Distressed Trading & Structured Deals
When counterparties weaken or file for bankruptcy, physical and financial positions can become opaque overnight. The focus is on preserving commercial value while limiting litigation and regulatory risk.
- Assessing exposure across EEI, NAESB, ISDA, PPAs, AMAs, and intermediary structures.
- Analyzing termination, setoff, netting, and close-out mechanics under master agreements.
- Restructuring, novating, or unwinding positions in distressed or default scenarios.
- Coordinating with trading, credit, and risk teams to design executable portfolio strategies.
Bankruptcy, Insolvency & Restructuring Support
Generalist bankruptcy approaches often miss the nuance of energy and commodities contracts. This practice bridges that gap by aligning bankruptcy strategy with trading and operational realities.
- Mapping executory contracts and key trading relationships for assumption, rejection, or assignment.
- Evaluating reclamation, setoff, recoupment, and other creditor rights in energy and commodities contexts.
- Supporting plan negotiations involving marketers, generators, industrials, and financiers.
- Advising on collateral, guarantees, letters of credit, and credit-support workstreams.
Safe-Harbor Contracts, Forward Contracts & Swaps
A significant portion of energy and commodities activity sits inside the Bankruptcy Code “safe harbors” for commodities contracts, forward contracts, swap agreements and related master agreements. Knowing how and when to rely on those protections is critical in a default or filing.
- Identifying contracts and counterparties that qualify for safe-harbor treatment under the Bankruptcy Code.
- Structuring and documenting forward contracts, swaps and other derivatives so that termination and close-out rights are preserved.
- Advising on the exercise of liquidation, termination, acceleration and setoff rights under EEI, NAESB, ISDA and other master agreements in a bankruptcy or insolvency scenario.
- Coordinating cross-agreement and cross-entity netting strategies to align contractual rights, credit support and safe-harbor protections.
- Working with in-house and external bankruptcy counsel to integrate trading safe-harbor strategy into overall case strategy and plan negotiations.
The goal is not only to preserve contractual safe-harbor rights, but to use them thoughtfully in light of commercial relationships, litigation risk and regulatory expectations.
Debtor-Side Experience
In addition to representing creditors and trading organizations, I have significant debtor-side experience in large, complex energy cases. That background helps align restructuring strategy with the realities of trading operations, retail businesses and regulatory oversight.
- Leading the debtor-side liquidation of an integrated energy trading platform for gas and power, and a related retail energy entity, through the PG&E bankruptcy.
- Coordinating among trading, risk, credit, treasury and bankruptcy professionals to unwind positions, manage customer transitions and protect enterprise value.
- Navigating overlapping bankruptcy, regulatory and market-structure issues in Chapter 11 for a major utility and its energy trading affiliates.
Investigations, Enforcement & Market Disputes
Disputes often run alongside investigations by regulators, exchanges, ISOs/RTOs, or internal audit and compliance. The focus is on managing risk while maintaining credibility with stakeholders.
- Conducting internal reviews of trading strategies, hedging programs, and scheduling behavior.
- Preparing responses to data requests and inquiries from regulators or system operators.
- Advising on data preservation, privilege, and communications with boards and senior management.
- Designing corrective-action and remediation plans that align with commercial objectives.
Valuation & Expert-Style Support
Many disputes turn on valuation: portfolio marks, forward curves, optionality, congestion, and structured products. Clear, defensible valuation work is essential to negotiations and proceedings.
- Developing and pressure-testing valuation methodologies for negotiations or litigation.
- Translating complex pricing and risk concepts into clear narratives for courts and tribunals.
- Coordinating with economic and technical experts to align analytics with legal strategy.
Representative Bankruptcy & Disputes Matters
Examples of the types of matters handled include:
- Debtor-side representation in the PG&E Chapter 11 cases, including liquidation of gas and power trading books and a related retail energy entity.
- Advising trading organizations on close-out and valuation of physical and financial books in Chapter 11 cases.
- Guiding generators and industrials through disputes tied to fuel supply, transportation, and hedging programs.
- Supporting investigations into market behavior, including scheduling, congestion, and basis strategies.
- Working with risk and credit teams to redesign collateral and credit frameworks after dispute events.
To discuss a specific dispute or bankruptcy matter, please visit the Contact page.