Large Cap
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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.
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January 28, 2025
Healthcare Ch. 11s Stay High Amid Costs Surge, Labor Woes
Healthcare sector bankruptcy filings reached their second-highest level in six years in 2024, with 57 companies seeking Chapter 11 protection as rising costs and sluggish reimbursement rates continued to ripple through the industry, according to a new report by restructuring advisory firm Gibbins Advisors.
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January 28, 2025
Yale Unit Wants To Yank Hospital Sale Suit From Ch. 11 Court
A Yale University health unit's lawsuit seeking to escape a $435 million sale deal with a bankrupt hospital operator belongs in state court and not with the Chapter 11 judge, the Ivy League-tied entity told a federal judge Tuesday.
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January 28, 2025
Bankruptcy Group Of The Year: Brown Rudnick
Brown Rudnick LLP's bankruptcy group helped secure a full recovery for BlockFi customers and persuaded a New Jersey bankruptcy judge to grant Chapter 15 recognition to a decentralized autonomous organization for the first time ever, earning it a spot among the 2024 Law360 Bankruptcy Groups of the Year.
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January 27, 2025
Purdue Nears Ch. 11 Deal, Yellow Corp. Fends Off WARN Suit
From a looming settlement in the Purdue bankruptcy to a pair of retailers overcoming objections to their Chapter 11 plans, here are some of the biggest bankruptcy news from the past week.
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January 27, 2025
Creditors, US Trustee Oppose CareMax Ch. 11 Plan
The U.S. Trustee's Office and the Official Committee of Unsecured Creditors have objected to embattled medical system CareMax's proposed Chapter 11 plan, saying the plan includes improper, nonconsensual releases.
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January 27, 2025
Party City Inks Deal To Sell IP, Assets In 2nd Ch. 11
Bankrupt retailer Party City has reached a stalking horse agreement to sell its brand name, other intellectual property and related operating assets to an affiliate of the pop culture merchandiser Ad Populum LLC, which owns the brand behind Chia Pet and is an owner of the entertainment complex at Elvis Presley's home Graceland.
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January 27, 2025
J&J Talc Unit's $9B Ch. 11 Plan Draws Slew Of Objections
The U.S. Trustee's Office and lawyers representing talc claimants have urged a Texas bankruptcy judge to reject a Johnson & Johnson spinoff's $9 billion plan to settle thousands of cancer claims through Chapter 11, arguing the proposed reorganization must fail because the bankruptcy case was filed in bad faith.
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January 27, 2025
Wheel-Maker Accuride Faces Cash Collateral Termination
Wheel manufacturer Accuride Corp. told a Delaware bankruptcy judge on Monday that it may lose access to the use of some of its prepetition lenders' cash collateral and said it was working toward a resolution.
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January 27, 2025
Justices Decline $400M Argentina Bond Default Case
The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.
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January 24, 2025
Under The Radar: Bankruptcy News You May Have Missed
The daughter of bankrupt Chinese exile Miles Guo is fighting a contempt bid brought by the Chapter 11 trustee of her father's estate. Brazilian airline Gol Linhas and Spirit Airlines are seeking to implement third-party releases in their respective Chapter 11 plans. And bankrupt financial technology company Synapse appears to be the subject of a grand jury investigation.
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January 24, 2025
FDIC Wins Discovery Bid In SVB Fraud Coverage Row
A Chubb unit must give certain documents to Silicon Valley Bank's former parent SVB Financial Group regarding coverage for a fraud that SVB Financial said caused $73 million in losses, a North Carolina federal court ruled Friday, though relieving an excess insurer of doing the same.
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January 24, 2025
Exactech Execs Get OK For Bonuses In Bankruptcy
A Delaware bankruptcy judge on Friday gave bankrupt medical implant manufacturer Exactech permission to pay its top executives up to $5 million in bonuses based on the result of its upcoming asset auction.
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January 24, 2025
Watchdog Flags Steward's Bid To Add Latham To Ch. 11 Case
Steward Health Care can't hire Latham & Watkins as the second law firm in its Chapter 11 case, the Office of the U.S. Trustee has told a Texas bankruptcy judge, saying it would add to a growing list of administrative claims that could get in the way of confirming a reorganization plan.
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January 24, 2025
Sackler Injunction Extended Ahead Of New Purdue Ch. 11 Plan
A New York bankruptcy judge agreed Friday to extend an injunction blocking litigation against the former owners of Purdue Pharma for another month after being told a deal on a new Chapter 11 plan for the OxyContin maker is imminent.
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January 24, 2025
Eletson Ex-Owners Must Comply With Ch. 11 Plan, Judge Says
A New York bankruptcy judge on Friday ruled former shareholders and executives of Greek shipping group Eletson Holdings Inc. must comply with the court's confirmed Chapter 11 plan, directing them to assist in updating the reorganized company's address of record with the Liberian International Ship & Corporate Registry.
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January 24, 2025
Discount Retailer 99 Cents Confirms Ch. 11 Wind-Down Plan
99 Cents Only, a former California-based discount store, received a Delaware bankruptcy judge's approval Friday to wind down its affairs under a Chapter 11 plan based on a deal reached between its unsecured creditors, secured noteholders and the debtors.
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January 24, 2025
5th Circ. Serta Ruling Gives Grist For Lenders Left Behind
A Fifth Circuit decision rejecting mattress maker Serta Simmons' controversial "uptier" exchange offers new ammunition for an array of investors excluded from non-pro rata debt transactions, a development that could curb favored creditors and private equity firms' appetite for deals marked by so-called lender-on-lender violence.