Chapter 11 Bankruptcy – Oil & Gas
Recently, Tal Young, P.C. provided representation for a client in a Chapter 11 bankruptcy filed by a Texas oil and gas company. The firm’s clients were the principle lender to the company and had filed suit in the Federal District Court for the District of New Mexico upon default with respect to the obligation through the use of another firm. The Federal Court denied the client’s claims entirely, which resulted in a multi-million-dollar loss without hopes of recovery. Facing multiple law suits across Texas and New Mexico, the oil and gas company filed for bankruptcy relief in the Northern District of Texas. Tal Young, P.C. evaluated the claims of the company, pursued recovery on behalf of his clients and was instrumental in getting a Chapter 11 Trustee appointed to oversee the activities of the debtor. The case culminated in success for his client. After 20 straight hours of mediation in Dallas, Tal Young, P.C. was successful in negotiating a confirmed Chapter 11 Plan for the oil and gas company which resulted in a multi-million dollar recovery for his clients.