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Wednesday, August 3, 2022

Welcome to the Bankruptcy
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
S.D.N.Y.8/2/2022GetSwift Technologies Limited22-11057Janice B. Grubin$1M-$10M$1M-$10M
S.D.N.Y.8/2/2022GetSwift Technologies Limited22-11058Janice B. Grubin$1M-$10M$1M-$10M
N.D. Cal.8/2/2022Interior Commercial Installation, Inc (Second Filing)22-40745Lars Fuller$1M-$10M$500k-$1M
E.D. Tex.8/2/2022Triniti DME Solutions, LLC22-40975Robert C Lane$0-$50k$100k-$500k
M.D. Fla.8/2/2022Weird Vending, LLC22-02772Daniel A. Velasquez$100k-$500k$500k-$1M
D.N.J.8/2/202296 WARD STREET LLC22-16090Avram D. White$100k-$500k$100k-$500k
D. Haw.8/2/2022HIE HOLDINGS, INC.22-00534Chuck C. Choi$1M-$10M$1M-$10M
E.D. Ky.8/2/2022Boxvana, LLC22-70232Dean A. Langdon$1M-$10M$1M-$10M
D. Md.8/2/2022Vivos Real Estate Holdings, LLC22-14207John D Burns$0-$50k$1M-$10M
N.D. Ohio8/2/2022Fei Huang LLC22-31129Matthew Gilmartin$1M-$10M$1M-$10M
D.P.R.8/2/2022Apogee Group, LLC22-02268Hector Eduardo Pedrosa Luna$1M-$10M$1M-$10M
E.D. Va.8/2/2022Merritt Enterprises, Inc.22-11010David K. Spiro$0-$50k$100k-$500k
E.D. Va.8/2/2022PMC Partners, LLC22-11009David K. Spiro$0-$50k$1M-$10M
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.8/1/2022DMDS, 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

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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