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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

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

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

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. Following similar rulings in the Hostess and AMR Corporation bankruptcies,...more

Oil and Gas Lease a Proprietary Interest Under the Alberta PPSA

Last week we discussed the decision of the Alberta Court of Queen’s Bench in Kasten Energy Inc. v. Shamrock Oil & Gas Ltd., 2013 ABQB 63 and, in particular, the Court’s concise summary of the applicable test for the...more

Relevant Factors When Considering an Application to Appoint a Receiver

In Kasten Energy Inc. v. Shamrock Oil & Gas Ltd., 2013 ABQB 63, the Alberta Court of Queen’s Bench considered the application of Kasten Energy Inc. (“Kasten”) to appoint a receiver over all of the assets and undertakings of...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

In Addition To Natural Gas Providers And Water Providers, Bankruptcy Courts Are Now Allowing Electricity Providers To Claim...

Recent case law may allow electricity providers to benefit from a payment priority for the value of electricity provided to a bankrupt debtor during the twenty (20) days preceding the date of the debtor’s bankruptcy filing...more

Bankruptcy Courts Allow Electricity Providers To Claim Administrative Expense Status For Electricity Provided During The Twenty...

Recent case law may allow electricity providers to benefit from a payment priority for the value of electricity provided to a bankrupt debtor during the twenty (20) days preceding the date of the debtor’s bankruptcy filing...more

Shedding Light on Whether Electricity is a "Good:" In re Southern Montana Electric Generation and Transmission Cooperative, Inc.

The question of whether electricity qualifies as a "good" under the Bankruptcy Code's administrative priority provisions has sparked varied rulings from bankruptcy courts. The recent case of In re Southern Montana Electric...more

Fifth Circuit Finds that an Electricity Requirements Contract Is a “Forward Contract” Exempt from Bankruptcy Code’s Avoidance...

On August 2, 2012, the United States Court of Appeals for the Fifth Circuit held that a requirements contract for electricity is a forward contract for purposes of section 546(e) of the Bankruptcy Code and, therefore,...more

Fifth Circuit Holds that Fixed Quantities are Not Required to Satisfy the “Forward Contracts” Safe Harbor Defense

On August 2, 2012, the United States Court of Appeals for the Fifth Circuit held that a requirements contract for the supply of electricity constituted a “forward contract” under the Bankruptcy Code and, therefore, was exempt...more

"Fifth Circuit Holds That Electricity Agreements Are Shielded From Avoidance Powers Under Bankruptcy Safe Harbor"

In its recent decision in Lightfoot v. MXEnergy Electric, Inc. (In re MBS Mgmt. Serv., Inc.), No. 11-30553, 2012 U.S. App. LEXIS 15995 (5th Cir. Aug. 2, 2012), the United States Court of Appeals for the Fifth Circuit ruled...more

Fifth Circuit Holds that Supply Agreement is a “Forward Contract” for Bankruptcy Avoidance Protection

On August 2, 2012, the United States Court of Appeals for the Fifth Circuit issued a decision in the bankruptcy case for MBS Management Services, Inc. (the “Debtor”). The Fifth Circuit affirmed the district court’s opinion...more

MBS Management Services, Inc. Revisited (Again): Do Retail Electricity Agreements Constitute Forward Contracts?

In the case of In re MBS Management Services, Inc., the United States Bankruptcy Court for the Eastern District of Louisiana (the "Bankruptcy Court") analyzed whether payments made by MBS Management Services, Inc. ("MBS") to...more

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