Bankruptcy Finance & Banking Business Organization

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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

Delaware Organizational Meeting – Maxus Energy Corporation, et al.

Upcoming Committee Formation Meeting: Tuesday June 27, 2016, 10:00 AM - Case Name: Maxus Energy Corporation, et al. Case Number: 16-11501 (CSS)...more

Delaware Bankruptcy Court: provision granting creditor veto over debtor’s decision to file bankruptcy violates federal public...

In a case of first impression, DLA Piper argued before the US Bankruptcy Court for the District of Delaware that a consent provision in a Delaware LLC operating agreement effectively granting a creditor a veto right over a...more

Supreme Court Holds That “Actual Fraud” Under Section 523(a)(2)(A) of the Bankruptcy Code May Include Fraudulent Transfers That...

On May 16, 2016, the United States Supreme Court in Husky International Electronics v. Ritz held that the phrase “actual fraud” under section 523(a)(2)(A) of the Bankruptcy Code may include fraudulent transfer schemes that...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Middle East focus: the Dubai International Financial Centre as a conduit jurisdiction

In DNB Bank ASA v. Gulf Eyadah Corporation and Gulf Navigation Holdings PJSC CA 007/2015, the Dubai International Financial Centre (DIFC) Court of Appeal has delivered a landmark judgment which expands the jurisdiction of 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

Law on financial restructuring was adopted in Ukraine

On 14 June 2016 the Verkhovna Rada of Ukraine adopted the Law “On Financial Restructuring” (the Law), which aims to solve many conflicts and assist in debt restructurings in Ukraine. The Law provides a new procedure for...more

Law on financial restructuring was adopted in Ukraine (Ukrainian)

On 14 June 2016 the Verkhovna Rada of Ukraine adopted the Law “On Financial Restructuring” (the Law), which aims to solve many conflicts and assist in debt restructurings in Ukraine. The Law provides a new procedure for...more

Delaware Organizational Meeting – Draw Another Circle, LLC, et al.

Upcoming Committee Formation Meeting: Tuesday June 21, 2016, 10:00 AM - Case Name: Draw Another Circle, LLC, et al. Case Number: 16-11452 (KJC)...more

Delaware Organizational Meeting – Hercules Offshore, Inc.

Upcoming Committee Formation Meeting: June 9, 2016, 10:00 AM - Case Name: Hercules Offshore, Inc. Case Number: 16-11385 (KJC)...more

Supreme Court Decides Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust

On June 13, 2016, the Supreme Court of the United States decided Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, No. 15-233, holding that Chapter 9 of the federal bankruptcy code preempts Puerto Rico’s...more

New Chapter 11 Case – Abengoa Bioenergy Meramec Holding, Inc. (Affiliate of Abeinsa Holding Inc.)

Abengoa Bioenergy Meramec Holding, Inc., an affiliate of Abeinsa Holding Inc. and other debtors, has commenced a case (Case No. 16-11450) under Chapter 11 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy...more

New Delaware Chapter 11 Filings – Draw Another Circle, LLC et al.

Draw Another Circle, LLC and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11452). The cases have been assigned to the Honorable...more

New Delaware Chapter 11 Filing – Metinvest B.V.

The foreign representative of Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies headquartered in Ukraine, has commenced a case (Case No. 16-11424) under Chapter 15 of the...more

Delaware Court Voids LLC Agreement Provision Giving Creditor Veto Over Bankruptcy

A Delaware bankruptcy court has joined what appears to be a recent trend toward invalidating limited liability company operating agreement provisions that effectively afford lenders veto power over the LLC’s authority to file...more

Litigation Funder Communications Protected by the Attorney-Client Privilege and Work Product Doctrine

Addressing a novel issue in In re: International Oil Trading Company, LLC, 548 B.R. 825 (Bankr. S.D. Fla. 2016), the United States Bankruptcy Court for the Southern District of Florida recently denied in part an involuntary...more

New Delaware Chapter 11 Filing – Seventy Seven Finance Inc.

Seventy Seven Finance Inc. and ten of its affiliates, including Seventy Seven Energy, Inc. (OTC: SSEI), which own and operate a diversified oilfield services business, have filed voluntary petitions for relief under Chapter...more

Amendments to the Companies (Winding Up and Miscellaneous Provisions) Ordinance – A Missed Opportunity?

On 3 June 2016, the Hong Kong Government gazetted the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (“Amendment Ordinance”). The date of commencement of the Amendment Ordinance will be...more

Getting the Most Bang for Your 503(b)(9) Bucks

Many creditors who have supplied goods to a debtor before a bankruptcy case begins think their only prospects for recovery will be pennies on the dollar. While often times, pre-petition claims are relegated to receive small,...more

New Delaware Chapter 11 Filing – Hercules Offshore, Inc. et al.

Hercules Offshore, Inc. (Nasdaq: HERO) and thirteen affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11385). ...more

Delaware Organizational Meeting – UCI International LLC, et al.

Upcoming Committee Formation Meeting: Friday June 10, 2016, 10:00 AM - Case Name: UCI International LLC, et al. Case Number: 16-11354 (MFW)...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

A Win for Creditors: The United States Supreme Court Expands the Meaning of Actual Fraud for Bankruptcy Discharge

The United States Supreme Court recently decided a case that will be a powerful tool for lenders dealing with borrowers who engage in schemes to avoid payment of their debts, such as an improper transfer of their assets...more

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