On February 3, GMX Resources Inc., an oil and gas exploration and production company with assets in North Dakota, Montana, Wyoming and Texas, successfully completed its reorganization and emerged from Chapter 11 protection. GMX filed for Chapter 11 relief in April 2013 in the United States Bankruptcy Court for the Western District of Oklahoma and its plan of reorganization was confirmed on January 22. As part of the plan of reorganization supported by a steering committee of senior secured noteholders represented by Paul, Weiss, GMX significantly reduced its debt from approximately $505 million to $60 million through a debt-for-equity conversion in which senior secured noteholders received all of the equity interests in the reorganized company.

The Paul, Weiss team included bankruptcy partners Andrew Rosenberg and Brian Hermann and counsel Diane Meyers; tax partners David Mayo and David Sicular; corporate partners Lawrence Wee and Jeffrey Marell; litigation partner Aidan Synnott; real estate partner Peter Fisch; employee benefits partners Robert Fleder and Andrew Gaines; and environmental counsel William O'Brien.