Chapter 22s of Oil and Gas Debtors: Why is it Happening and What are they Doing They Didn’t Do the First Time?

Level: Advanced
Runtime: 100 minutes
Recorded Date: October 29, 2020
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Agenda

The different strategies among the parties in workouts and formal proceedings before and after COVID-19 pandemic and the new oil and gas pricing environment.
What led to many of the earlier confirmed oil and gas cases coming back into chapter 11?
Were there errors to the modeling of the feasibility in those cases? Or were the real market reactions unforeseeable?
Why were these cases not able to stay out of bankruptcy?
What is the prognosis for the oil and gas upstream sector? What are the professionals forecasting as to oil demand? Commodity prices? Ability of sector to attract exit financing and post-confirmation capital?
What are best practices for attorneys, financial advisors and investment bankers to adopt in connection with modeling confirmation proof?

Runtime: 1 hour, 40 minutes
Recorded: October 29, 2020

For NY - Difficulty Level: Experienced attorneys only (non-transitional)

Description

Discussion on the recent influx of repeat chapter 11 debtors, factors causing distress in the oil and gas industry, and best practices in chapter 22 cases.

This program was recorded on October 29th, 2020.

Provided By

American Bar Association

Panelists

John T. Young, Jr.

Senior Managing Director
Riveron Consulting, LLC

John Young oversees a suite of Houston-based services, including transaction and transformation, fiduciary, restructuring, interim management, and litigation support. John has extensive experience serving in interim leadership positions, including those of chief restructuring officer, chief executive officer, and chief financial officer. Most of his interim management and advisory experience has involved Chapter 11 debtors.

Additionally, John leads the firm’s Unsecured Creditors’ Committee advisory practice with a focus on maximizing unsecured claim recoveries in Chapter 11 bankruptcies. In his capacity as practice leader, he oversees a team of specialized committee advisory professionals who are skilled in quickly identifying and evaluating issues affecting creditor recoveries and providing investigation, litigation support, and expert testimony on behalf of committees. Over the course of his career, he has been involved in the restructuring of over $100 billion of debt and has significant experience in the energy, infrastructure, and industrial services sectors. While his experience in recent years has been dominated by the downturn in the energy space, he has been involved in and obtained significant recoveries for his clients in several notable non-energy matters over his career.

J.P. Hanson

Managing Director, Head of Oil & Gas Group
Houlihan Lokey

Mr. Hanson is Head of Houlihan Lokey’s Oil & Gas Group and Co-Head of the Energy Group. He is based in the firm’s Houston office.

During his career, Mr. Hanson has worked on numerous financing, M&A, A&D, valuation, and financial recapitalization/restructuring engagements. In addition to domestic U.S. transactions, he has advised corporations, boards of directors, management teams, and stakeholders in multiple global and cross-border transactions regarding the structuring, negotiation, and implementation of a wide variety of corporate finance transactions in the upstream, midstream, and downstream sectors of the oil and gas industry.

Before joining Houlihan Lokey, Mr. Hanson was a Manager of Alternative Lending at Commonfund Mortgage Corp., where he structured whole loan and portfolio fundings, sales, and securitizations involving a variety of asset-backed lending transactions. Earlier in his career, he held a similar position at MoneyLine Lending. Mr. Hanson began his career in finance trading fixed income securities at NNJ, a private family wealth fund formerly based in San Francisco.

Mr. Hanson has been an author, co-author, and speaker on various topics, including trends in E&P finance and valuation, and financing markets and valuation dynamics in a distressed environment, among others. He previously served on the board of directors of Bennu Oil & Gas, LLC, an entity established for the purpose of acquiring and operating oil and gas properties in the Gulf of Mexico.

Mr. Hanson earned a dual B.A. degree, cum laude, in Italian and International Finance from Brigham Young University and an MBA with a concentration in Finance from the University of Maryland’s Robert H. Smith School of Business.

Kyung S. Lee

Member
Parkins & Rubio, LLP

Since graduating from Duke Law School, Mr. Lee has spent the last 38 years carefully guiding clients through sensitive workout negotiations, and, when a bankruptcy filing has been required to reorganize a distressed company, he has litigated for his clients in bankruptcy courts to achieve their objectives. Mr. Lee has either first- or second-chaired a significant number of bankruptcy cases, whether on a negotiated or litigated basis, in a variety of industries.

Mr. Lee’s skill sets have been recognized as among the best in the field of bankruptcy and creditor-debtor rights law. The Texas Monthly has recognized him as a “Superlawyer” in the field of bankruptcy law every year since 2001. In addition to his law degree, Mr. Lee also holds a Master of Business Administration degree from the Fuqua School of Business at Duke University. With both a JD and an MBA, Mr. Lee does not require much, if any at all, learning curve, to become intimately familiar with the facts of a new matter.

Mr. Lee has personal experience with what to do when a company becomes insolvent, ranging from identifying liquidity crises, managing debtor-creditor relationships, formulating workout and Chapter 11 strategies, negotiating with creditor constituencies and implementing with senior management turnaround and reorganization plans.

As a member of the Business Bankruptcy Committee of the American Bar Association, Mr. Lee has been an active member of several subcommittees and task forces. He participated in the publication of the Model Asset Purchase Agreement for Bankruptcy Sales by the American Bar Association in 2016. Mr. Lee has also been a speaker at the Jay L. Westbrook Bankruptcy Conference on advanced bankruptcy topics ranging from “Marijuana and Bankruptcy: Just Say No! (2018) to “Recidivist Debtors: Chapter 22s of Oil and Gas Business Debtors. Why Is it Happening Now?” (2019).

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