Introduction
Summary
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
On February 1, 2011, AES Thames, LLC ("AES" or "Debtor") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of AES's President in Support of First Day Motions (the "Declaration"), AES owns and operates a coal-fired power plant in Montville, Connecticut.
On August 12, 2010, Caribbean Petroleum Corporation filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. Caribbean Petroleum imports and distributes petroleum products in Puerto Rico through a network of 184 service stations. This post will look at the events leading up to the company's filing for bankruptcy, as well as what the company hopes to accomplish while in bankruptcy.
Introduction
Arch Coal has announced that it has successfully completed financial restructuring and has emerged from bankruptcy. Shares of the reorganized company began trading last week on the NYSE under the ticker ARCH, according to the Wall Street Journal.
Yet another company in the energy sector has filed for bankruptcy protection. On June 17, 2016, Maxus Energy Corporation, and its affiliates (“Debtors”) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.
Hogan Lovells Publications | 15 June 2020
Navigating distress and insolvency in the oil and gas industry
Following the success of our three-part webinar series produced together with Houlihan Lokey in Spring 2020, we have developed reports summarizing how companies and investors can better navigate distress and insolvency in the oil and gas industry.
Hogan Lovells Publications | 29 May 2020
Implications of COVID-19 on the Australian Mining Industry