LawFuel.com – Attorney newswire – Acquisition of Assets of Pacific Energy Resources, Ltd.
Haynes and Boone, LLP represented Rise Energy Partners, LP in the Dec. 30 acquisition of a 51.75 percent ownership interest in certain oil and gas properties of Pacific Energy Resources Ltd. and the stock of San Pedro Bay Pipeline Company. The remaining interest was acquired by an affiliate of Silver Point Capital, LP.
The properties acquired included three offshore leases located in federal waters off the coast of California, three production platforms and a pipeline connecting the production platforms to the coast.
The acquisition was completed pursuant to an Order of the United States Bankruptcy Court for the District of Delaware pursuant to Section 363 of the Bankruptcy Code. In consummating the purchase (i) Rise credit bid $80 million of existing Pacific Energy Resources Ltd. indebtedness and assumed its share of various liabilities and (ii) Silver Point credit bid through the assumption by Silver Point of $177.5 million of existing Pacific Energy Resources Ltd. indebtedness plus the balance of the revolving facility comprising a portion of the DIP Credit Agreement (which amount did not exceed $22 million) owed to Silver Point. Silver Point also assumed its share of various liabilities.
New York partner Ken Bezozo joined Dallas partners Bob Albergotti, Jan Sharry, Sue Murphy, Rick Fijolek and Eric Williams in leading the Haynes and Boone team. Also assisting in the transaction were Dallas associates David Colletti, Mark Elmore, Michael Seeligson and Kim Szarzynski.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With almost 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been recognized as one of the “Best Corporate Law Firms in America” (Corporate Board Member Magazine, 2001-2009), as one of “The Best 20 Law Firms to Work For” (Vault.com, 2009), and as a Top 100 law firm for both diversity (MultiCultural Law Magazine, 2009) and women (Women 3.0, 2008).