As predicted at the Commercial Finance Association’s Fourth Annual Energy Summit on September 16th, we should start seeing more and more oil & gas companies struggle to survive in the wake of continued low commodity pricing. While we witnessed some rebound in pricing towards the end of the summer, the price of oil again dipped […]
Read MoreThe retail industry appears to be reaching the crossroads of complete transformation due to a significant shift in consumer sentiment. Those companies that can embrace the change quickly enough will likely survive. Those that cannot may simply become legends. Indeed, we have seen well-known companies such as RadioShack, Brookstone, Frederick’s of Hollywood, dELiA*s, Cache, ALCO Stores, […]
Read MoreWith 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 […]
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