Recent Developments
On March 8, 2016, Judge Shelly Chapman, presiding over the Chapter 11 cases of Sabine Oil & Gas Corporation and its affiliates ("Sabine"), granted Sabine's motion to reject certain midstream agreements between Sabine and Nordheim Eagle Ford Gathering ("Nordheim") and between Sabine and HPIP Gonzales Holdings, LLC ("HPIP"). Although the ruling as a procedural matter determined only whether rejection of the agreements was justified under section 365 of the Bankruptcy Code, the Court's analysis of the agreements under Texas law presaged a subsequent ruling on the nature of the agreements.
Recent Developments
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments
Recent Developments
On November 7, 2014, Judge Steven Rhodes, the judge presiding over the City of Detroit's bankruptcy case, announced that he would confirm the City's proposed Plan of Adjustment (the "Plan"), including the creditor settlements contained within that Plan. A more detailed written opinion will follow, but the opinion read from the bench on November 7, together with an earlier opinion in this case, are among the most important precedents in U.S. municipal bankruptcy law.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current global developments.
Under the "resolution measure," the healthy assets and businesses of BES will be spun off into a new bank ("Novo Banco," provisionally), while problem assets will remain with the vestigial entity, and losses will be borne by shareholders and subordinated creditors. Novo Banco will be recapitalized by Portugal's central bank and rebranded.