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Pandemic, Senate Probe Push Prospect Medical Into Ch. 11
The lingering effects of the COVID-19 pandemic, inflation, reimbursement limitations, shifting patient demographics and a cyberattack — along with a recent U.S. Senate investigation into private equity investment in healthcare — have led California-based hospital operator Prospect Medical Holdings Inc. to file for bankruptcy, with over $1 billion in debt.
Meet The Attys Guiding Biora's Ch. 11
Clinical-stage biotechnology company Biora has hired a team of lawyers from McDermott Will & Emery LLP to see it through its Chapter 11, which the debtor started to address funded debt obligations and sell assets to finance its ongoing clinical development.
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.
Large Cap More
A Delaware bankruptcy judge Wednesday ordered $25,000-a-day sanctions against Voizzit Technology Private Ltd. for interfering with three bankrupt subsidiaries of Indian educational technology giant Byju's, fin... (more story)
Bankrupt air carrier Spirit Airlines Inc. said in public securities filings Wednesday that it has rejected an offer from competitor Frontier Airlines to merge and will instead continue pursuit of its prearrang... (more story)
The Archdiocese of New York urged a New York state court to analyze coverage in phases for over 1,300 sex abuse lawsuits it and its affiliated entities face, arguing that because the "vast majority" of the und... (more story)
Jackson Walker LLP should have to return the more than $1 million paid to it by J.C. Penney given the firm's failure to disclose that one of its partners had a romantic relationship with the judge who had over... (more story)
Bankrupt firm MMA Law has filed adversary suits against two law firms in Texas bankruptcy court seeking to recover fees related to work done on behalf of hurricane victim clients that it says belong to its bankruptcy estate.
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... (more story)
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.
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 c... (more story)
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, t... (more story)
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 pa... (more story)
Mid Cap More
A Texas bankruptcy judge Wednesday put the operator of one of the world's largest cobalt refineries on course for a March hearing on a Chapter 11 plan to shed nearly $164 million in debt as it deals with depre... (more story)
KAL Freight Inc. expects to file a Chapter 11 plan in February that may toggle between a sale of the business or another form of reorganization, lawyers for the trucking group told a Texas bankruptcy judge on Wednesday.
A California woman is ineligible for relief from the tax liability she and her husband accrued due to incorrectly claimed retirement fund withdrawals, the U.S. Tax Court ruled Wednesday, upholding the Internal... (more story)
A Delaware bankruptcy judge on Wednesday gave interim permission for lithium-ion battery maker iM3NY to access part of a $17.5 million Chapter 11 financing from its senior lender, along with a host of other routine motions.
A Florida federal bankruptcy judge on Wednesday approved a $3 million settlement in the bankruptcy case of Vital Pharmaceuticals Inc., the company that produces Bang Energy drinks, but declined to seal an agre... (more story)
A South Carolina real estate rental company urged the North Carolina Supreme Court on Tuesday to overturn a lower court's decision that the company missed the window to enforce a debt because the automatic sta... (more story)
The Third Circuit on Wednesday seemed skeptical that Spector Gaden Rosen Vinci PC properly informed a bankruptcy court of the billing and services provided to a couple in a Chapter 7 case in which a judge sanc... (more story)
A cannabis dispensary facing a lawsuit from Lowenstein Sandler LLP for unpaid legal fees has fired back with a malpractice suit against the firm, alleging its attorneys helped the dispensary's former CEO in an... (more story)
Bankruptcy protection is usually a last resort for commercial real estate borrowers. But for a large distressed asset in a high-tax district, a prepackaged bankruptcy is a no-brainer, according to Katten partn... (more story)
A New York bankruptcy judge Wednesday agreed to delay a hearing on Reed Smith's fees in the Eletson Holdings bankruptcy case while the reorganized debtor probes Reed Smith's alleged past ties with Eletson executives.