Bankruptcy

  • January 31, 2025

    Bankruptcy Group Of The Year: Jones Day

    Jones Day's bankruptcy attorneys spent 2024 on the frontiers of their practice, with work that included helping a Johnson & Johnson subsidiary enter bankruptcy with a proposal for a historically large talc injury settlement, as well as helping Spark Networks SE to navigate a new German bankruptcy law and the Chapter 15 process — putting the team among the 2024 Law360 Bankruptcy Groups of the Year.

  • January 31, 2025

    NJ Event Venue Hits Ch. 11 After $11M Loan Foreclosure

    A New Jersey event venue under construction called The Chariot has filed for Chapter 11 protection in New Jersey after its bank took foreclosure action on its $11 million loan, with the business' co-owner saying the debtor launched the insolvency proceedings to get some "breathing room" as it works toward opening the sprawling restaurant and catering space.

  • January 31, 2025

    State Street Must Face Suit Over Paper Co.'s ESOP Valuation

    State Street Bank can't escape a suit claiming it allowed executives at a defunct paper company to sell overpriced shares to an employee stock ownership plan, a Wisconsin federal judge ruled, rejecting the firm's assertion that its stock valuation didn't cause any harm.

  • January 30, 2025

    Agency In NJ Town Loses Retrial Bid In $26M Land-Taking Fight

    A New Jersey federal judge has denied a redevelopment agency's bid for a new trial in a land-taking battle after a jury determined it should pay $25.6 million for a 22-acre former Michelin Tire & Rubber Co. factory, ruling that it failed to meet the high bar set to overturn a verdict.

  • January 30, 2025

    Ligado Creditor Pans 'Exorbitant' Fees For $115M DIP Loan

    Satellite communications company Ligado Networks LLC's largest unsecured creditor asked a Delaware bankruptcy judge to reject the company's proposed $115 million Chapter 11 financing package, saying Ligado's secured lenders were seeking to help themselves to $100 million in fees as part of the deal.

  • January 30, 2025

    Bankruptcy Group Of The Year: Weil

    Bankruptcy attorneys from Weil Gotshal & Manges LLP steered hospital chain Steward Health Care's $9 billion bankruptcy and represented Scandinavian Airlines in its restructuring of $2 billion in debt across the U.S. and Sweden, earning a spot among the 2024 Law360 Bankruptcy Groups of the Year.

  • January 30, 2025

    Judge Stays NY Diocese Abuse Suits, Citing 2nd Circ. Ruling

    A New York bankruptcy judge on Thursday agreed to stay sexual abuse claims filed under the state's Child Victims Act against the Roman Catholic Diocese of Rochester, deciding that a Second Circuit ruling in 2022 makes clear that legal actions naming debtors as defendants are barred by bankruptcy's automatic stay.

  • January 30, 2025

    Yellow Corp. Gets OK For $67M Real Estate Asset Sale

    A Delaware bankruptcy judge on Thursday approved defunct trucking company Yellow Corp.'s $67 million asset sales for its owned and leased properties, saying the asset purchase agreements serve "the best interests" of the debtor, creditors and other stakeholders.

  • January 29, 2025

    Cobalt Refiner Hits Ch. 11 With Plan To Cut $164M In Debt

    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 depressed cobalt prices it blames on Chinese oversupply.

  • January 29, 2025

    Fla. Judge OKs Settlement In Energy Drink Co. Bankruptcy

    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 agreement with an insurer over the costs of litigation in a Monster Energy Co. lawsuit.

  • January 29, 2025

    Rental Co. Urges NC Justices To Review Debt Deadline Ruling

    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 stay triggered by the debtor's bankruptcy filing didn't toll the statutory 10-year period for the company to renew the judgment.

  • January 29, 2025

    Spirit Spurns Frontier Offer In Favor Of Ch. 11 Debt Swap

    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 prearranged restructuring plan set for confirmation in mid-February because the terms of the Frontier proposal would leave creditors worse off.

  • January 29, 2025

    NY Archdiocese Wants Abuse Coverage Row Segmented

    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 underlying lawsuits are still being litigated, assessing coverage prematurely could be "highly prejudicial."

  • January 29, 2025

    JCPenney Says Jackson Walker Owes $1M For Judge's Affair

    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 overseen the retailer's bankruptcy, the retailer's estate says in a new lawsuit in Texas federal court.

  • January 29, 2025

    Bankrupt MMA Law Seeks Hurricane Case Fees From 2 Firms

    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.

  • January 29, 2025

    3rd Circ. Skeptical Of Philly Firm's Ch. 7 Case Fee Quest

    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 sanctioned the firm for violating disclosure rules, a matter that left one appeals judge "shocked" at the Philadelphia firm's alleged shortfall.

  • January 29, 2025

    Bankruptcy Group Of The Year: Sullivan & Cromwell

    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, earning it a spot as one of the 2024 Law360 Bankruptcy Groups of the Year.

  • January 29, 2025

    Lowenstein Sandler Hit With Malpractice Suit From Dispensary

    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 attempted hostile takeover of the company.

  • January 29, 2025

    Milbank Adds Ex-Skadden Financial Restructuring Pro In NY

    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.

  • January 28, 2025

    Jury Clears LED Distributor Of Korean Co.'s Fraud Claims

    A California federal jury returned a verdict Tuesday clearing the head of a now-defunct LED screen distribution company of allegations that he lied to his Korean manufacturing partner about efforts to repay millions of dollars worth of mounting debts.

  • January 28, 2025

    Creditors Seek To End Yellow Corp.'s Exclusive Ch. 11 Control

    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, to convert the proceedings to a Chapter 7 liquidation.

  • January 28, 2025

    Party City Seeks OK For Exec Private Security In Ch. 11

    Bankrupt retailer Party City HoldCo Inc. Tuesday asked a Texas judge to approve up to $400,000 in spending on private security for its current and former senior employees, saying the recent killing of UnitedHealth's CEO has spurred threats of violence against the debtor's leadership.

  • January 28, 2025

    Yale Unit Wants To Yank Hospital Sale Suit From Ch. 11 Court

    A Yale University health unit's lawsuit seeking to escape a $435 million sale deal with a bankrupt hospital operator belongs in state court and not with the Chapter 11 judge, the Ivy League-tied entity told a federal judge Tuesday.

  • January 28, 2025

    Creditors Can Join Nostrum Sale Talks, Ch. 11 Judge Rules

    A bankruptcy judge on Tuesday approved a bid from the official committee of unsecured creditors in drugmaker Nostrum Laboratories Inc.'s Chapter 11 case to help investment bank Raymond James find a buyer for the debtor's assets.

  • January 28, 2025

    Bankruptcy Group Of The Year: Brown Rudnick

    Brown Rudnick LLP's bankruptcy group helped secure a full recovery for BlockFi customers and persuaded a New Jersey bankruptcy judge to grant Chapter 15 recognition to a decentralized autonomous organization for the first time ever, earning it a spot among the 2024 Law360 Bankruptcy Groups of the Year.

Expert Analysis

  • Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage

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    The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Roundup

    After Chevron

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    Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan

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    The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.

  • Contract Disputes Recap: Addressing Dispositive Motions

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    Stephanie Magnell and Bret Marfut at Seyfarth examine three recent decisions from the U.S. Court of Claims and the U.S. Civilian Board of Contract Appeals that provide interesting takeaways about the nuances of motion practice utilized by the government to dispose of cases brought under the Contract Disputes Act prior to substantive litigation

  • Series

    Skiing And Surfing Make Me A Better Lawyer

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    The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.

  • Unpacking The Circuit Split Over A Federal Atty Fee Rule

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    Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.

  • Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares

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    In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.

  • Opinion

    No Matter The Purdue Ruling, Mass Tort Reform Is Needed

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    The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.

  • After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1

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    The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.

  • Big Banks Face Potential Broader Recovery Plan Rules

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    The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.

  • Recruitment Trends In Emerging Law Firm Frontiers

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    BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.

  • Series

    Glassblowing Makes Me A Better Lawyer

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    I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.

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