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Facilitated Successful Reorganization Through Chapter 11 and 363 Sale Process

The Debtor was an Exploration & Production (E&P) company with drilling activity and 100+ well production in New Mexico (Delaware Basin) and Oklahoma. The investor group terminated the management team as a result questionable dealings and related litigation between the parties. The Company filed Chapter 11 bankruptcy and conducted a sale of assets through a 363 sale process.

The Solution
Harney professional was appointed as Chief Restructuring Officer in March 2020 to get the company through a success reorganization and sale process.
Negotiated Debtor In Possession (DIP) credit facility to complete a $16 million horizonal well drilling project and fund operations.
Hired operator to oversee well production and operations.
Oversaw 363 sale process, resulting in payoff of secured creditor and a confirmed Plan of Reorganization.
The Results
The Plan of Reorganization was approved by the Bankruptcy Court resulting in payoff of the third-party secured lender and creation of a Liquidating Trust for the benefit of the unsecured creditors.
Services & Roles
Bankruptcy Advisory
Interim Management
Chief Restructuring Officer
Post-Confirmation Trustee
*Some engagements may have been performed by team prior to joining Harney Partners.