Large Cap
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June 13, 2024
Steward Health To Mediate Sale Disputes, Tap New $225M DIP
A Texas bankruptcy judge on Thursday ordered Steward Health Care to engage in mediation with its main landlord and other parties to attempt to resolve disputes over how to allocate proceeds from the sales of Steward's hospitals, shortly after the judge gave initial approval to $225 million in bankruptcy financing the company said it desperately needed.
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June 13, 2024
Meet The Team Guiding Ventilator Co. Vyaire Through Ch. 11
A group of attorneys from Cole Schotz PC and Kirkland & Ellis PC is steering Vyaire Medical Inc., a producer and distributor of medical ventilators, through its Chapter 11 case in Delaware after a reversal of fortunes saw a precipitous drop in revenue for the company in 2023.
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June 12, 2024
Baltimore Diocese Fights Insurers' Dismissal Attempt
The Roman Catholic Diocese of Baltimore defended its adversary action in Maryland bankruptcy court seeking coverage from its insurance carriers, arguing that resolving the issue is crucial to resolving its Chapter 11 bankruptcy proceeding.
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June 12, 2024
Meet The Attorneys In Nevada Copper Corp.'s Ch. 11
A team of lawyers from Torys LLP, Allen Overy Shearman Sterling and McDonald Carano LLP, whose experience encompasses the mining industry, restructuring and corporate law, is helping copper-mining company Nevada Copper Corp. shutter its business and sell assets with Chapter 11 protection.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
Cancer Claimants Say J&J Talc Unit Ch. 11 Belongs In NJ
Cancer patients with talc damage claims against Johnson & Johnson are asking a New Jersey federal judge to bar the company's talc liability spinoff from filing its third attempt at a Chapter 11 reorganization outside the state.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
Bankrupt Robertshaw Can Pay Execs Up To $3.9M In Bonuses
Appliance parts maker Robertshaw US Holding Corp. received a Texas bankruptcy judge's approval Wednesday to pay top executives as much as $3.9 million in bonuses if they hit certain performance metrics.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 11, 2024
Bed Bath & Beyond Investor Defeats 'Short-Swing' Profits Suit
A New York federal judge on Tuesday threw out Bed Bath & Beyond investors' suit accusing activist investor Ryan Cohen of buying and selling his stock too quickly, finding the claims moot in light of the retailer's Chapter 11 bankruptcy plan.
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June 11, 2024
Willkie Farr Hires 11 Ex-Latham Bankruptcy Attys In Germany
Willkie Farr & Gallagher LLP has snagged three bankruptcy partners and eight more attorneys from Latham & Watkins LLP in Germany as it expands its bench in the country, the firm announced Tuesday.
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June 11, 2024
SVB Wants A Trial Over Its $605M Tax Bill From IRS
The parent company of failed Silicon Valley Bank has told a New York bankruptcy judge it wants him to decide if it owes the Internal Revenue Service more than $605 million in taxes.
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June 11, 2024
Ventilator Maker Can Tap $25M DIP In Ch. 11
Vyaire Medical Inc., a producer and distributor of medical ventilators, received a Delaware bankruptcy judge's approval Tuesday to borrow $25 million in debtor-in-possession financing as it pursues a Chapter 11 sale of its assets.
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June 11, 2024
WeWork Announces CEO Switch As It Leaves Ch. 11
WeWork, fresh from the confirmation of its Chapter 11 restructuring plan, said Tuesday it will be led by John Santora, who will take over as CEO as the company leaves bankruptcy behind.
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June 11, 2024
Hedge Fund Boss Has 10 Days To Appear For Byju's Depo
A Delaware bankruptcy judge on Tuesday suspended an arrest warrant for hedge fund Camshaft Capital's manager and ordered him to return to the U.S. within 10 days and answer questions from the bankrupt U.S. subsidiary of Byju's and its creditors, who accused him of fraudulently transferring $533 million out of the company.
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June 11, 2024
How Powerful Companies Profit From 'Unjust Debts' - Part 2
Companies that use Chapter 11 bankruptcy to deal with litigation over dangerous products they produced or other misconduct rely on a broad conception of what counts as a debt to prove their eligibility for bankruptcy relief — a privilege that regular people aren't afforded, according to a new book by a University of North Carolina School of Law professor.
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June 11, 2024
Invitae Can Collect Ch. 11 Plan Votes Amid Debt Deal Row
A New Jersey bankruptcy judge said Tuesday he would allow Invitae to send its Chapter 11 plan out for votes, after the genetic testing company agreed to note in its disclosure statement that the committee of unsecured creditors is opposing the proposed liquidation because of concerns over a prepetition financing agreement.
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June 10, 2024
How The Bankruptcy System Became 'Unjust' - Part 1
Changes in bankruptcy law that have made it more difficult for individuals facing financial hardship to extinguish their debts and get a fresh start have also allowed businesses to use Chapter 11 as a "legal Swiss Army knife" to deal with issues that the system was never meant to handle, according to a book out Tuesday by a University of North Carolina School of Law professor.
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June 10, 2024
Amazon Reseller Gets OK For Ch. 11 Plan After Creditor Deal
A New Jersey bankruptcy judge said Monday she would approve an Amazon reseller's Chapter 11 plan, following an agreement reached to create a trust that would pursue claims against former company executives and share the proceeds with unsecured creditors.
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June 10, 2024
High Court On Ch. 11, New Bank Rules, Alex Jones Ch. 7 Shift
The U.S. Supreme Court said an insurance company has "party in interest" standing to intervene in a Chapter 11 case, the U.S. Department of Justice's bankruptcy watchdog "modernized" its agreement for banks holding debtor funds, and recent motions could pivot Alex Jones and his media company's Chapter 11s to Chapter 7 liquidations.
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June 10, 2024
Giuliani's Ch. 11 Creditors Subpoena Sept. 11 Charity
Creditors of Rudy Giuliani are probing whether the former New York City mayor has been getting financial support from a nonprofit called Tunnel to Towers Foundation, which says its mission is to assist families of Sept. 11 first responders, according to a subpoena the creditors said they served Monday.
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June 10, 2024
3 Takeaways From Cigna's Win In 9th Circ. Rehab Claim Fight
The Ninth Circuit's recent decision finding Cigna is off the hook for $8.6 million in out-of-network mental health and substance use disorder treatment claims against employee benefit plans administered by the insurer could discourage similar litigation, benefits attorneys say. Here are three key takeaways from the decision.
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June 10, 2024
Chinese Dissident's Banker Lied About Accounts, Jury Hears
The former head of banking for Miles Guo, the prominent Chinese dissident also known as Ho Wan Kwok, testified in Manhattan federal court Monday that he lied to financial institutions about a number of investment entities that are now the subject of $1 billion fraud charges.
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June 10, 2024
Paul Hastings Restructuring Pro Rejoins Arnold & Porter
Arnold & Porter Kaye Scholer LLP announced on Monday the hiring of a former Paul Hastings LLP of counsel as a partner in its bankruptcy and restructuring practice out of Chicago.
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June 10, 2024
Ventilator Co. Vyaire Hits Ch. 11 As COVID Demand Wanes
Vyaire Medical Inc., a company that makes breathing ventilators and other respiratory treatment and diagnosis products, filed for Chapter 11 protection in Delaware after demand for its products waned following the COVID-19 pandemic.