The COVID-19 pandemic has heavily disrupted our lives, communities, and businesses. Even with new approaches, not all businesses can overcome the substantial challenges brought by the pandemic. Lending programs like the Paycheck Protection Program have brought temporary relief, but many small businesses remain exposed to financial difficulties and face a real risk of bankruptcy.
New Small Business Provisions in Bankruptcy Code
On June 22, 2020, the Federal Energy Regulatory Commission (“FERC” or “Commission”) issued an order concluding that the Commission and the United States Bankruptcy Courts have concurrent jurisdiction to review and address the disposition of natural gas transportation agreements (“FERC-jurisdictional agreement”) sought to be rejected through bankruptcy.
A recent bench ruling in In re Pace Industries, LLC1 by Judge Walrath for the Bankruptcy Court for the District of Delaware (the “Court”) has validated a chapter 11 bankruptcy filing by certain debtors in the jointly administered cases of Pace Industries, LLC and certain of its affiliates, in spite of the fact that they were filed in contravention of an explicit bankruptcy-filing blocking right held by certain equity holders as set forth in the applicable corporate governance documents.
The question regarding whether a trademark licensee may continue to use a license after a debtor-licensor rejects the license in its bankruptcy case has now been answered. On Monday, May 20, 2019, the Supreme Court handed down an 8-1 opinion in Mission Product Holdings, Inc. v.
On January 17, 2019, the Fifth Circuit Court of Appeals issued an opinion holding that a creditor whose rights have been affected by operation of the Bankruptcy Code may nevertheless be “unimpaired” under a chapter 11 plan of reorganization.
On June 27, 2018, the Second Circuit denied Nordheim Eagle Ford Gathering, LLC’s petition for a panel rehearing and request that the court certify issues of Texas property law to the Texas Supreme Court. The denial leaves in place the Second Circuit’s May Summary Order affirming the widely publicized decisions of the bankruptcy and district courts below which concluded that the midstream contracts could be rejected because they did not create covenants running with the land under Texas law.
Summary of Key Takeaways
What does it take to represent a private equity client entangled in a complex restructuring involving an important investment in a portfolio company?
Ask David Meyer, the Vinson & Elkins New York-based restructuring partner who led the V&E team representing Riverstone Holdings in the restructuring of Gulf of Mexico oil producer Fieldwood Energy.
In many ways, the case serves as a template for navigating amid a set of highly challenging circumstances.
On July 6-7, 2017, Craig Jalbert, in his capacity as Trustee for F2 Liquidating Trust, filed approximately 187 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code (depending on the nature of the claims). In certain instances, the Trustee also seeks to disallow claims of such defendants under Sections 502(d) and (j) of the Bankruptcy Code.
On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code. The Liquidating Trustee also seeks to disallow claims of such defendants under Sections 502(d) and (j) of the Bankruptcy Code.
On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code. According to its petition, Original Soupman estimates that its assets are between $1 million and $10 million, and its liabilities are between $10 million and $50 million.