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.

September 8, 2022 Mark Curriden

Cineworld Hires Kirkland, Jackson Walker, Alix Partners for Chapter 11

The UK-based movie theater chain has filed for bankruptcy protection in the Southern District of Texas. The case has been assigned to Bankruptcy Judge Marvin Isgur in Houston.

September 7, 2022 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.

August 4, 2022 Mark Curriden

Q&A with Demetra Liggins: “I had hoped the bankruptcy practice would have become more diverse by now”

The McGuireWoods bankruptcy star fielded questions from The Lawbook’s Claire Poole about her long career: how she discovered bankruptcy law; the prospect of recession-driven Chapter 11's; and the formation with her twin sister of Corporate Homie to share their tips for Black women to be successful in corporate America.

July 8, 2022 Claire Poole

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.

July 6, 2022 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.

July 5, 2022 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.

May 25, 2022 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.

May 12, 2022 Mark Curriden