Despite the initial glee of the prospect of a United States that was independent of Middle East oil, beginning in the fourth quarter of 2014, the price of oil started dropping precipitously.  As noted in a recent article, over 80 bankruptcies in the oil industry were filed in 2015, up 471 % over calendar year 2014.  

As energy prices continue in their trough and volatile markets fuel speculation of credit deterioration, more and more investors, companies, and professionals find themselves scouring documents to find room for a capital structure adjustment (or, alternatively, for potential threats to their credit support).  A recent decision by the District Court for the Southern District of New York in the Norske cas

Last June we covered the U.S. Supreme Court’s decision in Baker Botts LLP v.

The Bankruptcy Blog previously published an extensive guide to evaluating and purchasing director and officer (”D&O”) liability insurance for individuals at the helm of troubled companies.  But what happens when a policy is in place and the directors and officers seek to obtain the proceeds of that policy to cover defense costs or related expenses? 

Finding out you missed an important deadline is the stuff nightmares are made of.  Even more so for attorneys, where letting a court imposed deadline pass without taking the requisite action may substantially hinder the rights of clients.  In 

We all learned the first day of our Bankruptcy 101 class in law school that just because a debtor files for bankruptcy doesn’t mean those entities who have guaranteed the debtor’s obligations are off the hook.  Doesn’t ring a bell?  Well if you were sleeping during this part of the lecture, allow us to elaborate.  Unless a guarantor has itself filed for bankruptcy, it will not be afforded protections under the Bankruptcy Code and creditors will not be stopped from looking to the guarantor for payment if the debtor fails to fulfill its obligation.  But what if the debtor&

When a bankruptcy case is dismissed for cause pursuant to section 1112(b) of the Bankruptcy Code, the effect of the dismissal on orders entered during the case is not always clear.  A recent District of Delaware decision, 

The Bankruptcy Court for the Southern District of New York recently handed down a decision declining to grant a creditor’s motion to reopen a debtor’s chapter 7 case and vacate a discharge order. Although the legal predicates at issue in that case may not be relevant to all practitioners, the case itself serves as a valuable reminder about “best” practices and provides a number of teachable moments for attorneys of all ages and practice areas.

Background

Last week, we reviewed the recent decision of the Bankruptcy Court for the Southern District of New York that granted recognition to the Brazilian bankruptcy proceedings of three entities in the OAS Group (“OAS”), a Brazilian infrastructure enterprise. Part I of this series focused on the facts of the OAS cases and the objections to recognition interposed by two signific

“[T]hey would sell their possessions and goods and distribute the proceeds to all…” Acts 2:45