James Terry Co-Authors Article on Restructuring Concerns for Exploration and Production Companies
RECOVERY magazine has published the article “Exploring new waters,” co-written by Akin Gump financial restructuring partner James Terry. Terry and his co-author, Chad Griffin of FTI Consulting, discuss recent restructuring activity “and the start of a potential wave of insolvencies, with respect to exploration and production (E&P) companies operating on the UK North Sea Continental Shelf.”
Using the example of Iona Energy group, in which Nordic Trustee ASA, on behalf of senior secured bondholders, retained Akin Gump and FTI to negotiate a debt restructuring, Terry and Griffin highlight some of the key issues for lenders and investors to be aware of when looking at contingency planning and potential insolvencies in distressed U.K. oil and gas situations. These include industry, regulatory, operational and tax concerns.
To read the full article, which originally appeared in the summer 2016 edition of RECOVERY magazine and is reproduced with kind permission of R3 and GTI Media, please click here.