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In a number of recent chapter 11 cases filed by “upstream” energy and production companies, disputes have arisen following the debtor’s decision to reject “gathering agreements” or similar contracts with “midstream operators” containing “covenants that run with the land.” These disputes generally turn on whether the parties to the gathering agreements satisfied state law requirements for creating covenants that run with the land at the time the agreements were executed. If all applicable requirements were not satisfied, a debtor likely will be permitted to shed all burdensome covenants under the gathering agreement and limit the rights and remedies of the midstream operator to unsecured damages claims resulting from rejection of the contract.
This course, presented by John J. Rapisardi and Joseph Zujkowski of O’Melveny & Myers LLP, provides a helpful overview of gathering agreements, covenants that run with the land, and recent chapter 11 cases (including Sabine) where disputes have arisen between a midstream operator and an upstream operator stemming from the debtor’s rejection of a gathering agreement. The necessary background on key legal issues will be provided to ensure that this course is valuable to those with all levels of experience in the distressed debt and oil and gas sectors.
John J. Rapisardi, Co-Chair of the Firm’s Global Restructuring Practice, has 30 years of domestic and international debtor and creditor restructuring experience across a variety of industries, including automotive, casinos, chemical, health care, retail, real estate, satellite, sports franchises, textile and telecommunications.
Consistently recognized as one of the leading restructuring lawyers in the US, Chambers USA has recently described John as a “tremendous lawyer” who is “well regarded in the industry” and praises his approach to both company and creditor-side transactions as “very measured, smart, diligent and thoughtful.” For his representation of the US Treasury Department in the Chrysler, General Motors and Delphi restructuring, Chambers USAdescribed John as a “go-to attorney on behalf of the US Treasury.”
Joseph Zujkowski represents debtors and creditors in in-court and out-of-court restructurings. Recently recognized as Super Lawyers “Rising Star,” Joseph has extensive experience in restructurings across a variety of industries, including automotive, gaming, energy, healthcare, real estate, and telecommunications. Joseph is also an adjunct professor at Cardozo School of Law and a regular author on restructuring topics.
Program provides clear, concise, and practical information. Appreciate the supplemental materials - John J. Rapisardi & Joseph Zujkowski, ‘In re Sabine’: Gathering Agreements and Real Covenants, Vol. 255, No. 109, N.Y. Law J. (June 8, 2016).
Excellent presentation on a very arcane subject
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