Analysis

Prepackaged Ch. 11s Will Be Tough Sell For Oil And Gas

Law360 (April 9, 2020, 9:35 PM EDT) -- As the pace of oil and gas bankruptcies accelerates amid a historic oil price crash, experts say it will be tougher to broker restructuring deals outside of a courtroom than it was during the bankruptcy wave a few years ago that followed a similar price slump.

Oil and gas companies that want to avoid protracted legal fights as they restructure will have to ensure that major lenders are on board with plans that would let lenders swap debt for equity and inject additional cash into the reorganized company.

But bankruptcy attorneys say lenders may not be as willing to take stakes...

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