Follow Us

Law.com Subscribers SAVE 30%

Call 855-808-4530 or email Gro[email protected] to receive your discount on a new subscription.

Bankruptcy Litigation Regulation

Fifth Circuit Resolves ‘Clash’ Between FERC and Bankruptcy Courts

A Chapter 11 debtor’s “rejection [(under Code §365(a)] of a filed-rate [natural gas] contract … relieve[d] it of the obligation to continue performance absent the approval of FERC [(the Federal Energy Regulatory Commission],” held the U.S. Court of Appeals for the Fifth Circuit.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A Chapter 11 debtor’s “rejection [(under Bankruptcy Code (Code) §365(a)] of a filed-rate [natural gas] contract … relieve[d] it of the obligation to continue performance absent the approval of FERC [(the Federal Energy Regulatory Commission],” held the U.S. Court of Appeals for the Fifth Circuit on March 14, 2022. In re Ultra Petroleum Corp., 2022 WL 763836, *1 (5th Cir. Mar 14, 2022). Moreover, held the court in affirming the bankruptcy court on a direct appeal, Code §1129(a)(6) did not “require the bankruptcy court to seek FERC’s approval before it confirmed [the debtor’s] reorganization plan.” Ultra followed, as expected, the reasoning of its precedent, In re Mirant Corp., 378 F.3d 511 (5th Cir. 2004), and, more important, carefully balanced the power of FERC and the nation’s bankruptcy courts.

This premium content is locked for The Bankruptcy Strategist subscribers only

Continue reading by getting
started with a subscription.

ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS FOR BANKRUPTCY LAW PRACTITIONERS.
  • Stay current on the latest information, rulings, regulations, and trends
  • All aspects of bankruptcy law are covered
  • Tap into expert guidance from top bankruptcy lawyers

SUBSCRIBE NOW

Subscribe Now For Unlimited Access

Read These Next