Bankruptcy

  • September 23, 2019

    Dispute Is For Tax Court, Not Bankruptcy Court, 7th Circ. Says

    A dispute over a couple's $100,000 tax debt and penalties belongs in the U.S. Tax Court and not a bankruptcy court since most debts have been paid or discharged, the Seventh Circuit has ruled.

  • September 23, 2019

    Court OKs $50M Philly Hospital Sale To Tower Health, Drexel

    A $50 million offer from a joint venture of Tower Health and Drexel University to buy St. Christopher's Hospital for Children in Philadelphia from bankrupt operator Center City Healthcare LLC received court approval Monday in Delaware bankruptcy court.

  • September 23, 2019

    Ditech Says New Ch. 11 Plan Protects Consumer Creditors

    Mortgage company Ditech Holding Corp. is asking a New York bankruptcy judge to approve a revised Chapter 11 plan, saying it has reached an agreement with its consumer creditors that will boost the ability of its mortgage holders to correct mistakes in their accounts.

  • September 23, 2019

    Fraud Suit Against Football Startup Sent To Bankruptcy Court

    A Texas federal judge sent a lawsuit that accuses the now-defunct Alliance of American Football of misleading players about its financial state to the bankruptcy court overseeing the league’s reorganization, saying Monday the suit is related to the Chapter 11 case.

  • September 23, 2019

    Mexican Telecom Maxcom Wins Ch. 11 Plan Approval

    A New York bankruptcy judge signed off Monday on Mexican telecommunications provider Maxcom's $130 million restructuring plan after the company reached a settlement with bondholders who had objected to the plan vote.

  • September 23, 2019

    Rising Star: Cravath's Omid Nasab

    Omid Nasab of Cravath Swaine & Moore LLP has been in the middle of several high-profile bankruptcy cases over his career, including leading a team investigating liabilities in Pacific Gas and Electric's Chapter 11 proceedings, earning him a spot as one of the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • September 23, 2019

    Attys Seek $15M In Fees From $74M SunEdison Settlement

    The lead counsel in a class action claiming SunEdison Inc. misled shareholders about its financial health before filing for bankruptcy is asking a New York federal court to approve more than $15 million in attorney fees for its work in reaching a $74 million settlement with the company.

  • September 20, 2019

    College Of New Rochelle Files For Chapter 11 After Tax Woes

    The College of New Rochelle filed for Chapter 11 bankruptcy protection Friday, a little more than a month after it closed its doors, according to a voluntary petition filed in New York bankruptcy court.

  • September 20, 2019

    Whitefish Power Co. Objects To PR Utility Restructuring Deal

    A power company whose contract to restore hurricane-damaged electric lines in Puerto Rico was canceled amid controversy in 2017 said Friday the island's utility can't restructure until it explains how it's going to pay the $126 million the company says it's owed.

  • September 20, 2019

    Tower Health, Drexel To Buy Bankrupt Hospital For $50M

    Hospital operator Tower Health and Drexel University announced Friday that they have agreed to buy Philadelphia's St. Christopher's Hospital for Children from bankrupt Center City Healthcare for $50 million.

  • September 20, 2019

    House Lawmakers Pitch Bill To Switch Up Bankruptcy Venues

    A bipartisan group of House lawmakers has introduced a bill that aims to end New York and Delaware’s long-standing dominance as bankruptcy hubs by forcing companies to file their restructurings where they conduct most of their business, after a nearly identical measure died last year in the Senate.

  • September 20, 2019

    Elk Petroleum Reaches Ch. 11 Deal With Equityholders

    Elk Petroleum Inc. told the Delaware bankruptcy court Friday it has hashed out a deal as to how assets will be divvied up among its affiliated entities to resolve a challenge to its Chapter 11 waged by preferred equity holders during a long hearing that got off to a tense start.

  • September 20, 2019

    PR Oversight Board Defends Appointments At High Court

    Puerto Rico’s federally appointed oversight board is urging the U.S. Supreme Court to overturn the First Circuit’s decision that its members require Senate approval, saying their appointment and authority fall within constitutional bounds.

  • September 20, 2019

    Chinese Creditors Try To Force Rail Car Co. Into Ch. 7 In Del.

    Chinese creditors of North Carolina-based Vertex Railcar Corp. have asked a Delaware bankruptcy court to force the troubled rail car builder into a Chapter 7 liquidation, claiming they’re owed roughly $45 million.

  • September 20, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 19, 2019

    PG&E Bondholders, Wildfire Victims Propose $24B Reorg Plan

    PG&E Corp.’s bondholders have joined forces with wildfire victims to propose their own plan for California's largest utility to exit bankruptcy, one that puts more money — about $24 billion — toward wildfire claims, according to a motion filed Thursday in California bankruptcy court.

  • September 19, 2019

    Candy Co.'s DIP Loan Approved Amid Creditors' Cash Worries

    Candy chain Lolli & Pops Inc.’s parent company received Delaware bankruptcy court approval Thursday for a $7 million debtor-in-possession financing package as creditors continue to raise concerns that there may not be enough money to pay administrative costs in the Chapter 11.

  • September 19, 2019

    Singapore Post-Owned E-Commerce Cos. File For Ch. 11

    Shipping conglomerate Singapore Post Ltd.’s two U.S. e-commerce units — Jagged Peak and TradeGlobal — have filed for bankruptcy after failing to find a buyer, saying years of underinvestment by their parent has led to mounting losses.

  • September 19, 2019

    TridentUSA's $9.5M Medicare Scheme Settlement Gets OK

    A New York bankruptcy judge has approved a $9.5 million settlement between health care provider TridentUSA and the U.S. government to end whistleblower suits claiming the company engaged in an illegal Medicare referral scheme.

  • September 19, 2019

    Purdue Files Ch. 11 Suit Seeking Stay Of Opioid Litigation

    Bankrupt drugmaker Purdue Pharma LP filed an adversary complaint late Wednesday in New York court seeking a stay of the pending litigation brought by various states, Native American tribes and individuals who did not agree to a settlement framework reached before the company filed for bankruptcy.

  • September 19, 2019

    Sears Buyer Seeks 2nd Circ. Review After Losing Billions

    Sears buyer ESL Investments is looking to appeal a decision it says used “counter-factual” arguments to deny it billions in claims, a day after a group of Sears vendors asked a New York bankruptcy court to liquidate the retail giant’s remains before it runs out of cash to pay their bills.

  • September 19, 2019

    Purdue Loses Bid To Toss Mass. Suit Amid Ch. 11 Stay Fight

    As Purdue Pharma LP seeks to prevent states suing the drugmaker from getting around Chapter 11's automatic stay, a Massachusetts judge has said the company will otherwise have to face that state's suit seeking to hold it responsible for the opioid crisis.

  • September 19, 2019

    Insys Ch. 11 Sale Of Controversial Drug OK'd With New Limits

    Insys Therapeutics Inc. received bankruptcy court approval Thursday in Delaware for a sale of its controversial pain medication Subsys after the buyer agreed to limit its marketing and distribution efforts to end-stage cancer patients.

  • September 18, 2019

    J&J Talc Supplier Given Time To Negotiate Insurance Deal

    Johnson & Johnson talc supplier Imerys Talc America Inc. told a Delaware bankruptcy judge Wednesday that it would continue negotiations with tort claimants to get a consensual agreement on a $7.2 million settlement with insurance providers paying defense costs in thousands of personal injury suits.

  • September 18, 2019

    Retired Del. Judge Kevin Carey Jumps To Hogan Lovells

    Hogan Lovells announced Wednesday that retired U.S. Bankruptcy Judge Kevin J. Carey will become a partner in its business restructuring and insolvency practice on Oct. 1, joining the global firm after nearly 20 years on the bench, mostly in Delaware's busy bankruptcy court.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

    Author Photo

    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

  • Series

    Pursuing Wellness: Mental Health Education As A Firm Priority

    Author Photo

    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

  • Series

    Pursuing Wellness: A Firm's Work With Mental Health Experts

    Author Photo

    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

  • Key Issues To Consider In Foreign Bankruptcy Proceedings

    Excerpt from Lexis Practice Advisor
    Author Photo

    In PT Bakrie Telecom, the New York bankruptcy court provided a primer on several important issues to consider in a Chapter 15 foreign bankruptcy proceeding — most notably that the conclusion of a foreign proceeding doesn't necessarily prevent the later appointment of a foreign representative, say Dan Moss and Mark Douglas of Jones Day.

  • Series

    Pursuing Wellness: When A Firm Brings Counseling On Site

    Author Photo

    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • IRS Safe Harbor Proposal Hard On Restructuring Cos.

    Author Photo

    Proposed regulations released by the IRS last week would adversely affect many companies involved in M&A transactions and restructurings by substantially restricting their ability to use net operating losses and built-in gains after an ownership change, say attorneys at Paul Weiss.

  • Series

    Pursuing Wellness: Inside A Firm Meditation Program

    Author Photo

    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

    Author Photo

    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • Opinion

    PG&E Bankruptcy Will Test Shareholder Capitalism

    Author Photo

    If the Pacific Gas and Electric bankruptcy allows for the underestimation of tort creditors' claims to leave value for existing shareholders, it will represent an enormous failure that would call into question the fairness of our shareholder capitalism system, says researcher J.B. Heaton.

  • The Factors Courts Consider In Deposition Location Disputes

    Author Photo

    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

    Author Photo

    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

    Author Photo

    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • How The Wayback Machine Can Strengthen Your Case

    Author Photo

    The Wayback Machine, which archives screenshots of websites at particular points in time, can be an invaluable tool in litigation, but attorneys need to follow a few simple steps early in the discovery process to increase the odds of being able to use materials obtained from the archive, says Timothy Freeman of Tanenbaum Keale.

  • Opinion

    Draft Civil Procedure Jurisdictional Rule Needs A Tweak

    Author Photo

    The Judicial Conference Advisory Committee’s proposed addition to Federal Rule of Civil Procedure 7.1 needs to be amended slightly to prevent late-stage jurisdictional confusion in cases where the parties do not have attributed citizenship, says GianCarlo Canaparo at The Heritage Foundation.

  • New Best Practices Under E-Discovery Spoliation Rule

    Author Photo

    The amended Federal Rule of Civil Procedure 37(e) provides explicit criteria for imposing sanctions when electronically stored information has been lost during discovery, but courts are still not consistently applying the new rule, with some simply ignoring it in favor of inherent authority, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.