Fieldwood Energy Files Prepackaged Chapter 11 Cases, Announces Gulf of Mexico Acquisition
Vinson & Elkins advised Riverstone in connection with the announcement by Fieldwood Energy LLC that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas as part of a “prepackaged” chapter 11 case.
In connection with the filing, Fieldwood entered into a Restructuring Support Agreement with support from stakeholders representing, in principal amount, approximately 75% of its first lien term loans, 72% of its first lien last-out term loan, 77% of its second lien term loan, and Riverstone, as the holder of 100% of Fieldwood’s sponsor second lien term loan as well as the Company’s private equity sponsor.
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