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  • 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 By J. Eric Lockridge 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... 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 By Dean P. Cazenave 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... Continue Reading... ....
  • “Artificially Impaired” Creditors Can Vote on Chapter 11 Plans in the Fifth Circuit By J. Eric Lockridge and Benjamin M. Anderson 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),... Continue Reading... ....
  • Lenders and Developers Need to Understand How Louisiana’s Private Works Act Applies to Their Projects By J. Eric Lockridge 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,... Continue Reading... ....
  • Landlord Entitled to Immediate Possession of Possession of Premises By J. Eric Lockridge Does a tenant’s failure to expressly assume a commercial lease within 120 days of filing bankruptcy give its landlord the right to immediate possession of the leased premises? Yes, according to several recent court decisions. The bankrupt tenant’s landlord is entitled to immediate possession of the leased premises, without going through... Continue Reading... ....
  • 363 Sales of Assets in Bankruptcy – Chrysler and Beyond By Eric Lockridge The judge overseeing Chrysler LLC’s bankruptcy entered an order on June 1, 2009 approving Chrysler’s motion seeking permission to sell substantially all of its assets to a new company.  The procedure by which this sale was accomplished, and by which a similar sale in the GM bankruptcy will likely be accomplished, is known... Continue Reading... ....
  • Businesses Seeking Bankruptcy Protection at Highest Level in Two Years By Eric Lockridge The number of businesses seeking bankruptcy protection hit its highest level in more than two years in March, as the recession sends more companies into financial crisis, according to a story today in the Dow Jones Daily Bankruptcy Review. The 7,843 commercial bankruptcy filings in March 2009 represent a 23.2% jump from... Continue Reading... ....