Unit Corporation Successfully Completes Financial Restructuring
Vinson & Elkins advised Unit Corporation and certain subsidiaries (collectively, “Unit”) in connection with its successful financial restructuring under chapter 11 of the Bankruptcy Code and the implementation of its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on August 6, 2020. The key terms of the plan of reorganization include, among others, an elimination of more than $650 million of funded debt through a debt-for-equity exchange with the holders of Unit’s previous 6.625% senior subordinated notes, a conversion of its existing credit facility into a new $140 million reserve-based lending revolving loan and $40 million term loan and a significant reduction in unsecured debt liabilities. Unit announced its emergence from chapter 11 bankruptcy protection on September 3, 2020.
The team was led by partners David Meyer and Harry Perrin and senior associate Lauren Kanzer with assistance from senior associate Matt Pyeatt and associates John Morgan, Zack Paiva, Trevor Spears, Emily Tomlinson and Kiran Vakamudi. Also assisting were partners Doug Bland, David D’Alessandro, Paul Heath, Guy Lipe, David Peck, Wendy Salinas, Darin Schultz and Mike Telle; counsel Luke Edney, Jordan Leu and Dario Mendoza; senior associates Alex Cross, Heather Johnson, Stephanie Noble, Carter Olson, Jeremy Reichman, Brian Russell and Jing Tong; and associates David Albano, David Gilbert, Anna Johnson, Thomas Mitsch, Maddison Riddick, Brittany Simington and Maggie Webber.
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