In the recent decision of FI Liquidating Trust v. The Terminix International Company Limited Partnership, Civ. No. 23-1233 (D. Del. Oct. 29, 2024), the United States District Court for the District of Delaware reversed and remanded a bankruptcy court’s
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PetroQuest Energy Files Second Bankruptcy, Plans Asset Sale Amid $115.5M Debt
By Carl D. Neff
PetroQuest Energy Inc., a Louisiana-based oil and gas exploration company, has filed for bankruptcy in Delaware with $115.5 million in debt ($104.5 million secured, $11 million unsecured). This marks their second bankruptcy filing, having previously emerged from Chapter 11 in…
Oya Renewables – Bidding Procedures Motion
By Carl D. Neff
On November 6th, Oya Renewables Development LLC, et al. (the “Oya Debtors”) filed a bidding procedures motion to approve the proposed bidding procedures in connection with the sale of substantially all of the Oya Debtors’ assets.
Below are additional important…
Solar Energy Developer Seeks Bankruptcy Protection Amid Financial Crisis
By Carl D. Neff
Oya Renewables, a Boston and Toronto-based solar infrastructure developer founded in 2009, has initiated Chapter 11 bankruptcy proceedings in Delaware. The company faces financial obligations between $100-500 million, including $86.8 million in secured debt, while maintaining minimal cash reserves of…
Eleventh Circuit Holds that Post-Petition Payment of Administrative Expense Does Not Diminish Subsequent New Value Defense
By Carl D. Neff
In a positive decision for trade vendors and non-debtor suppliers, the Eleventh Circuit, in Auriga Polymers Inc. v. PMCM2, LLC, held that a Section 503(b)(9) post-petition priority payment received by a creditor for goods received during the 20 day…
Chapter 13 – Analysis of the Debt Limit under Section 109(e) of the Bankruptcy Code
By Carl D. Neff
In a Chapter 13 bankruptcy, also known as a wage earner’s plan, individual debtors may be permitted to retain their property, and develop a plan to repay a portion or all of their debts. A debtor will propose a repayment…
Preferred Communication Systems, Inc. Files for Bankruptcy
By Carl D. Neff
Preferred Communication Systems, Inc. (“PCSI” or “Debtor”) filed for chapter 7 bankruptcy before the United States Bankruptcy Court for the District of Delaware on July 28, 2021.
This bankruptcy proceeding constitutes a rare example of a debtor listing more assets…
Pipeline Foods, LLC Files for Chapter 11 Bankruptcy Protection in Delaware
By Carl D. Neff
Earlier this month, on July 8, 2021, Pipeline Foods, LLC and its affiliated debtors (“Pipeline”) filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. The debtors’ bankruptcy cases are jointly administered before the Honorable…
Face Mask Requirement Modified in Delaware District Court and Bankruptcy Court
By Carl D. Neff
Recently, on July 13, 2021, the Chief Judge of the United States District Court for the District of Delaware issued a Revised Standing Order lifting the requirement that face masks be worn in public areas of the courthouse by those…
New Judge Appointed to the Delaware Bankruptcy Court
By Carl D. Neff
On April 6, 2021, J. Kate Stickles was sworn in as the newest judge of the United States Bankruptcy Court for the District of Delaware. Judge Stickles becomes the latest judge to join the Delaware Bankruptcy Court since Judges John…