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In re Ecco Drilling Co., Ltd.

390 B.R. 221 (2008)

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In re Ecco Drilling Co., Ltd.

United States Bankruptcy Court for the Eastern District of Texas
390 B.R. 221 (2008)

SH

Facts

Ecco Drilling Co., Ltd. (debtor) entered into a purported finance lease transaction with DB Zwirn Special Opportunities Fund L.P. pursuant to which Ecco would acquire rigs and rig components for its oil and gas drilling business in exchange for monthly installment payments. The lease did not permit Ecco to terminate its payment obligations prior to the end of the lease term. The lease did, however, grant Ecco the option to purchase the leased equipment at the end of the lease term for an amount equal to 15 percent of the greater of the fair market value of such equipment or 40 percent of the going concern value of Ecco. Other than an initial monthly payment, Ecco made no payments on the lease to Zwirn. To avoid foreclosure by Zwirn, Ecco filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Ecco thereafter filed a motion seeking a determination that the purported finance lease was, in fact, a secured transaction.

Rule of Law

Issue

Holding and Reasoning (Parker, C.J.)

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