The struggling oil and gas sector is providing a new wave of energy-related insolvency work for law firms. Among the companies that filed for bankruptcy in the first quarter of 2015 are BPZ Resources, which explores for oil and gas in South America; offshore oil and gas contractor Cal Dive International; gas exploration and production company Dune Energy; and WBH Energy Partners, an oil and gas producer.
In some cases, these Texas-based debtors have turned to firms from the Lone Star State to advise them as bankruptcy counsel. Dune Energy has tapped Haynes and Boone, and WBH has turned to Bracewell & Giuliani. Jones Walker is local counsel for Cal Dive.
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