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In Czyzewski v. Jevic Holding Corp., the United States Supreme Court made clear that bankruptcy courts cannot approve structured dismissals that provide for distributions in violation of the Bankruptcy Code’s priority scheme without the consent of the affected parties.[1] For an in-depth analysis of the Jevic decision, please read our... Continue reading
Posted Jun 20, 2017 at The Insolvency Blog
On March 22, 2017, the United States Supreme Court issued its ruling in Czyzewski v. Jevic Holding Corp.,[1] holding 6-2 that bankruptcy courts cannot approve structured dismissals that provide for distributions in violation of the Bankruptcy Code’s priority scheme without the consent of the affected parties. The Court’s holding is... Continue reading
Posted May 4, 2017 at The Insolvency Blog
Structured dismissals have become an attractive option for debtors in recent years. The outcome of a case pending before the Supreme Court, however, may halt that trend. On December 7, 2016, the United States Supreme Court heard oral arguments in Czyzewski v. Jevic Holding Corp.[1] to decide if a bankruptcy... Continue reading
Posted Feb 16, 2017 at The Insolvency Blog
On January 4, 2016, Bonanza Creek Energy, Inc. and certain of its affiliates (collectively, “Bonanza” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the affidavit of Bonanza’s Senior Vice President and Principal Financial Officer, Scott Fenoglio... Continue reading
Posted Jan 4, 2017 at The Insolvency Blog
Section 546 of the Bankruptcy Code recognizes a vendor’s right to reclaim goods if unpaid for, and supplied to a debtor within forty-five days of the bankruptcy filing, while the debtor was insolvent. This right, known as a “reclamation right,” is created under section 2-702 of the Uniform Commercial Code,... Continue reading
Posted Nov 28, 2016 at The Insolvency Blog
On July 28, 2016, Atlas Resource Partners, L.P. and certain of its affiliates (collectively, “Atlas” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. According to the affidavit of Atlas’s Chief Financial Officer, Jeffrey M. Slotterback (the... Continue reading
Posted Aug 4, 2016 at The Insolvency Blog
On July 27, 2016, Halcon Resources Corporation and certain of its affiliates (collectively, “Halcon” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the declaration of Halcon’s President Stephen W. Herod (the “Herod Declaration”), Halcon has entered... Continue reading
Posted Aug 4, 2016 at The Insolvency Blog
On July 26, 2016, III Exploration (the, “Debtor”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Utah, Central Division. According to the Motion for Order Approving Debtor’s Assumption of Transition Services Agreement with Petroglyph Operating Company, Inc. (the “TSA Motion”), Debtor is... Continue reading
Posted Aug 4, 2016 at The Insolvency Blog
On May 29, 2016, Linc USA GP and certain of its affiliates (collectively, “Linc” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to the declaration of Linc’s Vice President of Corporate Development, Jude Rolfes... Continue reading
Posted Jun 6, 2016 at The Insolvency Blog
On June 2, 2016 Warren Resources, Inc. and certain of its affiliates (collectively, “Warren” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to the declaration of Warren’s Chief Executive Officer and Chief Restructuring Officer,... Continue reading
Posted Jun 6, 2016 at The Insolvency Blog
On May 20, 2016 Intervention Energy and certain of its affiliates (collectively, “Intervention” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the declaration of Intervention’s President, John R. Zimmerman (the “Zimmerman Declaration”), the Debtors primarily engage... Continue reading
Posted May 23, 2016 at The Insolvency Blog
On May 16, 2016, Sandridge Energy, Inc. and certain of its affiliates (collectively, “Sandridge” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to the declaration of Sandridge’s Chief Financial Officer, Julian Bott (the “Bott... Continue reading
Posted May 18, 2016 at The Insolvency Blog
On May 16, 2016, Breitburn Energy Partners LP and certain of its affiliates (collectively, “Breitburn” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. According to the declaration of Breitburn’s Chief Financial Officer, James G. Jackson (the... Continue reading
Posted May 18, 2016 at The Insolvency Blog
On May 12, 2016, Penn Virginia Corporation and certain of its affiliates (collectively, “Penn Virginia” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. According to the declaration of Penn Virginia’s Chief Restructuring Officer, R. Seth... Continue reading
Posted May 17, 2016 at The Insolvency Blog
On May 11, 2016, Linn Energy, LLC and certain of its affiliates (collectively, “Linn Energy” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Victoria Division. According to the declaration of Linn Energy’s Chief Operating Officer, Arden L.... Continue reading
Posted May 16, 2016 at The Insolvency Blog
On May 9, 2016, Chaparral Energy, Inc. and certain of its affiliates (collectively, “Chaparral” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the declaration of Chaparral’s Chief Executive Officer, Mark A. Fischer, (the “Fischer Declaration”), Chaparral’s... Continue reading
Posted May 16, 2016 at The Insolvency Blog
On April 29, 2016, Ultra Petroleum Corp. and certain of its affiliates (collectively, “Ultra Petroleum” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to the declaration of Ultra Petroleum’s Chief Financial Officer, Nelson M.... Continue reading
Posted May 4, 2016 at The Insolvency Blog
According to the declaration of Midstates’ Chief Financial Officer, Nelson M. Haight (the “Haight Declaration”), Midstates has filed a restructuring support agreement which has been executed by over 74% of each class of Debtors’ secured creditors. The support agreement anticipates a plan, which includes, among other things, a debt-for-equity conversion. Continue reading
Posted May 2, 2016 at The Insolvency Blog
On April 21, 2016, Paladin Energy Corporation (the “Debtor” or “Paladin”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. According to the Paladin’s Cash Collateral Motion (the “Motion”) [Dkt. No. 13], Paladin is an oil and gas producer... Continue reading
Posted Apr 27, 2016 at The Insolvency Blog
On April 21, 2016, Trinity River Resources, LP (the “Debtor” or “Trinity”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western District of Texas, Austin Division. According to the declaration of the manager of Trinity’s general partner, Matthew J. Telfer (the “Telfer Declaration”), Trinity... Continue reading
Posted Apr 26, 2016 at The Insolvency Blog
On April 13, 2016, Hydrocarb Energy Corporation and certain of its affiliates (collectively, “Hydrocarb” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to Hydrocarb’s Cash Collateral Motion (the “Motion”), Hydrocarb’s operations are focused on... Continue reading
Posted Apr 19, 2016 at The Insolvency Blog
On April 14, 2016, Energy XXI Ltd and certain of its affiliates (collectively, “Energy XXI” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. According to the declaration of Energy XXI’s Chief Financial Officer, Bruce W.... Continue reading
Posted Apr 15, 2016 at The Insolvency Blog
On March 27, 2016, Southcross Holdings LP and certain of its affiliates (collectively, “Southcross” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division. According to the declaration of Southcross’s restructuring advisor, Jeffery J. Stegenga, (the... Continue reading
Posted Mar 29, 2016 at The Insolvency Blog
On March 22, 2016, Emerald Oil, Inc. and certain of its subsidiaries (collectively, “Emerald” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware in Wilmington. According to the declaration of Emerald’s Chief Financial Officer, Ryan Smith (the “Smith Declaration”),... Continue reading
Posted Mar 23, 2016 at The Insolvency Blog
On February 3, 2016, EmKey Companies, LLC and its affiliates (collectively, “EmKey” the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. According to the declaration of the EmKey’s President, Worth Snyder, (the “Snyder Declaration”), the Debtors operations... Continue reading
Posted Feb 5, 2016 at The Insolvency Blog