Rights of Suppliers: An Oil and Gas Industry Primer – March 4, 2016

Fox Rothschild

Description

goods or services without payment, and (5) stop deliveries altogether or demand COD or other payment term modifications when a buyer is found to be insolvent or as a condition for provision of goods or services after a bankruptcy is filed. There are issues with all of these remedies and a thorough review of all options with competent bankruptcy counsel is recommended before action is taken. Nonetheless, the price of inaction can be dramatic so the watch word for any supplier to an E&P is to remain ever diligent in dealings with customers in an economically distressed economy. ABOUT THE AUTHORS Michael Viscount and Raymond Patella are each partners in the Financial Restructuring and Bankruptcy Department of Fox Rothschild LLP. Both are commercial lawyers with many years of experience representing public and private businesses and creditors' groups in matters involving business debt restructuring, workouts, bankruptcies, and other complex commercial deals. Michael can be reached at 609.572.2227 and at mviscount@foxrothschild.com. Ray can be reached at 609.572.2254 and at rpatella@foxrothschild.com. .