Large Cap
-
February 11, 2025
Guo Trustee Wants More Time For 'Mind-Boggling' Clawbacks
The Chapter 11 trustee overseeing convicted fraudster Miles Guo's bankruptcy estate on Tuesday testified that the complex task of unraveling millions in cash transfers without the Chinese exile's cooperation warrants a third blanket order allowing avoidance actions beyond typical deadlines.
-
February 11, 2025
3rd-Party Releases OK'd In Rochester Diocese's Ch. 11 Plan
A New York bankruptcy judge Tuesday delayed approval of the Roman Catholic Diocese of Rochester's Chapter 11 plan disclosure for a month to review last-minute changes, but he said he had made up his mind that third-party liability releases in the plan are acceptable.
-
February 11, 2025
Wheel-Maker Accuride Gets Ch. 11 Reorg Plan Confirmed
Bankrupt wheel-maker Accuride Corp. received approval Tuesday from a Delaware bankruptcy judge for its Chapter 11 reorganization plan after resolving outstanding objections via late-night negotiations prior to a confirmation hearing.
-
February 11, 2025
Catching Up With New Bankruptcy Case Action
Zips Car Wash filed for Chapter 11 in Texas with $654 million in debt, struggling with liquidity from competition and rising interest rates. Omega Therapeutics filed for bankruptcy with $140 million in debt and a restructuring plan with its shareholders. White Forest Resources filed for Chapter 11 due to production and shipping issues and plans to sell one of its two mines in West Virginia.
-
February 11, 2025
True Value Gets OK For Opt-Out Releases In Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday approved True Value Co.'s request to solicit votes on a Chapter 11 plan containing third-party releases that rely in part on an opt-out mechanism, a feature that the U.S. Trustee's Office said violated the U.S. Supreme Court's decision in Purdue Pharma LP last summer.
-
February 11, 2025
Procurement Biz Blocks Disclosure In Byju's $533M Debt Fight
A London judge on Tuesday ruled it would be oppressive to force a U.K. procurement company to provide evidence related to an allegedly fraudulent $533 million transaction for Delaware court proceedings involving the bankrupt U.S. subsidiary of Indian educational tech firm Byju's.
-
February 10, 2025
FTX Having Trouble Serving Binance With Ch. 11 Lawsuit
The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.
-
February 10, 2025
Morgan Stanley, Tops Trustee Duel Over Dividends Clawback
Morgan Stanley and the Chapter 11 litigation trustee for the estate of Tops Supermarket filed dueling motions on whether dividends paid to Morgan Stanley before Tops' bankruptcy are shielded from clawback.
-
February 10, 2025
Sandy Hook Families Accuse Alex Jones Of 'Ambush' Appeal
Connecticut's highest court should swat down Infowars host Alex Jones' attempt to appeal a record-smashing Sandy Hook defamation verdict because he abandoned the very defenses he now seeks to present under a special type of review for unpreserved constitutional arguments, the victims of the 2012 mass shooting have said.
-
February 10, 2025
Spyglass Says Weinstein Has No Rights To 'Scream 4' Profits
Film and television production company Spyglass, which bought the assets of The Weinstein Co. during its bankruptcy several years ago, is trying to fend off an attempt by Harvey Weinstein to collect money generated by the film "Scream 4."
-
February 10, 2025
Mexican Payday Lender Details $2B Reorg Plan In Del. Ch. 15
Credito Real, a payday lender based in Mexico, has launched a Chapter 15 case in Delaware bankruptcy court to effectuate a prepackaged reorganization plan pending in its home country that calls for the company's assets to be sold off, by a new entity, for the benefit of creditors.
-
February 10, 2025
Jones' Ch. 7 Deal Sunk, Yellow Scores Partial Pension Win
A Texas bankruptcy judge has rejected a Chapter 7 trustee's proposal to settle $1.5 billion in Sandy Hook claims against Alex Jones, Yellow Corp. won a partial victory in a $540 million pension dispute after a Delaware judge ruled liabilities were overstated, and the Eleventh Circuit barred a mortgage servicer from charging unauthorized "pay to pay" fees. This is the week in bankruptcy.
-
February 10, 2025
American Tire Gets OK For Going-Concern Sale To Lenders
A Delaware bankruptcy judge on Monday said he was "very happy" to approve American Tire Distributors Inc.'s roughly $835 million sale of its business to a lender group in Chapter 11, a deal that will enable the company to preserve jobs and continue selling tires and wheels.
-
February 07, 2025
For These Victims, Death Came Before Bankruptcy Resolution
Thousands of people have died with no compensation in recent years as big institutions shield themselves in bankruptcy court from claims related to opioids, fraud, asbestos and sexual abuse, plaintiffs' lawyers say. Critics say it's an inherent part of a bankruptcy court system that helps insiders and hurts creditors.
-
February 07, 2025
Zips Car Wash On Track For April Ch. 11 Plan Hearing
A Texas bankruptcy judge Friday gave Zips Car Wash permission to draw on $20 million in Chapter 11 financing under terms that will see the vehicle-cleaning chain seeking court approval for its equity-swap restructuring plan by mid-April.
-
February 07, 2025
Under The Radar: Bankruptcy News You May Have Missed
A onetime financial adviser to UpHealth is opposing the debtor's Chapter 11 plan, Hearthside Food Solutions' official committee of unsecured creditors has balked at the company's executive bonus proposal in bankruptcy, and one-time investors in defunct real estate investment firm RealtyShares willingly dismissed a suit against the firm's former directors, litigation that had outlived the firm's Chapter 7 by more than a year.
-
February 07, 2025
Syracuse Diocese Wants Rep For Unknown Abuse Claimants
The Roman Catholic Diocese of Syracuse asked a New York bankruptcy judge to appoint a representative for currently unknown sexual abuse claimants and to extend the deadline for the representative to vote on the diocese's Chapter 11 plan until the end of March.
-
February 07, 2025
Mexican Lender Gets Cautious OK For UK Reorg Of US Debt
The England and Wales-based subsidiary of a Mexican industrial equipment leasing and financing group on Friday received Chapter 15 recognition of its U.K. restructuring from a New York bankruptcy judge, who expressed concern about the structure but said no creditors were harmed by it.
-
February 07, 2025
4th Circ. Says LeClairRyan Founder May Duck Tax Liability
Defunct law firm LeClairRyan PLLC's operating agreement did not bar founder Gary LeClair from jumping ship in time to potentially dodge massive tax bills tied to the firm's collapse, the Fourth Circuit ruled Friday.
-
February 07, 2025
Franchise Group Ch. 11 Plan Not 'Fully Baked,' Judge Says
A Delaware bankruptcy judge has declined to approve the disclosure statement for Franchise Group Inc.'s Chapter 11 plan, calling it not "fully baked" and saying the debtor should wait until after the date it is scheduled to sell company assets to solicit votes on its plan.
-
February 06, 2025
Judge OKs 'Unorthodox' Deal To Fund Pa. Hospitals In Ch. 11
Bankrupt hospital operator Prospect Medical has agreed to put its four Philadelphia-area hospitals under receivership for the next 30 days while it hammers out a sale as part of a funding arrangement that a Texas bankruptcy judge on Thursday called "unorthodox."
-
February 06, 2025
Lessons From The 'Must-Read' Yellow Corp. WARN Decision
A Delaware bankruptcy judge's finding that defunct trucking giant Yellow Corp. violated the Worker Adjustment and Retraining Notification Act is a "must-read" for bankruptcy attorneys that has broad lessons for other cases and highlights the importance of paying attention to the details of the statute, experts told Law360.
-
February 06, 2025
Wheel-Maker Accuride Upsizes Ch. 11 Loan By Another $20M
Wheel manufacturer Accuride Corp. received a Delaware bankruptcy judge's approval Thursday to tack on another $20 million to its Chapter 11 financing, funds that the company said it will use to support operations ahead of a hearing next week on confirmation of its reorganization plan.
-
February 06, 2025
Zips Car Wash Hits Ch. 11 With Plan To Trim $279M Debt
Zips Car Wash LLC and nine affiliates filed for Chapter 11 protection in Texas, citing competition, climbing interest rates and nearly $654 million in funded debt, with a restructuring plan in hand to shave off about $279 million.
-
February 06, 2025
Yellow Corp. Scores Partial Win In $540M Pension Plan Row
Bankrupt trucking firm Yellow Corp. has secured a partial victory on summary judgment in a $540 million fight with several union pension funds, with a Delaware bankruptcy judge saying the funds set the company's withdrawal liability too high.
Expert Analysis
-
SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.