Tenrgys emerges from chapter 11
Davis Polk advised FSEP Investments, Inc. and its affiliates (collectively, “FSEP”), holder of the entirety of a $75 million unsecured term loan to Tenrgys, LLC (together with certain of its subsidiaries, the “debtors” or “Tenrgys”), in connection with Tenrgys’s chapter 11 restructuring.
On March 2, 2022, the debtors’ plan of reorganization was confirmed by the United States Bankruptcy Court for the Southern District of Mississippi. Under the plan, FSEP received (i) $20 million in cash, (ii) certain Class B interests in both the reorganized Tenrgys and in its affiliate, Telpico Holdings LLC, and (iii) a $20 million takeback second-lien term loan. Tenrgys emerged from chapter 11 on March 18, 2022.
Headquartered in Ridgeland, Mississippi, Tenrgys is engaged in the business of exploration, production, sales and transportation of oil and gas. As of September 1, 2021, Tenrgys has 11 productive fields and field-wide units in Mississippi and Louisiana.
The Davis Polk restructuring team included partner Damian S. Schaible and associates Jonah A. Peppiatt, Stephen Ford and Matthew Bruno Masaro. The finance team included counsel Christian Fischer and associate Alexander K.B. Shimamura. The corporate team included partner Michael Davis and associate Shanu Bajaj. Partner Patrick E. Sigmon and counsel Elina Khodorkovsky provided tax advice. The litigation team included partner James I. McClammy. All members of the Davis Polk team are based in the New York office.