The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy proceedings of producers, as well as renegotiations of existing gathering agreements.
Both landlords and tenants are well served to begin discussing exclusives early in the lease negotiations.
As predicted at the Commercial Finance Association’s Fourth Annual Energy Summit on September 16th, we should start seeing more and more oil & gas companies struggle to survive in the wake of continued low commodity pricing. While we witnessed some rebound in pricing towards the end of the summer, the price of oil again dipped to under $50 a barrel in September and the price of gas continues near historic lows, at just under $3.00 MMBtu. As Philip Cook, the Chief Financ
The retail industry appears to be reaching the crossroads of complete transformation due to a significant shift in consumer sentiment. Those companies that can embrace the change quickly enough will likely survive. Those that cannot may simply become legends. Indeed, we have seen well-known companies such as RadioShack, Brookstone,
With oil prices having fallen more than 50% from June 2014 to January 2015, most pundits expect more companies in the oil & gas (O&G) industry will face significant financial distress in 2015, forcing many to either consolidate or file for bankruptcy.
In re RML Dev., Inc., 528 B.R. 150 (Bankr. W.D. Tenn. 2014) –
A mortgagee sought to modify a sale order to (1) modify the bid procedures and (2) confirm that it had a right to credit bid.
In re Walker, 526 B.R. 187 (E.D. La. 2015) –
The bankruptcy court (1) denied a mortgage lender’s request to file a late amendment to a proof of claim that had been filed on its behalf by the debtor and (2) confirmed the debtor’s proposed plan over the mortgagee’s objection that the plan payments were not sufficient to cure the actual arrearage. The lender appealed to the district court.
A chapter 7 trustee sought return of a “good faith” deposit made prior to bankruptcy in connection with a proposed purchase of real estate. The bankruptcy court found against the trustee, as did the district court. So the trustee appealed to the 6th Circuit.
Senior lienholders sued lenders holding junior liens on common collateral, arguing that the junior lienholders violated an intercreditor agreement. The bankruptcy court addressed the issues in the context of motions to dismiss the senior lienholder complaints.