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Oman Market Developments

The Sultanate of Oman is the longest continually independent Arab country in modern history, having marked the 45th anniversary of its establishment last year. Looking to the future the Sultanate's long term strategy, Vision...more

Bankruptcy Court Rules that Gathering Agreements Can Be Rejected

Potential Significant Impacts on Midstream Companies - On March 8, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Court”) ruled from the bench in In re Sabine Oil & Gas Corp. in a...more

Seventh Circuit Holds Pre-Bankruptcy Termination of Lease May Be Avoidable Transfer

Landlords dealing with troubled tenants often enter into termination agreements that dictate terms for the consensual terminations of unexpired leases. Among other benefits, such termination agreements provide certainty and...more

Preparing for a Joint Venture Partner’s Bankruptcy

With the extended collapse in energy prices, many exploration and production (E&P) producers are now focused on not only adjusting their own drilling activities, but also on carefully assessing their partners’ financial...more

Finance Advisory: When Vendors Are Consigned to a Lower Authority

The latest in a long line of troubled retailers, Sports Authority Holdings, Inc., and certain affiliated entities, filed for bankruptcy protection on March 2, 2016. The bankruptcy case highlights one of the key aspects of...more

In re Avantair: Is My Airplane Now Yours?

Last month, the United States Court of Appeals for the Eleventh Circuit upheld the Bankruptcy Court and United States District Court for the Middle District of Florida determination that the authorized swapping of parts among...more

Treatment of Gas Gathering Contracts in Bankruptcy

On March 8, 2016, Judge Shelly Chapman, presiding over the Chapter 11 cases of Sabine Oil & Gas Corporation and its affiliates ("Sabine"), granted Sabine's motion to reject certain midstream agreements between Sabine and...more

New York Bankruptcy Court Authorizes Rejection of Midstream Contracts

Bad news for midstream counterparties of bankrupt oil & gas producers: you may not be able to rely (as much as you might have expected) on covenants “running with the land” to save your contracts from rejection in...more

Sabine ruling: significant impact on future oil and gas exploration, pipeline company restructurings – key takeaways

The US Bankruptcy Court for the Southern District of New York has issued a ruling in a chapter 11 case that could have a significant impact on future restructurings in the oil and gas industry....more

Energy Alert: Bankruptcy Court Rejects Midstream Contracts

In a highly anticipated ruling being carefully watched by both distressed upstream producers of natural gas and the pipelines that gather the gas, Judge Shelly Chapman of the United States Bankruptcy Court for the Southern...more

The Assumed Contract Chimera

We are often asked what to do if you have an operating agreement and your operator or one of the other working interest owners files for bankruptcy. The Bankruptcy Code allows the debtor to assume or reject the JOA (it is...more

Bibby Factors Northwest Limited v HFD Limited and MCD Group Limited: Buyers of debt beware

In Bibby Factors Northwest Limited v HFD Limited and MCD Group Limited the Court of Appeal held that a company whose debt has been purchased (the “Debtor”) is under no obligation to inform the purchasing party (the “Funder”)...more

Orrick's Financial Industry Week in Review

SEC Reopens Comment Period for Proposed Amendments to Rule 13n-4 under the Securities Exchange Act of 1934 - On January 15, the Securities and Exchange Commission reopened the comment period for proposed amendments to...more

"Berau May Expand US Restructuring Options for Foreign Issuers"

A recent decision in the U.S. Bankruptcy Court for the Southern District of New York clarifies that restructuring options under Chapter 11 or Chapter 15 are available to foreign issuers of U.S. debt, even if those issuers...more

Emerging Cybersecurity Company’s Distress Offers Important Lessons for Licensees and Lenders

Last week, the United States Court of Appeals for the Sixth Circuit issued a decision in the case of Cyber Solutions International LLC v. Pro Marketing Sales, Inc. Although the decision blazes no new legal territory, the...more

Debt Restructuring Agreements entered into by Real Estate Funds

According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law. Reference...more

"Recent Rulings Underscore Importance of Careful Drafting of Make-Whole Payment Provisions"

Under long-established common law, loans must be paid only upon maturity, not before. This "perfect tender in time" rule is the default rule in a number of jurisdictions. Many indentures and credit agreements therefore either...more

Restructuring eNewsletter - Global Insight Series: Pro-business reform of Polish Bankruptcy Law – January 2016

The new year will bring tremendous changes to the Polish insolvency regime as significant amendments to the Bankruptcy and Recovery Law (Journal of Laws 2015, No. 233, uniform text) come into force on 1 January 2016 (New...more

The Oman Update - Official Gazette 1127

Ministerial Decisions - Ministry of Commerce & Industry - Ministerial Decision No. 315/2015 Giving Effect to the Implementing Regulations of the GCC Unified Law of Anti-dumping, Countervailing Measures &...more

Fuhu, Inc. Files Chapter 11 As Part Of Proposed Sale to Mattel

Fuhu, Inc. has filed a Chapter 11 petition in Delaware in order to facilitate as sale of the company to Mattel, according to a statement listed on its website. The case is docketed in the United States Bankruptcy Court for...more

Quadrant Structured Prods. Co. v. Vertin, C.A. No. 6990-VCL (Del. Ch. Oct. 20, 2015) (Laster, V.C.)

In this post-trial decision, the Court of Chancery held that a company’s repurchase of senior notes from an insider approximately six months after returning to solvency did not violate the express or implied terms of the...more

Severance Payments May be Recoverable in a Company’s Bankruptcy

Working for the Queen of Hearts is a tough gig. A disappointing quarter and she’s quick to the chopping block. And the ‘severance’ she offers – “Off with their heads!” – no thanks....more

Nevada Supreme Court Opines On Scope Of Debtor’s Exemption For Stock

NRS 78.746 provides that, with several qualifications, the exclusive remedy of judgment creditors with respect to the stock in a relatively closely held corporation is to charge a stockholder’s shares.  To the extent so...more

Canadian Bankruptcy Considerations in Factoring Transactions

Factoring transactions, in which a buyer purchases outright or acquires an interest in a seller’s accounts receivable, are becoming increasingly common. Initially, the buyer must determine whether the transaction is to be...more

Global Insight - Issue 15, Q3 2015

Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some...more

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