Bankruptcy lawyers are often hired for the task of shutting down an unsalvageable business. Earlier this week, Louisiana lawyer Martin A. Schott was hired to resurrect a dead one.
With a bankruptcy judge’s order, Mr. Schott is now in charge of shuttered oil and gas driller EC Offshore Properties Inc., which halted operations off the Louisiana coast in August.
That closure began a countdown on a very important timer: under federal rules, a company that stops drilling on leased land will lose that lease after 180 days of inactivity.
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