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Puerto Rico files for Bankruptcy

Unable to pay its debt, Puerto Rico recently filed a Title III petition in federal court. Due to low financial resources and persistent creditor collection efforts, Puerto Rico became the first state …

August 3, 2017

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What is a Chapter 11 Bankruptcy?

Chapter 11, entitled Reorganization, ordinarily is used by individuals with high debt levels or commercial enterprises that desire to continue operating a business and repay creditors concurrently thr…

October 10, 2016

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  • In re Ultra Petroleum Corp. January 17, 2019
    (United States Fifth Circuit) - Held that energy companies emerging from bankruptcy did not have to pay certain creditors a contractual make-whole amount, even though the companies were now solvent due to a rise in commodity prices. Vacated and remanded.
  • The PACA Trust Creditors v. Genecco Produce Inc. January 9, 2019
    (United States Second Circuit) - Affirmed a judgment in a dispute between two creditors of an agricultural produce company that filed for Chapter 7 bankruptcy. One of the creditors was another produce company that did business with the debtor. Because the goods were perishable agricultural commodities, the case involved the federal Perishable Agricultural Commodities Act.
  • In re Buccaneer Resources LLC January 4, 2019
    (United States Fifth Circuit) - Held that a fired chief executive officer could sue the company's secured creditor in state court. Affirmed that his tortious interference claim belonged in state court rather than in the company's bankruptcy proceeding.
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