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Full title: Application to Employ Seaport Global Securities, LLC as Financial Advisor. Objections/Request for Hearing Due in 21 days. Filed by Creditor Committee Official Committee Of Unsecured Creditors (Attachments: # 1 Proposed Order Exhibit A # 2 Exhibit B # 3 Exhibit C # 4 Exhibit D) (Stewart, Paul) (Entered: 04/30/2021)

Document posted on Apr 29, 2021 in the bankruptcy, 11 pages and 0 tables.

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substantially in the form attached here to as Exhibit A authorizing the employment and retention of Seaport Global Securities, LLC (“Seaport”) as financial advisor to the Committee, effective April 6, 2021, pursuant to Sections 328 and 1103 of Title 11 of the United States Code (the “Bankruptcy Code”), Rules 2014 and 2016 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), and Rules 2014-1 and 2016-1 of the Local Bankruptcy Rules of the United States Bankruptcy Court for the Southern District of Texas (the “Local Bankruptcy Rules”).By this Application, the Committee seeks authority to retain Seaport to perform financial advisory services for the Committee regarding all matters that will be necessary related to the Bankruptcy Case pursuant to Sections 328, 330, and 1103 of the Bankruptcy Code, Bankruptcy Rule 2014(a) and Local Bankruptcy Rule 2014-1., Seaport shall (i) to the extent that it uses the services of independent contractors or subcontractors (the “Contractors”) in this Case, pass-through the costs of Contractors to the Debtors at the same rate that Seaport pays the Contractors; (ii) seek reimbursement for actual costs only; (iii) ensure that the Contractors are subject to the same conflict checks and compensation procedures as required for Seaport; and (iv) file with the Court such disclosures as required by Bankruptcy Rule 2014.As a material part of the consideration for which Seaport has agreed to provide the services described herein, pursuant to the Engagement Agreement, attached hereto as Exhibit D, which requires the Committee to request that the Court approve the indemnification provisions in Annex 1 to the Engagement Agreement (the “Indemnity Provisions”), including without limitation, an agreement by the Debtors (i) to indemnify and hold harmless Seaport and its affiliates, and their respective directors, officers, agents and employees and each other person controlling Seaport or any of their affiliates (collectively, the “Indemnified Parties”), to the fullest extent lawful, from and against any and all losses, expenses, claims or proceedings related to or arising out of the engagement or any transaction or conduct in connection therewith, and (ii) reimburse each Indemnified Party for all expenses (including, without limitation, the fees and expenses of counsel) as they are incurred in connection with investigating, preparing, pursuing, defending, settling, compromising or otherwise becoming involved in any action, suit, dispute, inquiry, investigation or proceeding, pending or threatened, brought by or against any person or entity (including, without limitation, any shareholder or derivative action or any claim to enforce the Engagement Agreement), arising out of or related to such engagement or matter. Seaport has represented, represents, and in the future will likely represent debtors and creditors’ committees in cases unrelated to the Debtors and this Case wherein one or more of the firms representing

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IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION In re: § § Case No. 21-30710 (MI) CASTEX ENERGY 2005 HOLDCO, § LLC, et al., § Chapter 11 § Debtors.1 § (Jointly Administered) APPLICATION FOR APPROVAL OF THE EMPLOYMENT OF SEAPORT GLOBAL SECURITIES, LLC AS FINANCIAL ADVISOR TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS EFFECTIVE AS OF APRIL 1, 2021 THIS MOTION SEEKS AN ORDER THAT MAY ADVERSELY AFFECT YOU. IF YOU OPPOSE THE MOTION, YOU SHOULD IMMEDIATELY CONTACT THE MOVING PARTY TO RESOLVE THE DISPUTE. IF YOU AND THE MOVING PARTY CANNOT AGREE, YOU MUST FILE A RESPONSE AND SEND A COPY TO THE MOVING PARTY. YOU MUST FILE AND SERVE YOUR RESPONSE WITHIN 21 DAYS OF THE DATE THIS WAS SERVED ON YOU. YOUR RESPONSE MUST STATE WHY THE MOTION SHOULD NOT BE GRANTED. IF YOU DO NOT FILE A TIMELY RESPONSE, THE RELIEF MAY BE GRANTED WITHOUT FURTHER NOTICE TO YOU. IF YOU OPPOSE THE MOTION AND HAVE NOT REACHED AN AGREEMENT, YOU MUST ATTEND THE HEARING. UNLESS THE PARTIES AGREE OTHERWISE, THE COURT MAY CONSIDER EVIDENCE AT THE HEARING AND MAY DECIDE THE MOTION AT THE HEARING. REPRESENTED PARTIES SHOULD ACT THROUGH THEIR ATTORNEY. TO THE HONRABLE MARVIN ISGUR, UNITED STATES BANKRUPTCY JUDGE: The Official Committee of Unsecured Creditors of Castex Energy 2005, Holdco, LLC et al. (the “Committee”) appointed in the above-captioned cases (the “Chapter 11 Cases”) of Castex Energy Holdco, LLC and the affiliated jointly administered debtors and debtors in possession (collectively, the “Debtors”) submits this application (the “Application”) for the entry of an Order 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, as applicable, are: Castex Energy 2005 Holdco, LLC (6832); Castex Energy 2005, LLC (6832); Castex Energy Partners, LLC (6832); and Castex Offshore, Inc. (8432). The Debtors’ mailing address is: One Memorial City Plaza, 800 Gessner Rd., Suite 925, Houston, TX 77024.

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substantially in the form attached here to as Exhibit A authorizing the employment and retention of Seaport Global Securities, LLC (“Seaport”) as financial advisor to the Committee, effective April 6, 2021, pursuant to Sections 328 and 1103 of Title 11 of the United States Code (the “Bankruptcy Code”), Rules 2014 and 2016 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), and Rules 2014-1 and 2016-1 of the Local Bankruptcy Rules of the United States Bankruptcy Court for the Southern District of Texas (the “Local Bankruptcy Rules”). In support of the Application, the Committee submits (i) the Declaration of Cody Sims (the “Sims Declaration”), which is attached hereto as Exhibit B; (ii) the Declaration of Thomas Thompson (the “Thompson Declaration”), which is attached hereto as Exhibit C; and (iii) an executed copy of Seaport’s engagement agreement (“Engagement Agreement”) as Exhibit D. In further support of the Application, the Committee respectfully represents as follows: JURISDICTION AND VENUE 1. This Court has jurisdiction over this matter pursuant to 28 U.S.C. § 1334. This matter is a core proceeding within the meaning of 28 U.S.C. § 157(b). 2. Venue is proper pursuant to 28 U.S.C. §§ 1408 and 1409. 3. The statutory predicates for the relief sought herein are Sections 328(a) and 1103(a) of the Bankruptcy Code, Bankruptcy Rules 2014 and 2016, and Local Bankruptcy Rules 2014-1 and 2016-1. BACKGROUND 4. On February 26, 2021 (the “Petition Date”), Castex Energy 2005 Holdco, LLC (“CEH”); Castex Energy 2005, LLC (“CE”); Castex Energy Partners, LLC (“CEP”); and Castex Offshore, Inc. (“CO”) (collectively, CEH, CE, CEP, and CO are referred to herein as the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the

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United States Bankruptcy Court for the Southern District of Texas (the “Court”).2 CEH was assigned Case Number 21-30710; CE was assigned Case Number 21-30711; CEP was assigned Case Number 21-30712; and CO was assigned Case Number 21-30713.3 5. On March 1, 2021, the Court ordered the four bankruptcy cases to be jointly administered under Case Number 21-30710 (the “Bankruptcy Case”).4 The Court previously designated the Bankruptcy Case a complex chapter 11 case.5 6. Since the Petition Date, the Debtors have operated their businesses and managed their property as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. 7. On March 10, 2021, the Office of the United States Trustee filed that certain Notice of Appointment of Official Committee of Unsecured Creditors [Doc. No. 71], followed by an Amended Notice of Appointment of Official Committee of Unsecured Creditors [Doc. No. 75], appointing a Committee pursuant to section 1102 of the Bankruptcy Code. The Committee, as reconstituted, consists of the following members: (i) Wood Group PSN Inc., (ii) Petra Consultants Inc., (iii) W&T Offshore, Inc., (iv) Shore Offshore Services LLC, and (v) Offshore Marine Contractors, Inc. 8. On April 1, 2021, the Committee held a meeting and, among other things, selected Seaport as financial advisor to the Committee, subject to Court approval. 2 Case Number 21-30710, Doc. No. 1; Case Number 21-30711, Doc. No. 1; Case Number 21-30712, Doc. No. 1; and Case Number 21-30713, Doc. No. 1. 3 Id. 4 Case Number 21-30710, Doc. No. 18. 5 Case Number 21-30710, Doc. No. 2.

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RELIEF REQUESTED 9. By this Application, the Committee seeks authority to retain Seaport to perform financial advisory services for the Committee regarding all matters that will be necessary related to the Bankruptcy Case pursuant to Sections 328, 330, and 1103 of the Bankruptcy Code, Bankruptcy Rule 2014(a) and Local Bankruptcy Rule 2014-1. SEAPORT’S QUALIFICATIONS 10. The Committee is familiar with the professional standing and reputation of Seaport. The Committee understands and recognizes that Seaport has a wealth of experience in providing financial advisory services in restructurings and reorganizations, especially within the oil and gas industry, and enjoys an excellent reputation for services it has rendered in chapter 11 cases on behalf of debtors and committees throughout the United States. 11. The Committee determined that the services of Seaport are necessary to enable the Committee to assess and monitor the efforts of the Debtors and their professionals, and to maximize the value of the Debtors’ estates for the benefit of the unsecured creditors. Further, Seaport is well-qualified and able to represent the Committee in a cost-effective, efficient, and timely manner. SERVICES TO BE PROVIDED 12. The Committee submits that it is necessary and appropriate for it to employ and retain Seaport to provide, among other things, the following services: a. Analyzing the Debtors’ budgets, weekly cash flow, assets and liabilities, and overall financial condition; b. Reviewing financial and operational information furnished by the Debtors to the Committee;

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c. Scrutinizing the economic terms of various agreements, including, but not limited to, the proposed plan, assumptions of contracts, settlement agreements, and various professional retentions; d. Analyzing the Debtors’ proposed business plans, plugging and abandonment estimates, valuation of assets, plan of liquidation and developing alternative scenarios, if necessary; e. Assessing the Debtors’ various pleadings and proposed treatment of unsecured creditor claims therefrom; f. Preparing, or reviewing as applicable, avoidance action and claim analyses; g. Assisting the Committee in reviewing the Debtors’ financial reports, including but not limited to, SOFAs, schedules, cash budgets, Monthly Operating Reports and plugging and abandonment liabilities; h. Advising the Committee on the current state of the Debtors’ chapter 11 cases; i. Advising the Committee in negotiations with the Debtors and third parties, as necessary; j. If necessary, participating as a witness in hearings before the Bankruptcy Court with respect to matters upon which Seaport has provided advice; and k. Any other activities as are approved by the Committee, the Committee’s counsel, as agreed to by Seaport. In addition to services related to these areas, Seaport understands that it may be requested to render other services and to participate in meetings and discussions with the Committee, the Debtors, and other parties-in-interest and their respective professionals. 13. Additionally, while Seaport recognizes that it is difficult to predict how complex cases proceed, it will undertake to coordinate all tasks with the Committee to achieve case efficiency and to avoid or minimize any unnecessary duplication of efforts. 14. The Committee believes it is necessary to employ Seaport as its financial advisor to render the foregoing professional services. In light of Seaport’s substantial experience, especially within the oil and gas industry, and expertise and the complex nature of the Debtors’

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business and financial affairs, the Committee believes that Seaport is well qualified to provide advice in the above-captioned matter. PROFESSIONAL COMPENSATION 15. The Committee has agreed to the following compensation for the services to be provided by Seaport in this chapter 11 case:
Table 1 on page 6. Back to List of Tables
Hours by Profession None
Managing Director $600
Vice President $510
Associate $360
Analyst $240
Paraprofessional $185
16. For billing purposes, Seaport shall keep its time in increments of fifteen minutes and will include a description of the services provided. Further, Seaport will be reimbursed for reasonable expenses incurred in connection with this engagement, such as travel expenses, duplicating charges, online services charges (including data room charges), messenger and delivery services, meeting services and long-distance telephone and facsimile charges incurred by Seaport. 17. Notwithstanding anything in this Application to the contrary, Seaport shall (i) to the extent that it uses the services of independent contractors or subcontractors (the “Contractors”) in this Case, pass-through the costs of Contractors to the Debtors at the same rate that Seaport pays the Contractors; (ii) seek reimbursement for actual costs only; (iii) ensure that the Contractors are subject to the same conflict checks and compensation procedures as required for Seaport; and (iv) file with the Court such disclosures as required by Bankruptcy Rule 2014. 18. The proposed order provides that Seaport shall file applications for interim and final allowance compensation and reimbursement of expenses to the Bankruptcy Court in accordance

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with the Bankruptcy Code, the Bankruptcy Rules, the Local Rules and any other applicable procedures and orders of the Bankruptcy Court. INDEMNIFICATION 19. As a material part of the consideration for which Seaport has agreed to provide the services described herein, pursuant to the Engagement Agreement, attached hereto as Exhibit D, which requires the Committee to request that the Court approve the indemnification provisions in Annex 1 to the Engagement Agreement (the “Indemnity Provisions”), including without limitation, an agreement by the Debtors (i) to indemnify and hold harmless Seaport and its affiliates, and their respective directors, officers, agents and employees and each other person controlling Seaport or any of their affiliates (collectively, the “Indemnified Parties”), to the fullest extent lawful, from and against any and all losses, expenses, claims or proceedings related to or arising out of the engagement or any transaction or conduct in connection therewith, and (ii) reimburse each Indemnified Party for all expenses (including, without limitation, the fees and expenses of counsel) as they are incurred in connection with investigating, preparing, pursuing, defending, settling, compromising or otherwise becoming involved in any action, suit, dispute, inquiry, investigation or proceeding, pending or threatened, brought by or against any person or entity (including, without limitation, any shareholder or derivative action or any claim to enforce the Engagement Agreement), arising out of or related to such engagement or matter. However, the Committee shall not be liable under the Indemnity Provisions for any loss, claim, damage, or liability which is finally judicially determined by a court of competent jurisdiction to have resulted primarily from the willful misconduct or gross negligence of such Indemnified Party. 20. The Committee believe the Indemnity Provisions is a reasonable term and condition of Seaport’s engagement and were, along with all the terms of the Engagement Agreement,

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negotiated by the Committee and Seaport at arm’s-length and in good faith. Seaport and the Committee believe that the Indemnity Provisions are comparable to those indemnification provisions generally obtained by crisis management firms of similar stature to Seaport and for comparable engagements, both in- and out-of-court. Similar indemnification arrangements have also been approved and implemented in other large chapter 11 cases. See, e.g., In re Castex Energy Partners, L.P., No. 17-35835 (Bankr. S.D. Tex. Dec. 4, 2017); In re SandRidge Energy, Inc., No. 16-32488 (DRJ) (Bankr. S.D. Tex. June 23, 2016); In re Southcross Holdings LP, No. 16-20111 (MI) (Bankr. S.D. Tex. May 6, 2016); In re Magnum Hunter Res. Corp., No. 15-12533 (KG) (Bankr. D. Del. Jan. 28, 2016); In re Swift Energy Co., No. 15-12670 (MFW) (Bankr. D. Del. Feb. 1, 2016); In re Offshore Grp. Inv. Ltd., No-15-12422 (BLS) (Bankr. D. Del. Jan. 5, 2016); and In re Falcon V, LLC, No. 19-10547 (Bankr. M.D. La. 2019). 21. The Committee submits that the Indemnification Provisions reflected herein are customary and reasonable terms of engagement for financial advisors for engagements within this type of cases in this and other districts, and thus should be approved. SEAPORT’S DISINTERESTEDNESS 22. Seaport has conferred with its professionals, and, to the best of its knowledge and except to the extent disclosed in the Thompson Declaration, each of Seaport’s professionals (a) is a “disinterested person” within the meaning of § 101(14) of the Bankruptcy Code, (b) does not hold or represent an interest adverse to the Debtors, or other parties in interest in the Chapter 11 Case. In addition, Seaport is not a creditor or equity security holder of the Debtors. 23. Seaport has represented, represents, and in the future will likely represent debtors and creditors’ committees in cases unrelated to the Debtors and this Case wherein one or more of

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the firms representing the members of the Committee or other parties in interest serve as or will serve as professionals to committee members. 24. Seaport will conduct an ongoing review of its files to ensure that no conflicts or other disqualifying circumstances exit or arise. If any new material facts or relationships are discovered or arise, Seaport will supplement its disclosure to the Court. SATISFACTION OF LOCAL RULE 2014-1(b)(1) 25. Local Rule 2014-1(b)(1) provides that if a motion for approval of employment of a professional is made within thirty (30) days of that professional commencing work, it is deemed contemporaneous. This Application is made within the thirty (30) day period, thus nunc pro tunc retention is not warranted. The Committee therefore submits that the criteria set forth in Local Rule 2014-1(b)(1) have been satisfied. NO PRIOR REQUEST 26. No prior application has been made in this or any other Bankruptcy Court. This Court has not previously denied any application requesting the relief sought herein. WHEREFORE, the Official Committee of Unsecured Creditors respectfully requests that the Court enter the proposed order submitted herewith: (a) granting this Application, (b) authorizing it to retain and employ Seaport Global Securities, LLC as financial advisor, effective April 6, 2020, and (c) for such other relief as this Court may deem just and proper. Signature Page to Follow:

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Respectfully submitted, STEWART ROBBINS BROWN & ALTAZAN, LLC By: /s/ Paul D. Stewart, Jr. Paul D. Stewart, Jr. (LA. Bar # 24661, admitted SDTX) William S. Robbins (TX Bar # 24100894) Brandon A. Brown (TX Bar # 24104237) Brooke W. Altazan (TX Bar # 24101002) Baton Rouge, LA 70801-0016 Telephone: (225) 231-9998 Facsimile: (225) 709-9467 dstewart@stewartrobbins.com bbrown@stewartrobbins.com wrobbins@stewartrobbins.com baltazan@stewartrobbins.com Counsel to the Official Committee of Unsecured Creditors -And- Tom A. Howley (TX Bar # 24010115) Eric Terry (TX Bar # 00794729) HOWLEY LAW PLLC Pennzoil Place – South Tower 711 Louisiana St., Suite 1850 Houston, Texas 77002 Telephone: 713-333-9125 Facsimile: 713-659-9601 Email: tom@howley-law.com Email: eric@howley-law.com Local Counsel to the Official Committee of Unsecured Creditors

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Certificate of Service I hereby certify that on April 30, 2021, a true and correct copy of the foregoing APPLICATION FOR APPROVAL OF THE EMPLOYMENT OF SEAPORT GLOBAL SECURITIES, LLC AS FINANCIAL ADVISOR TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS EFFECTIVE AS OF APRIL 1, 2021, was served via the Court’s CM/ECF system to all parties consenting to service through that system. /s/ Paul Douglas Stewart, Jr. Paul Douglas Stewart, Jr.

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