LRC serves as co-counsel with Chadbourne & Parke LLP to the YPF Entities in the chapter 11 bankruptcy cases of Maxus Energy Corporation, et al. (the “Debtors”). The Debtors operate as a domestic oil exploration and production company that has incurred and continues to face significant environmental liabilities. The YPF Entities are the ultimate corporate parents of the Debtors. LRC is advising the YPF Entities in all aspects of the Debtors’ chapter 11 cases, including participating in negotiations regarding the proposed debtor in possession financing pursuant to which the YPF Entities will provide the debtors $63.1 million in liquidity during the chapter 11 cases. Additionally, LRC is currently assisting the YPF Entities in the formulation of a strategy to obtain approval of a settlement with the Debtors that will provide for the YPF Entities paying $130 million to resolve, and be released from, certain alter-ego claims asserted against the YPF Entities in various prepetition state court litigation proceedings.
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