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Purdue Nears Ch. 11 Deal, Yellow Corp. Fends Off WARN Suit
From a looming settlement in the Purdue bankruptcy to a pair of retailers overcoming objections to their Chapter 11 plans, here are some of the biggest bankruptcy news from the past week.
174-Year-Old Bookstore Says Its Story Won't End On Ch. 11
Changes in customer buying patterns following the COVID-19 pandemic have led Books Inc., the Bay Area's oldest independent bookstore operator, to enter Chapter 11 with plans to close its Berkeley location early next month while continuing to operate 10 other shops in and around San Francisco.
Under The Radar: Bankruptcy News You May Have Missed
The daughter of bankrupt Chinese exile Miles Guo is fighting a contempt bid brought by the Chapter 11 trustee of her father's estate. Brazilian airline Gol Linhas and Spirit Airlines are seeking to implement third-party releases in their respective Chapter 11 plans. And bankrupt financial technology company Synapse appears to be the subject of a grand jury investigation.
Purdue Nears Ch. 11 Deal, Yellow Corp. Fends Off WARN Suit
From a looming settlement in the Purdue bankruptcy to a pair of retailers overcoming objections to their Chapter 11 plans, here are some of the biggest bankruptcy news from the past week.
174-Year-Old Bookstore Says Its Story Won't End On Ch. 11
Changes in customer buying patterns following the COVID-19 pandemic have led Books Inc., the Bay Area's oldest independent bookstore operator, to enter Chapter 11 with plans to close its Berkeley location early next month while continuing to operate 10 other shops in and around San Francisco.
Under The Radar: Bankruptcy News You May Have Missed
The daughter of bankrupt Chinese exile Miles Guo is fighting a contempt bid brought by the Chapter 11 trustee of her father's estate. Brazilian airline Gol Linhas and Spirit Airlines are seeking to implement third-party releases in their respective Chapter 11 plans. And bankrupt financial technology company Synapse appears to be the subject of a grand jury investigation.
Expert Analysis
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Large Cap More
The U.S. Trustee's Office and the Official Committee of Unsecured Creditors have objected to embattled medical system CareMax's proposed Chapter 11 plan, saying the plan includes improper, nonconsensual releases.
Bankrupt retailer Party City has reached a stalking horse agreement to sell its brand name, other intellectual property and related operating assets to an affiliate of the pop culture merchandiser Ad Populum L... (more story)
The U.S. Trustee's Office and lawyers representing talc claimants have urged a Texas bankruptcy judge to reject a Johnson & Johnson spinoff's $9 billion plan to settle thousands of cancer claims through Chapte... (more story)
Wheel manufacturer Accuride Corp. told a Delaware bankruptcy judge on Monday that it may lose access to the use of some of its prepetition lenders' cash collateral and said it was working toward a resolution.
The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case rel... (more story)
A Chubb unit must give certain documents to Silicon Valley Bank's former parent SVB Financial Group regarding coverage for a fraud that SVB Financial said caused $73 million in losses, a North Carolina federal... (more story)
A Delaware bankruptcy judge on Friday gave bankrupt medical implant manufacturer Exactech permission to pay its top executives up to $5 million in bonuses based on the result of its upcoming asset auction.
Steward Health Care can't hire Latham & Watkins as the second law firm in its Chapter 11 case, the Office of the U.S. Trustee has told a Texas bankruptcy judge, saying it would add to a growing list of adminis... (more story)
A New York bankruptcy judge agreed Friday to extend an injunction blocking litigation against the former owners of Purdue Pharma for another month after being told a deal on a new Chapter 11 plan for the OxyCo... (more story)
A New York bankruptcy judge on Friday ruled former shareholders and executives of Greek shipping group Eletson Holdings Inc. must comply with the court's confirmed Chapter 11 plan, directing them to assist in ... (more story)
Mid Cap More
A corporate investor in Chicken Soup for the Soul Holdings LLC has accused the publishing company, which has released popular self-help books for decades, of mismanagement leading up to a subsidiary's Chapter ... (more story)
Creditors of California-based trucking company Kal Freight Inc. asked a Texas bankruptcy judge to appoint an independent examiner to investigate allegations of prepetition fraud and mismanagement made against ... (more story)
A California bankruptcy judge on Monday gave the Golden State's oldest independent bookstore chain, Books Inc., approval on a raft of first-day motions to ease its navigation through a Chapter 11 case the comp... (more story)
A Florida souvenir store chain has asked the U.S. Supreme Court to consider its challenge to a Second Circuit decision foreclosing its arguments that a bankrupt beachwear company fraudulently procured a tradem... (more story)
A Texas bankruptcy judge on Friday approved a prepackaged Chapter 11 plan for The Container Store that includes opt-out releases in favor of nondebtors, saying the provisions don't run afoul of the Supreme Cou... (more story)
A Ninth Circuit panel on Friday partly revived a Washington billing services company's lawsuit over a soured business deal with bankrupt Addison Data Services, finding a bankruptcy settlement agreement and the... (more story)
A Houston plaintiffs attorney has filed for personal Chapter 11 protection with more than $202 million of litigation funding liabilities, according to his petition in the Southern District of Texas.
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A Louisiana federal judge has sent a $22 million insurance dispute over oil drilling equipment damaged by Hurricane Ida back to state court, citing an invalid arbitration clause between the parties.
The U.S. Trustee's Office has urged a Delaware bankruptcy judge not to confirm Blink Fitness' Chapter 11 plan, arguing it is unfairly seeking to exculpate professionals for future acts and extend an injunction... (more story)