Schulte represented the Official Committee of Unsecured Creditors (“Creditors’ Committee”) in the Chapter 11 cases of Maxus Energy Corporation and its affiliates
In June 2016, Maxus filed for bankruptcy protection seeking court approval of a pre-bankruptcy settlement with its corporate parent YPF S.A. to release potentially billions-of-dollars of claims that Maxus and its affiliates had against YPF in exchange for a $130-million payment.
On behalf of the Creditors’ Committee, Schulte conducted an independent investigation into the settlement and the claims against YPF. Schulte worked with the Creditors’ Committee and various stakeholders, including the Environmental Protection Agency and certain state regulators, to convince the Debtors’ Special Independent Committee to withdraw from the settlement and jointly propose a Chapter 11 plan that would allow a liquidating trust to instead prosecute the claims against YPF to maximize recoveries for all creditors on their claims, aggregating more than $10 billion. The Creditors’ Committee’s plan received the support of 99 percent of Maxus’ creditors and went into effect in July 2017.
The Schulte team advising the Creditors’ Committee was led by business reorganization partners Adam Harris (Picture) and David Hillman and associates Lucy Kweskin and Caroline Gange. The team also included lawyers from Schulte’s Litigation and Environmental Groups.
Law Firms: Schulte Roth & Zabel;