NEW YORK, August 29, 2016 – Milbank, Tweed, Hadley & McCloy LLP advised the Ad Hoc Committee of Second Lien Debtholders of ‎Quicksilver Resources Inc., a Fort Worth, Texas-based natural gas and oil exploration and production company, which won bankruptcy-court approval of its Chapter 11 plan on August 15, 2016.~~Quicksilver entered Chapter 11 in March 2015 with $2.3 billion in liabilities. Milbank led the negotiation of a consensual adequate protection package for the second lien debtholders, which was approved with minor modifications by the Bankruptcy Court. Milbank also negotiated a broader restructuring of Quicksilver’s indebtedness, which exceeded $2 billion, in the face of continuing declines in the commodity prices for oil and gas throughout Quicksilver’s restructuring.~~Quicksilver put its oil and gas assets on the auction block in January 2016. BlueStone Natural Resources II LLC emerged the winner with a $245 million cash bid. The sale closed on April 6, 2016. A little over a month after selling its oil and gas assets, Quicksilver filed its plan to distribute the sale proceeds to creditors.~~As a result of the reorganization, the second lien debtholders are expected to receive approximately 49% of their allowed claims.~~The Milbank team was led by Financial Restructuring partners Dennis Dunne and Samuel Khalil. Also advising the Committee were special counsel Brian Kinney and associate Justin Amirian of the Financial Restructuring Group; Alternative Investments partner Blair Tyson‎; Litigation and Financial Restructuring Group partner Andrew Leblanc; Litigation partner Aaron Renenger; Corporate Group partner Alexander Kaye, special counsel Brian Kelly and associate Broderick Henry.