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Templar Energy Files for Chapter 11

Paul, Weiss is advising Templar Energy LLC, an independent upstream oil and gas company, in its chapter 11 case, in the U.S. Bankruptcy Court for the District of Delaware.

Templar, which owes $426 million in aggregate principal amount under a reserve-based lending facility, has reached a restructuring support agreement with its secured lenders that provides for the marketing and sale of its assets and the wind down of its operations under a prepackaged chapter 11 plan of liquidation. In accordance with the terms of the RSA, the Oklahoma-based driller also received $25 million of new money debtor-in-possession financing commitments from certain existing lenders.

The Paul, Weiss team includes, among others, restructuring partners Paul Basta and Bob Britton and counsel Sarah Harnett and Diane Meyers; employee benefits partner Jean McLoughlin and counsel Uri Horowitz; tax partner David Mayo; corporate partners Sarah Stasny and Jeffrey Marell and counsel Julie Martinelli and Frances Mi; litigation partner Elizabeth Sacksteder and counsel Robert Kravitz; real estate partner Salvatore Gogliormella; intellectual property partner Charles Googe; environmental counsel William O’Brien; international trade counsel Richard Elliott; and antitrust counsel Marta Kelly.

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