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September 10, 2024
Most Young Lawyers Say Debt Alters Their Career Plans
A recent student debt study by the American Bar Association Young Lawyers Division has found that student debt affects young attorneys in many ways — including changing their career plans.
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September 09, 2024
Automotive Co. Wheel Pros Hits Ch. 11 With Over $1B In Debt
Clearlake Capital-backed automotive wheel company Wheel Pros LLC has filed for Chapter 11 protection in Delaware bankruptcy court with $1.746 billion in debt and a reorganization plan to hand control of the company to senior lenders.
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September 09, 2024
Bargain Retailer Big Lots Hits Ch. 11 With Sale In Sights
Discount retail chain Big Lots filed for Chapter 11 protection Monday in Delaware with $556 million of secured debt and plans to shutter more than 300 stores while it works to complete a $620 million deal to sell the rest of its business as a going concern.
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September 06, 2024
SmileDirect's DIP Lender Wants Ch. 7 Suit Funding Bid Axed
A company formed by the founders of defunct teledentistry group SmileDirectClub has said a Chapter 7 trustee can't usurp liens it received on SmileDirectClub's assets under a debtor-in-possession loan, urging a Houston bankruptcy judge to reject a request from the debtor's Chapter 7 trustee to use proceeds from litigation against company insiders to pay legal fees.
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September 06, 2024
Ch. 11 Check-In: Bally Parent's Plan In A Run For Home Plate
The parent company of Bally Sports-branded regional sports networks is working its way toward a Chapter 11 plan that will keep its broadcast agreements with more than half of the professional sports teams that play in the National Hockey League, National Basketball Association and Major League Baseball, but finality is far from certain in the 18-month old cases.
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September 06, 2024
Property Plays: Faropoint, EPA, Lendlease
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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September 06, 2024
Investment Co. Appeals Sanction In Highland Ch. 11
An alternative investment company has asked a Texas federal court to overturn a sanctions order it received in defunct hedge fund Highland Capital's Chapter 11 case after the bankruptcy court concluded that it filed a claim in bad faith.
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September 06, 2024
Celsius' Corporate Creditor Deal Too Late, US Trustee Says
The U.S. Trustee's Office has urged a New York bankruptcy judge to reject a proposed settlement in which Celsius Network would make distributions to its former corporate customers, saying the debtor already consummated a Chapter 11 plan and is therefore no longer able to amend the allocation of funds.
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September 06, 2024
Cleveland-Cliffs Faces Trial Over Mining Co.'s Antitrust Claims
A Delaware bankruptcy court has partially allowed claims accusing steelmaking giant Cleveland-Cliffs of engaging in anticompetitive behavior that harmed a mining venture's efforts to complete an iron mine and ore plant in northern Minnesota to go to trial by a jury in federal court.
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September 06, 2024
Steptoe Adds Co-Leader To Restructuring & Insolvency Group
Steptoe LLP has expanded its transactions and tax practice by hiring a New York-based partner as a co-leader of the firm's insolvency and restructuring team.
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September 06, 2024
Judge Says He'll OK 2U's $527M Debt-Cutting Plan
A New York bankruptcy judge Friday said he would approve remote learning company 2U Inc.'s prepackaged plan to cut $527 million in debt in Chapter 11, rejecting arguments that it failed to get proper consent for the plan's third-party liability releases.
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September 05, 2024
SQRL Store Chain Landlords Want Out Of Ch. 11 Stay
The landlords of 30 SQRL fuel station and convenience store locations are urging a Texas federal bankruptcy court to allow them to avoid an automatic stay that they allege is blocking them from taking ownership of the SQRL locations for themselves.
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September 05, 2024
Asbestos Claimants Want A Say In 4th Circ. 'Two-Step' Appeal
Asbestos cancer survivors and the estates of victims with pending claims against Aldrich Pump LLC, DBMP LLC and Murray Boiler LLC have asked the Fourth Circuit's permission to file an amicus brief in an appeal centered on the separate Chapter 11 case of Georgia-Pacific unit Bestwall, saying they had been prevented from pursuing relief while Aldrich, DBMP and Murray pursue bankruptcy.
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September 05, 2024
Healthcare Cos. Using Ch. 11 As Life Support In 2024
Several healthcare companies, including ventilator maker Vyaire Medical Inc. and hospital operator Steward Health Care System, have filed for bankruptcy this year, citing issues like a post-pandemic revenue drop and ballooning expenses colliding with declining government reimbursements.
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September 05, 2024
Purdue Gets Mediation, Injunction Extension In Ch. 11
OxyContin maker Purdue Pharma LP received bankruptcy court approval on Thursday to extend its ongoing mediation for another 18 days and to continue the litigation shield protecting the Sackler family members who own the company, as parties seek consensus on a new Chapter 11 plan structure.
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September 05, 2024
Placid Oil Tells 5th Circ. It's Clear Of Contamination Claims
Placid Oil told a Fifth Circuit panel that previous bankruptcy proceedings cleared it of contamination claims on a Louisiana property, saying during oral arguments Thursday that language in the contract calling it a party to the surface lease agreement didn't count as an assignment.
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September 05, 2024
$9.1M In Fees Requested For Calif. Debt Relief Law Firm Ch. 11
Just days after a bankruptcy judge said in court that unsecured creditors in the case of collapsed California debt relief firm Litigation Practice Group will likely receive little to nothing, professionals working on the case filed about $9.1 million in fee requests — enough to use up most of the available cash.
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September 05, 2024
Gates Foundation Puts $4M Behind Debt Nonprofit's AI Tech
Online bankruptcy nonprofit Upsolve said it has received a $4 million grant from the Bill & Melinda Gates Foundation to develop and roll out financial software backed by artificial intelligence for use by indigent Americans seeking guidance on debt management and credit improvement.
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September 04, 2024
Meet The Attorneys Leading Solar Panel Co. Lumio's Ch. 11
Lumio, a provider of residential solar panels, is seeking Chapter 11 bankruptcy protection in Delaware, and attorneys from Morris Nichols Arsht & Tunnell LLP are advising the company as it works toward a sale of its assets by mid-October.
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September 04, 2024
Fisker Seeks OK For Ch. 11 Deal With Austrian Car Co.
Electric car maker Fisker Inc. requested that a Delaware judge approve a $475 million settlement with its Austrian manufacturing partner, which would cut more than €1.5 billion ($1.7 billion) in claims against its Austrian subsidiary, saying it meets the "best interest" of the debtor, creditors and all stakeholders.
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September 04, 2024
Whittaker Seeks $535M Deal In Talc Cases Tied To Berkshire
Bankrupt talc supplier Whittaker Clark & Daniels Inc. asked a New Jersey bankruptcy court to approve a $535 million settlement that will resolve claims against companies including Berkshire Hathaway Inc., chemical distributor Brenntag and DB US Holding Corp.
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September 04, 2024
Steward Health Gets OK To Sell Mass. Hospitals For $343M
A Texas bankruptcy judge on Wednesday approved Steward Health Care's $343 million sale of six of its Massachusetts hospitals and new funding that will help the company keep its facilities in the Bay State operating.
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September 04, 2024
Conn's Gets Final OK For DIP Loan After Resolving Objections
A Texas bankruptcy judge said Wednesday he would give final approval to debtor-in-possession financing for furniture and appliance retailer Conn's after the debtor reached a resolution with its lenders and unsecured creditors.
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September 04, 2024
Solar Panel Co. Lumio Wants Asset Sale By Mid-October
A Delaware bankruptcy judge Wednesday gave residential solar panel provider Lumio Holdings initial permission to tap into $8 million in Chapter 11 financing after hearing the company aims to have its assets sold off by mid-October.
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September 04, 2024
Linklaters Gains NY Restructuring Pro From Simpson Thacher
An attorney with more than 25 years of transactional experience has left Simpson Thacher & Bartlett LLP this week to join Linklaters' New York office as head of the firm's U.S. capital solutions practice.