Bankruptcy Law360 provides breaking news and analysis on bankruptcy law. Coverage includes corporate bankruptcies and out-of-court restructurings, as well as corporate distress and imminent bankruptcy and policy developments that affect bankruptcy law.
Milbank Tweed Hadley & McCloy LLP can serve as counsel for children's clothing retailer Gymboree Group Inc. as it looks to liquidate most of its business in Chapter 11, a Virginia bankruptcy judge ruled Friday, finding the firm is not conflicted simply because it represents Gymboree creditors in other matters.
The federal board charged with overseeing Puerto Rico’s financial overhaul and addressing its debt crisis was unconstitutionally appointed and must either be confirmed by the U.S. Senate or replaced in accordance with the law within the next 90 days, the First Circuit ruled Friday.
Creditors of Sears Holding Corp. were given the green light on Friday to investigate the bankrupt retailer's sale of $900 million in intercompany debt to a major lender, with a New York bankruptcy court approving requests to issue a slew of subpoenas and conduct discovery.
A Delaware bankruptcy judge refused to dismiss a Maxus Energy Corp. Chapter 11 trustee suit on Friday seeking as much as $14 billion in fraudulent transfer and alter ego liability damages against Repsol SA and Argentina-based YPF SA.
Wells Fargo told a Delaware bankruptcy judge Friday that its $16 million credit bid for specialty retailer Samuels Jewelers Inc.’s assets should be approved quickly as the debtor is in default under the bank’s post-petition lending facility and no other bidders have emerged.