Cobalt Bankruptcy Leaves Big Law in the Lurch
Houston-based oil exploration and production company Cobalt International Energy Inc. owes more than $3.5 million in legal fees to a half-dozen law firms, according to bankruptcy court filings.
December 15, 2017 at 07:43 PM
4 minute read
At least a half-dozen law firms, including some titans of the Am Law 100, are collectively owed more than $3.5 million in fees following a bankruptcy filing on Dec. 14 by Cobalt International Energy Inc.
The Houston-based oil exploration and production company began Chapter 11 proceedings in its home city this week as a result of a crushing $2.8 billion debt load, slumping oil prices and the ultimately unsuccessful $1.75 billion sale of Cobalt's operations in the oil-rich African nation of Angola, a matter in which Cobalt was advised by Baker Botts. The latter subsequently took the lead for the company as federal regulators probed Cobalt's activities in Angola.
According to a list of Cobalt's 30 largest unsecured creditors, the debtor owes nearly $2.78 million to Skadden, Arps, Slate, Meagher & Flom; nearly $1.12 million to Wachtell, Lipton, Rosen & Katz; $537,956.65 to Williams & Connolly; $79,008.60 to Gardere Wynne Sewell; $23,658.73 to Covington & Burling; and $10,533.75 to Vinson & Elkins.
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