It may be fair to say that non-US entities involved in a chapter 15 case, the mechanism through which US courts recognize foreign insolvency proceedings, do not anticipate having to litigate claims raised in the chapter 15...more
On November 11, 2022, FTX, the world’s third-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy protection in the United States. Reports suggest that the exchange might have a shortfall of as much as US$8...more
On December 12, 2019, the US Court of Appeals for the Sixth Circuit issued a highly anticipated ruling in the FirstEnergy Solutions Corp. bankruptcy case, regarding the efforts of FirstEnergy Solutions Corp. (FirstEnergy or...more
1/9/2020
/ Abrogation ,
Adversary Proceedings ,
Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Business Judgment Rule ,
Chapter 11 ,
Commercial Bankruptcy ,
Exclusive Jurisdiction ,
Executory Contracts ,
Federal Power Act ,
FERC ,
Jurisdiction ,
Power Purchase Agreements ,
Preliminary Injunctions ,
Remand ,
Reversal
On February 16, 2018, the US District Court for the Southern District of Texas issued an opinion that may prove important for non-defaulting parties to trading contracts. In an appeal arising out of the Linn Energy...more
The 2005 amendments to the Bankruptcy Code included the addition of an administrative expense claim for the value of goods received by the debtor in the 20 days prior to the bankruptcy filing. The allowance of an...more
On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed with the bankruptcy court...more
In a March 8, 2016 ruling from the bench, the U.S. Bankruptcy Court for the Southern District of New York issued a significant decision regarding the ability of a debtor in bankruptcy to reject gas gathering agreements and...more
In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute...more
8/25/2015
/ Chapter 11 ,
Commercial Bankruptcy ,
Commodities ,
Derivatives ,
Energy Sector ,
Fraud ,
ISDA Master Agreement ,
Jurisdiction ,
Oil & Gas ,
Ordinary Course of Business Defense ,
Summary Judgment ,
Uniform Commercial Code (UCC)
As noted in a previous Sutherland Legal Alert, the American Bankruptcy Institute has formed a Commission to Study the Reform of Chapter 11 (the Commission). To further its goal of proposing changes to modernize the Bankruptcy...more
The “safe harbor” provisions of the Bankruptcy Code protect firms that trade derivatives, and other participants in financial and commodity markets, from the rigidity that bankruptcy law imposes on most parties. Since their...more