Fifth Circuit Clarifies ‘Admin’ Status for a Drilling Contractor’s Post-Rejection Claims

In a significant opinion for the oil and gas industry, the Fifth Circuit clarified the circumstances when an offshore drilling contractor is entitled to an administrative expense claim after the rejection of a drilling contract. More generally, the appeals courts says that a specific request from the debtor in possession for services is not required for the allowance of an administrative claim. After remand to make additional findings of fact, the drilling contractor may end up with a larger administrative claim than the bankruptcy court originally allowed.

If you filed a chapter 7 bankruptcy, look into filling IRS form 982 When you…

BEWARE OF USING MONEY FROM YOUR IRA OR 401(K) TO PAY DEBTS This can be…

How to Spot Student Loan Scams. Things you can do to protect yourself. “Enroll now…