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Cobalt International Energy

The firm was counsel to the creditors’ committee in the Cobalt’s chapter 11 bankruptcy filed in Houston. Cobalt was an offshore oil and gas production company with operations in the Gulf of Mexico and West Africa. In the years leading up to its filing, Cobalt engaged in several exchange transactions, which the committee was prepared to challenge by filing a complaint with the bankruptcy court. Further, because Cobalt’s proposed plan of reorganization proposed to grant broad releases, the committee was mounted a confirmation objection to the plan. Through negotiations, the committee was able to pave the path for a consensual plan of reorganization, subsequently confirmed, that provided for nearly 100% payment to general unsecured creditors.