By Jonathan Lozano, Robert Grattan and Caroline Ellis (March 22, 2022, 5:42 p.m. EDT) — On March 14, the United States Court of Appeals for the Fifth Circuit revisited the issue of the dismissal of tariff contracts filed in bankruptcy where such contracts are regulated by the Federal Energy Regulatory Commission. The decision marks the first time the Fifth Circuit has addressed the issue since its 2004 decision in In re: Mirant Corp.
In Federal Energy Regulatory Commission v. Ultra Resources Inc., the Fifth Circuit panel upheld findings issued by the U.S. Bankruptcy Court for the Southern District of Texas that (1) FERC cannot require debtor Ultra Resources to it continues to execute a rejected deposited rate contract, and (2)…
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