A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
California Resources Emerges From Chapter 11
- Client News
- October 27, 2020
Paul, Weiss advised an ad hoc group of secured and unsecured creditors in the successful chapter 11 cases of independent oil-and-gas exploration and production company California Resources Corp. The company obtained approval of its plan for reorganization in the U.S. Bankruptcy Court for the Southern District of Texas on October 13. The plan reduced over $5 billion of funded debt and mezzanine equity interests and provided the company with over $650 million of new equity capital. Through the restructuring, the company also reacquired a cryogenic and power plant from a joint venture partner and will pay general unsecured claims in full.
The Paul, Weiss team includes, among others, restructuring partners Elizabeth McColm and Andrew Rosenberg, counsel Diane Meyers and of counsel Stephen Shimshak; litigation partner William Clareman; corporate partners David Huntington and Jordan Yarett and counsel Evan Berman, David Epstein and Philip Heimowitz; tax partner David Mayo; real estate partner Peter Fisch; and environmental counsel William O’Brien.