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Joele Frank is handling the Chapter XI filing of Oasis Petroleum as the shale oil company reels from the financial pressures from COVID-19 pandemic and the collapse of energy prices.
The Houston-based company reported a 49.6 percent crash in first-half revenues to $554.1. Due to a $4.8B impairment charge, Oasis suffered a $4.4B loss.
The bankruptcy reorganization will reduce Oasis’ total debt by $1.8B.
"Oasis Petroleum is a great company with high-quality assets and employees and a well-earned reputation for excellence in environmental stewardship, safety and governance,” said CEO Tom Nusz in a statement. “However, due to historically low global energy demand and commodity prices, we determined that it is best for Oasis Petroleum to take decisive action to strengthen our liquidity and overcome the headwinds now challenging both our company and industry.
Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel and Jed Repko represent Oasis.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
