Jim Prince

Section Chair - Financial Restructuring (Firmwide) Partner

James Prince Photo


P: +1.214.953.6612
F: +1.214.661.4612
  • 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, Bristow shed over $900 million of debt, optimized its aircraft fleet, implemented employee incentive programs, and restructured many of the Company’s aircraft lease and secured equipment facility obligations – all without any disruption in worldwide operations. Bristow also exited chapter 11 with $535 million of fresh capital.
  • 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 - represent Transocean in its joint venture with Hayfin Capital in connection with JV's acquisition of harsh weather Seadrill new build right for $500 million. Transaction approved in Seadrill bankruptcy.
  • Hercules Offshore - 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 - Representation of 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.