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Bill on Bankruptcy: Junk Debt Interest Rates at 30-Year Low
Section 365 of the Bankruptcy Code creates a framework through which a debtor can elect to either assume or reject an executory contract. Because the Bankruptcy Code does not define "executory", courts utilize various tests...more
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
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
Periods of volatility in energy prices cause spikes in energy companies’ bankruptcies. These bankruptcies lead to debtors’ attempts to reject power purchase agreements (“PPAs”). These attempts ignite the unresolved legal...more
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
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
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
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