Jim Prince's practice centers on restructuring distressed businesses, both inside and outside of state and federal insolvency proceedings. His emphasis is on maximizing asset values and enhancing creditor and stakeholder recoveries, primarily through consensual workouts and debt restructuring, reorganizations, distressed capital market transactions and offensive and defensive litigation involving lending transactions. He frequently advises on buying distressed assets, in and outside of bankruptcy, and regularly advises boards on duties during distress situations. Mr. Prince represents debtors, creditors and third-party capital providers in chapter 11 proceedings and out-of-court workouts.
Related Experience
- TPC Group – Represent chapter 11 debtors, a leading U.S. producer of value-added products derived from petrochemical raw materials, in successful reorganization that raised $450 million of new capital and eliminated over $950 million of secured funded debt and over 11,000 contingent property damage and personal injury claims arising from the explosion at the Company’s Port Neches facility in 2019. Obtained confirmation of Plan on a fully consensual basis with acceptance by holders of approximately 98% of the Company's funded debt claims and approximately 99% of the Company’s voting unsecured claims.
- Bristow Group Inc. – Represent chapter 11 debtors in reorganization of $1.6 billion of debt, consisting of seven secured and unsecured debt issuances and credit facilities— in less than 6 months, reorganized shed over $900 million of debt, reprofiled aircraft fleet leases and aircraft secured debt facilities, implemented employee incentive plans, and raised $535 million of fresh capital— all without any disruption in worldwide operations.
- Southland Royalty – Represent Official Committee of Unsecured Creditors, increasing cash recoveries to general unsecured creditors
- Extraction Oil & Gas – Represent midstream company and protect dedication of oil and gas interests to client's gathering infrastructure as covenants running with the land
- Fieldwood Energy – Represent predecessor in interest, a major E&P company, in opposing chapter 11 debtor’s abandonment of certain of its own offshore Gulf of Mexico P&A and decommissioning obligations
- Seadrill Limited (second filing) – Represent anchor member of consortium in bid to acquire substantially all assets in chapter 11
- Seadrill Partners – Represent creditor and co-chair of Creditors’ Committee
- EdgeMarc Energy – Represent Diversified Gas & Oil in stalking horse section 363 bid for Appalachian basin assets.
- EP Energy – Represent Tesoro Refining, a secured creditor of EP Energy, to protect rights under farmout, operating and marketing agreements for oil and gas properties on Utah.
- Rex Energy – Represent midstream company and protect dedication of Rex's oil and gas interests to client's gathering infrastructure as covenants running with the land.
- Appalachian Basin E&P Company – Out-of-court restructuring and sale of major E&P and midstream company in 2017.
- ETX Energy (f/k/a New Gulf Resources) – Pre-negotiated in-court restructuring of $530 million of debt to equity with $135 million of new convertible secured PIK notes on exit; 120-day court process.
- Seadrill Limited (first filing) – Represent joint venture party in connection with JV's acquisition of harsh weather Seadrill new build rig for $500 million. Transaction approved in Seadrill bankruptcy.
- Hercules Offshore – Represent chapter 11 debtor in pre-packaged, in-court restructuring of $1.2 billion of debt to equity with $450 million of new financing on exit; 60-day court process.
- ASARCO LLC – Represent chapter 11 debtor, a mining, smelting and refining company, with multi-billion dollars of asserted asbestos, bond and environmental claims. Plan confirmed; creditors paid in full. Performance based fee enhancement awarded to Baker Botts.
- Arsenal Resources – Represent secured noteholder in debt-for-equity conversion under Arsenal’s pre-packaged chapter 11 plan
- Global Geophysical Services – Free-fall in-court restructuring of $263 million of debt and $153 million in post-bankruptcy financing converted to equity and portion to new second lien notes; plan confirmed in less than one year.
- Representing private midstream company in the Bakken in connection with out-of-court financial restructuring.
- Representing publicly traded E&P company in connection with distressed debt exchange and capital market transaction.
- Seahawk Drilling – Representation of largest creditor in chapter 11 cases of spun-off former subsidiaries and defense of spin transaction from fraudulent transfer challenge.
- SemGroup/SemCrude – Representation of public MLP energy transport company in connection with out-of-court workout and the bankruptcy case of its then ultimate parent and sister-companies.
- Crusader Energy – Representation of buyer of Crusader Energy, an oil and gas company, pursuant to confirmed chapter 11 plan.
- Enre – Representation of prevailing strategic buyer for Enre's oil and gas assets; confirmed chapter 11 creditor plan (in litigious competing plan process) in less than four months.
- Kodak – Representation of stalking horse purchaser, a large international company based in Japan with operations in 40 countries, in proposed sale of Kodak's document imaging business, a carve-out transaction involving 1,100 employees and assets and operations in the U.S., UK, and 26 other countries.
- Pacific Lumber – Representation of chapter 11 debtor, a timber harvesting and milling company in a complex chapter 1. Plan confirmed.
- Heartland – Representation of senior lender bank group in chapter 11 of one of the largest quick lube franchisees.
- Confirmed chapter 11 creditor plan in EnRe oil and gas bankruptcy (in litigious competing plan process) in less than four months.
- Representation of creditors in megacases – Rex Energy, Samson, EFH, Seadrill, Kmart, Enron, Adelphia, Mirant and WorldCom.
- Crescent Machinery – Representation of chapter 11 debtor; confirmed chapter 11 plan for Crescent Machinery Company, a construction equipment sales, leasing and service company with approximately 14 branch locations in six different states.
- Harbor Financial – Representation of an eleven-member bank syndication under a defaulted $500 million mortgage loan warehouse facility in the Harbor Financial bankruptcy, with recoveries and repayment of over 95 percent of the debt.
- Representation of industrial conglomerate (with operations in 61 countries) in complex litigation involving environmentally impacted property that involved three years of litigation, discovery in four different states, and two favorable partial summary judgment rulings in our client's favor, including a ruling that our client's claims were not discharged in chapter 11 bankruptcy, with client's objectives being granted through settlement.
- Representation of a creditor in Nevada bankruptcy proceeding involving a residential subdivision near Reno in which, following a trial on the merits of the client's rights and damages under an option to purchase a key portion of the subdivision, and a ruling in favor of our client from the Court of Appeals for the Ninth Circuit (sitting en banc) on the enforceability of the option in a federal bankruptcy proceeding, the client received cash on remand.
Other Select Oil & Gas Representations This Down Cycle
- Advising non-operators, operators, gatherers and farmees in connection with recent bankruptcy filings of In re Samson Resources (Delaware) and In re Sabine Oil and Gas (New York).
- Representing a publicly traded E&P company in connection with mitigating counter-party bankruptcy risks in respect of development, gathering, transportation and marketing contracts in shale plays across the country.
- Representing a large New York-based private equity fund in deployment of capital to distressed E&P companies in non-traditional financing structures, production payments and farmout agreements.
- Advising a major midstream company on mitigating operator bankruptcy risks under gathering and transportation agreements in various states.
- Representing an international oil & gas company in connection with UK and U.S. insolvency proceedings in respect of Afren.
- Representing a utility in securing natural gas supply under production payment structures and mitigating operator counter-party bankruptcy risk.
- Representing a large New York-based private equity fund in connection with credit facility to non-operating working interest owner under numerous joint operating agreements for leases throughout Texas and Oklahoma.
- Advising an international offshore drilling company in connection with mitigating counter-party bankruptcy risk and assessment of strategic acquisition opportunity in volatile commodity price environment.
- Representing an independent E&P company in connection with distressed acquisition of oil and gas assets.
- Representing a large New York-based private equity fund in connection with chapter 11 case of portfolio company, an offshore E&P company with leases and P&A liabilities in the U.S. Gulf of Mexico.
- Representing an independent E&P company in connection with capital deployment and farmout agreements; mitigating counter-party bankruptcy risk.
- Representing lenders in connection with amendments of credit agreements to international offshore drilling company.
Awards & Community
Listed in Chambers USA, 2009-2023
Listed in The Best Lawyers in America (Woodward White Inc.), 2006-2023
Recognized as a Texas Super Lawyer-Rising Star (Thomson Reuters), 2004 and a Texas Super Lawyer, (Thomson Reuters), 2005-2013
Recognized as one of the "Best Lawyers Under 40" by D Magazine in 2002 & 2006
News
TPC Texas MDL Survives Without Veil-Piercing, Judge Says - Law360
law360.comlaw360.com
Baker Botts Represents TPC Group in Successful Chapter 11 Restructuring of More Than $1.3 Billion of Secured Funded Debt and Mass Tort Litigation Claims
Baker Botts Represents Citizen Energy in Acquisition of Red Bluff Resources and Bricktown Energy Oil and Gas Properties
Embattled TPC Group Hits Ch. 11 With Deal To Cut $1.3B Debt
Law360Law360
Chemical maker TPC defends bankruptcy financing amid bondholder battle
Reuters - Reuters.comReuters - Reuters.com
PE-Backed TPC to Slash Debt in Ch. 11
The DealThe Deal
Eleven Baker Botts Partners Named to D Magazine's 2022 “Best Lawyers" List
ConocoPhillips Announces Completion of $9.5 Billion Permian Asset Acquisition
Shell to Exit Permian Basin; ConocoPhillips Set to Buy Assets
Texas Lawbook, TheTexas Lawbook, The
Norton Rose, Baker Botts Lead Shell's $9.5B Permian Biz Sale
Law360Law360
Baker Botts Represents ConocoPhillips in $9.5 Billion Acquisition
Baker Botts’ Transactional Practices Shine in Legal 500 and Chambers USA Rankings
Twelve Baker Botts Lawyers Recognized as ‘Lawyers of the Year’ in Best Lawyers 2021
CDT Roundup: 16 Deals, 13 Firms, 96 Lawyers, $5.6B
Texas Lawbook, TheTexas Lawbook, The
Creditors Take Aim At Driller Southland Royalty's $70M DIP
Law360Law360
Thought Leadership
Navigating a WeWork Bankruptcy - Common Landlord Issues
Client UpdatesBankruptcy Update
Silicon Valley Bank FDIC Receivership: Key Considerations for Customers and Borrowers
Client UpdatesCorporate Update
The Third Circuit Rejects Texas Two-Step Bankruptcy Strategy: A Funding Agreement With Affiliates Made The Debtor Too Financially Sound To Seek Bankruptcy Relief
Client UpdatesCorporate Update
2020 Year In Review and Energy Outlook: Disruption and Transition for the Energy Industry
Client UpdatesEnergy Update
A Tough Year for Midstream Companies in the Bankruptcy Courts
Client UpdatesEnergy Update
Houston Bankruptcy Court Determines That a Make-Whole Claim Is Not Disallowed by the Bankruptcy Code and the Solvent Debtor Exception Still Exists Under the Bankruptcy Code
External ArticlePratt's Journal of Bankruptcy Law
Houston Bankruptcy Court Determines (1) Make-Whole Claim is Not Disallowed by the Bankruptcy Code and (2) Solvent Debtor Exception Still Exists under the Bankruptcy Code
Client UpdatesCorporate Update
Texas Bankruptcy Court Denies Rejection of Certain Production Dedication Midstream Agreements
External ArticlePratt's Journal of Bankruptcy Law
Oil and Gas Industry Update: Commodity Price Volatility
Client UpdatesEnergy Update
2019 - A Year of Change for Worldwide Energy
Client UpdatesEnergy Update