Judge Parker of the U.S. Bankruptcy Court for the Western District of Texas recently issued an order in the case of Hilltop SPV, LLC, granting debtor Hilltop SPV LLC’s (“Hilltop”) motion to reject a Gas Gathering Agreement (“GGA”) with counter-party Monarch Midstream, LLC (“Monarch”).[1] This decision allows Hilltop to reject the GGA while allowing Monarch to retain the covenants that run with the land post-rejection.
Harrington v. Purdue Pharma L.P., 144 S. Ct. 2017 (June 27, 2024)
The U.S. Supreme Court held last week in Truck Insurance Exchange v. Kaiser Gypsum Co. that an insurance company with financial responsibility for bankruptcy claims is a “party in interest” with the right to object to a Chapter 11 reorganization plan.
Section 1109(b) of the Bankruptcy Code provides:
Purchasers often relish the prospect of buying distressed assets in a bankruptcy proceeding. Under section 363 of the Bankruptcy Code, a buyer may obtain ownership of bankruptcy estate assets “free and clear of any interest” (assuming certain conditions are met), and also be reasonably confident that the sale will not be reversed on appeal. But the U.S. Supreme Court may have now tempered that confidence. In its recent, unanimous opinion, MOAC Mall Holdings LLC v. Transform Holdco LLC, No. 21-1270 (Apr.
IBBIによる管財人の報酬体系規定
2016年破産倒産法の下、管財人または暫定管財人（総称してRP）は、企業債務者の事業を継続企業として運営し、企業倒産解決プロセス（CIRP）を実施する責任を負います。また、RPは、CIRP が期限内に実施され、企業債務者の資産価値が最大化されるように努める必要があります。
Introduction - はじめに
企業倒産処理手続（CIRP）が進行している間、債権者と CIRP 対象企業（企業債務者）との間で、債務解消のための話し合いが行われることがよくあり ます。このような場合において、債権者は、債務者に対して行ったCIRPの開始申請（CIRP申請）を撤回することができます。本記事では、債務者が清算手続きに入った後におけるCIRP申請の取り下げについて、VS Varun v. South India Bank（VS Varun Case）における会社法審判所（NCLT）の判決を参照に、解説します。
NCLT in VS Varun Case - VS Varun CaseにおけるNCLT
Under the Insolvency and Bankruptcy Code, 2016 (Code), the resolution professional or the interim resolution professional (collectively referred as RP) is vested with the responsibility of running the business of the corporate debtor as a going concern and conducting the corporate insolvency resolution process (CIRP). The RP must also ensure that CIRP is conducted in a time-bound manner and the value of the assets of the corporate debtor is maximised during the process.
Introduction
The American bankruptcy process is geared towards providing (a) financially distressed businesses and individuals with a “fresh start” and (b) their creditors a fair opportunity to address their claims. Much of that process takes place in bankruptcy courts all over the country on a daily basis. So, what effect does a pandemic, such as the novel coronavirus (and its attendant disease, COVID-19), have on the administration of bankruptcy cases in the U.S.? Of course, the federal, state and local restrictions on public gatherings create a challenge for U.S.
Yes, Gathering Agreements Can Be Rejected as Executory Contracts (At Least Under One Court’s Interpretation of Texas Law)