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Deal Struck In Discount Chain Plan, No Sanctions In J&J Case
Holders of notes issued by 99 Cents Only will take a $297 million haircut, Beasley Allen dodged discovery sanctions in Johnson & Johnson's latest spinoff bankruptcy and a Mexican industrial equipment leasing group sought U.S. recognition for its reorganization. This is the week in bankruptcy.
Stoli USA Says Putin Opposition Landed It In Bankruptcy
Vodka giant Stoli Group's U.S. arm has filed for Chapter 11 in Texas after having its last assets in Russia, amounting to $100 million, seized by Vladimir Putin's government, with its operations also being disrupted by a data breach and ransomware attack this summer.
The Story Behind Vroom's Chapter 11 Case
A few years ago, used-car seller Vroom Inc. was expanding rapidly and beating sales records quarter after quarter, spurred on by customers shopping online for vehicles during the COVID-19 pandemic. Now, Vroom is in bankruptcy court as a shell of its former self, seeking to turn over what remains of its business to investors.
Deal Struck In Discount Chain Plan, No Sanctions In J&J Case
Holders of notes issued by 99 Cents Only will take a $297 million haircut, Beasley Allen dodged discovery sanctions in Johnson & Johnson's latest spinoff bankruptcy and a Mexican industrial equipment leasing group sought U.S. recognition for its reorganization. This is the week in bankruptcy.
Stoli USA Says Putin Opposition Landed It In Bankruptcy
Vodka giant Stoli Group's U.S. arm has filed for Chapter 11 in Texas after having its last assets in Russia, amounting to $100 million, seized by Vladimir Putin's government, with its operations also being disrupted by a data breach and ransomware attack this summer.
The Story Behind Vroom's Chapter 11 Case
A few years ago, used-car seller Vroom Inc. was expanding rapidly and beating sales records quarter after quarter, spurred on by customers shopping online for vehicles during the COVID-19 pandemic. Now, Vroom is in bankruptcy court as a shell of its former self, seeking to turn over what remains of its business to investors.
Expert Analysis
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Large Cap More
Oil and gas drilling services provider Independence Contract Drilling has filed for Chapter 11 protection in a Texas bankruptcy court with more than $230 million in debt and a prepackaged debt-swap restructuring plan.
A California federal judge on Monday denied Tom Girardi's bid for a new trial after a jury found he misappropriated $15 million worth of client settlement funds, standing by a prior assessment that the disbarr... (more story)
Voyager Digital's former bank, Metropolitan Commercial Bank, has been hit with a 53-count complaint in New York federal court alleging it was complicit in bad behavior by the now-defunct crypto lender and shou... (more story)
A California federal judge has pared down a lawsuit looking to force financial regulators that stepped in after the high-profile collapse of Silicon Valley Bank to return some $1.9 billion in frozen deposits t... (more story)
Low-cost Brazilian airline GOL Linhas has reached a settlement that will cut the amount of taxes and fees it owes to government agencies in Brazil by about $750 million, as it seeks to restructure in Chapter 11.
The Tenth Circuit should not pay mind to arguments from the Teamsters about upholding a lower court's dismissal of Yellow Corp.'s $137 million suit against the union, the company is arguing, doubling down on i... (more story)
U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,0... (more story)
An Oregon federal judge has said Holland & Knight LLP lawyers must turn over documents regarding their advice to Jackson Walker LLP on how to handle the "debacle" of a former firm partner's intimate relationsh... (more story)
Dental telehealth company SmileDirectClub has agreed to pay $4.8 million in refunds to customers who were improperly charged after the company went bankrupt and shut down in 2023, according to a settlement ann... (more story)
The U.S. Trustee's Office has asked a New York bankruptcy judge to reject confirmation of a Long Island-based Roman Catholic diocese's Chapter 11 plan that some 99% of sexual abuse survivors support, arguing t... (more story)
Mid Cap More
Lowenstein Sandler LLP has asked an Essex County Superior Court judge to recuse himself over his social connections with the parties and counsel on the firm's $800,000 fee suit against a New Jersey cannabis dispensary
The producer of the Miss America pageant and its related entities have filed a $500 million racketeering suit in Florida accusing developer Glenn Straub of fraudulently pushing the organization into bankruptcy... (more story)
A bankrupt Chinese pool parts supplier has been accused by an American competitor of going to great lengths to skirt a $16 million false advertising and unfair business practices judgment in continued violatio... (more story)
The bankrupt developer of a housing project that was beset by landslides has settled with a construction company and a Western Pennsylvania township in exchange for finishing some of its remaining cleanup work... (more story)
A hearing on a motion to dismiss the Chapter 11 case of an entity tied to the Miss America pageant will wait until after the competition wraps up in January, a Florida bankruptcy judge ruled Wednesday, allowin... (more story)
The trustee handling the Chapter 11 of exiled Chinese businessman and convicted fraudster Miles Guo asked the Connecticut bankruptcy court to let him hire four agents with residential real estate firm Compass ... (more story)
The U.S. Supreme Court will return to the bench Monday for its December arguments session, which will include blockbuster questions about the constitutionality of state laws banning gender-affirming care for t... (more story)
The owners of a San Jose, California, hotel on its second trip through Chapter 11 asked a Delaware bankruptcy judge not to dismiss its California bankruptcy case it filed in early November, saying it's not an ... (more story)
Five banks holding funds for customers of fintech platforms face proposed class action claims of gross mismanagement after "significant ledger irregularities" totaling $85 million were discovered in the wake o... (more story)
A Canadian charter bus company that provides buses for Los Angeles airports is asking a California bankruptcy judge to grant U.S. recognition to its efforts to sell the company in a Canadian insolvency proceeding.