The US Court of Appeals for the Third Circuit on September 10, 2024 issued its anticipated opinion in In re The Hertz Corp., with a majority holding that make-whole premiums constitute unmatured interest disallowed by the US...more
Following Morgan Lewis’s most recent Evening in Energy, hosted in the firm’s Houston office, Energy Industry co-leader Andrew Gallo spoke with the event’s keynote speaker Steve Almrud about the trends he’s seeing in the...more
One of the primary goals of bankruptcy law is to provide debtors with a fresh start by imposing an automatic stay and allowing for claims of reorganizing debtors to be discharged. In environmental law, a primary goal is to...more
In a decision likely to have a knock-on effect for future fraudulent transfer defense and valuation litigation, the Delaware bankruptcy court recently ruled that the price agreed in the sale of an oil and gas company closed...more
6/28/2023
/ Arm's Length Principle ,
Bankruptcy Court ,
Business Litigation ,
Commercial Bankruptcy ,
Corporate Sales Transactions ,
Delaware ,
Fair Market Value ,
Fraudulent Transfers ,
Oil & Gas ,
Purchase Price ,
Retained Asset Accounts ,
Sale of Assets ,
Settlement ,
State and Local Government ,
Statement of Opinion ,
Valuation
A panel of the US Court of Appeals for the Fifth Circuit issued its long-anticipated decision in the Ultra Petroleum make-whole and post-petition interest dispute, with the majority holding that the solvent-debtor exception...more
The ability to assume or reject executory contracts is one of the primary tools used by debtors in a Chapter 11 reorganization. Where a debtor has a contract with a third party that is “executory”—meaning that ongoing...more
US Bankruptcy Judge Mary F. Walrath of the District of Delaware entered an order on April 21 in In re Nine Point Energy Holdings, Inc., Case No. 21-10570 (MFW) (Bankr. D. Del. Apr. 21, 2021), finding that Caliber Measurement...more
4/26/2021
/ Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Binding Contractual Rules ,
Commercial Bankruptcy ,
Contract Terms ,
Creditors ,
Debtors ,
Midstream Contracts ,
Oil & Gas ,
Reservation of Rights ,
Service Agreements
Is a midstream contract treated the same as other executory contracts in bankruptcy, subject to assumption and rejection pursuant to the US Bankruptcy Code? An executory contract is any contract of the debtor where both the...more
2/23/2021
/ Bankruptcy Code ,
Commercial Bankruptcy ,
Covenants that Run With the Land ,
Debt Restructuring ,
Debtors ,
Gathering Agreements ,
Infrastructure ,
Midstream Contracts ,
Mineral Leases ,
Natural Gas ,
Oil & Gas ,
Pipelines
The US Court of Appeals for the Tenth Circuit has ruled that proceeds from property that was fraudulently transferred cannot be recovered under Section 550 of the Bankruptcy Code. ...more
US bankruptcy courts have granted extraordinary equitable relief in some cases. As government orders enforcing stay-at-home measures have forced many businesses to shutter indefinitely, bankruptcy courts have implemented...more
Granting unusual relief requested by a group of noteholders co-represented by Morgan Lewis, on November 26, a three-judge panel of the US Court of Appeals for the Fifth Circuit withdrew its original opinion issued earlier...more
In a holding that is significant for fixed-rate lending markets, the US Court of Appeals for the Fifth Circuit recently ruled that certain make-whole provisions constitute “unmatured interest” and are thus not within...more
The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim....more
Decision establishes framework for future rulings that covenants in midstream agreements do not run with the land.
On March 8, Judge Shelley C. Chapman of the US Bankruptcy Court for the Southern District of New York...more