Distressed Solutions: Energy Bankruptcies and the Intersection of Contract Rejection and FERC

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K&L Gates LLP

We have seen an increase in energy companies filing for bankruptcy, and more may be on the horizon. This is a great time to review and discuss an interesting ruling in the FirstEnergy case regarding the intersection of bankruptcy law and the Federal Energy Regulatory Commission (FERC). When the debtor operates in a highly regulated industry, how does that affect the power to reject contracts under §365 of the Bankruptcy Code? Is contract rejection like a rate change that needs FERC approval, or is it something different? Check out this episode of Distressed Solutions and listen to Jeffrey Kucera (Miami) and David Mawhinney (Boston) discuss a case that will certainly be watched by everyone in the energy industry.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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