Fieldwood Energy LLC, an offshore oil driller that operates in the Gulf of Mexico, is preparing for its second stint in bankruptcy in two years after succumbing to plunging energy demand due to the coronavirus pandemic, WSJ Pro Bankruptcy reported. The company has hired the law firm Weil Gotshal & Manges LLP as well as consulting firm AlixPartners LLP for negotiations with lenders on restructuring its debt. A group of lenders has hired law firm Davis Polk & Wardwell LLP. Fieldwood, a privately held driller based in Houston, recently missed interest payments owed to its lenders, according to ratings firm reports. The company exited bankruptcy protection in 2018 after having raised money from junior lenders to recapitalize the company and pay for the acquisition of Noble Energy Inc.’s assets in the Gulf of Mexico. Fieldwood has roughly $1.8 billion of total debt, according to FactSet.
