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Tuesday, August 2, 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
E.D.N.Y.8/1/2022Baoburg Inc.22-41860Norma E. Ortiz$0-$50k$500k-$1M
S.D.N.Y.8/1/2022Parkside LES NYC Inc.22-11052Norma E. Ortiz$0-$50k$100k-$500k
S.D.N.Y.8/1/2022Trinita Parete LLC (Second Filing)22-11044Marc Scolnick$100k-$500k$1M-$10M
C.D. Cal.8/1/2022Treetop Development, LLC22-14165Lewis R. Landau$100M-$500M$10M-$50M
N.D. Ill.8/1/2022Creepy Company LLC22-08660SCOTT R. CLAR$1M-$10M$1M-$10M
S.D. Tex.8/1/2022American Akaushi Association, Inc.22-90128Harry A. Perrin$100k-$500k$10M-$50M
S.D. Tex.8/1/2022DMDS, LLC (Second Filing)22-32201Larry A. Vick$1M-$10M$1M-$10M
S.D. Tex.8/1/2022HeartBrand Holdings, Inc.22-90127Harry A. Perrin$50M-$100M$10M-$50M
S.D. Fla.8/1/2022E QUALCOM, CORP22-15957David W. Langley$1M-$10M$1M-$10M
S.D. Fla.8/1/2022KHOFFNER USA, INC.22-15966Thomas L. Abrams$500k-$1M$500k-$1M
D.N.J.8/1/2022Iron Holdings, LLC22-16063Allen I. Gorski, Esq.$1M-$10M$1M-$10M
E.D. Pa.8/1/2022Love Renovations and Design, LLC (Second Filing)22-12011Jeffrey S. Cianciulli$500k-$1M$500k-$1M
D. Ariz.8/1/2022Desert Institute for Spine Disorders, PC22-05043Randy Nussbaum$0-$50k$1M-$10M
N.D. Ga.8/1/2022Ga Real Estate Acquisitions, LLC22-55886William Rountree$1M-$10M$1M-$10M
N.D. Ga.8/1/2022NID Home Solutions, LLC22-55915Will Geer$100k-$500k$100k-$500k
D. Kan.8/1/2022Sandy Road Farms, LLC22-40446Jonathan A. Margolies$1M-$10M$50M-$100M
W.D.N.C.8/1/2022Martinez Quality Painting & Drywall Inc.22-30357John C. Woodman$500k-$1M$1M-$10M
W.D. Tenn.8/1/2022Dynametal Technologies, Inc.22-10831Steven N. Douglass$1M-$10M$1M-$10M
N.D. Ga.7/31/2022Vision Of Hope Community Church, Inc.22-55833Michael Jones$100k-$500k$100k-$500k

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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