The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.
Farnborough – appointment of a receiver and tax grouping
United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim.
USA, Texas, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, US District Court for Southern District of Texas
Decision establishes framework for future rulings that covenants in midstream agreements do not run with the land.
USA, New York, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Natural gas, Covenant (law)