranged plan going into bankruptcy. Within a few months of filing, they were still able to craft a consensual restructuring with their key stakeholders who held interests in different layers of the capital structure. In addition to the Turnaround Atlas Award, the transaction was named a 15th Annual M&A Advisor Awards finalist for Restructuring Deal of the Year.

Bracewell lawyers involved in the transaction include:

Partners: Jennifer FeldsherWilliam A. Wood IIIRobert G. BurnsRachel B. GoldmanDavid J. BallBrian C. MitchellJason G. CohenCharles H. Still Jr.Elizabeth L. McGinleyMichele J. AlexanderHeather L. Brown and Dewey J. Gonsoulin Jr.

Senior Counsel: Vivian Y. Ouyang

Counsel: John G. Melly Jr.

Associates: Jonathan LozanoCharlotte KeenanMark E. DendingerJoseph GracelyBenjamin A. Ruzow and David R. Kolker

Energy Restructuring of the Year ($5-$500 million)
Bracewell is counsel to Linc USA and ten of its affiliates in Chapter 11 proceedings. The debtors are ultimately owned by Linc Energy Ltd., an Australian-based energy company with global oil, gas and coal assets. Linc USA and its debtor affiliates make up the United States side of the portfolio, and entered Chapter 11 with onshore operations in Alaska, Texas and Wyoming. At the time of filing, the debtors had over $408 million in secured debt, and oil and gas assets estimated to be worth approximately $37 million. The debtors eventually sold substantially all of their assets for approximately $120 million in a 363 sale process, which was specifically complimented by the Court for the manner in which it was conducted. As a result of the sale and global settlement, the debtors expect a return for general unsecured creditors of more than 35 percent.

Bracewell lawyers involved in the transaction include:

Partners: Jason G. CohenDale D. SmithWilliam A. Wood IIIElizabeth L. McGinleyMichele J. Alexander and Mark D. Holmes

Counsel: John G. Melly Jr.

Associates: Douglas F. MonkhouseJonathan LozanoMark E. DendingerAustin T. LeeDavid M. Riley and Anne E. Holth

The 9th Annual Restructuring + Distressed Investing Agenda and Turnaround Atlas Awards honoring the deals and firms in excellence for restructuring and turnaround transactions will be held on April 4, 2017, in New York City.