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Fifth Circuit: Bad Faith Does Not Overcome Deferential Business Judgment Standard Applied to Assumption or Rejection of Contracts in Bankruptcy
2023-01-31

The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to assume, assume and assign, or reject executory contracts and unexpired leases is an important tool designed to promote a "fresh start" for debtors and to maximize the value of the bankruptcy estate for the benefit of all stakeholders. Bankruptcy courts generally apply a deferential "business judgment" standard to the decision of a trustee or DIP to assume or reject an executory contract or an unexpired lease.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Real Estate, Jones Day, Fifth Circuit
Authors:
Mark A. Cody , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
Fifth Circuit Rules Just Energy Bankruptcy Court Erred in Exercising Jurisdiction to Redetermine ERCOT Pricing During Winter Storm Uri
2023-01-11

In a January 5, 2023 opinion from the United States Court of Appeals for the Fifth Circuit, the panel held the Just Energy bankruptcy court erred in exercising jurisdiction over the debtor’s suit to recover Winter Storm Uri payments made to ERCOT. The Fifth Circuit found the underlying issue—i.e., the propriety of ERCOT and PUCT’s pricing—to be precisely the type of controversy that should be decided in the manner carefully prescribed by the Texas legislature, and not be second-guessed by the bankruptcy court.

Filed under:
USA, Texas, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bracewell LLP, Texas Supreme Court
Authors:
Jonathan Lozano , Mark E. Dendinger
Location:
USA
Firm:
Bracewell LLP
View Original Article
English Court decision provides helpful clarity to insolvency practitioners appointed over energy companies, as well as their creditors
2023-01-11

On 11 November 2022, the English High Court handed down judgment in relation to a number of applications made by the insolvency officeholders of 10 UK energy suppliers, seeking clarification on issues arising in the insolvencies which had not previously been considered by the courts.

Background

The officeholders sought directions from the court on the following:

  • whether the claims in the insolvencies by UK energy regulator, Ofgem relating to outstanding renewables obligation payments (ROPs) were valid, and

Filed under:
United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
Location:
United Kingdom
Firm:
Taylor Wessing
View Original Article
How dispute finance can help distressed energy companies around the globe: Focus on Europe and the Middle East
2020-08-04

In the last installment of this 3-part series, Oscar van Rossum du Chattel, a Senior Case Intelligence Manager based in Omni Bridgeway’s Geneva office, and Jonathan Siklos, a Senior Case Intelligence Manager bas

Filed under:
European Union, Middle East, Oman, Qatar, Saudi Arabia, United Arab Emirates, Energy & Natural Resources, Insolvency & Restructuring, Projects & Procurement, Fracking, Force majeure, Coronavirus, Office of Foreign Assets Control (USA)
Location:
European Union, Kuwait, Middle East, Oman, Qatar, Saudi Arabia, United Arab Emirates
View Original Article
Cross-border restructurings - Ocean Rig schemes sanctioned
2017-09-20

In a ground-breaking decision for the Cayman Islands as a restructuring centre, the Cayman Islands court has handed down judgment sanctioning four highly complex inter-linked schemes of arrangement.

The schemes result in the compromise of US$3.69 billion of New York law governed debt for the Cayman Islands registered parent of the Ocean Rig group and three of its Marshall Islands incorporated subsidiaries.

Filed under:
Cayman Islands, USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Maples Group
Location:
Cayman Islands, USA
Firm:
Maples Group
View Original Article
Annual Case Review 2021
2022-02-22

ANNUAL CASE REVIEW 2021 serlecourt RAISING THE BAR IN CHANCERY & COMMERCIAL “Stacked with highly experienced silks and juniors, Serle Court has long been one of the leading sets when it comes to civil fraud disputes” Legal 500 serlecourt 02 Welcome to Serle Court’s Annual Review of 2021. In the second year of the pandemic, barristers at Serle Court have continued to appear, often remotely, in courts at all levels around the world, in cases across our wide field of commercial chancery law.

Filed under:
Africa, British Virgin Islands, Cayman Islands, European Union, Global, Middle East, United Kingdom, Banking, Company & Commercial, Competition & Antitrust, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Public, Real Estate, Tax, Telecoms, Trademarks, Wills & Probate, Brexit, Private equity, Articles of association, Coronavirus, Anti-bribery and corruption, Financial Services and Markets Act 2000 (UK), Barclays, HM Revenue and Customs (UK)
Location:
Africa, British Virgin Islands, Cayman Islands, European Union, Global, Middle East, United Kingdom
View Original Article
Oil on Troubled Waters: successful restructuring of Ocean Rig Group
2017-10-18

In Ocean Rig [1], the Grand Court sanctioned four inter-related schemes of arrangement (the “Schemes”), as part of a group restructuring of over US$3.69 billion of New York law governed debt – in value terms, the largest judicially approved restructuring in the Cayman Islands.

Filed under:
Cayman Islands, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Accrued interest
Location:
Cayman Islands
View Original Article
Fifth Circuit Triples Down: Filed-Rate Natural Gas and Power Contracts Can Be Rejected in Bankruptcy Without FERC Approval
2022-12-05

In Gulfport Energy Corp. v. FERC, 41 F.4th 667 (5th Cir. 2022), the U.S. Court of Appeals for the Fifth Circuit tripled down on its nearly two-decades-long view that filed-rate contracts regulated under the National Gas Act (the "NGA") and the Federal Power Act (the "FPA") can be rejected in bankruptcy without the consent of the Federal Energy Regulatory Commission ("FERC"). Reaffirming its previous rulings in In re Mirant Corp., 378 F.3d 511 (5th Cir. 2004), and In re Ultra Petroleum Corp., 28 F.4th 629 (5th Cir.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, FERC, US Congress, United States bankruptcy court, Fifth Circuit
Authors:
Paul M. Green , Mark G. Douglas
Location:
USA
Firm:
Jones Day
View Original Article
Sanctions no bar to sanction: Nostrum Oil & Gas PLC’s scheme of arrangement
2022-09-07

Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022.

Filed under:
United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Sanctions, Office of Foreign Assets Control (USA)
Authors:
Naomi Parmar
Location:
United Kingdom
Firm:
Hogan Lovells
View Original Article
Commodities Bulletin, October 2022
2022-10-07

Welcome to the October 2022 edition of the HFW Commodities bulletin.

In this extended edition, a number of our partners from across the globe have taken time to reflect on the profound impact of the Russian invasion of Ukraine on the commodities sector. It includes contributions from our offices in Australia, Geneva, London and Singapore, with articles on energy and food security, sanctions, insolvency, regulation, the energy transition and force majeure.

On the back page, you will find details of the latest news and where you can meet the team next.

Filed under:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA, Company & Commercial, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Product Regulation & Liability, Trade & Customs, Supply chain, Mediation, Due diligence, Force majeure, Sanctions, ESG, Coronavirus, Anti-bribery and corruption, Foreign Corrupt Practices Act 1977 (USA), European Commission, US Department of Justice, Office of Foreign Assets Control (USA), Commodity Futures Trading Commission (USA), Bank of England
Authors:
Justine Barthe-Dejean
Location:
Australia, European Union, Global, Russia, Ukraine, United Kingdom, USA
View Original Article

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