Yesterday, Energy XXI Ltd. became the latest domestic oil and gas company to pursue a more deleveraged balance sheet via Chapter 11 restructuring. This does not come as a surprise to those following the company – for much of the last three months Energy XXI’s stock has been trading at less than $1.00 per share. According to the press release issued by the company, the filing comes after the company reached agreement with more than 63% of second lien note holders on the material terms of the restructuring.

We previously posted here and here and here about chapter 11 l

In re China Medical Technologies, Inc., 539 B.R. 643 (S.D.N.Y. 2015) (No. 12-BR-13736)において、倒産手続 における会社の清算人は、同社の監査委員会に向けて外部弁護士が実施した倒産前の内部調査に関連 する資料にアクセスすることを求めた。破産裁判所は、外部弁護士に対し、秘匿特権で保護されない 資料の提出を命じたが、弁護士と依頼人の間の秘匿特権や職務活動の法理（ワークプロダクトの法 理）で保護される資料については提出を命じなかった。清算人は、提出が命じられなかったこれらの 資料につき、控訴した。当事者は、本件で先例となる秘匿特権についての判例はCFTC v.

Australia is making several significant reforms to its insolvency legislation – with more changes likely to come – to provide much-needed comfort for directors and to align legislation on ipso facto clauses in order to prevent contractual terminations simply as a result of the commencement of an insolvency proceeding. (See the Productivity Commission Report on Business Set-up, Transfer and Closure (available here)).

We previously posted about a recent effort to address an issue left unresolved in Baker Botts v. ASARCO, 135 S. Ct.

Recent Developments in Bankruptcy Law, January 2016 (Covering cases reported through 541 B.R. 768 and 804 F.3d 977) RICHARD LEVIN Partner +1 (212) 891-1601 [email protected] © Copyright 2016 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome.

In In re China Medical Technologies, Inc.,539 B.R. 643 (S.D.N.Y. 2015) (No.

Baker Botts L.L.P. has filed its application for retention as debtors’ counsel in In re New Gulf Resources, LLC, et al. (Case No. 15-12556, Bankr. D. Del.), and the application incudes a novel “Fee Premium.” Essentially, Baker Botts’ aggregate fees incurred in the case will be increased by 10% (subject to court approval) but … Baker Botts will waive the entire Fee Premium “if, and only if, Baker Botts does not incur material fees and expenses defending against any objection with respect to an interim or final fee application.”  

More than three dozen US energy industry companies (E&Ps) filed for chapter 11 this year, with three more – New Gulf Resources LLC, Magnum Hunter Resources Corp., and Cubic Energy Inc. – filing just this third week of December. According to BloombergBriefs.com, even before these most recent filings. energy sector filings accounted for 26% of all chapter 11 filings in 2015, which is the largest share of filings for any sector. Just when the industry thought oil prices could not go any lower, they have.

© Copyright 2015 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome. Recent Developments in Bankruptcy Law, October 2015 (Covering cases reported through 536 B.R.