Large Cap
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June 27, 2024
Justices Nix 3rd-Party Liability Releases In Purdue Ch. 11 Plan
The U.S. Supreme Court shot down the validity of nonconsensual third-party releases in an opinion issued Thursday in the case of bankrupt drugmaker Purdue Pharma LP, potentially exposing the Sackler family members who own the company to personal liability for the company's role in the opioid crisis.
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June 26, 2024
Talc Co. Barretts' Creditors Push To Dismiss Ch. 11 Case
Unsecured creditors of Barretts Minerals have urged a Texas bankruptcy judge to dismiss its bankruptcy following the debtor's sale of its talc business, arguing that Barretts remains in bankruptcy only to get its fully solvent parent company out of its talc liability.
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June 26, 2024
Rite Aid To Seek Dismissal Of Maryland Ch. 11 Suit
Thursday's Chapter 11 plan confirmation hearing for Rite Aid will open with arguments on whether the drugstore chain can use its bankruptcy to escape fraud claims lodged by the state of Maryland over the company's opioid sales.
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June 26, 2024
Judge Denies ConvergeOne Lenders' Bid To Halt Ch. 11 Plan
A Texas federal judge has rejected a request by a group of ConvergeOne lenders to stay a bankruptcy court's order approving an equity rights offering included in the information technology company's Chapter 11 plan, ending the spurned lenders' challenge to a deal they claimed ran afoul of bankruptcy rules.
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June 26, 2024
Calif. Diocese Can End Priest Retirement Plan, Judge Says
A California bankruptcy judge on Wednesday gave the Roman Catholic Bishop of Sacramento the all-clear to terminate a supplemental retirement plan for the church's priests, allowing the debtor to strike a deal with the plan's trustee to turn over $30,000 in assets.
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June 26, 2024
Pricey Chapter 11 Process Fuels Rise In Prepack Filings
Companies that go bankrupt are increasingly opting to first negotiate restructuring deals out of court so they can enter Chapter 11 toting a turnaround plan already accepted by creditors, saving potentially hundreds of thousands of dollars in legal costs and dodging some of the stigma that bankruptcy attracts.
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June 25, 2024
2 Federal Judges Stall Biden's Student Loan Debt Relief
Federal judges in Kansas and Missouri on Monday partially blocked the Biden administration from implementing its latest student debt relief program, with both finding that Congress did not give clear authorization through the Higher Education Act for the loan forgiveness plan, as argued by the federal government.
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June 25, 2024
Sandy Hook Families Split Over Alex Jones Ch. 7 Stay Ask
Two groups of plaintiffs that hold more than $1.5 billion in combined claims against right-wing conspiracy theorist Alex Jones and his online media network have differing views on how those claims should be collected, taking opposite stances on a Chapter 7 trustee's request to pause collection actions against Jones' company.
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June 25, 2024
FTX Gets OK To Seek Creditor Votes On Ch. 11 Plan
Bankrupt cryptocurrency exchange FTX Trading Ltd. can seek creditor votes for its Chapter 11 plan after a Delaware bankruptcy judge said he would approve the debtor's disclosures after overruling several objections.
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June 25, 2024
Meet The Lawyers Powering EV Startup Fisker Group's Ch. 11
Electric-vehicle maker Fisker Group Inc. petitioned for bankruptcy in Delaware last week with some $854 million in funded debt, saying market and macroeconomic headwinds drove it to Chapter 11. Fisker has tapped a team of restructuring professionals at Davis Polk & Wardwell LLP and Morris Nichols Arsht & Tunnell LLP as it hopes to quickly sell its EV fleet.
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June 25, 2024
The Future Of AI May Lead Straight To Bankruptcy Court
As interest in artificial intelligence mounts, so do the number of bankruptcies for AI-linked companies, a trend that may be the "tip of the iceberg" as familiar tech-bubble hype yields to the need to turn a profit, experts told Law360.
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June 25, 2024
LaVie Creditors Object To Landlord-Backed DIP Package
Unsecured creditors in the Chapter 11 case of nursing facility operator LaVie Care Centers have told a Georgia bankruptcy judge they oppose a proposed debtor-in-possession funding package, saying one of the lenders is the debtor's biggest landlord and would be getting an inappropriately advantageous deal.
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June 25, 2024
Genesis Global Strikes $40M Deal With Unnamed Customer
Attorneys representing defunct cryptocurrency services company Genesis Global told a New York bankruptcy court Tuesday an anonymous customer agreed to pay it $40 million to resolve their dueling claims over a loan.
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June 25, 2024
Noteholder Deal Spares Telecom WOM From Ch. 11 Dismissal
Chilean telecommunications company WOM told Delaware's bankruptcy court it reached a deal with a group of noteholders and the unsecured creditors committee to resolve their bid to dismiss the debtor's bankruptcy case.
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June 25, 2024
Bankruptcy Vet Joins Saxton & Stump As Practice Chair
Saxton & Stump LLC announced Tuesday that an attorney with over 35 years of experience working with banks and other corporate entities has become a shareholder and chair of the firm's bankruptcy and financial restructuring group.
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June 25, 2024
Bed Bath & Beyond Estate Rips Investor's 'Frivolous' Filing
The Chapter 11 plan administrator for Bed Bath & Beyond urged a New Jersey bankruptcy judge to reject an unidentified former shareholder's bid to appoint an equity committee in the case, calling the motion "frivolous" because the debtor canceled all its shares months ago.
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June 25, 2024
Troutman Pepper Gets Restructuring Pro From Sidley Austin
Troutman Pepper Hamilton Sanders LLP has hired a seasoned attorney for its finance and restructuring practice who previously worked at Sidley Austin LLP for more than 20 years.
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June 24, 2024
What To Expect At FTX's Ch. 11 Plan Disclosures Hearing
Bankrupt cryptocurrency exchange FTX trading Ltd. faces a slew of objections to the disclosure statement for its Chapter 11 reorganization plan as it heads into Delaware bankruptcy court Tuesday seeking approval for the plan disclosures and to petition creditor votes.
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June 24, 2024
Ch. 11 Fee Cases Remanded After 'Very Practical' Decision
Now that the U.S. Supreme Court has decided refunds aren't owed to debtors who overpaid the U.S. Trustee's Office under a previous fee structure, it sent three similar cases that were pending before it back to the lower courts to give them a crack at applying the ruling.
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June 24, 2024
2nd Circ. Reverses $19M Sanctions Over Charter Ads
The Second Circuit Monday found a New York bankruptcy judge had wrongfully levied more than $19 million in sanctions on Charter Communications for an advertising campaign targeting a bankrupt telecom rival, saying there was doubt the ads violated the Bankruptcy Code.
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June 24, 2024
Giuliani Trustee Sought, Eletson Has 3 Plans Up For Vote
Rudy Giuliani's creditors urged a bankruptcy court to appoint a trustee to oversee his finances, while the creditors of shipping company Eletson Holdings will be asked to choose between three competing Chapter 11 plans, and nearly all of biotechnology firm NanoString's creditors will be paid in full.
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June 24, 2024
LifeWallet Calls Cano Health's Ch. 11 Plan Unconfirmable
Claim reimbursement company LifeWallet has told Delaware's bankruptcy court that primary healthcare group Cano Health's proposed Chapter 11 plan would hinder its legal defenses and setoff claims, arguing the plan runs afoul of the Bankruptcy Code and cannot be confirmed.
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June 24, 2024
McDermott Investors See Partial Cert. In $6B CB&I Deal Suit
Investors in energy industry engineering company McDermott International Inc. saw part of their proposed investor class certified as a lead plaintiff is sought for a second subclass in litigation over the company's $6 billion acquisition of Chicago Bridge & Iron Company NV.
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June 24, 2024
Rite Aid Ch. 11 Plan Hearing Set Over Insurer Opposition
A New Jersey bankruptcy judge kept the Chapter 11 plan confirmation hearing of drugstore chain Rite Aid Corp. on track Monday, denying a request from the debtor's insurers to delay the proceedings to allow for additional discovery about the plan's impact on their contractual rights.
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June 24, 2024
Justices Send 3 US Trustee Fee Cases Back To Lower Courts
The U.S. Supreme Court on Monday vacated three appellate court decisions ordering refunds to debtors who had overpaid U.S. Trustee's Office fees under a previous fee structure and remanded the cases for further adjudication after resolving the issue earlier this month.