Robert Stark featured in LevFin Insights in Brown Rudnick tapped to advise EXCO Resources’ official committee of unsecured creditors
PUBLISHED ON: 02/06/2018
Brown Rudnick Partner Robert Stark was featured in the LevFin Insights docket "Brown Rudnick tapped to advise EXCO Resources' official committee of unsecured creditors."
From the docket:
"EXCO Resources’ newly formed official committee of unsecured creditors (UCC) is hiring Brown Rudnick as its main bankruptcy counsel, along with Jackson Walker as local Houston, according to a notice filed by the UCC.
Attorneys from Brown Rudnick’s New York office, including Robert J. Stark, Kenneth J. Aulet, Gerard T. Cicero and Aja-Fullo L. Sanneh, will lead the engagement on behalf of the Dallas-based debtors’ UCC. (Access the full docket here.)
Stark most recently represented SunEdison as special litigation counsel in connection with the company’s investigation of potential claims and causes of action against “yieldco” non-debtor, publicly traded subsidiaries TerraForm Power and TerraForm Global, the results of which helped paved the way for confirmation of SunEdison’s plan last summer.
Additionally, Brown Rudnick was recently hired to represent the UCC in Real Industry’s chapter 11 cases in Delaware.
The bankruptcy court cleared the debtors on Jan. 18 to access $180.4 million of their proposed aggregate $250 million DIP financing facility (comprising two $125 million DIP revolvers), agented by Hamblin Watsa Investment Counsel for affiliates of Fairfax Financial Holdings, the debtors’ 16.1% equity holder, and Bluescape Resources and its wholly owned subsidiary, Energy Strategic Advisory Services, the debtors’ 29.56% equity holder, and to use cash collateral.
A second interim DIP hearing remains set for 9:30 a.m. CT Feb. 13 in Houston.
The final DIP financing hearing remains set for Feb. 22 in Houston, with objections due Feb. 15 (with a Feb. 19 UCC objection deadline).
With no restructuring support agreement, plan or disclosure statement on file, the UCC will take on a particularly important role in EXCO’s cases in helping shape its final trajectory, acting as a fiduciary for all general unsecured creditors and seeking to maximize estate value.
The debtors are advised by Kirkland & Ellis and Gardere Wynne Sewell, as co-counsel; Alvarez & Marsal North America, as restructuring advisor; and PJT Partners, as financial advisor.
The UCC is advised by Brown Rudnick and Jackson Walker, as co-counsel; and comprises Wilmington Savings Fund Society FSB; FTS International Services; Baker Hughes, a GE Company; REME; DRW Securities; Cross Sound Management; and Nabors Drilling Technologies USA.
The ad hoc unsecured noteholders’ committee is advised by Brown Rudnick, as counsel; and Miller Buckfire, as financial advisor.
Fairfax Financial Holdings is advised by Kasowitz Benson Torres, as counsel; and Rothschild and Petrie Partners Securities, as financial advisor.
Bluescape Resources is advised by Bracewell, as counsel.
Gen IV Investment Opportunities and VEGA Asset Partners, are advised by White & Case and Gray Reed & McGraw, as co-counsel.
JPMorgan Chase Bank, as first-lien agent, is advised by Norton Rose Fulbright, as counsel.
Cross Sound Management is advised by Quinn Emanuel Urquhart Sullivan, as counsel.
The debtors’ cases are captioned In re EXCO Resources, Inc., et al., and are being jointly administered under case no. 18-30155 (MI) by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division."
To read the full docket, click here.