News & Analysis as of

Debt Restructuring Oil & Gas Insolvency

Bennett Jones LLP

Spartan Delta Appeal Raises Uncertainty for Co-Lessees After Insolvency

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Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal...more

A&O Shearman

Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues

A&O Shearman on

Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain’s independent energy regulator, the Office of Gas and Electricity Markets...more

A&O Shearman

Solvent-Debtor Exception Carries the Day in Fifth Circuit Ultra Petroleum Ruling on Make-Wholes and Post-Petition Interest

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On October 14, 2022, the Fifth Circuit issued its decision in Ultra Petroleum, granting favorable outcomes to “unimpaired” creditors that challenged the company’s plan of reorganization and argued for payment (i) of a ~$200...more

Hogan Lovells

Sanctions no bar to sanction: Nostrum Oil & Gas PLC’s scheme of arrangement

Hogan Lovells on

Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022. While the terms of the...more

Opportune LLP

Fairness & Solvency Opinions Shouldn't Be Overlooked Amid Restructuring Wave

Opportune LLP on

James Hanson, Managing Director with Opportune Partners LLC, discusses why fairness and solvency opinions are necessary in oil and gas transactions, especially as bankruptcies and restructuring events mount in today's...more

Jones Day

Business Restructuring Review | September–October 2018

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In This Issue: Caveat Emptor—Anti-Assignment Clause Renders Transferred Claim Unenforceable - In In re Woodbridge Group of Companies, LLC, 2018 WL 3131127 (Bankr. D. Del. June 20, 2018), the bankruptcy court ruled...more

Jones Day

The Year in Bankruptcy: 2017

Jones Day on

The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

Bennett Jones LLP

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

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Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become...more

Latham & Watkins LLP

‘Fit for 50’ – Restructurings Likely as Oil Industry Enters New Normal

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Prior to the recent collapse in oil values, prices existed at over $100 a barrel for over three years. It made the economics of oil exploration, production and sale comparatively straightforward, but embedded costs into the...more

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