Large Cap
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January 31, 2025
Supreme Court Eyes Its 'Next Frontier' In FCC Delegation Case
A case about broadband subsidies will give the U.S. Supreme Court the chance to revive a long-dormant separation of powers principle that attorneys say could upend regulations in numerous industries and trigger a power shift that would make last term's shake-up of federal agency authority pale in comparison. And a majority of the court already appears to support its resurrection.
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January 31, 2025
J&J Talc Unit's Key Ch. 11 Hearing Will Include 49 Witnesses
Parties hoping to confirm the $9 billion Chapter 11 plan of Johnson & Johnson's talc liability spin-off and those who say the case should be dismissed plan to question 49 witnesses during a nine-day hearing in February, major parties in the case told a Texas bankruptcy judge Friday, previewing a critical hearing in J&J's third "Texas two-step" bankruptcy.
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January 31, 2025
Sandy Hook Families Resist Depositions In Alex Jones Ch. 11
Two groups of families of victims in the Sandy Hook school shooting are fighting deposition and document requests from right-wing fabulist Alex Jones ahead of a hearing Wednesday on a settlement between the groups.
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January 31, 2025
Bankruptcy Group Of The Year: Jones Day
Jones Day's bankruptcy attorneys spent 2024 on the frontiers of their practice, with work that included helping a Johnson & Johnson subsidiary enter bankruptcy with a proposal for a historically large talc injury settlement, as well as helping Spark Networks SE to navigate a new German bankruptcy law and the Chapter 15 process — putting the team among the 2024 Law360 Bankruptcy Groups of the Year.
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January 31, 2025
State Street Must Face Suit Over Paper Co.'s ESOP Valuation
State Street Bank can't escape a suit claiming it allowed executives at a defunct paper company to sell overpriced shares to an employee stock ownership plan, a Wisconsin federal judge ruled, rejecting the firm's assertion that its stock valuation didn't cause any harm.
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January 30, 2025
Container Store Hopes Debt Restructuring Leads To Growth
After a quick trip through Chapter 11, The Container Store has emerged as a private company in the control of its lenders, but its changes were largely to its balance sheet rather than its operations.
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January 30, 2025
Ligado Creditor Pans 'Exorbitant' Fees For $115M DIP Loan
Satellite communications company Ligado Networks LLC's largest unsecured creditor asked a Delaware bankruptcy judge to reject the company's proposed $115 million Chapter 11 financing package, saying Ligado's secured lenders were seeking to help themselves to $100 million in fees as part of the deal.
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January 30, 2025
Pashman Stein Brings On Bankruptcy Pros In Delaware
Pashman Stein Walder Hayden PC has added two attorneys, including one from Whiteford Taylor & Preston LLP, to continue to grow its bankruptcy, restructuring and creditors' rights practice in Delaware and beyond.
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January 30, 2025
Bankruptcy Group Of The Year: Weil
Bankruptcy attorneys from Weil Gotshal & Manges LLP steered hospital chain Steward Health Care's $9 billion bankruptcy and represented Scandinavian Airlines in its restructuring of $2 billion in debt across the U.S. and Sweden, earning a spot among the 2024 Law360 Bankruptcy Groups of the Year.
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January 30, 2025
Judge Stays NY Diocese Abuse Suits, Citing 2nd Circ. Ruling
A New York bankruptcy judge on Thursday agreed to stay sexual abuse claims filed under the state's Child Victims Act against the Roman Catholic Diocese of Rochester, deciding that a Second Circuit ruling in 2022 makes clear that legal actions naming debtors as defendants are barred by bankruptcy's automatic stay.
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January 30, 2025
Yellow Corp. Gets OK For $67M Real Estate Asset Sale
A Delaware bankruptcy judge on Thursday approved defunct trucking company Yellow Corp.'s $67 million asset sales for its owned and leased properties, saying the asset purchase agreements serve "the best interests" of the debtor, creditors and other stakeholders.
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January 29, 2025
Tech Co. Sanctioned For Interference In Byju's Ch. 11
A Delaware bankruptcy judge Wednesday ordered $25,000-a-day sanctions against Voizzit Technology Private Ltd. for interfering with three bankrupt subsidiaries of Indian educational technology giant Byju's, finding Voizzit in contempt of a temporary restraining order.
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January 29, 2025
Spirit Spurns Frontier Offer In Favor Of Ch. 11 Debt Swap
Bankrupt air carrier Spirit Airlines Inc. said in public securities filings Wednesday that it has rejected an offer from competitor Frontier Airlines to merge and will instead continue pursuit of its prearranged restructuring plan set for confirmation in mid-February because the terms of the Frontier proposal would leave creditors worse off.
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January 29, 2025
NY Archdiocese Wants Abuse Coverage Row Segmented
The Archdiocese of New York urged a New York state court to analyze coverage in phases for over 1,300 sex abuse lawsuits it and its affiliated entities face, arguing that because the "vast majority" of the underlying lawsuits are still being litigated, assessing coverage prematurely could be "highly prejudicial."
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January 29, 2025
JCPenney Says Jackson Walker Owes $1M For Judge's Affair
Jackson Walker LLP should have to return the more than $1 million paid to it by J.C. Penney given the firm's failure to disclose that one of its partners had a romantic relationship with the judge who had overseen the retailer's bankruptcy, the retailer's estate says in a new lawsuit in Texas federal court.
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January 29, 2025
Pandemic, Senate Probe Push Prospect Medical Into Ch. 11
The lingering effects of the COVID-19 pandemic, inflation, reimbursement limitations, shifting patient demographics and a cyberattack — along with a recent U.S. Senate investigation into private equity investment in healthcare — have led California-based hospital operator Prospect Medical Holdings Inc. to file for bankruptcy, with over $1 billion in debt.
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January 29, 2025
Bankrupt MMA Law Seeks Hurricane Case Fees From 2 Firms
Bankrupt firm MMA Law has filed adversary suits against two law firms in Texas bankruptcy court seeking to recover fees related to work done on behalf of hurricane victim clients that it says belong to its bankruptcy estate.
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January 29, 2025
Bankruptcy Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP in 2024 carried two complex, crisis-driven Chapter 11s across the bankruptcy finish line, confirming plans for defunct crypto exchange FTX and the former operator of Silicon Valley Bank, earning it a spot as one of the 2024 Law360 Bankruptcy Groups of the Year.
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January 29, 2025
Milbank Adds Ex-Skadden Financial Restructuring Pro In NY
Milbank LLP has added a corporate restructuring attorney previously with Skadden Arps Slate Meagher & Flom LLP as a partner in its New York office, the firm has announced.
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January 28, 2025
Dubai Co. Begins Condo Project At Surfside Collapse Site
Dubai-based developer DAMAC International said Tuesday it plans to build its first U.S. real estate project in the town of Surfside, Florida, at the site where the 12-story Champlain Towers South condominium collapsed in June 2021, resulting in the deaths of 98 people.
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January 28, 2025
Creditors Seek To End Yellow Corp.'s Exclusive Ch. 11 Control
The official committee of unsecured creditors in Yellow Corp.'s bankruptcy case filed a motion Tuesday to terminate the defunct trucking company's exclusive right to file a Chapter 11 plan, or alternatively, to convert the proceedings to a Chapter 7 liquidation.
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January 28, 2025
Catching Up With New Bankruptcy Case Action
New York-based lithium-ion battery maker iM3NY filed for bankruptcy in Delaware, saying it was burdened by $136 million in debt after failing to secure funding for its production plant. Books Inc., a 174-year-old independent bookstore operator in the San Francisco Bay Area, is seeking Chapter 11 protection with $5.2 million in liabilities, and has blamed pandemic-related declines in in-store shopping for its financial woes.
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January 28, 2025
CareMax On Track To Confirm Ch. 11 Plan
A Texas bankruptcy judge said Tuesday she would confirm embattled medical system CareMax's proposed Chapter 11 plan after it makes some modifications, highlighting that the proposal's definition of released parties was "entirely too broad."
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January 28, 2025
Northvolt Can Sell Recycling Plant Shares For $6.8M In Ch. 11
Northvolt AB received a Texas bankruptcy judge's approval Tuesday to sell its stake in a battery recycling operation for $6.8 million as the Swedish electric vehicle battery maker works to shed its non-core business units in Chapter 11.
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January 28, 2025
Party City Seeks OK For Exec Private Security In Ch. 11
Bankrupt retailer Party City HoldCo Inc. Tuesday asked a Texas judge to approve up to $400,000 in spending on private security for its current and former senior employees, saying the recent killing of UnitedHealth's CEO has spurred threats of violence against the debtor's leadership.
Expert Analysis
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The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.