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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
    Energy Crisis: How Spain May Pull Abengoa from the Brink
    2016-01-22

    On Dec. 18, Spain’s High Court said it would investigate claims of mismanagement by Abengoa creditors’ against the former chairman and the former CEO of the engineering and energy firm struggling with serious financial problems. In its ruling, the High Court asked Felipe Benjumea, the former chairman whose father founded the company, to post a bond of 11.5 million euros ($12.5 million) to cover potential liabilities within 24 hours.

    Filed under:
    Spain, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Fernando González
    Location:
    Spain
    Firm:
    Squire Patton Boggs
    Liquidator Dumps $40 Million Mining Liability on Western Australia Taxpayers
    2015-12-09

    Taxpayers in Western Australia have been left to foot the bill after Jirsch Sutherland, liquidator for the Kimberley Diamond Company Pty Ltd (“KDC”), used a legal loophole to handball expensive mining leases back to the Department of Mines and Petroleum (“DMP”).

    Care and maintenance costs for KDC’s Ellendale diamond mine amount to $100,000 (AUD) a month and environmental rehabilitation obligations are estimated to be $40 million (AUD). The DMP has been servicing these costs since KDC went into liquidation.

    Filed under:
    Australia, Western Australia, Energy & Natural Resources, Insolvency & Restructuring, Tax, Squire Patton Boggs
    Authors:
    Margie M. Tannock , Lauren Barnett
    Location:
    Australia
    Firm:
    Squire Patton Boggs
    Bankruptcy won’t help you avoid an oil & gas lease
    2015-11-23

    A district court judge in the Middle District of Pennsylvania recently vacated a bankruptcy court’s decision allowing rejection of an oil and gas lease under section 365 of the Bankruptcy Code.  The District Court held that a debtor’s oil and gas lease was a conveyance of an interest in real property and not an executory contract or unexpired lease that could be rejected in bankruptcy under Section 365 of the Bankruptcy Code.

    Filed under:
    USA, Pennsylvania, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Debtor in possession, United States bankruptcy court
    Authors:
    Aditi Kulkarni
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Coming down the pipeline: US energy credit lines face 35-40% cuts
    2015-10-15

    The recent TMA Global Annual Conference in Scottsdale Arizona gave us a great opportunity to meet with friends and colleagues old and new and swap intel and war stories!    The buzz at the conference was around the oil and gas sector.   Drilling down: Turmoil in Oil and Gas was the panel moderated by our very own Michael Cuda.   It created immediate and ongoing comment, not just at the conference but also in the wider media.  See web link from 

    Filed under:
    USA, Arizona, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Susan Kelly , Michael D. Cuda
    Location:
    USA
    Firm:
    Squire Patton Boggs

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