Bankruptcy Code confusion
Last year's amendments to the United States Bankruptcy Code ('the Bankruptcy Code', found at Title 11 of the United States Code), whilst a step in the right direction, have not eliminated all the uncertainties around bankruptcy procedures for energy companies. Of particular significance are various 'safe harbour' provisions affecting the treatment of agreements integral to energy markets, such as forward contracts, swap agreements, commodity contracts and repurchase agreements.
The Bankruptcy
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