Commercial Bankruptcy Chapter 11

News & Analysis as of

Three Point Shot - June 2016

Showtime and Top Rank Slug It out over "Fight of the Century" - Who said boxing was dead? Fight fans still bitter over the May 2015 Floyd Mayweather–Manny Pacquiao bout that was far more mega-bore than mega-brawl...more

Delaware Organizational Meeting – Maxus Energy Corporation, et al.

Upcoming Committee Formation Meeting: Tuesday June 27, 2016, 10:00 AM - Case Name: Maxus Energy Corporation, et al. Case Number: 16-11501 (CSS)...more

Delaware Bankruptcy Court: provision granting creditor veto over debtor’s decision to file bankruptcy violates federal public...

In a case of first impression, DLA Piper argued before the US Bankruptcy Court for the District of Delaware that a consent provision in a Delaware LLC operating agreement effectively granting a creditor a veto right over a...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

Delaware Organizational Meeting – Draw Another Circle, LLC, et al.

Upcoming Committee Formation Meeting: Tuesday June 21, 2016, 10:00 AM - Case Name: Draw Another Circle, LLC, et al. Case Number: 16-11452 (KJC)...more

Delaware Organizational Meeting – Hercules Offshore, Inc.

Upcoming Committee Formation Meeting: June 9, 2016, 10:00 AM - Case Name: Hercules Offshore, Inc. Case Number: 16-11385 (KJC)...more

New Chapter 11 Case – Abengoa Bioenergy Meramec Holding, Inc. (Affiliate of Abeinsa Holding Inc.)

Abengoa Bioenergy Meramec Holding, Inc., an affiliate of Abeinsa Holding Inc. and other debtors, has commenced a case (Case No. 16-11450) under Chapter 11 of the Bankruptcy Code by filing a petition with the U.S. Bankruptcy...more

New Delaware Chapter 11 Filings – Draw Another Circle, LLC et al.

Draw Another Circle, LLC and four affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11452). The cases have been assigned to the Honorable...more

Intervention Energy: The Case Where the Golden Share Lost its Shine

In connection with out-of-court restructurings, workouts and forbearance agreements, creditors often seek to include provisions that purport to limit the ability of a debtor to file for bankruptcy relief. However, bankruptcy...more

New Delaware Chapter 11 Filing – Metinvest B.V.

The foreign representative of Metinvest B.V., the parent company of a vertically integrated group of steel and mining companies headquartered in Ukraine, has commenced a case (Case No. 16-11424) under Chapter 15 of the...more

Delaware Court Voids LLC Agreement Provision Giving Creditor Veto Over Bankruptcy

A Delaware bankruptcy court has joined what appears to be a recent trend toward invalidating limited liability company operating agreement provisions that effectively afford lenders veto power over the LLC’s authority to file...more

New Delaware Chapter 11 Filing – Seventy Seven Finance Inc.

Seventy Seven Finance Inc. and ten of its affiliates, including Seventy Seven Energy, Inc. (OTC: SSEI), which own and operate a diversified oilfield services business, have filed voluntary petitions for relief under Chapter...more

New Delaware Chapter 11 Filing – Hercules Offshore, Inc. et al.

Hercules Offshore, Inc. (Nasdaq: HERO) and thirteen affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11385). ...more

Delaware Organizational Meeting – UCI International LLC, et al.

Upcoming Committee Formation Meeting: Friday June 10, 2016, 10:00 AM - Case Name: UCI International LLC, et al. Case Number: 16-11354 (MFW)...more

Organizational Meeting – Vertellus Specialities Inc., et al.

Upcoming Committee Formation Meeting: June 9, 2016, 10:00 AM - Case Name: Vertellus Specialties Inc., et al. Case Number: 16-11290 (CSS)...more

Game Over, Man! Bankruptcies Trump Ongoing Obligations under Expired CBAs

On May 31, 2016, the Supreme Court denied the cert. petition of Unite Here Local 54, Atlantic City’s largest casino workers’ union, which challenged a Third Circuit decision affirming a Delaware Bankruptcy Court decision that...more

New Delaware Chapter 11 Filing – UCI International et al.

UCI International, Inc. and twelve of its affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11354). ...more

Secured Creditors Must Be Diligent to Protect Post-Petition Interest and Costs

U.S. District Judge Louise W. Flanagan recently affirmed a ruling from the U.S. Bankruptcy Court for the Eastern District of North Carolina in In re Construction Supervision, Inc. that a secured creditor that was oversecured...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

New Delaware Chapter 11 Filings – Vertellus Specialties, Inc. et al.

Vertellus Specialties, Inc., a global manufacturer of fine and specialty chemicals, and ten affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

A review of the Corporate Insolvency Framework: have your say

On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure...more

Organizational Meeting – Phoenix Brands LLC, et al.

Upcoming Committee Formation Meeting: June 1, 2016, 10:00 AM - Case Name: Phoenix Brands LLC, et al. Case Number: 16-11242 (BLS)...more

New Delaware Chapter 11 Filings – Phoenix Brands, LLC et al.

Phoenix Brands, LLC and three affiliates have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11242). ...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

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