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Monday, August 1, 2022

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Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings

CourtFiledDebtorCase NoAttorneyAssetsLiabilities
N.D. Ga.7/31/2022Vision Of Hope Community Church, Inc.22-55833Michael Jones$100k-$500k$100k-$500k
D. Haw.7/30/2022Royal Hawaiian Water Co., Ltd.22-00524Chuck C. Choi$1M-$10M$1M-$10M
C.D. Cal.7/29/2022Weinberg Capital Investments, LLC22-14101Matthew Abbasi$1M-$10M$1M-$10M
C.D. Ill.7/29/2022Bass Street Moline, LLC22-80459Dale G. Haake$100k-$500k$100k-$500k
N.D. Tex.7/29/2022CC Hillcrest, LLC22-31362Joyce W. Lindauer$10M-$50M$10M-$50M
S.D. Tex.7/29/2022Free Speech Systems LLC22-60043Raymond W. Battaglia$10M-$50M$50M-$100M
S.D. Fla.7/29/2022ZHR Bros LLC22-15912Zachary Malnik$1M-$10M$1M-$10M
W.D. Pa.7/29/2022ARG Media LLC22-21478Lawrence W Willis Esq$0-$50k$0-$50k
M.D. Pa.7/29/2022Capitol Presort Services, LLC22-01406Robert E. Chernicoff, Esq.$500k-$1M$500k-$1M
E.D. Ark.7/29/2022D Findley Construction, LLC22-12060Brandon Haubert$0-$50k$100k-$500k
D. Mont.7/29/2022Thorco Inc. (Third Filing)22-90119Matt Shimanek$0-$50k$0-$50k
N.D. Ohio7/29/2022J Bowers Construction Inc.22-50878Peter G. Tsarnas$1M-$10M$1M-$10M
N.D. Ohio7/29/2022Restoration Services of Akron, Inc.22-50879Peter G. Tsarnas$50k-$100k$500k-$1M
D. Or.7/29/2022B&G Property Investments, LLC22-60998Christopher N. Coyle$10M-$50M$10M-$50M
W.D. Wash.7/29/202211054 2nd Avenue NW, LLC.22-11230Pro Se$1M-$10M$1M-$10M
D. Del.7/28/2022Masten Space Systems, Inc.22-10657Jeffrey R. Waxman$10M-$50M$10M-$50M
E.D.N.Y.7/28/2022Catskill Case Study, LLC22-41817Gregory M. Messer$500k-$1M$1M-$10M
E.D.N.Y.7/28/2022Hayat Bakht Corp22-41796Narissa A. Joseph$0-$50k$100k-$500k
S.D.N.Y.7/28/2022The Ostreicher Family Irrevocable Trust22-22495Robert Lewis$0-$50k$0-$50k

View All Filings
Featured Article

Fifth Circuit Says FERC Can’t Stop Rejection of Filed-Rate Contracts in Bankruptcy

On July 19, 2022, the U.S. Court of Appeals for the Fifth Circuit held that debtors in bankruptcy may reject regulated energy contracts, vacating two Federal Energy Regulatory Commission (FERC) orders to the contrary, in Gulfport Energy Corp. v. FERC. The question turned on how a party’s ability to reject executory contracts in bankruptcy interacts with FERC’s ability to determine whether a party can abrogate or modify contracts that constitute filed rates under a doctrine referred to as Mobile-Sierra. The court found that FERC cannot use its Natural Gas Act authority over contract abrogation and modification to countermand a debtor’s bankruptcy-law rights or the bankruptcy court’s powers.

The question came before the court on a petition for review of FERC orders and denials for rehearing in a proceeding where FERC asserted exclusive jurisdiction over the rejection of transportation service agreements (TSAs) between an interstate natural gas pipeline and its shipper on grounds that the contract constituted a “filed rate.” Anticipating the shipper would declare bankruptcy, the regulated natural gas pipeline had sought a declaratory order from FERC announcing and asserting exclusive jurisdiction over the TSAs and asking for a paper hearing to determine whether continued performance of the TSAs would harm the public interest — the standard for abrogating or modifying a filed-rate contract under the Mobile-Sierra doctrine.

Read the full article

Sidley Austin LLP by Keturah A. Brown and Emily P. Mallen. Published July 27, 2022.

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