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- Executory Process Foreclosure on Real Estate in Louisiana In this part two of our discussion of the foreclosure process on commercial real estate in Louisiana, we are demystifying the procedures involved in executory process foreclosures in Louisiana. While Louisiana does not allow non-judicial foreclosure options for creditors, it does provide a streamlined judicial process known as executory process foreclosure, allowing a creditor to... Continue Reading...
- Louisiana Foreclosures on Commercial and Industrial Property Require the Involvement of Judges and Sheriffs Foreclosure proceedings in Louisiana can be challenging for lenders and servicers not familiar with the Bayou State's particular procedures. This blog post provides a brief introduction to Louisiana's foreclosure process focused on mortgaged commercial or industrial property. First and foremost, Louisiana is a judicial-foreclosure state. The foreclosing creditor must request and obtain a court order... Continue Reading...
- Is That a Real Covenant, or Just an Executory Contract? Midstream Agreements to be Tested in Coming Wave of E&P Bankruptcy Cases. Every few weeks, another news outlet reports that a wave of energy-related bankruptcy cases is on the way. See links below if you need some examples.[1] A recent decision in the Alta Mesa bankruptcy case about pipeline contracts has some important lessons for producers and midstream companies evaluating how future bankruptcy cases may affect their... Continue Reading...
- Preparing for the squall of post-COVID bankruptcies: Intellectual Property rights in Chapter 11 Intellectual property comprises some of the most valuable assets a business may hold – its brands, patents, know-how, and other intangible rights that make the business unique. The intellectual property assets (IP) throughout the energy sector—upstream, midstream, downstream and service providers along the way—will be affected as more energy companies seek bankruptcy relief in the... Continue Reading...
- Draft Carefully – Recent U.S. Supreme Court Case Serves as Lesson to Properly Preserve Issues on Appeal The Supreme Court of the United States recently handed down a decision on the statute of limitations period under the Fair Debt Collection Practices Act (the "FDCPA") to start off its term. The case provides a lesson to practitioners to draft carefully; the failure to do so may result in the loss of the cause... Continue Reading...
- Ag Lenders and Vendors: The Family Farmer Relief Act of 2019 Opens Chapter 12 Bankruptcy to More Farmers Lenders who finance farm operations, including those who provide equipment, seed, fertilizer, and other farming-related products on credit, should be aware that the Family Farmer Relief Act of 2019 has been signed into law. This new law allows a "family farmer" with up to $10,000,000.00 in debt to restructure and to reduce debts under Chapter... Continue Reading...
- Offshore Service Companies Try Bankruptcy, Lobbying to Improve Their Finances Large and small offshore service companies are turning to the Bankruptcy Code for help with restructuring their balance sheet, and turning to Washington for help with generating more work. One of the largest offshore service companies in the world, Tidewater, announced this week that it will file a Chapter 11 bankruptcy petition in Delaware on... Continue Reading...
- Do Lenders and Borrowers Intend a Novation of Prior Agreements? A Cautionary Tale and the Need to be Crystal Clear in Drafting Amendments When lenders and borrowers want to modify the terms of an existing loan agreement, and the modifications are extensive and will affect many provisions of the agreement, the lender's lawyer will often choose to draft an "amended and restated agreement" in order to document those modifications. A single amended and restated agreement will often be... Continue Reading...
- "Artificially Impaired" Creditors Can Vote on Chapter 11 Plans in the Fifth Circuit The U.S. Fifth Circuit Court of Appeals dealt a blow to secured creditors in a recent opinion affirming a successful "cramdown" reorganization plan in a commercial real estate ("CRE") case. See In re Village at Camp Bowie I, L.P., — F.3d — (5th Cir. Feb. 26, 2013), 2013 WL 690497. The panel opinion in Bowie... Continue Reading...
- Lenders and Developers Need to Understand How Louisiana's Private Works Act Applies to Their Projects A recent opinion from the United States Bankruptcy Court in Baton Rouge, Louisiana shows that even experienced lenders and developers may not always understand how Louisiana's Private Works Act applies to their project, and how much leverage a properly filed notice of contract can provide to a general contractor. Tuscany Reserve, LLC ("LLC") was formed... Continue Reading...
