"A Clash of Two Congressionally Constructed Titans": Fifth Circuit Declares Bankruptcy Court Victorious Over FERC in In re Ultra Petroleum Corporation

On March 14, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) revisited the issue of the rejection of filed-rate contracts in bankruptcy where such contracts are governed by the Federal Energy Regulatory Commission (“FERC”). The ruling marks the first time the Fifth Circuit has addressed this issue since its 2004 decision in In re Mirant Corp.1 In Federal Energy Regulatory Commission v.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bracewell LLP, FERC, United States bankruptcy court
Authors:
Mark K. Lewis , Mark E. Dendinger , Jonathan Lozano , Robert Grattan
Location:
USA
Firm:
Bracewell LLP