Bankruptcy Energy & Utilities Business Organization

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Global Tax News: Hard times in the oil patch: tax implications for investors in the era of price fluctuations

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having a great many unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

Environmental Liabilities in Oil & Gas Sales Under Bankruptcy Code Section 363

Since the beginning of 2015, at least 77 companies in the oil and gas industry have sought bankruptcy relief in the United States. The flow of oil and gas company bankruptcies shows no sign of slowing down and, based on the...more

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become...more

[Event] Financial Distress in the Energy Sector: Managing Exposure and Leveraging Opportunities - July 14th, Dallas, TX

Please join Locke Lord for a complimentary CLE seminar on current issues affecting the energy ?sector. By leveraging the extensive experience our lawyers bring to the table from the energy ?and restructuring & insolvency, we...more

Sabine Lives On (and On): Bankruptcy Court Rejects Immediate Appeal to Second Circuit and Motion for Stay

On June 16, 2016, The Bankruptcy Cave gave you our summary of the controversial Sabine decision. At that time, post-hearing motions were pending. As luck would have it (we at The Bankruptcy Cave should start wagering on...more

Alberta Energy Regulator releases interim measures in response to Redwater Decision

On May 19, 2016, the Alberta Court of Queen’s Bench issued their decision, Redwater Energy Corporation Re, 2016 ABQB 278 (“Redwater Decision”), which we discussed in our recent alert, “Insolvency and energy insights: The...more

Bulletin 2016-16: Alberta Energy Regulator Releases New Requirements in Wake of Redwater Decision

Industry and the public may face significantly higher costs as a result of the much anticipated decision of the Alberta Court of Queen’s Bench in Redwater Energy Corporation (Re), 2016 ABQB 278, issued on May 19, 2016. The...more

Delaware Bankruptcy Court Invalidates on Public Policy Grounds a “Golden Share” Provision in LLC Agreement Designed to Limit LLC’s...

In a June 3, 2016 decision, the United States Bankruptcy Court for the District of Delaware (“the Bankruptcy Court”) invalidated, on federal public policy grounds, a provision in the debtor-LLC’s operating agreement that it...more

New Delaware Chapter 11 Filings – Maxus Energy Corporation et al.

Maxus Energy Corporation and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11501)....more

The Redwater Decision: The Alberta Energy Regulator - Trumped by Federal Bankruptcy Law

In Redwater Energy Corporation (Re, the Alberta Court of Queen’s Bench ruled against the AER, holding certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act inoperative to the extent that if applied...more

Energy Future Holdings Chapter 11 Case – The Largest Game Ever of Texas Hold’em?

The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not...more

Insolvency and energy insights: The Redwater decision

The Alberta Court of Queen’s Bench decision in Redwater Energy Corporation Re, 2016 ABQB 278, written by Chief Justice Neil Wittmann, clarifies that the provisions of the Bankruptcy and Insolvency Act (BIA) addressing the...more

New Delaware Chapter 11 Filing – Intervention Energy, LLC

Intervention Energy, LLC, a privately held non-operated oil and gas company based in Minot, North Dakota, has filed a Chapter 11 Petition before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

Will Oil Prices Drop? What’s in Store for the Upstream and Midstream Sectors Ahead

Oil prices hit a seven-month high on Tuesday, with WTI ending the day at $48.31. Prices have been on the rise since hitting lows under $30 in February, with the most recent boost caused by global supply disruptions and...more

Sands Anderson Report on First Day Hearing in Bankruptcy Filings of Penn Virginia

Lawyers from the bankruptcy team of Sands Anderson attended yestertday’s “First Day” hearings in the chapter 11 bankruptcy case of Penn Virginia Corporation and its affiliates. Penn Virginia is an oil and natural gas...more

Directors – Don’t Be at a Loss for Your D&O Coverage in Bankruptcy

As the spate of energy bankruptcies continues, trustees, shareholders, creditors, plaintiff’s firms and other interested parties are looking at ever more creative ways to maximize the recovery for their constituency or fight...more

The Oman Update - Official Gazette 1141

Ministerial Decisions - Ministry of Environment & Climate Affairs - Ministerial Decision No. 20/2016 Issuing the regulations for the management of climate affairs. The climate affairs regulations issued under...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

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

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

Distressed Asset Acquisitions Outside Bankruptcy in the Oil and Gas Space

Amidst the current downturn in oil prices, many expect and hope for, an increase in merger and acquisition (M&A) activity in the coming months. Whereas past downturns created an opportunity for major acquisitions, such as...more

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