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Drilling down: a deeper look into the distressed oil & gas industry part 3the ability to assume or reject oil and gas leases

  • Weil Gotshal & Manges LLP
  • -
  • USA
  • -
  • February 5 2015

The oil and gas world embraces a language all its own. It’s a language that is wrapped in history and littered with unique terms of art, acronyms

Risk and opportunity amid falling oil prices

  • Jones Day
  • -
  • USA
  • -
  • December 2 2014

The mainstream media have been trying to predict, on almost a daily basis, the causes of, and the winners and losers (mostly focused on the latter

Is triangular set-off enforceable under US laws?

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 29 2009

It is not uncommon to find in trading agreements triangular set-off provisions, also commonly referred to as “cross-affiliates” set-off clauses

A closer look at the Bicent Power bankruptcy

  • Fox Rothschild LLP
  • -
  • USA
  • -
  • April 29 2012

On April 23, 2012, Bicent Holdings LLC, and various related entities (collectively "Bicent" or the "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware

Drilling down: a deeper look into the distressed oil & gas industry part 4smoke on the water: the hazy law of oil and gas leases on the outer continental shelf

  • Weil Gotshal & Manges LLP
  • -
  • USA
  • -
  • February 26 2015

Up until now, the Drilling Down series has focused on the most common type of oil and gas relationship in the United States the privately-held

NAESB contract not protected by Bankruptcy Code safe harbor provisions

  • McDermott Will & Emery
  • -
  • USA
  • -
  • October 8 2007

The decision of the U.S. Bankruptcy Court in Hutson v. Smithfield Packing Co. (In re National Gas Distributors, LLC) poses potentially serious problems for parties trading gas under the North American Energy Standards Board (NAESB) base contract

Sixth Circuit holds that assignee is subject to contractual netting provision

  • Ice Miller LLP
  • -
  • USA
  • -
  • March 19 2015

In a recent decision, In re Black Diamond Mining Company, LLC, the United States Court of Appeals for the Sixth Circuit held that a netting provision

Bankruptcy Court: parties may not contract around mutuality requirement to circumvent prohibition against triangular setoffs

  • McDermott Will & Emery
  • -
  • USA
  • -
  • January 14 2009

The decision in In re SemCrude, L.P., et al. prohibiting parties from contracting around Bankruptcy Code section 553’s mutuality requirement may disrupt customary business practices, including those widely used in the energy, natural gas and crude oil markets, because it rules that contracting for cross affiliate netting does not “create” the mutuality required for setoff

What goes up a quick glance at Ohio oil and gas leases in bankruptcy

  • Porter Wright Morris & Arthur LLP
  • -
  • USA
  • -
  • March 5 2013

As Ohio enjoys its latest boom in oil and gas exploration, it is important to understand how oil and gas leases are treated in bankruptcy. Unsettled

Sanctions awarded under the bankruptcy court’s ‘inherent authority’

  • Reed Smith LLP
  • -
  • USA
  • -
  • September 13 2010

The Bankruptcy Court sanctioned the indirect parent corporation of the chapter 11 debtors and the indirect parent corporation's counsel under its "inherent authority" and 28 U.S.C. section 1927 but not Rule 9011 after finding that the parent corporation abused the bankruptcy process by causing two of its subsidiaries to file bankruptcy petitions as a litigation tactic to shield itself from a $189 million liability in an environmental damage case