Large Cap
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March 28, 2024
Boy Scouts Trustee Appeals To Block $120M Insurer Suit
The former bankruptcy judge overseeing Boy Scouts of America's $2.4 billion childhood sexual abuse settlement trust has informed Delaware's bankruptcy court she's appealing its decision allowing a former Boy Scout to continue suing Liberty Mutual and other insurers in Missouri to collect a $120 million judgment against his ex-scoutmaster.
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March 28, 2024
Rite Aid Says It Has Creditor Deal, Gets OK For Plan Vote
A New Jersey bankruptcy judge Thursday gave Rite Aid the go-ahead to send its Chapter 11 plan out for a creditor vote after hearing it has reached a $47.5 million deal with unsecured creditors and is close to a settlement on state and federal claims over drug sales.
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March 28, 2024
Bankruptcy Partner Joins Saul Ewing In LA From Danning Gill
Saul Ewing LLP has picked up a complex business bankruptcy, restructuring and insolvency partner for its Los Angeles office who spent much of his legal career with Danning Gill Israel & Krasnoff LLP.
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March 28, 2024
Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud
FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."
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March 27, 2024
Fruit Grower And Landlord Agree To Ch. 11 Settlement
Fruit producer Prima Wawona reached a deal with the lone objector to its second Chapter 11 liquidation plan Wednesday, clearing the way for the company to get another bite at the apple after its plan was initially voted down by creditors.
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March 27, 2024
Lender Curo Group Gets OK For Ch. 11 Plan Disclosure
A Texas bankruptcy judge Wednesday said he would give preliminary approval to consumer lender Curo Group Holdings Corp.'s Chapter 11 plan disclosure statement.
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March 27, 2024
BlockFi Wins Approval Of 'Tremendous' Deal With FTX
A New Jersey bankruptcy judge gave his blessing on Wednesday to a global settlement that ends disputes between fallen cryptocurrency giants BlockFi Inc. and FTX, saying the results were "tremendous."
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March 27, 2024
Yellow Corp. Pension Fund Liability To Be Decided In Ch. 11
A Delaware bankruptcy judge on Wednesday denied the Pension Benefit Guaranty Corp.'s bid to take a dispute with Yellow Corp. over $7.8 billion in retirement fund withdrawal liability claims to arbitration, finding the dispute would be best resolved through the trucking firm's Chapter 11 claims allowance process.
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March 27, 2024
US Trustee Opposes New Official Committee In Talc Ch. 11
The U.S. trustee has objected to a bid by an ad hoc group to form an official committee of unsecured commercial creditors in the bankruptcy of talc supplier Whittaker Clark & Daniels, arguing the ad hoc group largely consists of law firms that defended the debtor before it filed its Chapter 11 petition.
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March 27, 2024
Camden Diocese Insurers Demand Ch. 11 Plan Be Halted
Several insurers of the Roman Catholic Diocese of Camden told a New Jersey bankruptcy judge Wednesday that the approval of the debtor's third modified Chapter 11 plan stripped the insurers' rights and urged the court to implement a stay on the order.
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March 27, 2024
McDermott Completes Global Restructuring
Texas-based energy industry construction firm McDermott International has announced the company successfully completed its cross-border restructuring in the Netherlands and the U.K., noting it has arranged to extend its debt maturities by three years and resolve arbitration liabilities.
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March 27, 2024
Piracy Claims Against Bankrupt ISP Frontier Can Go Forward
A New York bankruptcy judge Wednesday said a group of copyright holders can go to trial with claims internet service provider Frontier Communications is liable for failing to cut off customers who downloaded pirated music and movies.
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March 27, 2024
How To Nail Those First-Day Bankruptcy Motions
Coming on the heels of a Chapter 11 petition, first-day motions are a critical initial step and the best opportunity for debtors counsel to set the stage for the bankruptcy case. Lawyers who spoke with Law360 said that while they may seem fast and furious, these motions take significant preparation and forethought.
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March 26, 2024
Judge To Let McDermott Investors Seek 2-Subclass Cert.
A Texas federal judge has declined to certify a proposed class of investors in energy industry engineering company McDermott International Inc., siding with a magistrate judge who recommended dismissing the class certification bid so the investors could refile and seek certification for two investor subclasses.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Curo Not Alone In Yielding To Payday-Sector Headwinds
Under pressure from increased regulatory scrutiny and changing consumer behavior, Curo became just the latest short-term lender to fall victim to bankruptcy and move away from the payday loan sector.
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March 26, 2024
Combat Arms Earplugs Settlement Moves To Final Resolution
More than 249,000 U.S. service members who claimed they suffered permanent hearing loss due to 3M's allegedly faulty combat earplugs have signed onto the $6 billion settlement, boasting "more than 99%" participation, according to a Tuesday announcement by the company.
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March 26, 2024
Girardi Fraud Trial Moved To Aug. 6
A California federal judge has agreed to postpone disgraced California plaintiffs attorney Tom Girardi's trial to Aug. 6, setting the proceedings to begin 16 months later than originally required at the outset of the case.
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March 26, 2024
Teamsters Duck Yellow's $137M Suit Over Restructuring Talks
The Teamsters have defeated Yellow Corp.'s $137 million lawsuit accusing them of pushing the trucking company into bankruptcy through intransigence in negotiations over a corporate restructuring, with a Kansas federal judge finding the company didn't exhaust the grievance process under a union contract before suing.
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March 26, 2024
Rite Aid Says It Needs 2 Days To Wrap Up Ch. 11 Plan Talks
A New Jersey bankruptcy judge on Tuesday granted Rite Aid a two-day postponement of a hearing on its Chapter 11 plan disclosure statement after the drugstore chain said it has one last sticking point to resolve with lenders on the terms of the plan.
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March 26, 2024
Chapter 33s Show Range Of Reasons To Refile Bankruptcies
For a few companies, one turn in bankruptcy isn't enough. Since the height of the pandemic, at least eight companies have filed their third Chapter 11 bankruptcy petition, with half of those having filed all three within a 10-year window.
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March 25, 2024
McDermott Settles Colombian Refinery Fight With $900M Deal
A Colombian refinery company that was granted a $1 billion arbitration award against global engineering giant McDermott International Ltd. has resolved its long-standing dispute with an agreement that gives the refinery company a settlement package amounting to about $900 million.
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March 25, 2024
J&J Exec 'Shocked' Over Atty's Ties With Talc Plaintiffs
Johnson & Johnson's vice president of litigation said on Monday he was "utterly shocked and appalled" upon learning an attorney who served as the company's outside counsel was working with its adversary Beasley Allen Law Firm and one of its attorneys in litigation over the alleged link between the company's talcum powder products and ovarian cancer.
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March 25, 2024
Judge Probes If $54M Deal Will Affect Tehum Care Ch. 11 Plan
A Texas bankruptcy judge Monday mulled if approving a settlement for prison health care company Tehum Care Services Inc. will lock in releases for a future Chapter 11 plan at the third day of a trial asking him to confirm the deal or toss the "Texas two-step" bankruptcy.
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March 25, 2024
EV Maker Fisker Says It's Considering Restructuring
Electric vehicle company Fisker told federal regulators it is considering restructuring after the collapse of partnership talks with a "large automaker" endangered its attempts to secure $150 million in new financing.