Tue 09/01/2020 14:41 PM
, a Dallas-based oil and gas company, filed for chapter 11 protection today in the Bankruptcy Court for the Northern District of Texas, along with parent Bainbridge Uinta Holdings, LLC
. The company reports $50 million to $100 million in both assets and liabilities. The debtors are represented by Kane Russell Coleman Logan in Dallas as counsel and Oak Hills Securities as financial advisor. Stretto is the claims agent. The case number is 20-42794. Continue reading for the First Day by Reorg team's update on this chapter 11 bankruptcy filing, and request a trial to access thousands of other chapter 11 bankruptcy filings.
A consent attached to the petition says that the debtors “are undergoing financial distress due to, among other things, a downturn in the oil and gas market and the economic downturn related to the COVID-19 pandemic.” The petition adds an authorization with respect to the use of cash collateral, and says that the debtors “do not anticipate seeking a debtor-in-possession loan facility (a ‘DIP Facility’), but to the extent that such financing becomes necessary, the authorizations under this paragraph of this Consent apply equally to the execution, negotiation, and delivery of a DIP Facility with White Oak Global Advisors, LLC.”
Bainbridge Uinta’s list of largest unsecured creditors is led by Rhetts Trucking LLC with a $175,922 claim, and also includes the next largest claims of Ponderosa Oilfield Service Inc. with a $65,189 claim, National Oilwell Varco with a $46,497 claim and Double Hook Inc. with a $34,415 claim. Bainbridge Uinta Holdings does not list any unsecured creditors.
Bainbridge Uinta Holdings’ equity is held as follows:
First Day by Reorg will provide a full summary once the first day briefing is complete.