Rachel Butt
@rachel_butt
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US Deputy Distressed Editor @9finHQ . Previously @Bloomberg and @Debtwire . Send tips to rachel @9fin .com, WhatsApp, Signal, or drop a DM. My views only.
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From a colony of bats plaguing one of its hospitals in Florida to an alleged connection to money laundering in Malta, Steward Health's descent into bankruptcy is anything but ordinary.
@maxfrumes
and I dig into the story (which gets wilder and wilder):
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Some personal news: I'm excited to share that I'm heading to
@business
, where I'll join the distressed debt and bankruptcy team in New York.
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Some news: I have left
@Bloomberg
after an amazing 2 years. Next week, I will be joining
@9finHQ
as US deputy distressed editor and continuing to chronicle corporate woes. I am super excited for this new adventure and what's to come!
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Chisholm Oil and Gas filed for bankruptcy in Delaware with USD 517m of debt. The STACK-focused E&P co plans to replace certain RBL debt with first lien second-out exit facility, equitize the rest, & either equitize or cancel its USD 254m term loan borrowings.
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This time, O&G, REITs and retailers are prominently featured. Gone are the casinos and movie theatres. Also, no financial covenants? 🥳🥳
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Why do BDCs mark their investments at par even when the credit is heading towards a default? Asking for a friend.
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Scoop on
@TheTerminal
: Validus Energy, a driller that just nine months ago bought Eagle Ford assets from Ovintiv $OVV, is now exploring selling itself
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Diamond Offshore $DO files for bankruptcy in Houston,after skipping coupon payment due on April 15
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Big win for Extraction Oil & Gas $XOGAQ! Judge Sontchi found that the transportation services agreements with Grand Mesa Pipeline, Platte River Midstream, Elevation do not run with the land, per court filings today.
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After 16 hours in the grill, here I present, the best pulled pork sandwich 😍
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Just when I thought I’m done with work, Uber driver (who has been listening to Bloomberg radio throughout the trip) asked if Evergrande is too big to fail 🤦🏻♀️
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Steward Health Care is preparing to file for bankruptcy as its financial situation continues to deteriorate. The hospital network, who is the largest tenant of Medical Properties Trust $MPW, has been hit hard by lower reimbursement rates and cash crunch:
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Tapstone Energy is sure active in snapping up distressed assets?! After its attempt in Templar Energy, Tapstone is named as the stalking horse bidder for Chesapeake Energy's Mid-Con assets with a USD 85m bid, per notice filed today.
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Finally-- Chesapeake Energy $CHK files for bankruptcy in Houston. RBL lenders have agreed to provide USD 925m DIP & also a USD 2.5bn exit financing facility. Term loan lenders and secured noteholders will backstop a USD 600m rights offering:
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Wells Fargo is pulling its energy bankers to the workout group:
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Arena Energy just filed for bankruptcy in Houston. Under its prepackaged plan, the debtor is looking to sell its assets to investors including Lime Rock Partners, which have over USD 385m in override royalty interests.
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Owners of Laredo Energy VI, a gas producer in the Eagle Ford, are considering a sale of the company worth up to $1 billion. Scoop with
@kielporter
on
@TheTerminal
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King Street Capital Management, which pounced on high-profile distressed debt events from Lehman Brothers to WeWork, is raising funds in preparation for a "slow-motion car crash”:
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Gavilan Resources just filed for bankruptcy. The Blackstone-owned entity has been negotiating with its lenders on a restructuring framework, likely revolving around a 363 sale process before toggling to a wind-down, per my report this week:
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BJ Services, a pressure pumping co backed by CSL Capital and Goldman Sachs, filed for bankruptcy due to liquidity squeeze and sharp decline in activity. It is also planning to wind down its Canadian operations:
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I'll discuss some of my recent scoops on Chaparral Energy $CHAP, Denbury Resources $DNR, US Silica $SCLA, PermianLide, Great Western Petroleum, and goodco/badco plan for offshore drillers this Friday at 11 am ET. Register for the live event here:
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Vibrant auction for Templar Energy! Morgan Stanley-backed Presidio Investment Holdings got winning bid for $91mm. Zarvona Energy (which bid $88.25mm) will be the backup bidder should the Presidio deal collapse. Stalking horse bidder Tapstone Energy gets $1.95mm termination fee.
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Coming right out of bankruptcy, Denbury Resources $DEN shares tumbled more than 21% to $16.50 in initial trading today.
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Nine Point Energy just filed for bankruptcy in Delaware with DIP financing from AB Private Credit Investors
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Extraction Oil & Gas $XOGAQ said it decided to do standalone restructuring, rather than a sale, to maximize value. RBL lenders are impaired under the revised plan, and may participate in the exit facility or get a share of exit loans.
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Tension is still running high at $CHKAQ Chesapeake Energy's case. UCC thinks total EV should be $7.1bn vs. debtor's $4.2bn. The class also wants to bring fraudulent transfer claims tied to Wildhorse deal, citing it wasn't deleveraging & benefited certain creditors over others.
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Basic Energy Services $BASX just filed for bankruptcy in Houston. The co has DIP financing from Guggenheim Credit and lined up Axis Energy Services and Berry Corp $BRY as its stalking horse bidders, per filing.
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Vista Proppants filed for bankruptcy in Dallas. The First Reserve-backed company has been working with a trio of advisors to negotiate with Ares Capital, which provided a term loan slated to mature in August 2021, per Debtwire’s reports earlier this year:
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Numerous E&Ps have filed for bankruptcy and came out the other side as leaner, healthier companies. But the fear of turning into 'zombies' permeates the oil patch, as these producers attempt to write their next chapters. Read my latest feature story here:
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Chaparral Energy $CHAP filed for Ch.22 yesterday in Delaware. Under the restructuring support agreement, the co will fully equitize its USD 300m of outstanding senior unsecured notes and raise USD 35m through new second lien convertible notes:
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Another smashco? Kayne Anderson consolidates Casillas Petroleum Resource Partners, Native Exploration Holdings, and Acacia Exploration Partners to form 89 Energy III to cut costs and grow scale in the MidCon. Wells Fargo leads $250m credit facility:
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Cox Operating, an GoM producer founded by fourth generation oil man Brad Cox, is running into liquidity issues and considering filing for bankruptcy:
@DavidWethe
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Extraction Oil & Gas $XOGAQ has received four merger offers thus far. The co is asking to extend its exclusivity period by four months, as it considers those offers without the distraction of a competing reorg plan.
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Sequitur Energy and Bighorn Permian Resources (fka Sable Permian) are up for sale. Read more on the Terminal!
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It's day 7 of Chesapeake Energy's confirmation trial! Mgmt is now looking at being 'stewards of capital' amid the sector's transition from 'growth at any cost' to generating real FCF, co advisor said. Also there're no current efforts in marketing co's undeveloped acreage $CHKAQ
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Denbury Resources $DNR skips USD 3m coupon payment due today on its 4.625% sub notes in order to evaluate strategic options:
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Equinox has pushed out its revolver maturity to 29 February, again buying it more time to explore refinancing options. HPS and Ares are among investors considering to provide funding to the luxury fitness chain:
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Lonestar Resources $LONE enters into forbearance until 21 August as it continues to evaluate financial alternatives. The co said it would not make the USD 14.1m coupon payment within the 30-day grace period, resulting in an event of default:
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Remember smashcos? Kayne Anderson is exploring combining some of its portfolio companies into a single company that it could then consider selling or merging with a third party. Scoop with
@kielporter
: $OOTT
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Teotihuacan Mexican Cafe’s fatijas didn’t disappoint 🔥 flour tortillas are fresh and the margaritas are strong, but I do miss the lemony taste at Lupe
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In other news, The Darth Vader House is up for sale!
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Unit Corp $UNT just filed for bankruptcy; its midstream affiliate, Superior Pipeline, is not part of the case:
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Oasis Petroleum $OAS files for bankruptcy w/ $450m DIP, aims to emerge in Nov. Under the RSA, Oasis will turn 100% of new equity to unsecured noteholders. RBL lenders will roll into exit facility & get some cash, or get a mix of second-out term loan & cash:
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SCOOP: A group of lenders to $WW International, operator of the well-known Weight Watchers franchise, hired lawyers to prepare for debt talks with the struggling diet company:
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Wowza. Will Kayne be able to raise USD 600m through this smashco?
p.s. I'll be out of a job soon if the
#EFT
community continues to tweet out stories like this
TPH has released a lengthy flyer to market Kane’s Anadarko Portfolio assets: Casillas, Native (OKC), Acacia (DAL), Triumph; AND Beacon (which is an OBO company in Stack Cana Merge SCOOP)-
46 mboed; 132k na, asking $600mm - Pref is a merger w/ larger player
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Learned a new phrase today to describe the options for a distressed E&P company today: "can they amend and pretend"?
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Given lack of constructive bids for Sable Permian, it's increasingly likely that revolver lender JPMorgan lender will credit bid on the assets and hope for a better exit environment in the longer term:
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On
@TheTerminal
: Ovintiv $OVV is nearing a deal to buy EnCap’s assets in the Midland Basin
@MichelleF_Davis
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I got a SCOOP in the STACK [sorry, i had to]-- Chaparral Energy retains banker to examine M&A options:
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Remarkable combo here-- Tapstone Energy is bidding for Templar Energy's assets for USD 65m in cash + assumption of some debt. Tapstone has provided a USD 6.5m cash deposit and has certain protections incl. a USD 1.95m termination fee:
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Certain RBL lenders(supposedly reorg equity owners) to Chisholm Oil & Gas have agreed to transfer their claims to a 3rd party after the co's bk plan's been confirmed. That 3rd party would get ~40% of new equity. Co is now seeking to extend its exclusive periods to sort things out
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Abraxas Petroleum Corporation $AXAS inks restructuring deal, under which it agreed to sell Williston basin assets to Lime Rock Resources for ~$87 million, repay revolver debt and exchange Angelo Gordon's second lien term loan into new preferred shares:
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Nine Point Energy (formerly Triangle USA Petroleum) completed an out-of-court restructuring deal, three years after its Ch.11 exit:
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Fieldwood Energy and certain affiliates filed for bankruptcy in Southern District of Texas with RSA. The co has been fielding pitches on a workout plan amid short forbearances, as reported by Debtwire. One of the frameworks revolves around a goodco/badco:
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UTEX Industries, a Riverstone-backed company that provides downhole and pressure-pumping products, just filed for bankruptcy in SDTX. The co has the support of ~82% of 1Ls and 90% 2Ls lenders for its prepackaged plan, which will slash debt by ~USD 700m:
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It's official. EP Energy and bondholders incl. Elliott, Apollo, Avenue Capital and Access Industries have agreed to terminate the restructuring plan & backstop agreement. Back to square one...
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Centennial Resource Development $CDEV, $CSI Compressco, $SM Energy & Callon Petroleum $CPE are trying to push out their maturities with opportunistic exchange offers, but investors have been less willing to play ball than they were in prior oil downturns:
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Also in bankruptcy, Chesapeake Energy UCC is pushing back on the company's retention of investment bankers Rothschild and Intrepid Partners, citing fees could go as high as USD 28.5m:
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Sable Permian was supposed to select a stalking horse bidder yesterday. The E&P co is looking to extend its bid procedures in light of low valuation talk:
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Sable Permian's UCC is seeking permission to sue over fraudulent transfer claims tied to $16mm in employee bonuses to 18 company insiders. The debtor is fighting back against an expedited hearing request, saying the UCC is just using the claims as leverage during plan negotiation
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Chesapeake Energy $CHKAQ got final approval of its DIP financing from prepetition lenders even though UCC said there were better competing offers. The debtor also asked the court to disband a royalty owners committee,citing it's a waste of estate resources:
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Southland Royalty Company got the approval to sell its San Juan assets to an affiliate of MorningStar Partners for USD 53.3m, consisting of USD 11.3m in cash and USD 36m of P&A liabilities.
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Arena Energy alleged that W&T Offshore is abusing confidential info that it improperly obtained from another bidder. W&T partnered w/ 31 Group on a bid(USD 146m),& submitted its own bid (USD 101m), refused to get confi'd up but kept asking for more info:
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Lonestar Resources $LONE has a restructuring support agreement w/ 100% of revolver lenders, preferred equity holders & 67.1% of unsecured bondholders. Under the plan, the co will hand bulk of reorg equity to unsecureds, confirming Debtwire's Aug report:
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W&T Offshore $WTI CEO Tracy Krohn admits in court that his co did use certain Arena Offshore's confidential info obtained from another potential bidder (31 Group). By the time 31 Group came in as a potential partner, Krohn said he "wasn't aware that we needed to sign anything."
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BREAKING: Businesses owned by Alex Jones are weighing options including a Chapter 11 filing, after being hit by a flurry of lawsuits over Jones’s conspiracy theories
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EP Energy got court's blessing yesterday for its fifth amended plan, which would hand 100% of the reorg equity to 1.125 lien noteholders and convert DIP financing and revolver debt into a USD 629m exit facility:
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Ultra Petroleum $UPLC just filed for Ch.22 in Houston. The company has lined up USD 25m of financing from 1L term loan lenders, and an exit RBL with USD 60m commitment from its bank group:
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Happy Friday
#EFT
! Southwestern Energy $SWN is in advanced talks to acquire GeoSouthern (JV btw Blackstone Credit and George Bishop's GeoSouthern Energy Corp). Scoop with
@kielporter
on the Terminal
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Gulfport Energy $GPOR files for bankruptcy in SDTX with RSA and super priority DIP. Prepetition funded debt at roughly USD 2.41bn. First day hearing set for Monday @ 3:30 pm CT.
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Happy Friday! Chesapeake Energy's bankruptcy judge rejected valuations by both the company and unsecured creditors committee today. Judge Jones pegged the co's value at USD 5.129bn, between the debtors' USD 4.2bn and UCC's USD 7.1bn:
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Mesquite Energy (fka Sanchez Energy) is putting its planned asset sales on hold, per sources. The E&P company sped through bankruptcy last year and left various midstream contract issues hanging:
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Gulfport Energy $GPOR enters into 30-day grace period after skipping due 15 Oct interest payment tied to 6% unsecured notes; inks forbearance agreement with revolver lenders; borrowing base redetermined down 17% to USD 580m:
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Crypto lender Celsius Network has filed for Chapter 11 bankruptcy in Southern District of New York
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In an updated Ch 11 plan, Southland Royalty pegged potential recovery for ABL lenders at 7.6%-10.6% for their USD 485.3m in claims, while general unsecured creditors owed around USD 77m could get a 3%-6.6% recovery.
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Second bankruptcy of the day: Avaya $AVYA said it has a restructuring agreement with secured lenders to cut debt by 75% to ~$800 million
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Update on the Extraction Oil & Gas $XOGAQ auction: HighPoint Resources $HPR is out, Great Western Petroleum is [trying to get] in:
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Approach Resources $AREXQ stalking horse bidder -- Alpine Energy Capital-- is considering walking away from the deal amid the oil collapse:
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Keep hearing about RBL lenders setting up operating cos to manage distressed assets. What's the advantage of that versus getting a contract operator for individual assets? Curious to hear your thoughts.
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The remains of FTX are drawing interest from some of the distressed debt heavyweights. Story w/
@justinaknope
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Denbury Resources $DNR intends to file for Ch11, RBL agrees to provide USD 615m in DIP and exit financing. Under RSA, second lien bondholders would get 95% of the reorg equity, while convert notes will get the remaining 5% plus 100% of series A warrants:
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SocGen recently tried to offload its oil & gas book (more than USD 1bn in commitments), but potential bidders said there's a wide bid-ask gap. Last month, the French bank touted its energy transition plan and said it'd stop financing US onshore development:
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