By now, the statistics are well-known throughout Texas: domestic crude oil prices have fallen over 50 percent since mid-2014; domestic natural gas prices have fallen over 50 percent over the same period. With prices so depressed, over 30 Exploration & Production companies filed for chapter 11 bankruptcy protection in 2015, and more than 20 to date have filed in 2016.
Given the current levels of distress, it is critical for in-house lawyers to understand key bankruptcy concepts to ensure that they are ready to act should they learn that one of their business partners is itself seeking bankruptcy protection. Here are 7 concepts every in-house lawyer needs to know about bankruptcy.
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