Renaissance Offshore (“the Company”) was founded in December 2011 as an acquirer and developer of legacy oil fields in the Gulf of Mexico (“GoM”). Between 2012 and 2014, Renaissance grew substantially with the acquisition of 16 GoM producing fields located off the coast of Louisiana, 15 of which are operated, and most are 100% owned and over 70% oil weighted.
Opportune Partners LLC and Opportune LLP (collectively “Opportune”) were engaged by the Company to act as financial and sell-side advisor to run a dual track process of restructuring its $113 million secured bank debt facility and an asset sale process. Prior to initiating an asset sale process the Company was able to reach an agreement with its lender group to cancel the Company’s secured bank debt for an overriding royalty interest (“ORRI”).
Services performed during bank negotiations included:
Specifically, Opportune professionals added value by:
In a down market with limited sale options and/or very depressed pricing in Q2 2020, this alternative restructuring provided a better option to all parties.
Since inception, Opportune has been one of the most active financial advisory firms in the energy sector. Our restructuring experience, coupled with our energy-industry expertise, maximizes value for constituents in a distressed situation. We think strategically, and deliver results both operationally and financially through hands-on, actionable implementation to meet the challenges of business turnarounds. We serve equity, secured lenders, unsecured creditors, and others throughout the capital structure to enhance value and increase recoveries during times of operational and financial crisis.
Opportune Partners LLC , an affiliate of Opportune LLP, is a member of the Opportune Network, and is a member of FINRA and SIPC. Opportune Partners LLC is not engaged in the practice of public accountancy. Privacy and Business Continuity Plan.