When Thompson & Knight helped guide Baseline Oil & Gas through Chapter 11 bankruptcy proceedings in 25 days, it marked one of the top 10 fastest bankruptcies to be completed in the U.S. Such is the value of increasingly popular prepackaged bankruptcies, which allow companies to streamline bankruptcies by negotiating with creditors before formally filing for reorganization. "Through the use of a pre-packaged Chapter 11 plan and a concentrated effort, we were able to receive confirmation of this reorganization plan in less than a month, with the confirmation hearing lasting only 60 minutes, which is truly extraordinary for this type of transaction," says Rhett Campbell of Thompson & Knight, who led Baseline's legal team. A publicly traded company that controls energy-producing properties in Texas and Indiana, Baseline's bankruptcy confirmation hearing was held and the order of confirmation was signed on the same day.