Languishing oil prices are making Chapter 11 a reality for a growing number of energy companies. In their recent article More Than Filling Empty Seats: A Guide to Board Composition for Energy Companies Emerging from Bankruptcy, Steve Goodman and Trent Aulbaugh explain how board restructuring can help firms bounce back after Chapter 11. They outline a four-step guide to forming a new board - putting the focus on understanding the range of agendas around the table, recruiting directors with the right experience, judgment and temperament, laying a strong foundation at the top and closely monitoring board dynamics. “Creating a board for an energy company emerging from bankruptcy may look like a daunting challenge, but it is also a rare opportunity to rebuild from scratch, unencumbered by legacy constraints,” notes Goodman.
Full story: Trent Aulbaigh & Steve Goodman: For Energy Companies in Bankruptcy, Four Steps To A Turnaround Boardroom in PR Newswire (18 October 2016).