Over the last two years, courtesy of a once-a-century pandemic, government-mandated business closures, nationwide stay-at-home orders, and—unprecedented—disruptions to the global supply chain have illuminated, previously unknown, vulnerabilities across a whole host of industries. Would anyone have seriously questioned the viability of office space two years ago? Now, inflation, in keeping with the recent chaos, may be upending the viability of another tried-and-tested institution: the supply contract.

The Express Grain Terminals, LLC (“Express Grain”) bankruptcy is a case study for grain farmers and their crop production lenders. Near the end of corn harvest and during the peak of soybean harvest, many grain farmers in the Mississippi Delta discovered that they faced potential financial ruin as a result of the bankruptcy filing by Express Grain¹ on September 29, 2021 (the “Petition Date”).

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Subject matter or participant?
Facts in Madera
Characterisation of petition
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Restructuring petitions
Schemes of arrangement
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In a decision that may encourage continued sales from suppliers to distressed entities, the Eleventh Circuit in Auriga Polymers Inc. v. PMCM2, LLC1 joined the Third Circuit,2 the only other circuit to directly address the issue, in concluding that post-petition payments for the value of goods received by a debtor within 20 days before the petition date, authorized by 11 U.S.C. section 503(b)(9), do not reduce a creditor's "subsequent new value" preference defense.

I. Preferences in a Nutshell

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Primacy of courts in place of incorporation
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