Large Cap
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October 11, 2024
Under The Radar: Bankruptcy News You May Have Missed
A group of secured lenders to food giant Del Monte have asked Delaware's Chancery Court to find a liability management transaction was an event of default for an original loan, insurers are hoping two seasoned mediators will be able to iron out a long-running dispute with a bankrupt New York diocese, and lawyers for cancer patients say a bankrupt talc miner's Chapter 11 plan would result in uneven recoveries for personal injury claimants.
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October 11, 2024
Wheel-Maker Can Tap $20M Of $103M Ch. 11 Funding
A Delaware bankruptcy judge Friday agreed to allow wheel manufacturer Accuride Corp. to tap into up to $20 million of a $103 million debtor-in-possession financing package from its lenders as an interim measure, along with a slate of customary first-day requests.
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October 11, 2024
Kramer Levin Formalizes Its Private Credit Practice
Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.
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October 10, 2024
Attys For Voyager Digital Users Get $1.3M After Earn Deal
Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggressively marketed" unregistered securities.
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October 10, 2024
J&J's Latest Ch. 11 Case To Stay In Texas After Challenge
Johnson & Johnson's most-recent attempt to handle its legacy talc liability through bankruptcy will remain in the Lone Star State after a Texas judge ruled Thursday that he is able to handle the proceedings fairly and efficiently and wants to get the case rolling as quickly as possible, denying multiple motions to send the case to New Jersey where two previous bankruptcies have been administered.
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October 10, 2024
4 Things To Know Now About FTX's Chapter 11 Plan
This week, FTX Trading Ltd. won confirmation of its bankruptcy plan that clears a path for it to start repaying as much as $16.5 billion to creditors, including former customers who had cryptocurrency at the exchange when it unraveled in 2022 under the weight of founder Sam Bankman-Fried's fraud.
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October 10, 2024
Atty For McElroy Deutsch's Ex-CFO Wants Out Of Theft Case
An attorney representing McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer — who is behind bars on charges of stealing from the firm — has asked to be relieved as counsel in the firm's New Jersey suit against the former CFO because he has not paid his legal bills.
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October 10, 2024
Morris Nichols Welcomes 3 Recent Law Clerks To Its Roster
Delaware firm Morris Nichols Arsht & Tunnell LLP announced Thursday that it had hired three attorneys who recently completed judicial clerkships.
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October 10, 2024
Wheel-Maker Accuride Hits Ch. 11 Again With Up To $1B Debt
Wheel manufacturer Accuride Corp. has filed for Chapter 11 protection in Delaware bankruptcy court with up to $1 billion of debt and an agreement to restructure its U.S. business, saying supply chain snarls and a rise in the cost of parts have cut into profits.
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October 09, 2024
Timeline Of FTX's Historic Bankruptcy
From the beginning, the bankruptcy of FTX seemed like it would go down in Chapter 11 history as among the most difficult to resolve. Atop a heap of new cryptocurrency companies, it unraveled quickly and dragged down other firms with it as the full scope of founder Sam Bankman-Fried's criminality was revealed.
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October 09, 2024
EV Maker Fisker Hits Speed Bumps On Ch. 11 Exit Path
Electric-car manufacturer Fisker Inc. met strong resistance Wednesday as it argued for confirmation of its plan to liquidate through bankruptcy, with two federal agencies and a buyer of the company's vehicles voicing objections to its Chapter 11 proposal during a hearing in Delaware's bankruptcy court.
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October 09, 2024
Bally Sports Owner Approved For New Ch. 11 Plan Disclosure
The parent company of Bally Sports-branded regional sports networks received approval Wednesday from a Texas bankruptcy judge for the disclosure statement tied to an amended Chapter 11 plan that will reorganize the business.
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October 09, 2024
The Story Behind Bargain Retailer Big Lots' Ch. 11 Case
Big Lots, like many other retailers, has faced both macroeconomic and industry-specific challenges in the wake of the COVID-19 pandemic, ultimately driving the company to Chapter 11 bankruptcy.
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October 09, 2024
Sanctioned NJ Firm Asks To Exit $374M Guo Ch. 11
Four attorneys for associates of convicted fraudster Miles Guo in his Chapter 11 bankruptcy — whose law firm was sanctioned in the proceedings — have urged Connecticut's bankruptcy court to let them leave the case, saying several corporate entities connected to Guo indicated their services are no longer needed.
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October 09, 2024
Sullivan & Cromwell Dropped From FTX Investor Suit
FTX customers dismissed Sullivan & Cromwell LLP from ongoing multidistrict litigation over the crypto exchange's collapse on Wednesday, after an investigation by the customers' counsel into the firm and dialogue with the FTX bankruptcy estate and appointed examiner resolved concerns about the law firm's conduct.
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October 09, 2024
Girardi Seeks New Fraud Trial Over Memory Issues
Disbarred attorney Tom Girardi has called on a California federal court to overturn his conviction for misappropriating $15 million in client settlement funds, arguing he was not competent to stand trial due to memory problems that left him unable to remember witnesses or even his own attorneys.
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October 08, 2024
Judge Puts US Trustee's Depo On Ice In Judge Romance Suit
A Houston judge Tuesday put Jackson Walker's deposition of the U.S. Trustee for the Texas divisions of the bankruptcy watchdog on hold while he considers whether a Justice Department guideline applies to the ongoing dispute surrounding a former Texas bankruptcy judge's secret relationship with an ex-partner of the firm.
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October 08, 2024
Ex-Girardi Keese CFO Inks Plea Deal Over Firm Embezzlement
Girardi Keese's former Chief Financial Officer Christopher K. Kamon reached a plea agreement Tuesday with Los Angeles federal prosecutors, who allege he spearheaded a "side fraud" that bilked millions of dollars from the embattled law firm's accounts behind disbarred attorney Tom Girardi's back.
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October 08, 2024
FTX's Ellison To Give Up 'Substantially All Of Her Assets'
Former FTX insider Caroline Ellison agreed to give up "substantially all of her assets" and cooperate with the FTX bankruptcy estate in a deal to resolve the claims against her in an adversary proceeding that sought to recover hundreds of millions of dollars from the collapsed crypto exchange's former leadership.
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October 08, 2024
EPA Inks Historic $4.2M Deal Over Philly Refinery Explosion
The U.S. Environmental Protection Agency revealed on Tuesday that it has reached a $4.2 million proposed deal with Philadelphia Energy Solutions Refining and Marketing LLC, settling a Clean Air Act claim tied to a June 2019 leak and explosion at the company's former South Philadelphia refinery.
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October 08, 2024
J&J Wins OK For $505M Deal With Bankrupt Talc Miners
A Delaware bankruptcy judge approved a $505 million settlement between a pair of talc producers and Johnson & Johnson after overruling an objection by a group of insurers to the deal, which would resolve several ongoing disputes with J&J over talc injury claims.
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October 08, 2024
Yellow Tells 10th Circ. To Revive Claims Against Teamsters
Yellow Corp. called on the Tenth Circuit to reverse a lower court's dismissal of the company's $137 million lawsuit against the Teamsters that claimed the union led the nearly 100-year-old company to shutter, saying the business wasn't required to exhaust the grievance process under a contract.
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October 08, 2024
How Hasty Purchases Drove Wheel Pros Into Ch. 11
Automotive wheel company Wheel Pros LLC, which is seeking to get its Chapter 11 plan past a creditor vote this week, hit bankruptcy after foundering in debt as it attempted to bounce back from inflation and supply chain woes.
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October 08, 2024
1st Circ. Warned Not To 'Speculate' In Union Debt Ceiling Suit
A lawyer for a governmental workers' union challenging the constitutionality of the federal debt limit told a First Circuit panel on Tuesday that a January default is a virtual certainty under existing law, and urged the judges to avoid trying to predict whether President Joe Biden and a lame-duck Congress might extend the ceiling.
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October 08, 2024
EV Battery Maker Northvolt Puts Unit Into Swedish Bankruptcy
Swedish electric vehicle battery maker Northvolt AB has moved a subsidiary responsible for a multibillion-dollar expansion project into bankruptcy in Stockholm weeks after the project was shuttered for the company to focus efforts on its existing production facilities.