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    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
    Digging for Help: Key Issues in Metals Exploration Bankruptcies
    2016-02-22

    The past several years have not been kind to commodities exploration companies.  The price of gold dropped to $1,051/oz. in November 2015, a level that had not been seen since 2009.  Although the price of gold rebounded somewhat in January and February 2016 to just over $1,200/oz., the price has steadily decreased after peaking at $1,921/oz. in August 2011.  The price of silver has also decreased dramatically, with its price off 60% from the 2011 highs.  Copper has not escaped this trend, and was recently selling for just over half of its 2011 price.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Commodity
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Oil and Gas M&A Market to Re-energize in 2016
    2016-01-22

    Since the third quarter of 2014, the appetite for lending to small and midsized exploration and production companies (E&P Companies) has decreased substantially for several reasons. The most significant reason is the drop in oil prices to the WTI Spot close at Cushing, Oklahoma in the $35 per barrel range at the end of 2015.

    Filed under:
    USA, Corporate Finance/M&A, Energy & Natural Resources, Insolvency & Restructuring, Squire Patton Boggs
    Authors:
    Michael D. Cuda
    Location:
    USA
    Firm:
    Squire Patton Boggs
    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
    (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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