Commercial Bankruptcy

News & Analysis as of

New Delaware Chapter 11 Filing – Halcón Resources Corp. et al

Halcón Resources Corp. et al (NYSE: HK) and 21 affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11724)....more

Epirus Biopharmaceuticals Files for Chapter 7 Bankruptcy

Epirus Biopharmaceuticals, a biosimilar startup, has filed for Chapter 7 bankruptcy. The Boston-based startup had lost approximately 82% of its value by June of 2016, after an announcement that it would cease working on a...more

Bridging the Week - July 2016 #3

CME Group Proposes New Clearing Member Category to Help Customers Avoid Pro Rata Distribution Risk in Case of FCM Insolvency: CME Group filed proposed rule changes with the Commodity Futures Trading Commission that would...more

Drilling Deeper: The Intersection of Producer Bankruptcies and Gathering Agreements

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

Delaware Law Updates – Freedom of Contract in LLC Structure Is Not Absolute Where Parties Seek Bankruptcy Relief

In re Intervention Energy Holdings, LLC, Case No. 16-11247 (D. Del. June 3, 2016), the Bankruptcy Court for the District of Delaware dealt with the issue of whether a Delaware LLC lacked authority to file a Chapter 11...more

Suspicious Minds: Lender's Failure to Investigate and Search For "Possible Dirt" Leads to Fraudulent Transfer Liability, but Not...

In a decision that deserves the close attention of secured lenders, the U.S. Court of Appeals for the Seventh Circuit held that a bank’s awareness of suspicious facts about the collateral pledged to secure its loan required...more

Security Interest v. License Agreement: Low Tech Precautions for the High Tech Investment

In this exciting age of startups, the market is brimming with opportunities for individuals and entities alike to invest in emerging companies. Today’s rapid rate of technology development justifies investors’ eagerness to...more

Midstream Contracts Remain in Doubt in Bankruptcy

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

Preparing Yourself and Your Client for Chapter 11: Part I of II – The Petition Package, Filing the Case, Filing Fees, and First...

As a Chapter 11 debtor’s attorney, the prospect of serving as debtor’s counsel is an exciting – and increasingly rare – opportunity. The preparation for filing a Chapter 11 case involves negotiating complex cash collateral...more

General Motors: Protection Granted in Section 363 Sale Orders is Only as Good as the Notice Given

In a recent decision by the U.S. Court of Appeals for the Second Circuit in the General Motors case, the court held certain claimants were not afforded procedural due process with respect to the § 363 sale of General Motor...more

Resolution of Intercreditor Dispute in Favor of ABL Lenders in the RadioShack Bankruptcy Case

On May 11, 2016, the Delaware bankruptcy court issued an opinion in the RadioShack bankruptcy case addressing an intercreditor dispute between Salus Capital Partners, LLC, the “last out” lender in RadioShack’s prepetition...more

The Customer Finally Pays, But the Bankruptcy Trustee Demands the Payment Be Returned; What to do When Faced with a Preference...

Many businesses have been there - a customer who is always slow to pay or, worse yet, has stopped all payments. You diligently press them for payment and after many promises, you finally receive payment. The receivable...more

Water Industry Deals and News

The latest edition of the OMM Water Report includes select O’Melveny transactions and other items of interest that occurred during May and June 2016. Please see full report below for more information....more

U.S. Supreme Court to Weigh in on Structured Dismissals and Settlements Circumventing the Bankruptcy Code’s Priority Scheme

On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. See...more

Delaware Organizational Meeting – ESML Holdings and Essar Steel Minnesota LLC

Upcoming Committee Formation Meeting: Tuesday July 19, 2016, 10:00 AM - Case Name: ESML Holdings Inc. Case Number: 16-11626 (BLS)...more

Bankruptcy Court Rules Chapter 13 Debtors Must Assume or Reject Leases in 120 Days

In a recent decision from the Bankruptcy Court for the District of Maine, In re Cho, the Court ruled that 11 U.S.C. § 365(d)(4)(A) applies to debtors in Chapter 13 cases. In this case, the debtors operated a dry cleaning...more

Creditors Benefit from Seventh Circuit’s Interpretation of “Ordinary Course of Business” Defense to Preferences

The Court of Appeals for the Seventh Circuit recently discussed the standard for whether payments made to vendors in the 90 days prior to a bankruptcy filing are within the “ordinary course of business” defense. In making...more

How Reporting a Crime May Subject You to Sanctions

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more

Some Much Needed Transparency Required on Liquidating Trustees, Liquidating Trusts, Plan Documents, and Other Post-Confirmation...

We at The Bankruptcy Cave applaud the recent ruling by Judge Whipple of the Bankruptcy Court for the Northern District of Ohio, seeking to make the post-confirmation parties, processes, and procedures far more transparent. In...more

Bankruptcy Pitfalls: How an infringer's bankruptcy could impact your IP rights

As a patent owner, you have the exclusive right to prevent others from making, using, selling, offering for sale, or importing your claimed invention into the United States. You also have the ability to recover damages from a...more

Essar Steel Affiliates File Chapter 11 and Chapter 15 Petitions in Delaware

Certain North American based affiliates of Essar Steel Ltd (Mumbai) have today filed Chapter 11 and Chapter 15 petitions in Delaware. ESML Holdings Inc. and Essar Steel Minnesota LLC have filed Chapter 11 proceedings in...more

Bankruptcy Courts Closing In – Will An Agreement Requiring Unanimous Consent To File For Bankruptcy Be Effective?

We’ve all seen it. The business opportunity looks enticing but is laced with risk about a potential bankruptcy filing down the road. As bankruptcy lawyers we are often asked how deals can be structured to prevent a...more

Renewable Energy Update - July 2016

Renewable Energy Focus - Senator Heinrich to introduce energy storage tax credit bill - Greentech Media - Jul 5 - There will soon be an energy storage tax credit proposal in both the House and Senate. Senator...more

SEC Proposes Rule Requiring Registered Advisers to Adopt Business Continuity and Transition Plans

On June 28, 2016, the Securities and Exchange Commission (SEC) proposed new Rule 206(4)-4 under the Investment Advisers Act of 1940 (Advisers Act) that would require registered investment advisers to adopt and implement...more

Delaware Bankruptcy Court: Corporate Debtor's Negotiated Waiver of Bankruptcy Protection Void as Contrary to Federal Public Policy

A provision in LLC's corporate governance document, the sole purpose and effect of which is to place into the hands of a single minority holder (who happens to be a Creditor of the LLC) the ultimate authority to deny the...more

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