Free Speech, Due Process and Trial by Jury
Last week, Brazos Electric Power Cooperative got a $2 billion bill from ERCOT demanding payment for power supplied during the winter storm that hit Texas two weeks ago. Early this morning, Brazos, the largest generation and transmission cooperative in Texas, filed for Chapter 11 bankruptcy protection in the Southern District of Texas citing more than $3 billion in debts.
A federal judge in Houston is considering whether to take over an explosive adversary proceeding currently in U.S. Bankruptcy Judge Marvin Isgur’s court that may result in Isgur calling the U.S. Attorney’s Office on one of the parties.
With a large amount of unsecured creditors who hail from Dubai and Saudi Arabia, Asia Offshore Drilling says it's looking to clear between $100 million and $500 million in debt.
Neiman Marcus filed for bankruptcy on May 7. Eight days later, J.C. Penney petitioned for Chapter 11 bankruptcy protection. Even before they filed, the two DFW retailers had paid legal and financial advisors $30 million to prepare the case. And those fees were only the start. The Texas Lawbook has details.
The Irving-based pizza chain filed for bankruptcy after more than a decade of gradual decline and the effects of the Covid-19 pandemic, it said in court records.
Dallas Business Journal reporter Catherine Leffert recently visited with Studio Movie Grill Founder Brian Schultz, who called the bankruptcy process an "emotional rollercoaster."
Corporate bankruptcies in Texas shattered all records during the first 11 months of 2020, as the Covid-19 pandemic and struggles in the oil patch sent an historic number of large, multibillion-dollar companies rushing to federal court to restructure. All that changed in December, as Chapter 11 business bankruptcies plummeted more than 60% from November. But bankruptcy experts see a second blitz of bankruptcies – this time filed by middle market and smaller companies, which will be much more difficult to restructure – hitting the Texas courts in Q2 and Q3 2021.
The Irving-based operator of First Choice ER, the oldest and largest freestanding emergency-room network in the country, faces a rocky road to liquidation. Bill Hethcock of the Dallas Business Journal has the story.
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