McKool Smith principal John Sparacino was quoted in the Law360 article detailing the second wave of bankruptcy in the oil and gas industry. The article highlighted that four oil and gas bankruptcy cases that stood out to attorneys. John commented on all cases, one of them being the Chapter 22, or repeated bankruptcies. "In bankruptcy number one, you greatly lower the senior secured debt, but the fulcrum security holders say, 'We don't want to convert everything to equity, we want to keep some of our debt on,'" Sparacino explained. "To me, that's them making an informed decision that has some risk associated with it." Read the full article here.
