Following Morgan Lewis’s most recent Evening in Energy, hosted in the firm’s Houston office, Energy Industry co-leader Andrew Gallo spoke with the event’s keynote speaker Steve Almrud about the trends he’s seeing in the...more
In a decision likely to have a knock-on effect for future fraudulent transfer defense and valuation litigation, the Delaware bankruptcy court recently ruled that the price agreed in the sale of an oil and gas company closed...more
6/28/2023
/ Arm's Length Principle ,
Bankruptcy Court ,
Business Litigation ,
Commercial Bankruptcy ,
Corporate Sales Transactions ,
Delaware ,
Fair Market Value ,
Fraudulent Transfers ,
Oil & Gas ,
Purchase Price ,
Retained Asset Accounts ,
Sale of Assets ,
Settlement ,
State and Local Government ,
Statement of Opinion ,
Valuation
The ability to assume or reject executory contracts is one of the primary tools used by debtors in a Chapter 11 reorganization. Where a debtor has a contract with a third party that is “executory”—meaning that ongoing...more
US Bankruptcy Judge Mary F. Walrath of the District of Delaware entered an order on April 21 in In re Nine Point Energy Holdings, Inc., Case No. 21-10570 (MFW) (Bankr. D. Del. Apr. 21, 2021), finding that Caliber Measurement...more
4/26/2021
/ Automatic Stay ,
Bankruptcy Code ,
Bankruptcy Court ,
Binding Contractual Rules ,
Commercial Bankruptcy ,
Contract Terms ,
Creditors ,
Debtors ,
Midstream Contracts ,
Oil & Gas ,
Reservation of Rights ,
Service Agreements
Is a midstream contract treated the same as other executory contracts in bankruptcy, subject to assumption and rejection pursuant to the US Bankruptcy Code? An executory contract is any contract of the debtor where both the...more
2/23/2021
/ Bankruptcy Code ,
Commercial Bankruptcy ,
Covenants that Run With the Land ,
Debt Restructuring ,
Debtors ,
Gathering Agreements ,
Infrastructure ,
Midstream Contracts ,
Mineral Leases ,
Natural Gas ,
Oil & Gas ,
Pipelines
Decision establishes framework for future rulings that covenants in midstream agreements do not run with the land.
On March 8, Judge Shelley C. Chapman of the US Bankruptcy Court for the Southern District of New York...more