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Experienced business bankruptcy attorney Hugh M. Ray III, a member of the Texas and New Mexico bars, has represented clients in the oil and energy sector since earning certification from the Texas Board of Legal Specialization in 2005. Hugh Ray III has successfully represented dozens of companies undergoing Chapter 11 filings and complex debt restructurings.
High debt and volatile oil prices have resulted in record numbers of bankruptcy filings in the energy sector. In the state of Texas, over 100 energy businesses filed for bankruptcy in 2017, a 42 percent increase over 2016.
In the first months of 2018 alone, two large Texas oil and gas producers and their affiliates with a combined 2.9 billion dollars in debt have filed for bankruptcy and Chapter 11 protection. The number of bankruptcy cases is expected to rise, as the state’s bankruptcy bar has earned a positive reputation in the business community for Chapter 11 filings.
The depressed gas prices driving the bankruptcy trend is also apparent in international markets, and energy companies in Europe have faced significant reductions in stock value in the first half of 2018, though they experienced record profit in the summer of 2018. As a result, many companies are looking into restructuring and reinvesting in alternative energy sources to diversify risk.
Hugh Ray III 
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