Genesis Healthcare got the sign-off for an amended $1 billion asset sale, WilmerHale appointed a new restructuring chair, and the former CEO of electric-truck maker Nikola asked the Third Circuit to review a decision that his bankruptcy claim against his former company was properly subordinated.
A New York federal court decision that warned of "bankruptcy tourism" in Chapter 15 cases has given creditors new recourse to object to cross-border restructurings, landing at a moment when more U.S. companies are using foreign insolvency laws to obtain relief unavailable under Chapter 11.
Searles Valley will vie for conditional approval of a plan and disclosure, a restaurant chain will seek the all-clear for its bidding procedures and a judge will contemplate Genesis Healthcare's bid for plan confirmation.