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.
The U.S. Trustee's Office has asked the Delaware bankruptcy court to hold off on Gibson Brands Inc.’s bid to close its Chapter 11, saying "a number of critical tasks" remains undone and that the company is attempting to improperly consolidate its 12 cases into one.
The Sixth Circuit has found the $2.35 billion Dow Corning settlement trust for women with defective breast implants can begin paying out $50 million in second-tier claims early, saying there was sufficient evidence that there will be money left over when the last of the first-tier claims are filed next year.
Sears Holding Corp. and debtor-in-place lender Cyrus Capital Partners have asked a New York bankruptcy court to reject a call to vacate the sale of $900 million in intercompany medium-term notes to Cyrus, calling it a ploy by a failed bidder to change the results.
Creditors of bankrupt David’s Bridal Inc. called for a 50 percent cut to a proposed $13.1 million Delaware Chapter 11 retention fee for investment banker Evercore Group LLC on Friday, citing “double dipping” and other allegedly nonstandard fee calculations.
Some computers, airstairs and maintenance vans of unknown value were all that defunct airline OneJet Inc. has listed in a Chapter 7 filing in Pennsylvania bankruptcy court against $43 million in debts, including dozens of loans from individuals worth $75,000 to $350,000 each.