Energy & Utilities Bankruptcy

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Business Restructuring & Insolvency Year in Review

Excerpt from A Year in Review: We are pleased to say that 2014 was another successful year for Morrison & Foerster’s Business Restructuring & Insolvency Group. Despite continuing market headwinds, the last year brought...more

Continuity of supply of essential services to be guaranteed during business recovery (UK update)

Following a consultation on the issues last year, an Order was laid before the UK Parliament on Monday (9 February 2015) to prevent suppliers of water, gas, electricity, communications services and IT from cutting off supply...more

Client Alert: Oil & Gas Bankruptcies on the Horizon: Beware of Statutory Liens

The recent drop in crude oil prices has been a boon to consumers and businesses alike. However, sustained lower crude prices will invariably have a negative impact on drilling activity in those states where oil and gas...more

Oil Price Decline: Positioning for Turnaround or Sale

As a reaction to the dramatic oil price volatility, many energy companies plan to streamline operations by reducing work force and shedding assets. Those who do so face tightening credit and decline in asset value that may...more

Counterparty Rights in Energy Bankruptcies

For the past several years, low interest rates and higher commodity prices have resulted in generally favorable financial conditions in the energy sector, keeping energy bankruptcy activity to a minimum. With the recent sharp...more

The Fall in Crude Oil Prices: Headline Issues to Watch

Oil price movement through 2014 and into 2015 is a consequence of market fundamentals. Europe’s continued economic woes, paired with the slowdown in China’s economy, have led to a fall in demand for oil....more

CanaSea Group: Full and Fair Disclosure Required in Ex Parte CCAA Applications

Applicants who seek ex parte relief under the Companies’ Creditors Arrangement Act (CCAA) have an obligation to make full and fair disclosure of all material facts to the court. ...more

Oil and Gas Restructurings: Exploration and Production Companies Face Unique Issues

The recent drop in oil prices will likely spur a flurry of industry restructurings, governed by a complex set of bankruptcy and state laws. Introduction - At the close of business on December 31, 2014, the...more

Points & Authorities - Fall 2014

In This Issue: - Legal Considerations for Web Based Start-Ups - California’s Water Anxiety Prompts Landmark Groundwater Legislation - Points from the President - Factor Beware: A Judgment Lien...more

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

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