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    Midstream Gathering Agreements Rejected in Sabine Oil & Gas Bankruptcy
    2016-03-10

    HIGHLIGHTS:

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Holland & Knight LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Holland & Knight LLP
    Distressed energy: midstream agreements — 10 questions after sabine’s ‘unspeakable quagmire’
    2016-03-10

    While a recent federal bankruptcy court ruling provides some clarity as to how midstream gathering agreements may be treated in Chapter 11 cases involving oil and gas exploration and production companies (“E&Ps”), there are still many questions that remain. This Alert analyzes and answers 10 important questions raised by the In re Sabine Oil & Gas Corporation decision of March 8, 2016.[1]

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, United States bankruptcy court
    Authors:
    David J. Karp , Lawrence V. Gelber , Parker J. Milender
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    New York Bankruptcy Court Authorizes Rejection of Midstream Contracts
    2016-03-11

    Bad news for midstream counterparties of bankrupt oil & gas producers: you may not be able to rely (as much as you might have expected) on covenants “running with the land” to save your contracts from rejection in bankruptcy.

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, United States bankruptcy court
    Authors:
    Andrew M. Troop , Christopher R. Mirick , Samuel S. Cavior
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Bankruptcy Judge Authorizes Rejection of Gas Gathering Agreements
    2016-03-11

    On Tuesday, March 8, 2016, U.S. Bankruptcy Judge Shelley C. Chapman in New York permitted Sabine Oil & Gas Corporation to reject three gas gathering and handling agreements with Nordheim Eagle Ford Gathering, LLC and HPIP Gonzales Holdings, LLC. All of the agreements are governed by Texas law.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy
    Authors:
    Jeffrey A. Schlegel , Paul M. Green , Alexandra L. Wilde , Kathrine A. Oldham
    Location:
    USA
    Firm:
    Jones Day
    Decisions in Sabine Oil & Gas and Quicksilver Resources Inc. Bankruptcy Cases Will Have Broad Impact on Midstream and Exploration & Production Companies in the Oil & Gas Industry
    2016-03-09

    Executive Summary New York bankruptcy judge allows Sabine Oil & Gas to reject gathering agreements over the objections of midstream companies, finding that the covenants do not run with the land.

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy
    Authors:
    Christopher O. Rivas , Paul B. Turner , Carol M. Burke
    Location:
    USA
    Firm:
    Reed Smith LLP
    Bankruptcy Court Authorizes Rejection of Midstream Contracts, Issues Non-Binding Ruling that Contract Covenants Do Not Run with the Land
    2016-03-10

    In a decision entered yesterday afternoon, Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York authorized Sabine Oil & Gas Corporation to reject certain midstream contracts under Section 365(a) of the Bankruptcy Code and, critically, made a non-binding holding that Sabine’s obligations under these contracts were not “covenants running with the land” under Texas law.

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Stinson LLP, Covenant (law), United States bankruptcy court
    Authors:
    Nicholas Zluticky , Matthew J. Salzman , David E. Bengtson
    Location:
    USA
    Firm:
    Stinson LLP
    Sabine ruling: significant impact on future oil and gas exploration, pipeline company restructurings - key takeaways
    2016-03-10

    The US Bankruptcy Court for the Southern District of New York has issued a ruling in a chapter 11 case that could have a significant  impact on future restructurings in the oil and gas industry.

    On March 8, 2016,  in the case of Sabine Oil and Gas Corp., Judge Shelley Chapman ruled that Sabine could reject certain pipeline and gas gathering agreements with two midstream gathering pipeline companies.

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, DLA Piper, United States bankruptcy court
    Location:
    USA
    Firm:
    DLA Piper
    R&I Update: Hot Topics in Oil and Gas Restructurings, Volume 2
    2016-03-10

    Can Gathering Agreements Be Rejected as Executory Contracts?

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, McGuireWoods LLP
    Authors:
    Dion W. Hayes , James E. Van Horn , John H. Thompson , Mark A. Platt , Kyle R. Hosmer
    Location:
    USA
    Firm:
    McGuireWoods LLP
    Burst Pipeline? Bankruptcy Court Rules Sabine Can Reject Midstream Contracts
    2016-03-09

    Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. has satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream counter-parties, Nordheim Eagle Ford Gathering, LLC and HPIP Gonzales Holdings, LLC.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP
    Authors:
    Douglas S. Mintz , Raniero D'Aversa
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Sabine Bankruptcy Court Allows Rejection of Gathering Agreements
    2016-03-09

    In a March 8, 2016 ruling from the bench, the U.S. Bankruptcy Court for the Southern District of New York issued a significant decision regarding the ability of a debtor in bankruptcy to reject gas gathering agreements and similar intrastate contracts. Judge Shelley Chapman, overseeing the bankruptcy case of In re Sabine Oil & Gas Corp., determined that those agreements could be rejected in bankruptcy, notwithstanding contractual provisions that purport to issue conveyances that run with the land.

    Filed under:
    USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP, Debtor, United States bankruptcy court
    Authors:
    Mark D. Sherrill
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP

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