The ability to assume or reject executory contracts is one of the primary tools used by debtors in a Chapter 11 reorganization. Where a debtor has a contract with a third party that is “executory”—meaning that ongoing performance obligations remain for both the debtor and the contract counterparty on the date of the bankruptcy filing—the debtor can choose to either assume or reject the contract under 11 USC § 365.
Summary
In a 12 page decision signed July 6, 2011, Judge Walrath of the Delaware Bankruptcy Court granted a motion to dismiss, holding that a complaint that sets forth only conclusory allegations parroting the statutory language of the Bankruptcy Code is insufficient. Judge Walrath’s opinion is available here (the “Opinion”).
Background
The Third Circuit recently held, in a case from the Energy Future Holdings bankruptcy, that a losing stalking horse bidder can provide sufficient value to the debtor’s estate to receive an administrative claim for a break-up fee and expenses. In re Energy Future Holdings Corp., 990 F.3d 728, 748 (3rd Cir. 2021). This represents an expansive view of potential administrative claims related to those costs, providing bidders significant potential protections for their bids.
COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
Dear Clients and Friends,
In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy transition in countries around the world.
The recent decision of Justice B.E.
Esta Resolución, tramitada con arreglo a lo previsto en el artículo 13 de la Circular 1/2021, de 20 de enero, de la CNMC, por la que se establece la metodología y condiciones del acceso y de la conexión a las redes de transporte y distribución de las instalaciones de producción de energía eléctrica, vendría a completar el marco normativo del acceso y conexión y daría cumplimiento a lo previsto en su Disposición Transitoria Única. De esta forma:
2020年は、新型コロナウイルスの感染拡大の影響により、あ らゆる地域において、またあらゆる業界が経済的損失を被っ た1年であったが、とりわけ石油業界にとっては影響が大き かったということができる。米国の代表的な原油価格指標で あるWTI（West Texas Intermediate）が、2020年4月20日に史 上初のマイナス価格を付けたことは衝撃的な事象として未だ 記憶に新しい。2018年から2019年の間は、WTIは50ドル～80 ドル（1バレル当たり）を推移していたのであるから、このような事 態になるとは誰も想像していなかったであろう。
そこで、今回は、石油を取り巻く環境が大きく変わったといえ る2020年における北米1石油業界のChapter 11の動向を調 査することとした。石油業界は、川の流れに例えられ、上流（探 鉱・開発）、中流（輸送）、下流（加工・流通）と区分されることが 多いが、今回は、その中でも原油価格や生産量の影響を直接 的に受けることになる、原油の生産に関わる上流部門に着目 する。
第１ 石油業界の上流部門のプレーヤー
The Corporate Insolvency and Governance Bill was published on 20 May 2020 and went through an accelerated parliamentary process, receiving Royal Assent on 25 June 2020 (with the provisions coming into force on 26 June 2020).
The Corporate Insolvency and Governance Act 2020 (“CIGA”) introduces a mixture of permanent and temporary “debtor friendly” measures to restructuring and insolvency law in England and Wales and in Scotland, jurisdictions which have historically been viewed as being “creditor friendly”.
In its recent decision in Matter of First River Energy, LLC,1 the Fifth Circuit resolved a priority dispute between lienholders regarding their competing claims to cash held by the debtor, First River Energ