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Irving-based Dairy Queen franchisee Vasari has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. Varasi, which is closing 19 operations in Texas, turned to Husch Blackwell partner Vickie L. Driver and senior counsel Christina W. Stephenson as its restructuring advisers.
U.S. Bankruptcy Judge Christopher Sontchi has given his approval for Energy Future Holdings to sell its 80 percent ownership stake in Oncor to Sepra Energy for $9.45 billion in cash. The judge’s thumbs up means the deal heads to the Texas Public Utility Commission, which is the regulatory authority that must give its blessing before the deal can be final.
Significant changes to federal rules governing the administration of consumer bankruptcy cases – and Chapter 13 cases in particular – are set to take effect Dec. 1. In the meantime, the bankruptcy bench and bar for each district will be busy ensuring their rules and forms are in compliance. This article highlights the major rule changes and what they will mean for creditors in bankruptcy cases.
The number of Texas companies seeking to restructure their debt and reorganize under Chapter 11 of the U.S. Bankruptcy Code hit a record high during the first six months of 2017. In fact, the number of Texas businesses that filed for bankruptcy in the first half of this year exceeded the previous record set in 2009 during the Great Recession by 12 percent.
The Texas Supreme Court says that obligations assumed in a 1999 bankruptcy require Noble Energy to indemnify ConocoPhillips in a $63 million oil field contamination agreement with the State of Louisiana. The Texas Lawbook has the details.
Two Texas judges have been appointed to play key roles in the $73 billion bankruptcy of Puerto Rico. U.S. Bankruptcy Chief Judge Barbara Houser of Dallas is heading a five-member judicial panel that is mediating key issues. U.S. Senior District Judge Nancy Atlas of Houston is also on the mediation panel.
Two Texas judges have been appointed to play key roles in the $73 billion bankruptcy of Puerto Rico. U.S. Bankruptcy Chief Judge Barbara Houser of Dallas is heading a five-member judicial panel that is mediating key issues. U.S. Senior District Judge Nancy Atlas of Houston is also on the mediation panel.
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