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.
A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed to the company from National Westminster Bank Plc (Natwest). The company entered into interest rate swaps with Natwest. After the swaps terminated, the company granted a fixed charge and debenture over its assets to a third party. Administrators were appointed and recorded costs of over £164,000 before the company was dissolved.
Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. has satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream counter-parties, Nordheim Eagle Ford Gathering, LLC and HPIP Gonzales Holdings, LLC.
Federal Law No. 391-FZ on Amendments to Certain Legislative Acts of the Russian Federation of December 29, 2015
The Law introduced amendments to various regulatory acts in the area of bankruptcy, notaries, appraisal activities and concession agreements. We will touch on the changes most important for the real estate market:
Leslie Benedict: “Money isn’t everything, Jett”
Jett Rink: “Not when you’ve got it.”
Giant (1956)
Page | 1 Pubblicato in G.U. il Decreto Legge sulla Riforma delle Banche di Credito Cooperativo Finance Law Alert Follow up 16 FEBBRAIO 2016 PUBBLICATO IN G.U. IL DECRETO DI RIFORMA DELLE BCC Con riferimento al nostro precedente alert dell'11 febbraio 2016 relativo alla riforma delle BCC, abbiamo redatto il presente alert di follow up a seguito della pubblicazione in Gazzetta Ufficiale, Serie Generale n. 37, del 15 febbraio 2016, del decreto legge 14 febbraio 2016 n.
1. Adoption and entry into force of the Russian Federation Code of Administrative Procedure dated March 8, 2015, No. 21-FZ
According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law.1 Reference is made to Milan Court Decrees 6 November 2015 and 3 December 2015 (the “Case Law”).2
Part 5: Bankruptcy Issues for Secured Creditors
In the final installment of this series on the oil & gas industry, Orrick Restructuring Chair Ron D’Aversa and Restructuring Partner Doug Mintz survey the bankruptcy landscape for the oil & gas industry in the current low-price climate, outlining strategic reasons for bankruptcies, how unencumbered assets make for an atypical bankruptcy case, and how valuation and new borrower options could ultimately lead to adversarial cases.
Section 105(a) of the Bankruptcy Code provides that a bankruptcy court “may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this title.” 11 U.S.C. § 105(a). In the Caesars bankruptcy, the Seventh Circuit explored the breadth of a court’s rights to take action under this section. The Seventh Circuit held that section 105(a) permits the Bankruptcy Court to issue an injunction with respect to litigation pending against the debtors’ non-debtor parent.