Large Cap
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August 14, 2024
Avon Products Gets OK To Tap $43M DIP During Ch. 11 Case
A Delaware bankruptcy judge on Wednesday greenlighted cosmetics giant Avon Products Inc.'s request to borrow part of a $43 million financing package to support itself during its Chapter 11 case.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
The Solar Energy Bankruptcies That Flared Up In 2024
Residential solar technology provider SunPower and Vermont-based iSun are among the solar firms seeking protection under the Bankruptcy Code this year, joining Vision Solar, which filed for Chapter 7 late last year.
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August 13, 2024
Judge Rules Talc Claims Property Of Whittaker Ch. 11 Estate
A New Jersey bankruptcy judge ruled on Tuesday that third-party tort claims against the corporate successor of bankrupt talc supplier Whittaker Clark & Daniels are the property of the bankruptcy estate and can't be asserted by the individual claimants.
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August 13, 2024
Yellow Takes Teamsters' Win Over Restructuring To 10th Circ.
Yellow Corp. has asked the Tenth Circuit to revive its $137 million lawsuit accusing the Teamsters of driving the logistics firm into bankruptcy by fighting a necessary corporate restructuring, according to an appeals notice.
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August 13, 2024
Jackson Walker Slams 'Draconian' Judge Romance Fees Bid
Jackson Walker LLP is pushing back on a U.S. Trustee Office's attempt to roll back at least $13 million in fees and reimbursements awards, saying the firm is just the latest bystander to become "collateral damage" from a concealed romance between an ex-firm partner and a former federal bankruptcy judge.
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August 13, 2024
'Clever' Scheme Is Concealing Talc Litigation Funding, J&J Says
The Beasley Allen Law Firm needs to disclose alleged litigation funding fueling its litigation over Johnson & Johnson's talcum powder even if that funding was not given directly to the firm since the disclosure rules apply to "parties" and not "law firms," J&J has told a New Jersey federal court.
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August 13, 2024
Talc Claims Land Cosmetics Giant Avon In Ch. 11
Avon Products filed for Chapter 11 protection in Delaware, saying it needs to address more than $1 billion in liabilities and allegations of injuries caused by talc in its products.
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August 12, 2024
3AC Hedge Fund Files $1.3B Claim In TerraForm Bankruptcy
Liquidators of collapsed crypto hedge fund Three Arrows Capital Ltd. filed a $1.3 billion claim in the TerraForm Labs Pte. bankruptcy in Delaware federal court Friday, according to documents obtained by Law360.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Byju's Dodges Dismissal, Crypto Updates, SunPower Filing
The U.S.-based affiliate of Indian educational technology giant Byju's avoided the dismissal of its Chapter 11 case in Delaware, a subpoena for cellphone records from former bankruptcy judge David R. Jones was quashed, and a $2 billion bankruptcy from a residential solar technology company was filed. This is the week in bankruptcy
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August 12, 2024
Celsius Sues Tether For Over $2B In Ch. 11 Clawbacks
The defunct cryptocurrency platform Celsius Network has sued the largest stablecoin provider, Tether, seeking to claw back more than $2.3 billion worth of bitcoin and accusing Tether of improperly reaping the benefits of the digital coins for itself as Celsius was spiraling towards bankruptcy.
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August 12, 2024
LNG Contractor's Ch. 11 Settlement Gets Final OK
A Texas bankruptcy judge on Monday gave final approval to a settlement in which Zachry Industrial will exit a project to build a liquefied natural gas facility co-owned by ExxonMobil and QatarEnergy, congratulating the parties on having found a consensual resolution to a complex matter.
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August 12, 2024
SVB Ex-Owner And Creditors Appeal FDIC Standing In Ch. 11
The former parent company of Silicon Valley Bank and its creditors said they plan to challenge a New York bankruptcy judge's decision that federal regulators who seized $1.9 billion from SVB Financial Group bank accounts had standing to object to its Chapter 11 plan.
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August 12, 2024
42 Talc Claims Axed In Revlon's Bankruptcy Case
A New York judge on Monday ruled that dozens of claims against Revlon for asbestos exposure due to talc in the company's products are not allowable under bankruptcy law, saying they came after the company's Chapter 11 plan had already been confirmed.
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August 12, 2024
Oil Cos. Get Go-Ahead On $3.5M La. Contamination Settlement
A Louisiana federal judge has granted preliminary approval to a $3.5 million settlement to resolve residents' claims against Occidental Petroleum Corp. and Anadarko Petroleum Corp. over alleged contamination from creosoting facilities, over the objection of co-defendants BNSF and International Paper.
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August 09, 2024
Pitney Bowes' E-Commerce Arm Can Tap $47M DIP In Ch. 11
A Texas bankruptcy judge on Friday gave DRF Logistics LLC the go ahead to borrow $45 million under a Chapter 11 loan funded by its former parent, shipping company Pitney Bowes Inc., which let go of its majority stake in DRF to wind down the unprofitable e-commerce division in bankruptcy.
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August 09, 2024
Attys Eye Serta Simmons Appeal For New Clues In Debt Fights
Professionals who help distressed companies cope with oppressive debt loads are eagerly awaiting a Fifth Circuit ruling on mattress maker Serta Simmons' 2020 restructuring deal, a decision that experts say could reshape how courts handle so-called uptier transactions and hotly litigated fights among creditors.
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August 09, 2024
Judge Rejects Camshaft Bid To Dismiss Byju's Ch. 11 Case
A Delaware bankruptcy judge denied hedge fund Camshaft Capital's request to dismiss the Chapter 11 case of the U.S.-based affiliate of Indian educational technology giant Byju's, finding the debtor had good reason to file for bankruptcy.
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August 09, 2024
Judge Sides With NY Diocese In Axing 33 Abuse Claims
A New York federal judge has upheld the dismissal of 33 sexual abuse claims against Long Island's bankrupt Roman Catholic Diocese, finding there was insufficient evidence the diocese had supervisory control over the alleged abusers.
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August 09, 2024
How 2 Kirkland Attys Pivoted From Law To Communications
Jon Henes and Whitney Fogelberg never envisioned having careers crafting communications strategies for restructuring companies. But the seasoned former Kirkland & Ellis LLP bankruptcy partners have found themselves doing just that at C Street Advisory Group, a specialized public relations firm founded by Henes.
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August 08, 2024
Behind Solar Tech Co. Sunpower's $2B Ch. 11
Residential solar technology company SunPower Corporation landed in Chapter 11 this week with $2 billion in debt after an accounting fiasco coupled with rough macroeconomic trends sent it into a liquidity crisis.
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August 08, 2024
Judge Pauses Syracuse Diocese Ch. 11 Pending Changes
A New York bankruptcy judge put the Roman Catholic Diocese of Syracuse's Chapter 11 case on hold Thursday until the diocese finishes revisions to its bankruptcy plan it says are needed to bring it into line with the Supreme Court's decision on Purdue Pharma's plan.
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August 08, 2024
Pitney Bowes Spins Off E-Commerce Biz Into Ch. 11
A former unit of shipping company Pitney Bowes Inc. filed for Chapter 11 protection Thursday in Texas bankruptcy court with more than $100 million in debt and plans to liquidate its assets.
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August 08, 2024
Snapshot: Delaware Federal Court's 2024 Annual Report
Civil filings in Delaware's district court continue to decline as the patent litigation-heavy venue saw its lowest number of patent filings during the past decade in 2023, experiencing a 23% dip from the year prior amid a national patent litigation plunge.