Paul, Weiss Advises Ad Hoc Group of Lenders in Denbury Restructuring

Paul, Weiss advised an ad hoc group of second lien lenders in connection with the prepackaged chapter 11 restructuring of Denbury, Inc., a Texas-based hydrocarbon exploration company. The restructuring plan allows the company to reorganize its balance sheet and reduces the company’s debt by approximately $2.1 billion. The transaction converts the company’s second lien notes to 95% of the reorganized company’s equity.

The Paul, Weiss team included, among others, restructuring partners Elizabeth McColm and Andrew Rosenberg and counsel Diane Meyers; corporate partners Andrew Foley and Jeffrey Marell and counsel Scott Grader; and tax partner Robert Holo.