Vinson & Elkins Advising JPMorgan Chase Bank in Connection with Denbury Resources' Restructuring and Prepackaged Voluntary Chapter 11 Cases
Vinson & Elkins is counsel to JPMorgan Chase Bank, N.A. in connection with Denbury Resources Inc.’s restructuring and prepackaged voluntary chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the Southern District of Texas.
JPMorgan is the administrative agent under Denbury’s $615,000,000 first lien revolving credit facility, and will act as administrative agent under Denbury’s debtor-in-possession financing facility, as well as Denbury’s proposed exit financing facility upon emergence from chapter 11 and subject to the terms and conditions of the exit financing facility commitment. Denbury plans to use the bankruptcy proceedings to strengthen its balance sheet by restructuring over $2 billion of bond debt. Denbury intends to continue operating in the ordinary course of business during the chapter 11 process pending seeking approval of its plan of reorganization.
The V&E team was led by partners Erec Winandy and Bill Wallander in collaboration with partner Paul Heath, senior associates Rafael Alvarado and Matt Pyeatt, and associates Alex Moosariparambil, Matt Struble and Trevor Spears. Also advising were partner Tzvi Werzberger and counsel Farah Paliwala.
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