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Energy Firms Topped Bankruptcy, Distressed Debt/Restructuring Activity in 2016

Date: Feb 07, 2017 @ 07:38 AM
Filed Under: Bankruptcy

Public companies in the energy sector had a tough 2016, with solar, coal, and oil and gas producers accounting for nine of the top ten bankruptcies last year -- a new report from the law firm Jones Day finds.

According to the firm, all of 2016's ten largest bankruptcy filers listed assets of more than $3 billion; and half of the companies on the list filed prepackaged or prenegotiated chapter 11 cases.

The energy sector also accounted for the year's largest distressed debt/bankruptcy restructuring deal, according to a separate report from Jones Day. Energy Future Holdings Corp. topped the list of 336 completed deals in 2016, with a turnaround package valued at $40.3 billion.

According to Jones Day there were 124 restructuring transactions completed in the U.S. during 2016, 47 more deals than completed in 2015. The energy and power sector accounted for 63% of the U.S. debt restructuring market. 

Read "The Year in Bankruptcy: 2016" from Jones Day in its entirety Here.
 

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