News & Events

Oil Lenders Hit Pause on Bankruptcy to Avoid Owning the Dead – Bloomberg

Butler Snow attorney Martin A. Sosland was recently mentioned and quoted in an article by Bloomberg about the outlook on bankruptcy for oil companies given today’s market.

The following is an excerpt from the article:

In recent years companies have negotiated a deal and then filed for Chapter 11 protection, hoping for as short a time as possible in bankruptcy. That may change, said Martin Sosland, a bankruptcy lawyer in Dallas with Butler Snow.

“What you are more likely to see is old-fashioned Chapter 11s,” Sosland said. The company will linger in court to get “a breathing spell to reorganize or sell at a higher price.”

Read the article in its entirety here.