skip to main content

The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.

- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019

Templar Energy Successfully Sold, Completing Chapter 11 Process

Paul, Weiss advised Templar Energy LLC, an Oklahoma City-based, independent upstream oil and gas company, in the sale of substantially all of the company's assets to Presidio Investment Holdings LLC as part of Templar’s successful chapter 11 cases. Templar's prepackaged chapter 11 plan was confirmed on July 16 by the U.S. Bankruptcy Court for the District of Delaware and became effective on Aug. 3, just 64 days after the petition date.

Amid plunging commodity prices caused by geopolitical forces and the COVID-19 pandemic, Templar filed for chapter 11 on June 1 to effectuate a sale of its assets after entering into a restructuring support agreement with 100% of its secured lenders under the company's prepetition reserve-based lending facility. On July 16, following a robust virtual auction that yielded a 40% improvement over the original stalking horse bid, the court approved the proposed $91 million sale of Templar's assets to Presidio. The chapter 11 process resulted in the payment of prepetition trade claims in full, the approval of releases for nearly all interested parties, and the funding of a wind-down of the estates.

The Paul, Weiss team included restructuring partners Paul Basta and Robert 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, Austin Witt 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

© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP

Privacy Policy