Davis Polk is advising a group consisting of all of Venoco, Inc.’s prepetition first-lien and second-lien lenders (“the lenders”) in connection with Venoco, Inc.’s (together with its affiliates that are debtors in the below-referenced proceedings, “Venoco”) March 18 chapter 11 bankruptcy filing in the Bankruptcy Court for the District of Delaware (the “Court”). Before the bankruptcy filing, the lenders agreed to a Restructuring Support Agreement (the “RSA”), filed with the Court on March 18, under which the lenders and Venoco agree to support a plan of reorganization that would equitize Venoco’s prepetition debt. At the March 21 “first day” hearing, counsel for Venoco announced a deal in principle with a bondholder holding a majority of the prepetition unsecured notes of Venoco, which is expected to be reflected in a revised RSA.

In addition, Davis Polk is advising the lender under a $35 million superpriority debtor-in-possession credit facility (the “DIP Facility”) being offered to Venoco. On March 21, 2016, the Court entered an order approving the DIP Facility on an interim basis.

Venoco is an independent energy company primarily focused on the acquisition, exploration, exploitation and development of oil and natural gas properties. Venoco’s principal producing properties are located both onshore and offshore in Southern California.

The Davis Polk insolvency and restructuring team includes partner Damian S. Schaible, associates Darren S. Klein, Christopher Robertson, Sarah E. Levin and Dylan Consla. The credit team includes partner Kenneth J. Steinberg, associate Vivian Y. Wong and Sanders Witkow. The tax team includes partner Kathleen L. Ferrell and associate Isaac MacDonald. All members of the Davis Polk team are based in the New York office.

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