Shearman & Sterling is representing Southland, a privately-held independent exploration and production company focused on the acquisition and development of hydrocarbons, as the debtor in its ongoing restructuring.

Amid falling natural gas prices resulting from the pandemic and reduced liquidity under its credit facility, Southland filed its chapter 11 bankruptcy case in the Bankruptcy Court for the District of Delaware. As part of the restructuring process, Southland negotiated with its existing 15-member lender consortium and obtained $70 million in DIP financing and a sale process is underway.

The Team