Explore the distressed energy landscape.

The stabilization of oil prices have imbued investors with confidence and emboldened efforts in surveying the market for opportunities. Oil trading in the USD 40 – 50 per BBL range and a functional debt market for energy companies will spur further M&A activity for the remainder of 2016 and beyond. Better yet, docile rigs are returning to duty and E&P players are starting to generate revenue again.

However, high yield energy sector bonds are indicating lingering problems as witnessed by 775 bp spreads. Moody’s has assigned downgrades to more oil and gas companies in 1H 2016 than the last six months of 2015. Which oil and gas players are destined to default, which ones will thrive?

Please join Debtwire for its annual Distressed Energy Forum where practitioners will discuss the aforementioned trends, challenges and others in this difficult, but yet so promising, sector.


  • Meet with a select audience from the energy sector
  • Expert insight into future trends driving distressed energy
  • Ample networking opportunities throughout the event


Registration and breakfast

Opening remarks

Nicholas Smith-Saville, Head of European Credit Research, Debtwire

Distressed opportunities in oil & gas

    A rebound in commodity prices and existing debt capacity in the energy sector will ensure ongoing M&A activity in the foreseeable future, despite a 52 percent drop-off in value from 2015. After all, even the choppiest part of the stream, the exploration and production segment, has been buoyed by generating revenue again. Also, in a Mergermarket report, findings indicated that energy sector divestments represented a major trend in the H1 2016 period. Practitioners in energy racked up 36 divestment deals worth $10.8 billion, the highest since the 2H 2003 period in which 37 deals were executed worth $8.7 billion.

    • Which industry subsectors will offer the best distressed investment opportunities?
    • How should investors evaluate cross-border opportunities and the nuances involved?
    • What are the key regulatory implications on the industry and what role might the new administration play?
    Owen D. Hill, Managing Director, Ares Management
    Shaia Hosseinzadeh, Managing Director, WL Ross & Co.
    Matt Loreman, Managing Director, Evercore
    Steven Strom, Managing Director and CEO, Blackhill Partners
    Michael Teplitsky, Managing Director, Wynnchurch Capital
    Madalina Iacob, Associate Editor, Debtwire (moderator)

Fireside chat

    David M. Dunn, Managing Partner, Cross Sound Management LLC
    Luckey McDowell, Partner, Baker Botts


Restructuring best practices: Options within and outside of Chapter 11

    If some oil and gas companies lack the capacity to take on leveraged loans to recapitalize their balance sheets, few options lay before them other than Chapter 11 bankruptcy proceedings. Thirty-five North American companies have filed for bankruptcy since the beginning of 2016.

    High yield energy sector bond spreads of 775 bp warns of substantial default risk despite rallying dramatically from this year’s high of 1,778 bp. Moody’s delivered second-quarter credit rating revisions of 47 downgrades and 9 upgrades linked to oil and gas issuers. While an improvement from Q1’s 89 oil and gas related rating downgrades, it is a considerable jump from Q2 2015 33 oil and gas linked downgrades. While bankruptcy filings will certainly continue, listen to experts discuss the different options investors and corporate executives will have on pulling off successful restructuring.

    • How did the volatility in oil prices impact the appetite for distressed debt exchanges as a tool to avoid Chapter 11?
    • What strategies are revolver lenders employing to protect their collateral amid a flurry in pre-bankruptcy revolver drawdowns?
    • What are the key lessons learned from recent oil & gas restructurings?
    Robert Albergotti, Director, AlixPartners
    Adam Dunayer, Managing Director, Houlihan Lokey
    Jim Prince, Partner, Baker Botts
    Richard M. Goldman, Esq., Legal Analyst, Debtwire (moderator)

Valuation issues amid oil price volatility

    In a capex intensive industry investors must closely analyze each oil and gas company’s framework for evaluating and embarking on various projects. Commodity prices are the most prominent component to evaluating where energy companies are headed. Some industry analysts speculate that oil prices could be headed down to $10 per barrel because of supply and demand fundamentals. They view $50 largely as a function of temporary political uncertainty. Listen to a panel of practitioners discuss the problems and challenges of accurately valuing oil assets in volatile, uncertain markets.

    • How did valuation fights evolve from the first wave of bankruptcy filings in 2014 until now?
    • What are different valuation methods employed by creditors at different silos in the capital structure to boost their own recovery?
    • What type of creative financings can decimate bondholders’ recoveries and how can creditors avoid being primed?
    Rick Chamberlain, Managing Director, Berkeley Research Group
    David Lazarus, Managing Director, Morgan Stanley
    Ted McNulty, Principal, Apollo Global Management
    Thomas McNulty, Director, Valuation Services & Financial Risk Management, Navigant
    Richard F. NeJame, Managing Director – Head of Restructuring & Special Situations Advisory, Oppenheimer & Co. Inc
    Tim Hynes, Head of Research, Debtwire (moderator)

Closing remarks/Event concludes