The United States Court of Appeals for the Third Circuit issued an opinion in Delaware Trust Company v. Morgan Stanley Capital Group, Inc., Wilmington Trust, N.A. (In re Energy Future Holdings Corp.) on June 19, 2019, in which it addressed distributions of assets pursuant to the waterfall provision of an intercreditor agreement in a chapter 11 reorganization.

On June 19, 2019, the U.S.

On June 14, 2019, the U.S. Court of Appeals for the Fifth Circuit issued an opinion[i] affirming bankruptcy and district court decisions finding that, under the terms of the confirmed chapter 11 bankruptcy plan, the debtor’s lenders were not entitled to receive over thirty million dollars of post-petition default interest even though the lenders were fully secured.

On April 23, 2019, Judge Cote of the District Court for the SDNY, issued an opinion in In re Tribune Company Fraudulent Conveyance Litigation,[i] finding that the Tribune Company, which employed Computershare Trust Company (“CTC”) to handle payments made to shareholders as part of its leverage buyout (“LBO”), would be considered a “financial institution” as defined in

On March 26, 2019, the First Circuit Court of Appeals, affirming a decision by the District Court emanating out of the Puerto Rico Title III bankruptcy cases, found that Sections 928(a) and 922(d) of the Bankruptcy Code “permit, but do not require, continued payment during the pendency of the bankruptcy proceedings.”[i] The First Circuit found that these provisions pr

A dispute over whether the Federal Energy Regulatory Commission (“FERC”) can order one of Northern California’s largest natural gas and electric companies – Pacific Gas & Electric Company (“PG&E”) – to reject wholesale power purchase contracts (“PPCs”) will be decided by the United States Bankruptcy Court for the Northern District of California (“Bankruptcy Court”), instead of the United States District Court for the Northern District of California (“District Court”).

Law360

Reprinted with permission from Law360

In a Feb. 20, 2019, opinion in In re Titus,[1] the U.S. Court of Appeals for the Third Circuit, in an opinion authored by Judge Thomas Ambro, announced a new test for calculating damages in fraudulent transfer actions involving tenancy by the entireties transfers.

Facts

On February 14, 2019, Judge Lane of the Bankruptcy Court for the SDNY issued an opinion in Republic Airways Holdings Inc. addressing whether the liquidated damages provisions in certain aircraft “true leases” under Article 2A of the New York UCC were enforceable and, if not, whether they would still be enforceable against the debtor-guarantor of the leases.

On January 17, 2019, the U.S.

On January 29th, PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electricity Company (collectively, “PG&E”), commenced bankruptcy cases in the Bankruptcy Court for the Northern District of California. Here are nine things to watch for in the PG&E bankruptcy.