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Bankruptcy

Talen Energy Bankruptcy Inches Toward Resolution

Lawyers for Talen Energy and its creditors say they are “powering forward” toward a Dec. 15 confirmation hearing that will begin The Woodlands-based company’s exit from bankruptcy. Talen and most of its creditors have until the end of business on Dec. 6 to obtain votes of approval of the proposed plan from claim holders that would eliminate $1.4 billion and make the bondholders owners of the business. Opponents of the plan must file objections that same day, Dec. 6.

Mark Curriden

Bankruptcy Judge ‘Conditionally Approves’ Brazos Disclosure Agreement After Intense Hearing

Over the objection of a single power generator and distributor, U.S. Bankruptcy Chief Judge David Jones of Houston gave “conditional approval” of a multibillion-dollar preliminary settlement agreement – aka a “disclosure statement” – in the Brazos Electric Power Cooperative bankruptcy case. The 74-minute hearing was intense at times because of an exchange with a lawyer for South Texas Electric Coop, but Judge Jones said Brazos’ “very complicated” 172-page proposed agreement “strikes a very nice balance.”

Mark Curriden

Brazos Electric Bankruptcy Heads to Finish Line

Brazos Electric Power Cooperative is expected to file a final plan within days with a Houston judge that will map the Central Texas power supplier’s road out of bankruptcy and toward financial stability, according to lawyers involved in the litigation. The proposed plan reduces the amount that Waco-based Brazos owes ERCOT by hundreds of millions of dollars, requires Brazos to sell three of its power plants, creates a fund for low-income residents struggling with high electric bills and raises more than $1.5 billion in financing, according to court documents filed in the case.

Mark Curriden

V&E Advises HeartBrand Holdings in Bankruptcy Filing

A South Central Texas wagyu beef company filed for bankruptcy Monday in the Southern District of Texas after getting hit a year ago with a $30 million breach of contract and fraud verdict. Flatonia-based HeartBrand Holdings and its subsidiary American Akaushi Association filed for Chapter 11 citing liabilities between $10 million and $50 million and assets between $50 million and $100 million.

Mark Curriden

Brazos Legal/Financial Advisor Fees Hit $80M

As Brazos Electric Co-op edges closer to a solution in its $1.9 billion bankruptcy case, the Waco-based power retailer is discovering the cost of getting a resolution is not cheap. The lawyers and financial advisors working on the Brazos restructuring for the past 15 months have already billed nearly $80 million for their services, according to court records. The final price tag will likely exceed $100 million, according to lawyers involved in the case. The Texas Lawbook has the details.

Mark Curriden

Brazos Electric Co-op Nears Deal in Bankruptcy

Brazos Electric Power Cooperative has reached an agreement in principle with most of its creditors that could result in the Waco-based power supplier exiting bankruptcy by fall. The agreement, which has the support of ERCOT and power generators such as Calpine, calls for Brazos to sell some assets, provides concessions from the power generators and allows Brazos to exit bankruptcy with its co-op structure. But there are still major hurdles ahead.

Mark Curriden

Husch Blackwell Leads Christian Care Centers Bankruptcy

Middle-market bankruptcy practices are feasting off bankruptcies being filed by senior-living businesses. Mesquite-based Christian Care Centers has hired Husch Blackwell as debtors counsel. A slew of other firms are also involved, including Munsch Hardt, Munck Wilson and Linebarger.

Mark Curriden

Talen Energy Picks Weil Gotshal to Lead Bankruptcy and Restructuring

Houston-based Talen Energy filed the largest Texas corporate bankruptcy case of 2022 late Tuesday citing more than $3 billion in debt. A plethora of large law firms – Akin Gump, Paul Weiss, Kirkland & Ellis, Davis Polk, V&E and King & Spalding – are involved, but Talen GC Andrew Wright chose Weil Gotshal as lead debtor's counsel.

Mark Curriden

InfoWars and Sub V: Can Alex Jones’ Media Companies Use Small Business Reorganization to Curb Sandy Hook Defamation Liability?

Can Alex Jones and his InfoWars media companies successfully utilize the increasingly popular “Small Business Reorganization” scheme found in Subchapter V of Chapter 11 of the Bankruptcy Code? This case may be the first prominent example of bad faith or inappropriate use of a newly enacted reorganization regime finding widespread use among debtors in all types of industries.

Rachael L. Smiley

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