On November 15, 2019, Sidley client Legacy Reserves Inc., together with its subsidiaries (Legacy), secured a ruling from the United States Bankruptcy Court for the Southern District of Texas (the Court) confirming Legacy’s Chapter 11 Plan of Reorganization (the Plan), which was issued over the objection of the Unsecured Creditors’ Committee. The Court made its ruling following a six-day trial, which featured numerous witnesses and hundreds of exhibits. Confirmation of the Plan is a significant victory for Legacy because it will result in the elimination of approximately US$1 billion of Legacy’s debt and provide a much-needed infusion of new equity capital.
The Sidley lawyers who represented Legacy in its bankruptcy case consisted of a cross-disciplinary team spanning many of the firm’s offices, including Houston (Duston McFaul, George Vlahakos, Brian Minyard, John Stribling, Tanner Groce, Michael Fishel and Maegan Quejada), Chicago (Bojan Guzina, Jim Ducayet, Andy O’Neill, Allison Stromberg and Matt Fogelberg), Dallas (Charles Persons and Juliana Hoffman) and Century City (Vijay Sekhon).
The team was led by Duston McFaul, Jim Ducayet and Andy O’Neill, all of whom played a significant role in the court proceedings.