Veritas Restructuring Group
Case Studies
RELLIS Campus Data & Research Center
RELLIS - A&M CAMPUS DATA & RESEARCH CENTER
RELLIS CAMPUS DATA & RESEARCH CENTER
Challenge: Primary investor withdrew from Datacenter project forcing the company into Bankruptcy due to Financial and operational distress at an $150M+ project on the Texas A&M University’s RELLIS Campus, a 45,000-square-foot hyperscale data center complex for high-performance computing (HPC), AI research, cloud services, and data analytics, targeting clients in education, defense, and energy sectors.
Action: Pablo Bonjour served as CRO and retained Veritas Restructuring Group (VRG) to serve as Financial Advisor. The VRG team acquired critical Debtor-In-Possession funds allowing the estate to run a sales process while interfacing with secured lenders Chapter 11 reorganization, including asset valuation, creditor negotiations, and exploration of sales or mergers. Provided consulting on risk mitigation, operational scaling, and preservation of intellectual property and partially built facilities. Created collateral documents and presentations for stakeholders, including potential buyers like major tech firms (e.g., Google affiliates). Steward of building construction and acquired critical insurance for the building. asset and project
Result: Identified various potential purchasers while maintaining the doors open and avoiding a chapter 7 conversion
Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc.
SORRENTO THERAPEUTICS
Sorrento Therapeutics, Inc.
Clinical and commercial stage biopharmaceutical company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas (Case No. 23-90085). Veritas Restructuring Group (VRG) currently serves as Financial Advisor to the estate, managing payments, accounting, and ongoing post-confirmation operations.
The Company
- Clinical and commercial stage biopharmaceutical company with an immuno-oncology platform and a controlling interest in publicly traded Scilex Holding Company (Nasdaq: SCLX), developing therapies for cancer, intractable pain, autoimmune disease, and infectious disease.
Expertise Provided
- VRG currently serves as Financial Advisor to the estate, managing payments, vendor remittance, and disbursements
- VRG maintains general ledger, monthly close, and accounting cadence for the estate
- VRG supports ongoing post-confirmation operations and stakeholder reporting
The Outcomes
- Ongoing financial advisory engagement to the post-confirmation estate
- Reliable payment, accounting, and reporting cadence sustained
Shell oil Int’l Exploration & Production
SHELL INT'L OIL
Shell International Exploration and Production
$289.03 billion annual revenue leading oil and gas exploration company engaged Veritas Restructuring Group (operating as Southcoast at the time) to assess the company’s unique BOP reliability process/asset and develop a strategic and comprehensive business plan including executable strategy with proforma 5-year income, cash flow and balance sheet forecasts which resulted in the creation, divestiture and spinoff of a successful newco, creating additional value, improving regulatory environment, risk mitigation and helping to make offshore reliability a safer environment for operators in the Gulf of Mexico/America and globally.
The Company
- Leader in BOP monitoring with excellent safety record, 118 years in business in the USA, producing 343,000 barrels of oil equivalent per day (2025) faced increasing pressure from regulators and industry to share proprietary safety process technology.
The Circumstance
The company faced several distinct challenges:
- Regulatory and Industry Pressure
- BOP Reliability Process Asset/IP Sharing Challenge
- Potential Liability exposure
Expertise Provided
- Engaged by Shell Deepwater Wells Engineers leading the BOP Reliability-Team to provide immediate assistance with an assessment and development of a business plan
- Developed Strategy, and comprehensive actionable written business plan with 20+ sections, including 5-year proforma forecast Income, Cash Flow, and Balance Sheet statements
- Provided M&A Consulting on NewCo divestiture/spinoff
- Consulted regarding Risk Mitigation Strategy and Development
- Created collateral documents with Power Point Slide to present to Shell xecutive Management team (EVP)
The Outcomes
- EVP Approval Obtained
- New Company created and IP & HR assets divested/spun off
- BOP Reliability services/benefits shared with competitors
- Improved safety for industry operators
- Regulatory compliance improvement
- Additional asset and income stream
- Risk mitigation
CONSTRUCTION | Chapter 11 Trustee
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Construction Chapter 11 Trustee
Construction | Chapter 11 Trustee
Challenge: A Louisiana-based construction company entered Chapter 11 with a low cash position and was headed toward a Chapter 7 conversion that would leave no resources for a successor trustee to administer the estate, alongside unpaid payroll and tax priority claims.
Action: Pablo Bonjour served as the Chapter 11 trustee and led the engagement across cash generation, collections, creditor communications, payroll and tax priority resolution, and case administration on a compressed timeline.
Result: Generated a significant percentage amount of cash flow relative to its cash position overall within four to six weeks, settled outstanding payroll and tax obligations, and converted the case to Chapter 7 with a funded estate for the successor trustee; and recovered additional cash, AR and resources for the debtor. Pablo Bonjour & VRG voluntarily provided services on a probono basis.
Multi-State Oil & Gas company
Multi-State Oil & gas company
Independent Oil Company
Multi-state independent oil and gas operator engaged Pablo Bonjour to serve as Wind-Down Manager and Veritas Restructuring Group (VRG) served as the Financial Advisor to execute an orderly dissolution. VRG delivered full P&A compliance, executed multiple working interest assignments, paid all obligations in full, discharged multi-state unclaimed property liabilities, and secured a substantial federal tax refund. The engagement delivered a net positive return to all equity holders through a clean final shareholder distribution, with zero litigation throughout.
The Company
- Independent exploration and production operator with a multi-state portfolio of operated and non-operated working interests built over decades of active production.
The Circumstance
- Multi-state P&A compliance
- Multi-state lease and working interest disposition
- Open JIB and proportionate P&A cost negotiations
- Surface restoration and lessor releases
- Final-year tax filings
- Equity wind-down and final shareholder distribution
Expertise Provided
- Engaged as Wind-Down Manager and Financial Advisor; full operational and financial responsibility from kickoff through entity termination
- Built and maintained Thirteen-Week Cash Flow (TWCF) forecast and weekly variance reporting
- Inventoried wells; coordinated plugging contractors to complete P&A in compliance with applicable state regulations
- Coordinated outside counsel on multiple working interest assignments with defined revenue cutoffs and clean conveyance
- Negotiated open JIB and proportionate P&A cost obligations with each acquiring operator to consensual resolution
- Scoped and executed surface restoration; secured final lessor releases
- Reconciled and paid 100% of vendor and trade creditor balances
- Completed multi-state unclaimed property due diligence, reporting, and remittance
- Coordinated final-year federal and state tax filings, optimizing the final position
- Structured and executed the final shareholder distribution
- Conducted weekly Board meetings with full reporting package
The Outcomes
- Net positive return to all equity holders; clean final shareholder distribution
- 100% P&A compliance; all surety bonds released
- Multiple working interest assignments executed cleanly
- All vendors and creditors paid in full
- Substantial federal tax refund returned to ownership
- Surface restoration completed; lessor releases obtained
- Multi-state unclaimed property fully discharged
- Zero litigation throughout the wind-down
- Weekly Board transparency maintained
- On plan, on budget
international engineering company
ENGINEERING WIND DOWN
Design Multi-Million-Dollar Specialized Oil & Gas Facilities Company
International Engineering firm considered a leader in specialized oil and gas facilities design, creation, delivery, etc., engaged Veritas Restructuring Group and named Pablo Bonjour as Wind Down Manager to execute an orderly out-of-court wind down of the company. Mr. Bonjour and Veritas developed an all-encompassing wind down plan and budget while successfully executing a forbearance agreement with the senior secured lender during a complex, 4-month-long negotiation. While negotiating the forbearance agreement, Pablo and VRG also navigated several operational obstacles including the establishment of the company’s first inventory register in its multi-decade history. In addition, Veritas successfully arranged for the liquidation of substantially all the company’s assets while steadily unwinding the client’s operations outside of a formal bankruptcy process, providing a higher anticipated recovery for the senior secured lender by avoiding a bankruptcy and the fees that would have been associated.
The Company
- Leader in specialized oil & gas facilities with a recognized international brand and multiple decades of operations
The Circumstance
The client possessed several distinct circumstances, including:
- an international ownership structure
- a complex and regulated industry
- numerous general unsecured creditors
- a lack of historical inventory accounting
- limited liquidity and potential liability exposure
Expertise Provided
- Served as Wind Down Manager to execute an orderly out-of-court wind down of the company
- Developed an all-encompassing wind down plan and budget
- Successfully navigated liquidity constraints
- Overcame several operational obstacles including the establishment of the company’s first inventory register in its multi-decade history
The Outcomes
- Successfully executed a forbearance agreement with the senior secured lender during a complex, 4-month-long negotiation
- Arranged for the liquidation of substantially all the company’s assets
- Steadily unwound the client’s operations outside of a formal bankruptcy process
- Provided a higher anticipated recovery for the senior secured lender by avoiding bankruptcy and associated fees
Office Hours
Mon-Fri - 8:30 am to 5:30 pm
Saturday - 09:00 am to 12:00 pm
Holidays - Closed
Contact Info
717 Texas Ave., 12th Floor
Houston, TX 77002
713-255-2099
info@vrg.co