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Your daily dose of financial news The Brief – 4.22.16

US financial regulators dropped some much-anticipated rules yesterday that aim to restrict how “big financial institutions can pay their top executives.” In particular, the rules would make banker wait “at least four years...more

Running With the Land

A long-honored concept in real property, that of “covenants running with the land,” is finding its way into the bankruptcy courts. If a covenant (a promise) runs with the land then it burdens or benefits particular real...more

Recent Bankruptcy Cases May Have a Significant Impact on the Midstream Oil and Natural Gas Pipeline Industry

Two recent bankruptcy cases could affect billions of dollars of oil and gas pipeline infrastructure investments. On March 8, 2016, Judge Chapman of the United States Bankruptcy Court for the Southern District of New York...more

Decision Permits Rejection of Midstream Agreements in Bankruptcy

Decision establishes framework for future rulings that covenants in midstream agreements do not run with the land. On March 8, Judge Shelley C. Chapman of the US Bankruptcy Court for the Southern District of New York...more

The Oil and Natural Gas Industry: The Impacts and Uncertainty Continue

By now we’ve all seen the headlines: “Oil crashes below $27 a barrel,” “Oil prices likely to remain low 3-5 years” and “U.S. oil bankruptcies spike 379%.” At first, these headlines seemed a little “distant” to me. It seemed...more

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 2 Can Gathering Agreements Be Rejected as Executory Contracts?

“The carnage is going to be terrible,” cried a recent Dallas Morning News headline. “It’s a hellacious problem,” lamented another article. It’s no secret the energy sector has come upon hard times. Oil prices are down 70...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

Midstream Acreage Contract Dedications Take a Hit in Bankruptcy

In a hotly anticipated ruling on Tuesday, Judge Chapman followed on her prior pronouncement that she was “inclined” to permit the rejection of certain gathering and processing agreements in the Sabine Oil & Gas chapter 11...more

Decisions in Sabine Oil & Gas and Quicksilver Resources Inc. Bankruptcy Cases Will Have Broad Impact on Midstream and Exploration...

Executive Summary - New York bankruptcy judge allows Sabine Oil & Gas to reject gathering agreements over the objections of midstream companies, finding that the covenants do not run with the land. On March 8, 2016, the...more

Sabine Bankruptcy Court Allows Rejection of Gathering Agreements

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

Bankruptcy Court Rules 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 case of first impression that a midstream gathering agreement...more

Community Banking Excellence - First Quarter 2016

In This Issue: - Another Perspective: We interviewed Michelle Crook, CFO of the Bank of Botetourt, and Chris Snodgrass, CFO for Bank of Marion, for our Community Banking Excellence this quarter. We wanted to know...more

Your daily dose of financial news The Brief – 3.3.16

The past 2 days saw an incredible and tragic turn of events for former Chesapeake Energy CEO Aubrey McClendon, part owner of the OK Thunder and a winery in Bordeaux and “face of the nation’s natural gas boom,” who on Tuesday...more

Distressed Download

The Distressed Download Newsletter is a roundup of recent news from Orrick's Distressed Download blog, a resource for the latest news and industry trends in the distressed debt and restructuring markets. European...more

The Oil Bust…Bankruptcy Boom?

Although the news is filled with stories of falling oil and gas prices and suggestions that a third of the exploration and production companies may file for bankruptcy, this most recent downturn may not produce the bankruptcy...more

Midstream Contract Acreage Dedications at Risk

If you read one thing... - On Tuesday, Judge Shelley Chapman, the Southern District of New York Bankruptcy Judge in the Sabine Oil & Gas chapter 11 cases, noted she was “inclined” to permit the rejection of certain...more

How Will Exploration and Production Companies Weather the Storm of 2016?

On December 31, 2014, when the price of West Texas Intermediate crude oil dropped 50% from summer prices that year to just under $55.00 per barrel, experts predicted there would be a flurry of industry restructurings; but no...more

"Oil and Gas Companies Utilize Restructuring Strategies to Navigate Industry in Flux"

Precipitous commodity price declines that began in mid-2014 continued to disrupt the oil and gas industry in 2015, outlasting the expectations of many analysts. By the end of 2015, prices for both Brent and WTI crude were...more

Protecting Rights and Finding Opportunity in Oil and Gas Industry Bankruptcies

2015 was a rough year for the oil and gas industry. The primary source of the trouble was (and continues to be) the dramatic fall in crude oil prices. In 2014, the price of U.S. crude oil averaged approximately $91 per...more

Legal Trends: Restructuring & Insolvency

Amid the protracted drop in oil prices and the decline of the Canadian dollar relative to the U.S. dollar, capitalizing on distressed opportunities in the oil and gas sector in a low-risk jurisdiction, such as Canada, has...more

Deja vu Oil Over Again

Why this downturn will be just like, and nothing at all like, the last one In the mid-1980s, the price of crude oil dropped by more than half in a matter of months. By 1986, oil was trading around $10 a barrel, down from...more

New Delaware Chapter 11 Filing – Parallel Energy LP

Parallel Energy LP, an oil and natural gas developer in Texas and Oklahoma (TSX: PLT.UN), and one affiliate have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

"Oil and Gas Companies Brace for Fall Redeterminations"

For most of 2015, industry observers have predicted that depressed commodity prices will result in a surge in M&A activity among domestic exploration and production (E&P) companies, as well as a large number of bankruptcy...more

Buyer (and its Creditors) Beware: SemCrude District Court Finds That Purchasers Took Oil and Gas Free and Clear of Producers'...

Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil...more

Hudson Energy Denied Administrative Priority for Electricity Sold Pre-Bankruptcy

In a September 18, 2015 order, the U.S. District Court for the Southern District of New York affirmed a bankruptcy court order denying administrative claim treatment to Hudson Energy Services, LLC (“Hudson”) for its retail...more

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