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European restructuring watch alert premier oil schemes - Scottish sanction judgment

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.

European Union, United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Bankruptcy court (mostly) dismisses complaint against pre-petition lenders based on alleged inequitable conduct

Official Committee of Unsecured Creditors v Credit Suisse (In re Champion Enterprises, Inc.), 2010 WL 3522132 (Bankr. D. Del. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Contractual term, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Debt, Estoppel, Unjust enrichment, Default (finance), Line of credit, Credit Suisse, Title 11 of the US Code, United States bankruptcy court
Right to credit bid upheld under intercreditor agreement

Under section 363(f) of the bankruptcy code, a trustee may sell assets of the bankruptcy estate free and clear of liens and other interests. Generally, absent consent of the lienholder, a trustee may only sell assets free and clear of liens under one of the following conditions:

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Waiver, Option (finance), Debt, Consent, Good faith, Title 11 of the US Code, Trustee, United States bankruptcy court, US District Court for District of Delaware