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Energy & Utilities General Business Bankruptcy

Read need-to-know updates, commentary, and analysis on Energy & Utilities issues written by leading professionals.

Sabine: The Next Episode

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision. When Bankruptcy Judge Chapman determined there was no reason to expedite review of her decisions in the case, we...more

Rejecting Midstream Agreements in Bankruptcy – the Journey Continues

by Gray Reed & McGraw on

One of the hottest issues from 2016 was whether an E&P debtor can reject, under section 365 of the Bankruptcy Code, an above-market midstream contract. Given the potential for a “no-win” situation, in all but one case where...more

District Court Upholds Controversial Bankruptcy Decision in Sabine

On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed with the bankruptcy court...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the “Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject...more

Coming Down the Pipeline: Mitigating the Payment Risk in Oil and Gas Construction Through Lien Claims

by Pepper Hamilton LLP on

Since 2015, the oil and gas market has experienced significant distress. Recent reports have tracked at least 114 North American oil and gas producers and 16 midstream companies that have filed for bankruptcy since the...more

Tokyo Dispute Resolution & Crisis Management Newsletter – January 2017

by King & Spalding on

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector - Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all...more

Eastern District of Louisiana Dismisses Officer Compensation Fraudulent Transfer Claims in Tow v. Bulmahn

by Locke Lord LLP on

The U.S. District Court for the Eastern District of Louisiana dismissed a Chapter 7 bankruptcy trustee’s claims against officers and inside directors of ATP Oil & Gas Corporation in Tow v. Bulmahn on Wednesday. In Tow v....more

Third Circuit Upholds The Enforceability Of Make-Whole Premiums In Post-Bankruptcy Context

In a recent November 17, 2016 opinion, Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC, Case No. 16-1351, the Third Circuit Court of Appeals reversed two lower court opinions by holding that make-whole...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

by Shearman & Sterling LLP on

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

Reed Smith Prepares Enforceability Opinion for IECA New Master Netting Agreement

by Reed Smith on

On October 7, 2016, Reed Smith assisted the International Energy Credit Association (“IECA”) in preparing an enforceability opinion for the release its Master Netting Agreement (the “MNA”) under both English and U.S. law....more

Energy Newsletter - September 2016

by King & Spalding on

Implementing Islamic Financing for Renewable Energy Projects - The Middle East and North Africa (MENA) region has recently seen a surge of interest in developing renewable energy, in particular solar energy projects. Led...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

by King & Spalding on

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

Bankruptcy and Midstream Contracts: Contract Parties Push Back

by King & Spalding on

In previous Energy newsletters, we have addressed one of the current hot topics in E&P bankruptcy cases – rejection of midstream contracts and declaratory relief that the “dedications” contained in those agreements are not...more

When is a company regularly engaged in the business of leasing goods?

by DLA Piper on

The recent decision by the New South Wales Supreme Court in Forge Group Power Pty Ltd (in liquidation)(receivers and managers appointed) v General Electric International Inc [2016] NSWCA 52 provides useful guidance for...more

Distress in the oil and gas industry: What happened to the price of oil?

by DLA Piper on

To the delight of motorists everywhere, the price of oil suddenly halved in the second half of 2014, dropping from over $100 to less than $50 a barrel. It’s safe to say no one saw the fall coming: most banks and industry...more

Drilling Deeper: The Intersection of Producer Bankruptcies and Gathering Agreements

by Pepper Hamilton LLP on

The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy...more

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

by Bennett Jones LLP on

Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become...more

Midstream Contracts Remain in Doubt in Bankruptcy

by King & Spalding on

By now, both producers and midstream companies are aware of the Bankruptcy Court decisions in the Sabine bankruptcy proceedings (i) rejecting the gas gathering agreements as executory contracts and (ii) determining that the...more

Internet Service a Utility in Bankruptcy? It Might Be Now.

by Bryan Cave on

One of the many fascinating things about restructuring work is its willingness to evolve by borrowing from other areas of the law. Just as business practices change, new financing techniques evolve, and transactions become...more

Sabine Lives On (and On): Bankruptcy Court Rejects Immediate Appeal to Second Circuit and Motion for Stay

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our summary of the controversial Sabine decision. At that time, post-hearing motions were pending. As luck would have it (we at The Bankruptcy Cave should start wagering on...more

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

by Morrison & Foerster LLP on

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

by Field Law on

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

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

by Bryan Cave on

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

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

by Latham & Watkins LLP on

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

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