On May 25, 2018, the United States Court of Appeals for the Second Circuit upheld a district court’s decision that Sabine Oil & Gas Corporation could reject certain gathering service agreements in bankruptcy. The agreements, with Nordheim Eagle Ford Gathering, LLC, provided that Nordheim would supply Sabine with certain gathering, transportation and treatment services for Sabine’s natural gas and condensate production.
Published in the Spring 2017 issue of The Bankers' Statement)
In a continuing effort to alert our lender clients and other friends to developments in the bankruptcy, restructuring, workout and creditors’ rights space, provided below is a summary of recent noteworthy court decisions.
Supreme Court Limits Priority-Skipping Structured Dismissals in Chapter 11
If your bank is in the process of a merger or has agreed to buy or sell a portfolio of mortgage loans, notices must be provided to the borrowers before and after the transaction closes. Care must be taken to determine the notices required and how they are worded to avoid violating potentially conflicting laws.
The Bankruptcy Judges and Chapter 13 Trustees for the United States Bankruptcy Court for the Southern District of Ohio have reviewed and approved a proposed District Wide Mandatory Form Chapter 13 Plan and proposed form Order Confirming Chapter 13 Plan and Awarding Attorney Fees. Currently, the Dayton, Cincinnati, and Columbus Bankruptcy Courts use different Chapter 13 form plans. The use of these different form plans makes it difficult for practitioners and creditors to keep track of the particular requirements for each court location.
(Published in the Spring 2016 issue of The Bankers' Statement)
Introduction
On March 8, 2016, a New York Bankruptcy Court issued a bench decision in the Sabine Oil & Gas Corporation Chapter 11 case. The Court’s decision concerning a producer’s request to reject certain portions of its midstream agreements has sent shockwaves through the oil and gas industry. Although the decision is far more limited in scope than is being reported by many commentators and professionals, its impact may be far reaching.
As part of a modernization project that was begun by the Advisory Committee on Bankruptcy Rules in 2008, most of the Official Bankruptcy Forms will be replaced with substantially revised, renumbered and reformatted versions, effective December 1, 2015 (New Forms). The New Forms were approved by the Judicial Conference on September 17, 2015.
The Grand Court of the Cayman Islands (the Court) recently ruled in favour of Primeo Fund (in official liquidation) (Primeo) in its ongoing representative proceedings with the Additional Liquidator of Herald Fund SPC (in official liquidation) (Herald).
On 4 June 2015 the Cayman Islands Grand Court ruled in favour of Primeo Fund (Primeo), in the ongoing Representative Proceedings between Primeo and Herald Fund SPC (Herald). The Court had to construe section 37(7)(a) of the Companies Law. Although the Court's detailed reasons are still awaited, it is clear from the Court's decision that section 37(7)(a) does not apply to redeeming investors whose shares have been redeemed prior to the commencement of the liquidation.