During the crash in 2008, an integrated oil company with operations in exploration, production, refining, transportation, wholesaling and retailing of petroleum products, including 250 full-service travel plazas and over 16,000 employees was heavily leveraged with consolidated third-party debt of over $1.3 billion and forced to file Chapter 11 with no pre-filing planning. William Murphy lead the day-to-day efforts including stabilizing and managing cash to be able to operate without available liquidity from a post Chapter 11 financing (DIP financing), securing ongoing supply of products (despite liquidity constraints and significant vendor apprehension) and, ultimately, fund a plan of reorganization.
The restructuring process included the design and implementation of a business plan that identified core assets and a strategy for allocation of resources and liquidity. William Murphy was responsible for the successful establishment and continuation of open and transparent communication between the company and its key constituents (significantly the secured lenders and unsecured creditor’s committee and their respective advisors).
As a result of the restructuring effort the prepetition shareholders retained 100% of the pre-Chapter 11 equity holdings and all creditors received 100% of their pre Chapter 11 unpaid allowed claims plus interest.