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V&E Advises JPMorgan Chase Bank, N.A. in Approach Resources Inc.’s Chapter 11 Bankruptcy Cases

Vinson & Elkins is counsel to JPMorgan Chase Bank, N.A. in connection with Approach Resources Inc.’s chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the Southern District of Texas where the Bankruptcy Court approved the sale of substantially all of Approach’s assets to Zarvona III-A LP for $115.5 million in cash, plus the assumption of certain liabilities on September 11, 2020.

JPMorgan is the administrative agent under Approach’s $322 million first lien revolving credit facility and $41.25 million debtor-in-possession financing facility. Previously, as part of Approach’s chapter 11, V&E represented JPMorgan in connection with Approach’s litigation with the previous proposed buyers of Approach’s assets, Alpine Energy Capital LLC and Alpine Energy Acquisitions LLC, which ultimately resulted in a favorable settlement of $22 million paid from the proposed buyers to Approach.

The V&E team was led by partners Erec Winandy and Bill Wallander and counsel Brad Foxman, in collaboration with partners Chris Dawe, John Grand, David Peck, Wendy Salinas and Becky Petereit, of counsel Jim Lee, counsel Elena Sauber, senior associates Matt Pyeatt and Danny Strassman and associates Emily Tomlinson, Kristie Duchesne and Trevor Spears.

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