EV Energy Partners, L.P., along with thirteen (13) affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10814). EV, based in Houston, Texas, is an upstream oil & gas developer operating throughout the United States.
The Delaware Bankruptcy Court held that comity outweighed the parties' contractual choice of jurisdiction. Although claims would be allowed to be brought in the US, any recoveries would need to be pursued in Italian insolvency proceedings.
Energy Coal, an Italian company engaged in trading coal and other raw materials, commenced debt restructuring, or Concordato Preventivo ("Italian Proceedings"), proceedings in Italy in 2015. The restructuring plan allowed for the business to continue as a going concern and pay creditors from future revenues.
Reprinted with permission of the American Bankruptcy Institute Law Review. Originally published at 26 Amer. Bankr. Inst. L. Rev. 115 (2018).
For the third time in less than two years, the Eleventh Circuit Court of Appeals has ruled that a chapter 7 debtor who does not reaffirm the secured debt or redeem the property must surrender the property. In re Woide, No. 17-10776 (11th Cir. Apr. 5, 2018).
On February 27, 2018, the U.S. Supreme Court resolved a circuit split under the Bankruptcy Code and determined that where funds passed through financial institutions acting as payment conduits, where the ultimate transfer sought to be avoided was not the type of transaction protected by the safe harbor provisions of the Bankruptcy Code, the safe harbor provisions of Bankruptcy Code Section 546(e), shielding transfers through financial institutions from avoidance actions by bankruptcy trustees, was inapplicable.
The U.S. Court of Appeals for the Fourth Circuit recently held that a completely unsecured lien may be stripped off in a Chapter 13 bankruptcy proceeding under 11 U.S.C. § 1322(b) even though a proof of claim has not been filed.
A copy of the opinion in Edwin Burkhart v. Nancy Spencer Grigsby is available at: Link to Opinion.
VER Technologies HoldCo LLC, along with eight subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10834).
On Monday, the Federal Maritime Commission launched the first phase of its investigation into port demurrage, detention, and free time practices, ordering vessel operating common carriers (OCCs) and marine terminal operators (MTOs) to provide information and documents explaining these practices, especially regarding circumstances where shippers are not able to retrieve cargo. A similar effort with respect to container terminals at major U.S. ports is also underway.
As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a confirmed successor in interest is in bankruptcy. The question stems from upcoming provisions in Regulations X and Z that will collectively say, in essence, that a confirmed successor in interest must be treated as if he or she is a borrower for the purposes of the mortgage servicing rules.
On March 28, 2018, the Ninth Circuit Court of Appeals addressed both the in rem jurisdiction of a federal district court sitting in admiralty vis-a-vis an intervening bankruptcy, and in a question of first impression in the Ninth Circuit, the proper approach to setting the amount of maintenance an injured seaman is entitled to receive prior to trial. In Barnes v. Sea Hawaii Rafting, LLC, ___ F.3d ___ (9th Cir.