News 13 Feb. 2012

Curtis Transaction Chosen as Finalist for IFLR Americas' Awards Restructuring Deal of the Year

The Chapter 11 Reorganization of North American Petroleum Corporation USA and its affiliates (NAPCUS), where Curtis acted as counsel to the Official Committee of Equity Security Holders, was chosen as a finalist for the 2011 IFLR Americas' Awards Restructuring Deal of the Year. The other finalists in this category are Angiotech Pharmaceuticals, Graceway Pharmaceuticals, South Edge, Travelport and Caribbean Petroleum, for which Curtis represented a potential acquirer who participated in the auction.

The NAPCUS matter involved a complex restructuring of a publicly-traded Southwestern natural gas drilling company, with stockholders throughout the United States and Canada. Though rarely formed in United States bankruptcies, through the efforts of Curtis acting for several affected clients, an Official Committee of Equity Security Holders was appointed in the NAPCUS Chapter 11 cases and Curtis was selected to act as its lead counsel. In that capacity, Curtis negotiated for and obtained an equally rare distribution for equity under the Chapter 11 plan. In part due to these efforts, NAPCUS successfully emerged from Chapter 11 on September 30, 2011.

The Curtis team was led by partner Timothy Barnes and included partners Nancy Delaney and Evan Borenstein, counsel Raymond Hum and associate Peter Buenger.