On August 12, 2016, petitioning creditors Beal Bank USA and CLMG Corp. filed an involuntary chapter 11 bankruptcy petition against Bennu Titan LLC (f/k/a ATP Titan LLC). The involuntary debtor is affiliated with Bennu Oil & Gas, a deep water oil exploration firm based in Harris County, Texas.
On August 9, 2016, Judge Kevin Carey of the Delaware Bankruptcy Court issued an Order both dismissing a complaint and striking a defendant’s Notice of Supplemental Authority. The decision was issued in the Quantum Foods bankruptcy, in the adversary proceeding No. 16-50045. A copy of the Opinion is available here.
The operator of the Fox and Hound, Bailey’s Sports Grille and Champps Kitchen and Bar chains filed for Chapter 11 bankruptcy protection on Wednesday, August 10th, listing debts that significantly exceeded assets.
Last Call Guarantor LLC and at least eight affiliates (“Debtors”) filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing constitutes the second bankruptcy filing for chain restaurants.
On August 4, 2016, the Delaware Bankruptcy Court considered cross-motions for summary judgment in a preference action case styled as Pirinate Consulting Group, LLC v. Maryland Department of the Environment (In re NewPage Corp.), Adv. Pro. No. 13-52206 (KG). This gem of an opinion is noteworthy in that it analyzes various defenses raised by a state agency to a preference complaint.
On August 2, 2016, Judge Brendan L. Shannon of the Delaware Bankruptcy Court issued an opinion (the “Opinion”) in the Refco Public Commodity Pool, L.P. bankruptcy, Case No. 14-11216. A copy of the Opinion is available here. The Opinion holds that this Debtor’s failure to file its taxes was due to reasonable cause, and the associated tax penalties are, therefor, claims that can be excused and disallowed.
For companies with an appetite for strategic business growth rather than divestment, buying assets from insolvent companies is a particular avenue of opportunity. For example, in the current market, there may be opportunities to purchase oil & gas assets from companies that have not been able to survive the prolonged low oil price. Corporate Partner, Philip Mace, provides his top 'legal tips' for purchasing assets from, in this example, an English administrator of a company.
This is a follow-up to our previous client update on Swiber Holdings Limited written on 29 July 2016. To view our previous update, please click here.
In a 9-page opinion issued in the Syntax-Brillian case on July 20, 2016, Judge Kevin J. Carey denied the motion of equity holders in Syntax-Brillian seeking to terminate the Liquidation Trustee (the “Trustee”). A copy of the Opinion is available on the Court’s website: Here.
On July 29, 2016, SLJ Trucking Inc. (“Debtor” or “SLJ”) filed a voluntary bankruptcy petition under Chapter 7 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware. The Debtor is a licensed and bonded freight shipping and trucking company running freight hauling business from Newark, Delaware.
Counterparties of Swiber Holdings Limited ("Swiber") and its group companies would do well to keep a close tab on any debts outstanding from the group.
Swiber, an SGX-listed company in the oil fields services sector, issued an announcement in the early hours of Thursday 28 July 2016 stating that it filed an application in the Singapore High Court for a voluntary winding up on Wednesday afternoon, together with an application to place the company under provisional liquidation.