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Bankruptcy Court Denies Sabine Creditors' Committee’s Motion to Pursue Claims Against Wilmington Trust
- Client News
- March 24, 2016
Practices
Following a 15-day trial, Judge Shelley Chapman of the United States Bankruptcy Court for the Southern District of New York issued a bench decision denying two motions brought by the unsecured creditors' committee appointed in the chapter 11 cases of Sabine Oil & Gas Corporation. The motions sought standing to pursue various causes of action against Paul, Weiss client Wilmington Trust, N.A., as the administrative agent under a $700 million second lien credit agreement, including claims for actual and constructive fraudulent transfer, equitable subordination, recharacterization and aiding and abetting breaches of fiduciary duties. In denying the motion, the court concluded that the committee's proposed claims were not colorable or likely to benefit the debtors' estate.
The Paul, Weiss team included, among others, bankruptcy partner Brian Hermann and litigation partner Moses Silverman and counsel Karen King.