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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.
FGS Global represents Copart as the online vehicle auction company acquires auto marketplace and data services business ACV, a Joele Frank client, in a deal valued at $1.9B.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
