Even before coronavirus concerns, the slump in oil demand placed considerable financial stress on oil exploration and production companies. With Saudi Arabia and Russia unable to reach an agreement on crude production, oil markets plunged further. That plunge led to a corresponding decline in high-yield bond prices issued by many U.S. producers. Although many of these bonds do not mature until 2021 or later, U.S. producers still face considerable stress.
President Donald Trump on Aug. 23, 2019, signed the Honoring American Veterans in Extreme Need Act of 2019 (HAVEN Act) into law. The HAVEN Act was introduced in the U.S. House of Representatives by Lucy McBath (D-Ga.) and Greg Steube (R-Fla.) to exclude disability benefits paid by the U.S. Department of Veterans Affairs and the U.S. Department of Defense from the calculation of an individual debtor's disposable income used for bankruptcy means testing.
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In a case decided on March 28, 2018, the Ninth Circuit Court of Appeals held that a maritime lien on a vessel for the "maintenance and cure" of an injured seaman was not subject to the "automatic stay" that generally arises as the result of a bankruptcy filing by the owner of the vessel. In the case entitled Barnes v. Sea Hawaii Rafting, LLC, 886 F.3d 758, the Ninth Circuit Court of Appeals considered whether the special rules invoked by maritime law trumped the rules and equitable principles set out in the Bankruptcy Code, or whether bankruptcy law triumphed.
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