With oil prices having fallen more than 50% from June 2014 to January 2015, most pundits expect more companies in the oil & gas (O&G) industry will face significant financial distress in 2015, forcing many to either consolidate or file for bankruptcy. Already this year several large oil and gas companies, like WBH Energy L.P., BPZ Resources, Dune Energy, Inc., Quicksilver Resources, Inc., […]
Read MoreThe United States Bankruptcy Court for the Eastern District of North Carolina recently avoided several secured financing arrangements, entered into by a debtor without court approval, as illicit transfers under section 549(a) of the Bankruptcy Code. See James B. Angel v. Hyosung Motors America, Inc. (In re Britt Motorsports, LLC), Case No. 14-00058 (Bankr. E.D.N.C. April […]
Read MoreIn a long-awaited opinion, the Fifth Circuit Court of Appeals recently reversed its ruling in Pro-Snax Distributors, Inc., 157 F.3d 414, 426 (5th Cir. 1998), providing that a bankruptcy professional can only collect fees for services provided to a bankrupt debtor that “resulted in an identifiable, tangible, and material benefit to the bankruptcy estate.” See Baron & Newburger, P.C. […]
Read MoreThe United States Bankruptcy Court of the Northern District of Texas recently held that a confirmed chapter 11 plan of a liquidated company, R.L. Adkins Corp. (the “Corporation”), was not required to specifically preserve bankruptcy-created rights of the Corporation against its former principal. See Harvey L. Morton v. Robert Lewis Adkins, Sr. (In re Robert Lewis […]
Read MoreToday, Energy Future Holdings Corp. (“EFH“), a Texas corporation, and several of its subsidiaries, including TXU Energy (collectively with EFH, the “Debtors“), filed for chapter 11 bankruptcy relief. The Debtors are the largest generator, distributor and certified retail provider of electricity in Texas. The Debtors disclosed approximately $42 billion in funded indebtedness and EFH disclosed total assets of […]
Read MoreOn April 3, 2014, Brookstone Holdings Corporation and its affiliates (“Brookstone” or “Company”), developers and sellers of unique and high quality household products, filed a prenegotiated chapter 11 bankruptcy in Delaware. See In re Brookstone Holdings Corporation, Case No. 14-10752 (Bankr. D. Del.). But, don’t worry. The seller of $4,000 massage chairs does not appear to be going […]
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