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    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
    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
    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
    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
    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
    UK insolvencies increase as turbulent times lie ahead
    2022-09-08

    The UK insolvency statistics released on 2 August for Q2 2022 (1 April – 30 June 2022) make for fairly sombre, if not entirely unsurprising, reading.

    An 81% increase in corporate insolvencies in England and Wales from the same period in 2021 and a 13% increase in insolvencies from Q1 2022. The worst affected sectors are reported to include food, retail and construction.

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Taylor Wessing, Supply chain, Insolvency
    Authors:
    Amy Patterson
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Turmoil in the North Sea - An IP’s Practice Guide
    2016-07-05

    Until recently the oil and gas sector has not been on the restructuring communities radar. However, last year global oil prices hit an all-time low, which led to a record number of insolvencies in the industry. Consequently in conjunction with Lexis Nexis we have produced the Guide to insolvency in the UK oil and gas industry.

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs, Natural gas, Joint venture, Fossil fuel, Economy, Default (finance), LexisNexis
    Authors:
    Susan Kelly , Ben Holland , Caroline Castle
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Guide to Insolvency in the UK Oil and Gas Industry
    2016-06-22

    This article originally appeared on LexisNexus.com

    Produced in partnership with Susan Kelly, Caroline Castle and Ben Holland of Squire Patton Boggs.

    Introduction to Common Participants in the Market

    The oil and gas industry is a significant contributor to the UK economy:

    References:

    House of Commons Library Briefing Paper: UK offshore oil and gas industry 22 March 2016

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs, Fossil fuel, Refinancing, Debt restructuring
    Authors:
    Ben Holland
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A Trip through an Oil and Gas Bankruptcy - In Only Seventeen Days
    2016-05-02

    In bankruptcy cases, things often move more slowly than people would like or expect.  In addition to dealing with oversight by the bankruptcy court and the United States Trustee, a debtor typically spends significant time engaging with its lenders and secured creditors, committees of unsecured creditors, and any number of other key stakeholders.  Court approval is needed for most significant events in the case, for anything out of the ordinary course of business, and, at times, even for small matters.  Transparency, adequate notice and opportunity to object, and due process a

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy
    Authors:
    Elliot M. Smith
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Digging for Help Part 2: Additional Key Issues in Metals Exploration Bankruptcies
    2016-02-29

    Last week, we discussed the complexities of metals exploration chapter 11 bankruptcy cases and addressed several of the notable issues that arise in those cases. The discussion of significant issues continues below.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Real Estate, Squire Patton Boggs, Bankruptcy, Debtor, Right of first refusal
    Authors:
    Elliot M. Smith
    Location:
    USA
    Firm:
    Squire Patton Boggs

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