Energy & Utilities Bankruptcy

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Rejecting Related Contracts: When Can You Pick and Choose?

In re Trinity Coal Corp., 514 B.R. 526 (Bankr. E.D. Ky. 2014) – The debtors sought to reject easement and disposal agreements with the owners of adjacent coal mines. The adjacent owners objected on the basis that the...more

Bankruptcy Courts Fail to Enlighten on Electricity as Goods or Services

Is electricity goods or services? That seemingly simple yet confounding question is illustrated by three recent bankruptcy cases (all of which consider whether an electricity provider is entitled to an administrative expense...more

Environmental Claims: The Gift That Keeps On Giving

Asarco LLC v. Goodwin, 756 F.3d 191 (2nd Cir. 2014) – A reorganized company (Asarco) sought contribution for payment of environmental claims from beneficiaries of trusts created under John D. Rockefeller’s will. The...more

Subcontractors Score a Victory in Federal Court

On August 27, in In re Heritage Consolidated, L.L.C., the Fifth Circuit Court of Appeals granted subcontractor’s lien rights to two oil and gas drilling contractors. The Court reversed a district court ruling which upheld a...more

Bankruptcy Auctions 101

A recent bankruptcy auction of a Texas power plant by Optim Energy LLC provided an important lesson for potential bidders at bankruptcy auctions and their representatives on the importance of developing a clear bidding...more

Bankruptcy Auctions Present Opportunities to Acquire Energy Assets with Limited Risk

Energy industry bankruptcies of all types are expected to increase, offering an opportunity for companies to acquire assets for their operating portfolios while taking advantage of the bankruptcy process. We have received...more

Historic Award in the Yukos Majority Shareholders Arbitration

In this issue: - Background of dispute - Tax reassessments - Harassment of Yukos - Settlement offers - “Rigged” auction - Harassment of PwC - Bankruptcy - Legal...more

New Debt Enforcement Act Significantly Impacts Stakeholders In Puerto Rico’s Energy & Infrastructure Sectors

On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcemen enabling certain Commonwealth public corporations in financial distress...more

UPDATE: Leaving Las Vegas (but What is Filed in Delaware Stays in Delaware)

On Thursday, May 22, 2014, Judge Sontchi upheld the Energy Futures Holdings debtors’ chosen venue in Delaware, denying the second-lien holders’ motion to transfer the bankruptcy case to Texas. In arriving at this decision,...more

Court Rejects Effort to Transfer Venue of Energy Future Holdings Bankruptcy From Delaware to Texas

In a ruling yesterday, Judge Christopher Sontchi of the United State Bankruptcy Court for the District of Delaware denied a motion by a bond trustee to transfer venue of the Dallas-based Energy Future Holdings from...more

Energy Future Holdings Files For Bankruptcy; Second Lienholders Oppose Deal

On April 29, 2014, Energy Future Holdings filed what it claims is a pre-packaged chapter 11 bankruptcy in Delaware. The bankruptcy, which ranks among the largest cases ever with over $36 billion in assets and nearly $50...more

Executory Forward SREC Contracts - What Exactly Does This Mean?

What happens to the payment for a solar renewable energy credit (SREC) when the payor closes its doors? Maryland citizens are finding out the hard way. The promises made to some of them are turning up empty....more

Friday 13th: an Unlucky Day for Scottish Liquidators

On 13 December 2013, the Court of Session ruled that the liquidators of The Scottish Coal Company Limited (SCC) were not able to disclaim ownership of certain open-cast mines and the environmental permits which were connected...more

An Opportunity to Cure? When Bankruptcy and Unpaid Oil and Gas Lease Royalties Collide in North Dakota

The North Dakota Supreme Court recently issued its second opinion in Van Sickle v. Hallmark & Associates, a case that has tested the boundaries of a mineral interest holder’s right to royalties when well operators go...more

Solar Bankruptcy Trustee Sues For $950 Million

The trustee in bankruptcy for Energy Conversion Devices, parent of United Solar of Greenville, is suing three Chinese solar panel companies. The allegations filed in Federal District Court in Detroit against Trina Solar Ltd,...more

Capital Infusion: Case Spotlight: In re SemCrude, L.P.

Sudden interruptions in oil supplies caused by the 1973 Arab oil embargo, the Iranian revolution of 1979 and the outbreak of the war between Iran and Iraq in 1980 led to the energy crises of the 1970’s and 1980’s, forcing...more

Bill on Bankruptcy: LightSquared, the Battle among Hedge Funds [Video]

Sept. 5 (Bloomberg) -- The hedge funds battling for control of LightSquared Inc., the developer of a satellite-based wireless communications system, is the first item on the bankruptcy video with Bloomberg Law's Lee Pacchia...more

Acquiring Italian Distressed Renewable Energy Assets -- Handling Contractual Relationships with Insolvent Companies

Cuts of incentives, increase of competition and the economic crisis have driven many Italian renewable energy companies into financial distress. Dealing with distressed companies involves additional risks and, for foreign...more

The Seventh Circuit Cuts the Gordian Knot of NSR Interpretation: Preconstruction Review Cannot Lead to Continuing Violations

Last week, in United States v. Midwest Generation, the 7th Circuit Court of Appeals affirmed dismissal of EPA’s NSR enforcement action against Commonwealth Edison. Commonwealth Edison was the prior owner of the plants at...more

Weathering The Storm Of An Owner Or General Contractor Bankruptcy

Bankruptcy court is often the “court of bad news” for creditors. ...more

Bankruptcy Court Permits Patriot to Modify Union Agreements

Patriot Coal became the third major debtor in the last year to modify benefits or reject a CBA under sections 1113 and 1114 of the Bankruptcy Code....more

Bankruptcy Court Permits Patriot to Modify Union Agreements

Patriot Coal became the third major debtor in the last year to modify benefits or reject a CBA under sections 1113 and 1114 of the Bankruptcy Code. Following similar rulings in the Hostess and AMR Corporation bankruptcies,...more

TRANSACTIONAL: Bankruptcy: Contractor Insolvency Issues in Large Project Transactions

An issue that is often overlooked, but should be considered in the context of large project transactions, is the potential insolvency of contractors and subcontractors. A bankruptcy proceeding involving a key contractor can...more

Energy Newsletter - April 2013

In This Issue: - TRANSACTIONAL: - Project Development/FinanceKey Considerations in Energy Take-or-Pay Contracts - Upstream - Russia and former republics Unconventional Russia - Bankruptcy:...more

Solar Project Performance May Be Threatened By Satcon Bankruptcy - Semi-Annual Audits Should be Conducted to Ensure Project...

If your solar project uses Satcon-brand inverters to convert the direct current generated by your solar panels into alternating current, you may have recently received notice from Satcon or your installation contractor that...more

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