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Natural Gas Bankruptcy Code

Holland & Hart LLP

Third Circuit: Unpaid Royalties in Bankruptcy are Subject to Constructive Trust under Colorado Law

Holland & Hart LLP on

The United States Court of Appeals for the Third Circuit determined that, under Colorado law, unpaid royalties are real property interests and not property of the bankruptcy estate, reversing lower courts in Delaware that...more

Vinson & Elkins LLP

In re Ultra Petroleum Corp. – Fifth Circuit: Debtors May Reject FERC-Approved Gas Transportation Agreements

Vinson & Elkins LLP on

In Federal Energy Regulatory Commission v. Ultra Resources, Inc. (In re Ultra Petroleum Corp.),1 a panel of the Fifth Circuit Court of Appeals (the “Fifth Circuit Panel”) provided valuable clarity regarding a 2004 decision in...more

Morgan Lewis - Power & Pipes

Assumption and Rejection of Midstream Agreements in Bankruptcy

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

King & Spalding

Ultra Petroleum Bankruptcy Court Again Allows Make-Whole Premiums, Postpetition Default Interest—At Least For Solvent Debtors

King & Spalding on

In a much-anticipated decision issued on October 26, the Bankruptcy Court for the Southern District of Texas awarded make-whole premiums and post-petition interest (i.e., interest accruing after the bankruptcy filing) to...more

Stinson LLP

Bankruptcy Court Finds That Contract Covenants Do Not Run with the Land - Midstream Companies face increased risk with financially...

Stinson LLP on

In a decision entered yesterday afternoon, Judge Shelley Chapman of the U.S. Bankruptcy Court for the Southern District of New York authorized Sabine Oil & Gas Corporation to reject certain midstream contracts under Section...more

Latham & Watkins LLP

Oil and Gas Restructurings: Exploration and Production Companies Face Unique Issues

Latham & Watkins LLP on

The recent drop in oil prices will likely spur a flurry of industry restructurings, governed by a complex set of bankruptcy and state laws. Introduction - At the close of business on December 31, 2014, the...more

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