Michael M. Parker is a partner with Fulbright
& Jaworski LLP and is certified in business and
consumer bankruptcy law by the Texas Board of
Legal Specialization. Parker was co-founder of TMA’s
Central Texas Chapter in 2000, served as its president
through 2007, and continues to be actively involved
in TMA activities. He can be reached at michael.
firstname.lastname@example.org or 210-270-7162.
Timothy S. Springer is an associate in the Financial
Restructuring and Insolvency group in the Dallas
office of Fulbright & Jaworski LLP. Prior to joining
the firm, he served as a judicial law clerk to the Hon.
D. Michael Lynn in U.S. Bankruptcy Court, Northern
District of Texas, Fort Worth Division. Springer
coaches the moot court teams from Southern
Methodist University’s Dedman School of Law in
the Conrad B. Duberstein Bankruptcy Moot Court
Competition. He can be reached at tim.springer@
nortonrosefulbright.com or 214-855-8094.
of an offshore interest, 7 and the
assignee becomes liable for AROs
incurred after the date of approval. 8
Turnaround professionals must check
the status of supplemental bonds
for OCS assets and be prepared to
negotiate creative solutions with the
BOEM for future retirement obligations.
These categories provide only a brief
overview of the considerations in oil
and gas turnaround opportunities.
Turnaround professionals would
do well to begin investigating
these issues. The economic and
geopolitical forces at issue do not
appear primed to change before
arrive later this spring. J
1 Virginia Harrison, “Russia Faces Wave
of Bankruptcies if Interest Rates Don’t
Fall,” CNN Money (Jan. 12, 2015), money.
2 U.C.C. § 9–102( 6)(a).
3 See id. § 9–501(a)( 1)(A).
4 The states include Colorado, Illinois,
Mississippi, Montana, New Mexico, North
Dakota, Ohio, Oklahoma, Pennsylvania, and
Utah. In Wyoming, the initial perfection
period by filing the mortgage is 10 years.
Because the mortgage cannot be “continued,”
best practice in these states is still to file
a separate financing statement in as-extracted collateral that may be continued.
5 30 C.F.R. §§ 556.52–556.54 (2014).
6 See 11 U. S.C. §§ 365(a); 502(g)( 1).
7 30 C.F. R. § 556.62(a).
8 Id. § 556.62(e).
They do, that is, if you
partner with us.
That’s because – although
we are turnaround and
restructuring experts –
we’re business executives
first. We know how to
build consensus, manage
expectations and control
the restructuring to retain
What our clients are afer is
the same thing we’re in
business to deliver: results.
It’s a difference that matters.
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