S&C Guides White Star Petroleum through Bankruptcy Proceeding

November 27, 2019

S&C guided client White Star Petroleum through the sale of assets to Contango Oil & Gas Company as part of a Chapter 11 bankruptcy proceeding. The sale, for approximately $132.5 million, subject to certain purchase price adjustments, was approved by Judge Janice Lloyd of the U.S. Bankruptcy Court for the Western District of Oklahoma.  S&C also guided White Star to obtain secured debtor-in-possession (DIP) financing to pay the expenses of Chapter 11 and provide supplemental liquidity, and through a multitude of litigation in Chapter 11.

S&C advised White Star on strategic alternatives and finance matters prior to its bankruptcy proceeding.
 
White Star is an upstream oil and natural gas company based in Oklahoma. The assets sold include approximately 315,000 acres located in the STACK, Anadarko Basin and Cherokee Platform operating districts in Oklahoma, which produced approximately 15,000 barrels of oil equivalent per day.  Contango is an upstream oil and gas company based in Houston, Texas.
 
The S&C team advising White Star was led by Andy Dietderich, Brian Glueckstein and Alexa Kranzley.