What 5th Circ. Ruling Means For FERC's Bankruptcy Authority

By Jonathan Lozano, Robert Grattan and Caroline Ellis (March 22, 2022, 5:42 PM EDT) -- On March 14, the U.S. Court of Appeals for the Fifth Circuit revisited the issue of the rejection of filed-rate contracts in bankruptcy where such contracts are governed by the Federal Energy Regulatory Commission. The ruling marks the first time the Fifth Circuit has addressed this issue since its 2004 decision in In re: Mirant Corp.[1]

In Federal Energy Regulatory Commission v. Ultra Resources Inc., the Fifth Circuit panel affirmed findings issued by the U.S. Bankruptcy Court for the Southern District of Texas that (1) FERC cannot require debtor Ultra Resources to continue performance of a rejected filed-rate contract, and (2)...

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