News & Analysis as of

Executory Contracts

Oil and Gas Industry Update: District Court Upholds Rejection of Sabine Gas Gathering Agreements

by Jones Day on

In a highly anticipated decision—HPIP Gonzales Holdings, LLC v. Sabine Oil & Gas Corp. (In re Sabine Oil & Gas Corp.), 2017 BL 83510 (S.D.N.Y. Mar. 9, 2017)—Judge Jed S. Rakoff of the U.S. District Court for the Southern...more

Kiwi Defense Doesn't Get Off the Ground in Preference Litigation Involving Related, but Severable, Contracts

by Jones Day on

Among the required elements of a claim to avoid a preferential transfer under section 547(b) of the Bankruptcy Code is that, if the creditor-transferee were permitted to retain a pre-bankruptcy payment, it would end up being...more

Everything Must Go: Retail Chapter 11 Filings

The global retail sector is struggling. Throughout the world, previously successful and storied retailers and brands are facing increasing pressure from the “online” retailers. Originally published in the Spring 2017...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 a...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

A Hypothetical Question Deserves a Hypothetical Answer: The Ninth Circuit’s Approach to Preference Transfers in In re Tenderloin...

As a creditor, the news of a debtor who owes you a substantial sum of money filing bankruptcy is often the most alarming news you can learn—that is, until you seek advice of counsel and learn that payments the debtor made to...more

Bankruptcy Dispute Regarding “Coolcore” Trademark Heats Up in the First Circuit

by Dorsey & Whitney LLP on

In December 2015, the TMCA blogged about a decision in In re Tempnology, LLC, in which the Bankruptcy Court for the District of New Hampshire held that a debtor’s rejection of a licensing agreement in bankruptcy terminated...more

When Construction Contracts Go Sideways in Bankruptcy

The contractor on a project files a bankruptcy case. How should the property owner and subcontractors proceed? When a party to a contract files bankruptcy, the other party’s actions are constrained by the bankruptcy code....more

Mercury signing – guidance on the execution of documents

by Reed Smith on

Following the decision in the Mercury Case, a practice of ‘virtual signings and closings’ has developed to avoid the logistical problems in getting a document signed. This guidance provides a non-exhaustive range of options...more

Best in Law: Sometimes, Bankruptcy Can Help Maintain Vital Business Ties

by Best Best & Krieger LLP on

BB&K Attorney Cathy Ta Says Bankruptcy is a Way to Move Forward in the Riverside Press-Enterprise - Generally, filing for bankruptcy is seen as a last resort for many businesses and individuals; understandably, the...more

Missouri Commercial Receivership Act Creates a New Statutory Scheme Which Presents a More Robust Remedy

by Stinson Leonard Street on

The Missouri Commercial Receivership Act (MCRA), passed by the Missouri legislature and just signed into law by Governor Nixon, becomes effective Aug. 28, 2016. It expands, clarifies and fleshes out the existing minimal...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

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

Business Litigation Report - June 2016

Federal Circuit Recognizes New, but Limited, Privilege for Patent Agent Communications - Introduction - Patent agents are licensed to practice before the United States Patent and Trademark Office (“USPTO”), and...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

To Assume or Reject: Unexpired Real Property Leases in Bankruptcy

by Best Best & Krieger LLP on

When a debtor files for bankruptcy, certain contracts that are executory such as unexpired real property leases may be assumed or rejected as part of the bankruptcy process. This ability to assume or reject has significant...more

Distressed Download

Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more

Banking & Financial Services E-Note - May 2016

by Burr & Forman on

The Southern District of New York has issued an opinion that permitted a debtor to reject certain gathering and condensation agreements as executory contracts. Because the midstream service sector finances the construction of...more

Trouble Down the Pipeline? What Sabine Oil & Gas Corp. May Mean For The Midstream Service Sector

by Burr & Forman on

Recently, the Bankruptcy Court for the Southern District of New York issued an opinion in In re Sabine Oil & Gas Corp. that permitted the debtor, Sabine Oil & Gas Corporation ("Sabine") to reject certain gathering and...more

Midstream Gathering Agreements Targeted by Recent Oil & Gas Bankruptcies

by BakerHostetler on

Continuing low oil and natural gas commodity prices have led to bargain prices at the pump, but also high tension in many boardrooms. This strain on the industry has resulted in many exploration and production, or “E&P,”...more

Bankruptcy Court Rules that Gathering Agreements Can Be Rejected

by King & Spalding on

Potential Significant Impacts on Midstream Companies - On March 8, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Court”) ruled from the bench in In re Sabine Oil & Gas Corp. in a...more

Oil, Gas and Mineral Companies Take Note: Agreements Purporting to “Run with the Land” may be Rejected in Bankruptcy

A recent bankruptcy court decision from the influential Southern District of New York permitted a debtor to reject executory contracts with midstream gathers as an exercise of sound business judgment. In In re Sabine Oil &...more

OFAC Issues New General License for Some Aircraft Negotiations with Iran (IRB No. 551)

by Bryan Cave on

On March 24, 2016, the Office of Foreign Assets Control (“OFAC”) published Iran General License I which is designed to permit U.S. persons seeking to sell civil passenger aircraft and parts to Iran to negotiate executory...more

New York Bankruptcy Court Authorizes Rejection of Midstream Contracts

Bad news for midstream counterparties of bankrupt oil & gas producers: you may not be able to rely (as much as you might have expected) on covenants “running with the land” to save your contracts from rejection in...more

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