News & Analysis as of

Business Judgment Rule Chapter 11

Jones Day

Fifth Circuit: Bid Protections for Stalking Horse in Bankruptcy Asset Sale Satisfied Both Business Judgment and Administrative...

Jones Day on

Bankruptcy and appellate courts disagree over the standard that should apply to a request for payment of a break-up fee or expense reimbursement to the losing bidder in a sale of assets outside the ordinary course of the...more

Jones Day

Use of Cash Collateral to Pay Prepetition Debt Not Prohibited by Jevic

Jones Day on

The ability of a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") to use "cash collateral" during the course of a bankruptcy case may be vital to the debtor's prospects for a successful reorganization. However,...more

Mintz - Bankruptcy & Restructuring Viewpoints

Top 10 Questions Human Resources May Have When Their Company is Filing for Chapter 11 Protection

Businesses in a wide range of industries may now be forced to consider bankruptcy given the unprecedented economic challenges caused by the COVID-19 pandemic. This advisory is designed to provide a high-level view of issues...more

Kramer Levin Naftalis & Frankel LLP

Sixth Circuit Holds Bankruptcy Court Has Jurisdiction Over Rejection of Power Purchase Agreements

In FERC v. FirstEnergy Solutions Corp. (In re FirstEnergy Solutions Corp), Case No. 18-3787 (6th Cir. Dec. 12, 2019), the Sixth Circuit affirmed the bankruptcy court’s jurisdiction over the rejection of certain power purchase...more

Eversheds Sutherland (US) LLP

Sixth circuit weighs FERC authority over rejection of power contracts in bankruptcy

On December 12, 2019, the US Court of Appeals for the Sixth Circuit issued a highly anticipated ruling in the FirstEnergy Solutions Corp. bankruptcy case, regarding the efforts of FirstEnergy Solutions Corp. (FirstEnergy or...more

Wilson Sonsini Goodrich & Rosati

Sixth Circuit Affirms Bankruptcy Courts’ Jurisdiction over Rejection of Energy Contracts, Subject to Certain Constraints

On December 12, 2019, a divided panel of the U.S. Court of Appeals for the Sixth Circuit ruled that the bankruptcy court in the bankruptcy proceedings of FirstEnergy Solutions Corp. (FES) has jurisdiction to decide whether...more

K&L Gates LLP

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

K&L Gates LLP on

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...more

Kramer Levin Naftalis & Frankel LLP

Fifth Circuit Affirms Dismissal of Claims Relating to Pre-Petition Payments to D&O’s

The Fifth Circuit, in In the Matter of: ATP Oil & Gas Corp. (Tow v. Bulmahn, et. al.), dismissed breach of fiduciary duty claims and fraudulent transfer claims brought by a chapter 7 trustee relating to cash bonuses and...more

Dechert LLP

Global Private Equity Newsletter - Winter 2016 Edition: Recent Developments in Acquisition Finance

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Two recent court decisions may result in a broadening of the range of options available to an equity sponsor in respect of an insolvent portfolio company. The first decision may provide increased flexibility in structuring...more

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