Florida's Brightline rail service has hired attorneys from Skadden Arps Slate Meagher & Flom LLP and Cole Schotz PC to oversee the Chapter 11 case it launched to restructure more than $1 billion in bond debt.
Bankruptcy judges continued to grapple with the U.S. Supreme Court's decision barring nonconsensual third-party releases, as well as forum shopping both domestically and abroad, during a recent American Bankruptcy Institute event.
Spirit Airlines won approval to sell 27 aircraft for $668 million, while Florida's Brightline parent company pursued a restructuring of more than $1 billion in bond debt. Wendy's said one of its largest U.S. franchisees no longer has the right to operate 314 restaurants. Lugano Diamonds secured confirmation of its liquidation plan.