Energy

  • February 28, 2006

    Supreme Court Throws Out Oil Industry Antitrust Case

    Rejecting claims of gasoline price fixing, The U.S. Supreme Court has tossed out an antitrust lawsuit that accused oil giants Shell Oil Co. and Texaco Inc. of artificially inflating gas prices by over $1 billion.

  • February 27, 2006

    GDF And Suez Plan Merger To Block Enel

    In a hastily arranged move to fend off a hostile bid from Italy’s power company Enel, Gaz de France SA said it will take over the energy and water supplier Suez SA in a €39 billion merger.

  • February 27, 2006

    E.U. Targets Nickel Mining In Canadian Investigation

    European Union officials are investigating the proposed merger of two Canadian mining companies, which could violate European Commission competition regulations by leading to price increases in the narrowing nickel production industry.

  • February 27, 2006

    Ex-Enron Accountant Admits To Manipulating Reserves

    The former chief accountant for Enron Corp.’s trading division admitted at Monday’s trial to using Enron’s reserve accounts to boost the company’s reported earnings.

  • February 27, 2006

    Solutia Receives $300M DIP Financing Boost

    Chemical products maker Solutia Inc., a spin-off of chemical giant Monsanto Co., will receive an additional $300 million in debtor in possession financing and an extension of more than nine months to its current financing deal as the company struggles to emerge from Chapter 11.

  • February 24, 2006

    IES Unsecured Creditors Tap Weil Gotshal

    The unsecured creditors in the Integrated Electrical Services bankruptcy have brought in Weil, Gotshal & Manges to go to bat for them, after a bankruptcy court judge approved an $810 an hour fee for Weil partner Marcia Goldstein.

  • February 24, 2006

    Galvex Capital Seeks to Retain Counsel

    Galvex Capital LLC’s committee of unsecured creditors requested the retention of its counsel, DLA Piper Rudnick Gray Cary US LLP, in a strategic move to help the company emerge from Chapter 11 bankruptcy.

  • February 22, 2006

    IES Looks For Speedy Bankruptcy Exit

    A judge has granted several requests made by newly bankrupt Integrated Electrical Services, clearing the way for the company to seek permission to solicit creditor support for its reorganization plan as early as next month.

  • February 22, 2006

    Class Action Suit Targets Alleged OPEC Conspiracy

    A class action lawsuit alleging price fixing has been filed against several countries and their state-controlled oil companies, targeting the governments of Angola, Norway, Oman and Mexico.

  • February 22, 2006

    Judge Close To Approving $5.8B Enron Deal

    In a deal that further swells record-setting payouts to aggrieved investors following Enron’s accounting scandal and bankruptcy, a federal judge in Houston is close to approving a $5.8 billion settlement from three investment banks accused of helping Enron hide massive financial losses.

  • February 21, 2006

    Calpine Asks Insurers To Cover Employee Defense Costs

    Looking to alleviate defense costs for several employees mired in class action securities litigation, bankrupt power company Calpine has asked a bankruptcy court judge to allow the company’s insurers to cover the litigation expenses so employees can focus on turning around the ailing company.

  • February 17, 2006

    Enron To Fork Over $134M For Workers, Retirees

    Enron Corp.’s workers and retirees will receive approximately $134 million under the defunct energy company’s settlement of government and employee claims, the U.S. Department of Labor announced.

  • February 17, 2006

    Galvex Abandons Plan For Chapter 11 Dismissal

    In the face of strong opposition, embattled steel maker Galvex has withdrawn its request to dismiss Chapter 11 proceedings, retreating from the motion it filed two weeks ago.

  • February 15, 2006

    Galvex Faces Opposition To Chapter 11 Dismissal

    Steel maker Galvex, which last week asked a bankruptcy court to dismiss its Chapter 11 proceedings, may not have the smooth exit it anticipated. U.S. Trustee Deirdre Martini has opposed the request, questioning the circumstances that would allow the dismissal of the bankruptcy.

  • February 15, 2006

    Judge Approves Stelco’s Reorganization Plan

    The Ontario Superior Court has approved bankrupt Canadian steel maker Stelco Inc.’s reorganization plan, propelling the company one step closer to emerging from bankruptcy protection.

  • February 15, 2006

    S&P: Calpine’s Bid To Toss Contracts Looks "Murky"

    Calpine Corp.’s recent attempts to scrap contracts signed before its bankruptcy may undermine bondholders' ability to recover their money from the power producer, according to a report released by Standard & Poor's this week.

  • February 13, 2006

    Judge Lashes Out Over Delays In Stelco Bankruptcy

    Frustrated by the constant delays, a judge overseeing bankruptcy proceedings for Canadian steel maker Stelco Inc. exploded last week after lawyers suggested the company would not emerge from bankruptcy for another month.

  • February 13, 2006

    Enron Defense Wraps Cross-Examination of 1st Witness

    After a lengthy day filled with audio and video recordings, the defense has finally completed its cross-examination of the government’s first witness in the fraud and conspiracy trial of Enron’s tarnished top executives, Kenneth Lay and Jeffrey Skilling

  • February 13, 2006

    Federal Circuit Defines Materiality For Inequitable Conduct

    In a move that could have far-reaching implications, the U.S. Court of Appeals for the Federal Circuit has finally tried to clarify a concept that has often proved both ambiguous and arbitrary in its implementation: the materiality standard for inequitable conduct.

  • February 8, 2006

    Calpine Creditors Ask Court To Ban Speculative Trading

    Fearing potential repercussions, creditors of Calpine Corp. have asked the U.S. Bankruptcy Court to ensure that rules are in place to prevent the bankrupt independent power producer from engaging in speculative energy trading.