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In our increasingly global economy, the impacts of financial distress can be far-reaching, crossing borders and implicating the laws of jurisdictions outside of the United States.  Part of Vinson & Elkins’ strength in its U.S. Restructuring & Reorganization practice is its depth of experience in myriad industries and talented lawyers in diverse practice areas all over the world.  That depth and diversity also enables us to work nimbly and collaboratively to achieve client goals and effectuate creative solutions in the face of cross-border and international restructuring and insolvency issues.

Chapter 15 of the Bankruptcy Code is a tool frequently utilized by debtors with the need for cross-border insolvency proceedings involving the laws of the U.S. and other countries.  Our team has experience representing a number of parties in chapter 15 bankruptcy matters and out-of-court restructurings implicating foreign laws.

Experience

  • Terminal Investment Limited, S.A. and Korean Hyundai Merchant Marine Co., Ltd. as purchaser of equity interests and loans of debtor Hanjin Shipping Co. Ltd. in chapter 15 bankruptcy case pursuant to section 363 of the Bankruptcy Code

  • Sanjel Corporation, an oilfield services company headquartered in Canada, in connection with a chapter 15 case and the sale of substantially all of the debtor’s U.S. assets

  • Gasfrac Energy Services, Inc., a oil and gas fracking services company, in its chapter 15 case involving the successful sale of substantially all assets in coordination with Canadian proceedings under the Companies Creditors Arrangement Act

  • SCF Partners in connection with the purchase of international operations of Cal Dive International, Inc. pursuant to section 363 of the Bankruptcy Code

  • Lone Pine Resources, Inc., as debtor in its chapter 15 bankruptcy case, resulting in successful completion of its financial restructuring in coordination with Canadian proceedings under the Companies Creditors Arrangement Act

  • Bellatrix Exploration Ltd., a Canadian exploration and production company, in connection with its out-of-court restructuring transaction and private up-tier exchange offer

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March 12, 2023 • V&E Restructuring & Reorganization Update

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