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The Fifth Circuit Rules that Louisiana Statutory Mineral Liens Are Extinguished as to Production Payments Sold in Arms Length Transactions, Without Notice
Most oil and gas producing states have oil and gas mineral lien statutes (similar to what many lawyers know as mechanics and materialman’s lien statutes) that grant automatically arising liens in favor of vendors that provide services in connection with oil and gas well operations. Louisiana’s version of the statute... Continue reading
Posted Jun 25, 2018 at The Insolvency Blog
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8th Circuit Prohibits Substantive Consolidation of Archdiocese with Non-Profit Non-Debtors
Bankruptcy courts rely on Bankruptcy Code section 105(a) to grant the relief of substantive consolidation, which expands a debtor’s bankruptcy estate to include additional entities or assets under appropriate circumstances. The boundaries of this equitable power were tested in connection with not-for-profit entities in a recent Eighth Circuit ruling, In... Continue reading
Posted Jun 18, 2018 at The Insolvency Blog
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EXCO Resources, Inc. Files Ch. 11 Bankruptcy
On January 15, 2018, EXCO Resources, Inc. (the “Debtor”) and certain of its affiliated entities[1] (collectively, the “Debtors”) filed chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. According to the Debtors’, they are engaged in the exploitation, exploration, acquisition, development and production of... Continue reading
Posted Jan 16, 2018 at The Insolvency Blog
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Expro Holdings Files Ch. 11 Bankruptcy in Texas
On December 18, 2017, Expro Holdings US Inc. (d/b/a Umbrellastream US Inc.) (the “Debtor”) and certain of its affiliated entities[1] (collectively, the “Debtors”) filed chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. The Debtors provide specialized well flow management products and services in... Continue reading
Posted Dec 19, 2017 at The Insolvency Blog
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Cobalt International Energy Files Chapter 11 Bankruptcy in Texas
On December 14, 2017, Cobalt International Energy, Inc. (the “Debtor”) and certain of its affiliates[1] (collectively, the “Debtors”) filed chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of Texas. According to the Declaration of David D. Powell, the Debtor’s Chief Financial Officer, the Debtors are... Continue reading
Posted Dec 14, 2017 at The Insolvency Blog
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Pacific Drilling Files Ch. 11 Bankruptcy in New York
On November 12, 2017, Pacific Drilling S.A. (the “Debtor”), a Luxembourg public limited liability company, and certain of its affiliates[1] (collectively, 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 Paul T. Reese,... Continue reading
Posted Nov 13, 2017 at The Insolvency Blog
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ExGen Texas Power, LLC Files Ch. 11 Bankruptcy in Delaware
On November 7, 2017, ExGen Texas Power, LLC (the “Debtor”), a Delaware corporation, and certain of its affiliates[1] (collectively, the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of David Rush, the Debtor’s Chief Restructuring Officer,... Continue reading
Posted Nov 8, 2017 at The Insolvency Blog
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Lower Courts Interpret U.S. Supreme Court's Jevic Decision
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
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U.S. Supreme Court Approves Structured Dismissals in Certain Circumstances
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
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U.S. Supreme Court to Decide Fate of Structured Dismissals
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
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Bonanza Creek Energy Files For Bankruptcy in Delaware
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
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Delaware Bankruptcy Court sides with Sixth Circuit in deciding that Vendors may have a reclamation right remedy despite a senior secured lender‘s lien.
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
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Atlas Resource Partners Files For Bankruptcy in New York
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
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Halcon Resources Corp., Files For Bankruptcy in Delaware
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
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III Exploration Files For Bankruptcy in Utah
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
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Linc USA Files For Bankruptcy in Houston, TX
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
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Warren Resources Files For Bankruptcy in Houston, Texas
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
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Intervention Energy Files For Bankruptcy in Delaware
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
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Sandridge Energy, Inc. Files For Bankruptcy in Houston, Texas
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
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Breitburn Energy Partners LP Files For Bankruptcy in New York
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
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Penn Virginia Files For Bankruptcy in Richmond, Virginia
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
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Linn Energy, LLC Files For Bankruptcy in Victoria, Texas
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
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Chaparral Energy, Inc. Files For Bankruptcy in Delaware
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
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Ultra Petroleum Corp. Files For Bankruptcy in Houston, Texas
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
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Midstates Petroleum Company Files For Bankruptcy in Houston, Texas
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
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