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Paul E. Heath

Paul E. Heath Partner, Restructuring & Reorganization

An accomplished lawyer with more than 30 years of experience, Paul is a partner in the Restructuring and Reorganization practice group. During his career, Paul has handled a multitude of complex chapter 11 bankruptcy cases and out-of-court restructuring matters. He regularly represents public and private companies, and advises their respective board of directors and senior management on developing solutions for reorganizing capital structures and business operations. His clients include companies in a range of industries, including energy, distribution, manufacturing, and retail.

Paul also devotes a significant portion of his practice to the representation of senior secured lenders (both individual lenders and agented lender groups). In addition, he represents strategic and financial purchasers of assets from financially distressed companies. Paul has been recognized for his work by The Best Lawyers in America© and Chambers USA.

Experience Highlights

  • Clearlake Capital Partners IV Finance LP as the primary secured lender to Knight Energy Holdings LLC and certain of its affiliates in their chapter 11 cases filed in Lafayette, Louisiana; pre-negotiated plan of reorganization confirmed within 110 days of case filing
  • Taco Bueno Restaurants in connection with its prepetition debt sale transaction and subsequent prepackaged chapter 11 cases, which involved equitizing $140 million in senior secured debt, transitioning ownership to an affiliate of Sun Holdings, Inc., renegotiating a substantial portion of the company's lease portfolio, and reaching a global settlement with unsecured creditors in fewer than 45 days
  • Sundevil Power Holdings LLC, a merchant power company, in connection with the sale of its power block assets in its chapter 11 case 
  • Natural Resource Partners, a master limited partnership principally engaged in owning and managing mineral reserve properties, in connection with its comprehensive out-of-court restructuring
  • Energy XXI, a publicly-traded offshore energy E&P company, in connection with its chapter 11 cases which reduced the company's funded debt by more than $3.0 billion
  • Energy Partners, Ltd., a public company engaged in oil and gas exploration in the Gulf of Mexico, as debtor in its chapter 11 case filed in Houston, Texas; pre-negotiated a plan of reorganization based on an exchange of $475 million in debt for equity confirmed within 90 days of case filing

Company Representations

  • Integrated Electrical Services, Inc. in its pre-negotiated plan of reorganization in chapter 11 based on a debt-for-equity exchange confirmed within 75 days of case filing
  • Daisytek, Incorporated, a public company that was among the world’s largest distributors of computer products, in its chapter 11 case filed in Dallas, Texas; successful in negotiating and closing multiple asset sales for their domestic entities and stock sales of their foreign entities located in Canada, Mexico, and Argentina
  • One of the largest independently owned retail furniture chains in selling substantially all of its real property assets located throughout Texas
  • National Energy Gas & Transmission, Inc. as special counsel to the debtor in the resolution of approximately $200 million in intercompany claims in a chapter 11 case filed in Maryland
  • Petsec Energy Inc., an offshore oil and gas exploration and production company based in Lafayette, Louisiana, as debtor in connection with the restructure of its public bond debt in a chapter 11 case
  • El Paso Electric Company as Texas counsel to the debtor, who was only the second investor-owned public utility to file a chapter 11 case

Secured Lender Representations

  • Bank of America, N.A. as agent to the senior secured lenders under a working capital facility in the chapter 11 case of Basic Energy Services Inc. filed in Delaware
  • Texas counsel to Wells Fargo Bank, N.A. as agent to the senior secured lenders in the chapter 11 case of Memorial Production Partners filed in Houston, Texas
  • Angelo, Gordon Energy Servicer LLC, as agent to the senior secured lenders in the chapter 11 cases of Rooster Energy Ltd. and it subsidiaries filed in Lafayette, Louisiana
  • JPMorgan Chase Bank in the chapter 11 case of Chaparral Energy, an oil and natural gas exploration and production company, filed in Delaware
  • Morgan Stanley Capital Group Inc. as a senior secured lender to Trinity River Resources L.P. in its chapter 11 case filed in Austin, Texas
  • Agent to senior secured lenders in the chapter 11 case of Levelland/Hockley County Ethanol, LLC, an ethanol refiner filed in Lubbock, Texas
  • Texas counsel to ad hoc group of first lien lenders in the chapter 11 case of the Texas Rangers baseball club
  • Second lien lender in the chapter 11 case of Harvest Oil & Gas, LLC, an oil and gas company, filed in Lafayette, Louisiana
  • Collateral agent and senior secured lender in the chapter 11 case of Seven Seas Petroleum Inc., whose assets included oil and gas concessions located in Colombia, South America
  • A senior secured lender in a compulsory liquidation case filed in Grand Cayman and chapter 11 case filed in Miami, Florida, of Pan American Sports Network International/PSN USA, Inc., Latin American sports media companies
  • The primary secured lender in the chapter 11 case of Empire Funding Corporation, an entity that specialized in the acquisition, servicing, and securitization of over $3 billion in HLTV mortgage loans
  • Ad Hoc Committee of Secured Noteholders in the chapter 11 bankruptcy case of Tri-Union Development Corporation, an energy exploration and production company, filed in Houston, Texas
  • Trammell Crow International Partners: as Counsel to the senior secured lender with outstanding debt in excess of $100 million secured by sixteen commercial properties located throughout the United States; successful in obtaining confirmation of a chapter 11 creditors’ plan of reorganization

Equity Holder Representations

  • Preferred limited partner of ATP Infrastructure Partners LP, the owner of the ATP Innovator (a deep water floating production platform) in connection with the chapter 11 case of ATP Oil & Gas, Inc. filed in Houston, Texas
  • Equity sponsor of International Wire Group, Inc., a leading manufacturer and marketer of wire products, in IWG’s pre-negotiated chapter 11 case filed in the Southern District of New York; client obtained a distribution of new equity under the confirmed plan of reorganization

Trustee/Examiner Representations

  • Chapter 11 trustee of Innovative Communication Corporation, a holding company that owned non-debtor operating subsidiaries engaged in the telecommunications and media businesses in the United States Virgin Islands, Martinique, Guadeloupe, and other locations

Asset Purchasers

  • TH Exploration III, LLC as the section 363 stalking horse bidder for the Appalachia Assets marketed for sale in the chapter 11 case of Stone Energy filed in Houston, Texas
  • A consortium of new money equity investors (referred to as the Hunt Investors) in connection with the reorganization transactions for Energy Future Holdings, Inc. and its ownership interest in Oncor Electric in the chapter 11 case of Energy Future Holdings filed in Delaware
  • The purchaser of a merchant power plant located in Dighton, Massachusetts, in the chapter 11 case of Calpine Corporation, and its related debtor entities, filed in the Southern District of New York
  • The purchaser of substantially all domestic assets and foreign subsidiaries of Maxide Music, Inc. (f/k/a DMX Music, Inc.) in its chapter 11 case in Delaware; Maxide was a leading global producer of music and entertainment subscription services to business locations, customer subscribers, and airlines
  • The purchaser of substantially all assets of VF Brands, Inc., the chapter 11 debtor, including its Vlasic Pickle business and Swanson frozen dinners business for a $370 million purchase price


Contact Details

Dallas

T +1.214.220.7976
M +1.214.727.2323
F +1.214.999.7976
pheath@velaw.com
Trammell Crow Center
2001 Ross Avenue
Suite 3900
Dallas, TX 75201
Local time: 12:22 AM
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Paul's Practices

  • The University of Texas School of Law, J.D. with honors, 1987
  • The University of Texas, B.B.A., 1984
  • Admitted to practice: Texas; U.S. District Courts for the Eastern, Northern, Southern, and Western Districts of Texas; U.S. Court of Appeals for the Fifth Circuit and the Eleventh Circuit
    • Chambers USA, Bankruptcy/Restructuring Law (Texas), 2007–2019
    • Who’s Who Legal: Texas (Law Business Research, Ltd.), Insolvency and Restructuring Law, 2008
    • The Best Lawyers in America© (Woodward/White, Inc.), Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law 2007−2019
    • Legal 500 U.S., Restructuring(including Bankruptcy), 2018
    • Selected to the Texas Super Lawyers list, Super Lawyers (Thomson Reuters), 2012−2013
    • Member: American Bankruptcy Institute; Texas Association of Bank Counsel; Turnaround Management Association
    • Chancellor's Executive Council, The University of Texas System
    • The University of Texas Littlefield Society
    • Co-Chair: 32nd Annual Advanced Business Bankruptcy Course, sponsored by the State Bar of Texas, 2015
    • Co-Chair: 31st Annual Advanced Business Bankruptcy Course, sponsored by the State Bar of Texas, 2014