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$372M Tax Bill Helped Peru Telecom Dial Into Bankruptcy
What was once Peru's national phone company is now seeking U.S. recognition of its bankruptcy as it tries to fend off legal action while dealing with $2.4 billion in liabilities, a shrinking market share and a court judgment that left it with a $372 million tax bill.
$7.4B Deal Nets Purdue More Time, J&J Spinoff Ends Trial
Purdue Pharma received approval for more mediation time after telling a judge that it had reached definitive terms on a new $7.4 billion settlement of opioid claims; a two-week trial over whether to confirm the $10 billion Chapter 11 plan of Johnson & Johnson's talc spinoff wrapped up; and an artificial-intelligence cryptocurrency business asked a Texas bankruptcy judge to restart an asset auction for Alex Jones' Infowars platform.
Under The Radar: Bankruptcy News You May Have Missed
The licensing arm of Universal Studios objected to a Party City asset sale, bondholders urged a judge to lift a stay on outside litigation in the Puerto Rico Electric Power Authority's restructuring case, and a satellite service provider asked a court to dismiss an adversary suit brought by debtor Ligado Networks. These are some of the bankruptcy stories you may have missed in the last week.
$372M Tax Bill Helped Peru Telecom Dial Into Bankruptcy
What was once Peru's national phone company is now seeking U.S. recognition of its bankruptcy as it tries to fend off legal action while dealing with $2.4 billion in liabilities, a shrinking market share and a court judgment that left it with a $372 million tax bill.
$7.4B Deal Nets Purdue More Time, J&J Spinoff Ends Trial
Purdue Pharma received approval for more mediation time after telling a judge that it had reached definitive terms on a new $7.4 billion settlement of opioid claims; a two-week trial over whether to confirm the $10 billion Chapter 11 plan of Johnson & Johnson's talc spinoff wrapped up; and an artificial-intelligence cryptocurrency business asked a Texas bankruptcy judge to restart an asset auction for Alex Jones' Infowars platform.
Under The Radar: Bankruptcy News You May Have Missed
The licensing arm of Universal Studios objected to a Party City asset sale, bondholders urged a judge to lift a stay on outside litigation in the Puerto Rico Electric Power Authority's restructuring case, and a satellite service provider asked a court to dismiss an adversary suit brought by debtor Ligado Networks. These are some of the bankruptcy stories you may have missed in the last week.
Expert Analysis
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Large Cap More
The estate trustee for bankrupt life insurance bond seller GWG Holdings Inc. has filed a suit accusing Holland & Knight LLP and its attorney William "Bill" Banowsky of helping GWG's ex-chairman run a "fraudule... (more story)
Shuttered Yellow Corp.'s trucking company bankruptcy estate has agreed to settlements totaling $12.3 million with two former employee groups, which were reached before a Delaware judge's posttrial denial of Wo... (more story)
The official committee of talc claimants in the Chapter 11 case of Whittaker Clark & Daniels told a New Jersey bankruptcy judge on Monday that a $535 million settlement with Berkshire Hathaway entities that ow... (more story)
Tehum Care Services received confirmation of its Chapter 11 plan Monday, more than two years after the prison healthcare provider filed for bankruptcy relief and less than a year after a previous settlement was rejected.
A proposed class action challenging BMO Financial Corp.'s alleged misuse of forfeited retirement contributions should be litigated in Illinois, where most of the bank's evidence and witnesses are located, a Ca... (more story)
A marathon Chapter 11 trial for Johnson & Johnson's talc liability unit wrapped up Friday, with attorneys defending the $10 billion plan against competing efforts to toss the Texas bankruptcy.
A Delaware bankruptcy judge granted summary judgment on multiple counts of an adversary suit brought by debtor Byju's Alpha, giving the company and its lenders early wins in their efforts to recover $533 milli... (more story)
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including attorney insights into federal lease upheaval, the impact of AI efficiency on data centers and price-gouging... (more story)
A California federal judge has tossed a pair of claims from SVB Financial Trust's lawsuit alleging that the FDIC wrongfully took control of $1.93 billion in deposits amid Silicon Valley Bank's collapse, dismis... (more story)
In a meeting with creditors on Friday, Texas mass tort attorney Truett Akin IV said he intends to practice law again after both he and his law firm filed for bankruptcy amid arbitration brought by a litigation... (more story)
Mid Cap More
The U.S. Trustee's Office on Monday joined a flurry of objections against the Chapter 11 plan of CarePoint Health Systems inc., saying the hospital owner has made it hard for the trustee to gauge the plan's potential.
A North Carolina hotel developer embroiled in a $17 million lawsuit over a defaulted loan to build a Hyatt hotel near the Asheville airport filed for bankruptcy on Sunday, reporting assets and liabilities betw... (more story)
Azzur Group, which offers services for pharmaceutical developers, filed for bankruptcy in Delaware with at least $100 million in debt and plans to hold an auction backed by a $56 million stalking horse offer.
The U.S. Supreme Court said Monday it will not consider a Florida souvenir store chain's challenge to a Second Circuit decision shutting down its case that a bankrupt beachwear company fraudulently procured a ... (more story)
A Florida judge has denied the bulk of real estate developer Glenn Struab and two associates' attempt to escape a fraud and racketeering lawsuit that accuses them of conspiring to assert control and ownership ... (more story)
UBS urged the Eleventh Circuit on Friday to undo rulings in a bankruptcy adversary case precluding a former financial adviser from paying back the proceeds of a $2 million loan deposited in a joint account wit... (more story)
Carbon project developer C-Quest Capital has filed for Chapter 7 liquidation in a Delaware bankruptcy court as its ex-CEO faces charges he fraudulently obtained millions of dollars worth of carbon credits.
The U.S. Trustee's Office appointed seven parties, including several trade vendors, to the official committee of unsecured creditors in the Chapter 11 case of electric and hydrogen-powered truck maker Nikola C... (more story)
A Delaware bankruptcy judge approved Blink Fitness' Chapter 11 wind-down plan on Friday after it removed legal protections for its plan administrator.
Hotel owner and operator MOM CA Investco LLC and two affiliates filed for Chapter 11 protection Friday in Delaware, citing $100 million to $500 million each in assets and liabilities.