A novice bankruptcy lawyer may have learned a great deal from law school, but more senior lawyers can offer lessons for developing successful prepackaged Chapter 11 cases, including the need to take a long view, keep a collaborative spirit and draw from diverse personal experience.
Vi-Jon, a maker of private-label dry bath products, has filed a disclosure statement and Chapter 11 plan calling for the creation of a settlement trust funded by at least $25 million from its parent company, a proposal that would resolve its talc liabilities.
LIV Golf filed for Chapter 11 protection in New Jersey with more than $500 million in debt. Electric motor manufacturer Reuland Electric Co. and its parent company filed for bankruptcy, citing a deteriorating relationship with a lender. A real estate developer that formerly proposed an Islamic community center near the World Trade Center site in Lower Manhattan filed for Chapter 11 with about $14 million in debt.