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Nuverra Environmental Solutions

The firm was co-counsel to a group of noteholders that executed a restructuring support agreement in support of the prepackaged chapter 11 cases of Nuverra Environmental Solutions and affiliates filed in May 2017 in the U.S. Bankruptcy Court for the District of Delaware. The company, which provides environmentally appropriate disposal options for oil and gas driller wastes, sought chapter 11 protection citing the continued pressure of low oil and gas prices on producers and support companies. In July 2017, the bankruptcy court confirmed the plan and the company emerged from chapter 11 shortly thereafter. The confirmed debt-for-equity plan cancelled the debts of both existing term lenders and the supporting noteholders in return for prorated shares of new common equity.