Latham & Watkins is representing two major energy producers who filed for bankruptcy protection over the last week in hopes of restructuring their businesses to prevent further losses as the nation’s sagging energy sector continues to swallow up oil and gas companies.
On Wednesday, Stone Energy Corp. filed for Chapter 11 protection in Houston, listing $1.24 billion in assets against $1.76 billion in total liabilities. The Lafayette, Louisiana-based oil and gas producer is looking to carry out a debt restructuring plan that will transfer control of the company to its bondholders.
