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.
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.
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.
Kirkland and Jackson Walker Team up for Hess Subsidiary Bankruptcy — Updated
Hess Corp. subsidiary Honx Inc. filed for Chapter 11 reorganization Thursday in Houston federal court, citing asbestos claims brought by contractors and employees at a former oil refinery in the U.S. Virgin Islands.
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.
Jackson Walker Adds Bankruptcy Depth from Kirkland
The two firms have developed a close working relationship through the U.S. Bankruptcy Court in Houston over the past several years.
Under Judicial Pressure, Brazos, ERCOT to Mediate $1.9B Dispute for What’s ‘Best for Texans’
Chief U.S. Bankruptcy Judge David Jones encourages the two sides to reach an agreement and move forward for ‘the person that lives in a trailer in Central Texas… that can’t afford a doubling of their electric bill.’
CEO: Brazos in Great Shape Until Crippling Uri Bills
Clifton Karnei also testified that the emergency pricing of electricity during the storm at $9,000 per megawatt hour – hundreds of times the normal rate – did nothing to accomplish what state regulators intended.
Brazos Execs Knew Electric Prices Would Soar Even Before Winter Storm Uri Hit
Brazos, the state’s largest and oldest electric co-op, contends that it was plunged into bankruptcy by the $9,000-per-megawatt-hour price imposed by ERCOT during the deadly storm.
Judge Tells Former PUC Chair: ‘I Am Disappointed at Your Lack of Candor’
The chief federal bankruptcy judge in Houston publicly questioned the truthfulness of the former chair of the Public Utility Commission who testified Thursday under oath about her role in the Winter Storm Uri power-grid fiasco.
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