LRC served as co-counsel with Paul, Weiss, Rifkind, Wharton & Garrison LLP to the Official Committee of Unsecured Creditors in the bankruptcy cases of Quicksilver Resources, Inc. et al. (“Quicksilver”) pending in the Bankruptcy Court for the District of Delaware. Quicksilver operated as an independent oil and gas exploration and production company in North America. As of the date of its bankruptcy filing, Quicksilver had $775 million in secured debt obligations and nearly $1 billion in unsecured bond obligations outstanding. LRC worked with co-counsel with respect to, among other things, (1) litigation related to Quicksilver’s use of cash collateral; (2) litigation initiated by the Committee against Quicksilver’s second lien secured lenders; and (3) negotiations related to Quicksilver’s asset sale and plan of liquidation. LRC acted as primary litigation counsel in the adversary proceeding against the second lien lenders that resulted in a settlement that provided in excess of $21 million in recoveries to unsecured creditors.
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