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Stiff Competition, Rate Hikes Drove Zips Car Wash Into Ch. 11
Zips, one of the largest car wash operators in the country, found itself in bankruptcy court earlier this year as the company struggled due to increasing competition, high interest rates, a heavy debt load, an unwieldy real estate portfolio and the aftermath of a hurricane in September, according to its case filings.
Catching Up With New Bankruptcy Case Action
Publishers Clearing House entered Chapter 11 in New York as it looks to sell assets and focus on its digital business; a paper towel company that stocks Trader Joe's and other grocery store chains entered Chapter 11 in Delaware with a $126 million bid to buy its company as a sale floor; and a Brazilian sugar producer asked a New York bankruptcy court to recognize a foreign insolvency.
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Debt Deals On The Rise, Purdue Can Begin Claims Processing
A Texas district court, not a bankruptcy court, will oversee the U.S. trustee's efforts to claw back millions in legal fees paid to Jackson Walker over an undisclosed relationship between an attorney and bankruptcy judge; out-of-court debt deals eclipsed Chapter 11s by a 4-to-1 ratio last year; and drug manufacturer Purdue Pharma can begin processing claims ahead of a Chapter 11 confirmation hearing. This is the week in bankruptcy.
Stiff Competition, Rate Hikes Drove Zips Car Wash Into Ch. 11
Zips, one of the largest car wash operators in the country, found itself in bankruptcy court earlier this year as the company struggled due to increasing competition, high interest rates, a heavy debt load, an unwieldy real estate portfolio and the aftermath of a hurricane in September, according to its case filings.
Catching Up With New Bankruptcy Case Action
Publishers Clearing House entered Chapter 11 in New York as it looks to sell assets and focus on its digital business; a paper towel company that stocks Trader Joe's and other grocery store chains entered Chapter 11 in Delaware with a $126 million bid to buy its company as a sale floor; and a Brazilian sugar producer asked a New York bankruptcy court to recognize a foreign insolvency.
Debt Deals On The Rise, Purdue Can Begin Claims Processing
A Texas district court, not a bankruptcy court, will oversee the U.S. trustee's efforts to claw back millions in legal fees paid to Jackson Walker over an undisclosed relationship between an attorney and bankruptcy judge; out-of-court debt deals eclipsed Chapter 11s by a 4-to-1 ratio last year; and drug manufacturer Purdue Pharma can begin processing claims ahead of a Chapter 11 confirmation hearing. This is the week in bankruptcy.
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Large Cap More
For now, Reed Smith will not be compelled to turn over a client file to the new owners of reorganized international shipping group Eletson, following a temporary stay issued by the Second Circuit amid the BigL... (more story)
Renewable fuels company Global Clean Energy Holdings Inc. filed for Chapter 11 relief Wednesday in Texas with more than $2 billion of debt and a prepackaged restructuring plan supported by its secured lenders.
Talc injury claimants on Tuesday continued to press a Texas bankruptcy judge to dismiss Barretts Minerals Inc.'s Chapter 11 case, while the judge said he was concerned the company had not yet put a value on cl... (more story)
A group of asbestos litigation defendants and related bankruptcy debtors, including Johnson & Johnson, sued 10 asbestos claims trusts in Delaware's Court of Chancery on Tuesday, accusing them of pursuing an im... (more story)
The Office of the U.S. Trustee urged a Texas bankruptcy judge to reject Zips Car Wash's plan to wash away some $279 million in debt, saying the updated Chapter 11 plan contains nonconsensual third-party releases.
Paul Weiss Rifkind Wharton & Garrison LLP told a Delaware bankruptcy judge Tuesday that it would be willing to reduce its proposed work for liquidating retailer Forever 21 in response to an objection by the U.... (more story)
Boies Schiller Flexner LLP must face a Chapter 11 trustee's nearly $654,000 clawback case for receiving cash from a company connected to since-convicted Chinese exile Miles Guo, a Connecticut bankruptcy judge ... (more story)
Husch Blackwell LLP has fortified its insolvency and commercial bankruptcy practice with a partner in Austin, Texas, who came aboard from Chamberlain Hrdlicka White Williams & Aughtry.
A Texas bankruptcy judge on Monday said he would have to consider ways to increase Barretts Minerals Inc.'s perceived independence from its parent company if he agrees to allow the talc miner to stay in Chapter 11.
Crypto venture capital firm Digital Currency Group must face the bulk of the New York attorney general's claims it defrauded investors by hiding the dire financial condition of its bankrupt lending subsidiary ... (more story)
Mid Cap More
Bankrupt sweepstakes company Publishers Clearing House has called upon attorneys from Klestadt Winters Jureller Southard & Stevens LLP to guide its Chapter 11 while it seeks to sell assets and concentrate its ... (more story)
The Second Circuit on Tuesday affirmed that Allied World National Assurance Co. can't force a dispute over coverage for negligence claims asserted against directors and officers of medical accounting conglomer... (more story)
A Delaware bankruptcy judge on Tuesday approved a number of first-day motions in the Chapter 11 case of Creativemass, a wealth management app developer that is pursuing a prepackaged liquidation plan through w... (more story)
Three creditors of Chinese real estate developer Xinyuan Real Estate Co. Ltd. filed an involuntary bankruptcy petition against the company late Monday, saying it is in default on $170 million in note debt.
The Ninth Circuit on Tuesday affirmed a $272 million verdict for Monster Energy Co. in a false advertising case against defunct Vital Pharmaceuticals Inc. and its former CEO, rejecting a series of challenges t... (more story)
Bankrupt liquor producer House Spirits Distillery has proposed procedures to sell off its inventory of 6,800 barrels of whiskey in Chapter 11, saying it wants the freedom to complete small-scale sales at will ... (more story)
Excell Communications Inc., a telecommunications infrastructure developer, and two affiliates filed for bankruptcy in New York with $45.5 million in unsecured debt after losing a key business relationship.
Exactech Inc. Tuesday told a Delaware bankruptcy judge that the implant maker has secured enough funding to keep its Chapter 11 case going until its scheduled confirmation hearing at the end of May, while the ... (more story)
Waste-to-fuel recycler Fulcrum Bioenergy received approval Monday for its Chapter 11 plan of liquidation following a surprisingly successful sale process, debtor's counsel said.
A British company locked in a $64 million contract feud with Lockheed Martin subsidiary Sikorsky Aircraft accused its former in-house counsel of giving testimony "blatantly inconsistent" with other evidence at... (more story)