Energy & Utilities Bankruptcy

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June 2016: Energy Litigation Update

Bankruptcy Judge’s Decision in Sabine Oil & Gas Alters the Relationships and Value Allocations Between Oil Producers and Midstream Companies. The hottest area in restructuring in 2016 is oil and gas. In the first five months...more

Unsecured Creditor Perspectives in Energy Restructurings

This Practice Note provides guidance and advice to unsecured creditors in energy restructurings. This Note specifically addresses restructurings in the oil, gas, and coal industries and the strategies that unsecured creditors...more

The AER Makes Waves with its Response to the Redwater Decision

HIGHLIGHTS The Alberta Energy Regulator (AER) issued Bulletin 2016-16 which has put in place interim measures in response to the Court of Queen’s Bench decision in Redwater Energy Corporation (Re) (Redwater) - ...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

Sabine – A New York Bankruptcy Judge’s Interpretation of Texas Property Law Encourages Compromise and Leaves an Industry in Limbo

On March 9, 2016, Bankruptcy Judge Shelley Chapman of the Southern District of New York issued her decision on the Debtor’s motion to reject certain contracts in Sabine Oil & Gas Corporation’s Chapter 11 case. The decision,...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 Model Form JOA in Hard Times (and Farewell, Rally Possum)

Good morning class. Welcome to an advanced course on what can go wrong with the Model Form just when you need it. FIRST CASE - Do you know where to file your UCC financing statement?...more

‘Fit for 50’ – Restructurings Likely as Oil Industry Enters New Normal

Prior to the recent collapse in oil values, prices existed at over $100 a barrel for over three years. It made the economics of oil exploration, production and sale comparatively straightforward, but embedded costs into the...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

The Shale Bankruptcy Boom Moves Midstream

The shale boom has given rise to another, less welcome boom: the bankruptcy boom. Thirty-five exploration and production (“E&P”) companies sought bankruptcy protection between July 1, 2014, and December 31, 2015, and this...more

The Shale Play Today - Second Quarter 2016

In This Issue: A National Energy Plan: Should We Have One? Do We Have One? If So, Is It Working? Before ultimately answering the questions posed in the title above on a National Energy Plan, in full disclosure it...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

Trouble Down the Pipeline? What Sabine Oil & Gas Corp. May Mean For The Midstream Service Sector

Recently, the Bankruptcy Court for the Southern District of New York issued an opinion in In re Sabine Oil & Gas Corp. that permitted the debtor, Sabine Oil & Gas Corporation ("Sabine") to reject certain gathering and...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

R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 3: Yes, Gathering Agreements Can Be Rejected as Executory Contracts...

Reuters recently reported that “the rout in crude prices is snowballing into one of the biggest avalanches in the history of corporate America, with 59 oil and gas companies now bankrupt[.]” In March, we described how surging...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

Renewable Energy Update - May 2015 #2

Renewable Energy Focus - Forecast sees largest growth for renewable energy sources - The Hill - May 11 - Federal energy analysts are forecasting that renewable energy will see the largest growth in...more

Penn Virginia files bankruptcy in Eastern District Virginia, Richmond Division

Citing a profound transformation of the oil and gas industry, Penn Virginia Corporation and its affiliates filed for chapter 11 bankruptcy relief early this morning in the United States Bankruptcy Court for the Eastern...more

Midstream Gathering Agreements Targeted by Recent Oil & Gas Bankruptcies

Continuing low oil and natural gas commodity prices have led to bargain prices at the pump, but also high tension in many boardrooms. This strain on the industry has resulted in many exploration and production, or “E&P,”...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

Renewable Energy Update - April 2016 #5

Renewable Energy Focus - California utility-scale solar beat wind for first time in 2015 - Solar Industry Magazine - Apr 28 - In 2015, energy from grid-connected, utility-scale solar plants surpassed that from...more

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