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    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
    An analysis of the uptick in US oil and gas bankruptcies resulting from the declining oil price
    2015-08-11

    KEY POINTS

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Michael D. Cuda , Maxwell Tucker , Susan Kelly
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit reaffirms 1999 O’Brien decision regarding application of Bankruptcy Code Section 503(b) to break-up fees of stalking horse bidders
    2010-04-28

    In 1999 the Third Circuit Court of Appeals rendered its decision in Calpine Corp. v. O’Brien Environmental Energy, Inc. (In re O’Brien Environmental Energy, Inc.), 181 F.2d 527, denying Calpine Corporation’s request for the payment of a break-up fee after Calpine lost its effort to acquire the assets of O’Brien Environmental Energy out of bankruptcy.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Interest, Marketing, Limited liability company, Due diligence, Non-disclosure agreement, United States bankruptcy court, Third Circuit
    Authors:
    Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    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
    (UK) Keeping the (light) Bulb on special energy administrations - what will happen next to Bulb ?
    2021-12-15

    We discussed the announcement that Bulb Energy Ltd (“Bulb”) was due to be placed into special administration in our previous blog outlining how the rules for energy supply companies work, the supplier of last resort (“SoLR”) regime and what energy supply company special administration entails.

    Filed under:
    United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Emily Davis
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Shining a light (Bulb) on energy supply company failure, SoLRs and special administration
    2021-11-23

    As has been widely reported, the recent energy price volatility (coupled with the price cap limiting suppliers’ ability to pass increased costs on to consumers) has caused a number of energy supply company failures. Yesterday saw the announcement of the collapse of Bulb, one of the UK’s largest energy suppliers, with it being due to be placed into special administration very shortly.

    This is the first energy special administration we’ve seen. So how are the insolvency rules different for energy companies? What is a special administration, and why is this the first one?

    Filed under:
    United Kingdom, Company & Commercial, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Emily Davis
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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