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Bankruptcy Energy & Utilities Business Organization

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Bankruptcy Court Rules "Make-Whole" Provision Creates Enforceable Liquidated Damages

by Jones Day on

The Situation: After a ruling in In re Ultra Petroleum Corp. by the U.S. Bankruptcy Court for the Southern District of Texas, certain private-placement noteholders are entitled to a "make-whole" premium in excess of $200...more

Third Circuit Ruling Impacts Oil & Gas Industry

by McCarter & English, LLP on

The United States Circuit Court of Appeals for the Third Circuit issued a decision that significantly affects the rights of upstream producers. Applying Delaware law, the Third Circuit explained that the upstream producers...more

Time Is Money: Historical Strip Prices and Valuation in Oil & Gas Bankruptcies

by WilmerHale on

Timing is key to valuation of all types and in all contexts. But in bankruptcy, valuation timing can take on heightened importance because a central element of bankruptcy involves distributing value as of a specific point in...more

SC utilities to suspend nuclear construction

by PretiFlaherty on

Two South Carolina utilities have announced their decisions to cease work on two new nuclear units under construction at the V.C. Summer Nuclear Station in Jenkinsville, South Carolina. The project to develop Units 2 and 3...more

GFES Liquidation Trust – Motion To Abate – Denied

by Fox Rothschild LLP on

We have previously posted about a couple major milestones for Green Field Energy – here Green Field Energy Files for Bankruptcy Protection in Delaware and Green Field Energy Services – Preference Actions Filed. Alan...more

Sabine: The Next Episode

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision. When Bankruptcy Judge Chapman determined there was no reason to expedite review of her decisions in the case, we...more

District Court Upholds Controversial Bankruptcy Decision in Sabine

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

Eastern District of Louisiana Dismisses Officer Compensation Fraudulent Transfer Claims in Tow v. Bulmahn

by Locke Lord LLP on

The U.S. District Court for the Eastern District of Louisiana dismissed a Chapter 7 bankruptcy trustee’s claims against officers and inside directors of ATP Oil & Gas Corporation in Tow v. Bulmahn on Wednesday. In Tow v....more

ICYMI: Energy & Environmental News Roundup

Oil & Gas - Murray Energy Closes $63.6 Million Asset Sale of Utica Oil and Gas Reserves - On Wednesday, October 26, 2016 Murray Energy Corporation announced that it had entered into an agreement to sell around 5,900...more

Louisiana State Mechanics’ Lien Law Trumps Parties’ Contract Terms

by Locke Lord LLP on

With U.S. oil and gas prices dipping low over the past year and a half, a large number of companies have declared bankruptcy. In the next year and a half, it is forecasted that more companies who are limping along, may seek...more

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

by DLA Piper on

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

by King & Spalding on

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

by Perkins Coie on

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

by Bennett Jones LLP on

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

by Locke Lord LLP on

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

by Bryan Cave on

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

by Dentons on

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

by Bennett Jones LLP on

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...

by Shearman & Sterling LLP on

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.

by Cole Schotz on

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

by Field Law on

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?

by Kelley Drye & Warren LLP on

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

by Dentons on

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

by Cole Schotz on

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

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