Bankruptcy

  • April 09, 2020

    Prepackaged Ch. 11s Will Be Tough Sell For Oil And Gas

    As the pace of oil and gas bankruptcies accelerates, companies won't be able to broker restructuring deals outside of a courtroom as easily as they did during the prior bankruptcy wave a few years ago. Here, Law360 breaks down what boxes oil and gas companies must check for a prepackaged deal in 2020 and how to move forward when that option isn't on the table.

  • April 09, 2020

    Fairway Markets Says COVID-19 Crisis Justifies Exec Bonuses

    Fairway Markets has told a New York bankruptcy court that the difficulty of running a grocery chain in Chapter 11 and in the face of the COVID-19 pandemic justifies its proposal to pay $2.3 million in executive bonuses.

  • April 09, 2020

    Quorum Health OK'd For Fast-Paced $1.3B Ch. 11 Schedule

    Quorum Health Care Services LLC tentatively secured a 35-day post-disclosure path to confirmation for its more than $1.3 billion Delaware Chapter 11 reorganization Thursday, after a debtor attorney accused an equity investor of raising an "irresponsible" objection to the hospital chain's timetable.

  • April 09, 2020

    Real Estate Rumors: Waterbridge, Soon-Shiong, Weiss

    A Waterbridge Capital venture is reportedly looking for $251 million of financing for a downtown Los Angeles mixed-use property, billionaire Patrick Soon-Shiong may personally buy a former Los Angeles hospital and Weiss Group of Cos. has reportedly scored $21.3 million in financing for a Miami mixed-use project.

  • April 09, 2020

    Noble Can't Appeal Paragon Ch. 11 Clawback Case Yet

    A Delaware federal judge Thursday told the parent company of Paragon Offshore PLC it is too soon for it to appeal a bankruptcy judge’s finding that he can make final decisions on fraudulent transfer claims against the company, saying it won’t advance the case.

  • April 09, 2020

    Singapore Court Sends $170M Debt Dispute To Arbitration

    The Singapore Court of Appeal concluded Tuesday that a debtor need only prove a disputed debt is subject to an arbitration agreement in order to escape a winding-up application initiated by a creditor, reversing an opposing conclusion reached by a lower court in a $170 million dispute.

  • April 09, 2020

    PG&E Touts Erin Brockovich's Support Of Reorganization Plan

    Pacific Gas & Electric is drumming up support for its reorganization plan, trumpeting Thursday an endorsement from consumer advocate Erin Brockovich, who led a legal battle against the utility over contaminated California drinking water in the mid-1990s and said wildfire victims’ “best way forward” is confirming the plan.

  • April 09, 2020

    Beer Tycoon Delays Bankruptcy As Bank Fight Turns To India

    A London judge on Thursday paused “extraordinary” bankruptcy proceedings against an Indian magnate facing extradition from the U.K. on fraud charges, saying he has to be given a chance to settle his £1.05 billion ($1.3 billion) debt with several banks in India.

  • April 09, 2020

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

    The past week in London has seen a major Portuguese bank join the queue of lenders suing Mozambique in the wake of a $2 billion fraud scandal, Russia's sovereign wealth fund target another news outlet over coverage, and BP add to the legal woes for its rival Glencore. Here, Law360 looks at those and other new claims in the U.K.

  • April 09, 2020

    Shuttered Apex Parks Chain Opens Ch. 11 Hoping To Sell

    California-based amusement park chain Apex Parks Group LLC entered Chapter 11 in Delaware with more than $100 million in liabilities, saying it would pursue a reorganization and sale of its 12-site, three-state business, with secured lenders serving as a bidder-to-beat stalking horse.

  • April 08, 2020

    Quorum Health Hopes For Quick Ch. 11 Exit

    Tennessee-based Quorum Health Corp. has told a Delaware bankruptcy court it is hoping to have a Chapter 11 plan approved in a little over a month, saying its rural hospitals need to stay open for the sake of their communities.

  • April 08, 2020

    PG&E Tort Claimants Object To How Utility Plans To Pay Fine

    The tort claimants committee in the PG&E Chapter 11 case is asking a California bankruptcy judge to reject the utility's proposal to route $4 million in fines through their settlement trust, saying the move would create a bad precedent.

  • April 08, 2020

    Retailer Fred's Reaches Deal With Wholesaler On $15M Claim

    Bankrupt discount retailer Fred's Inc. said Tuesday it has reached an agreement with its pharmaceutical wholesaler Cardinal Health Inc. over claims in its Chapter 11, with Cardinal set to recover a secured claim of $15 million.

  • April 08, 2020

    NY AG Seeks Additional Sackler Family Financial Info

    The New York attorney general on Tuesday asked a bankruptcy court to resume discovery into the finances of the Sackler family, who owns Purdue Pharma LP, saying that her office has already unearthed important information about money transfers the family has made.

  • April 08, 2020

    London's Jewish Chronicle Folds Under COVID-19 Pressure

    The London-based Jewish Chronicle — the world's oldest Jewish newspaper — announced Wednesday it is folding in the face of the COVID-19 crisis and beginning liquidation proceedings.

  • April 07, 2020

    Cahill Gordon Suspends 2020 Summer Associate Program

    Cahill Gordon & Reindel LLP has decided to suspend its summer associate program for 2020 in response to the COVID-19 pandemic, the firm announced Tuesday though it says it will pay the associates who had been selected and will offer them full-time positions after graduation.

  • April 07, 2020

    Alaska Airline's Ch. 11 Loan Rocked By Plane Seizure Threat

    The Chapter 11 case of regional airline Ravn Air Group Inc. got off to a turbulent start Tuesday when lenders providing post-petition financing said their commitment to the loans was in doubt after a local Alaskan leader threatened to commandeer the debtor's air fleet.

  • April 07, 2020

    PG&E Judge Won't OK COVID-19 Letter Co. Atty Called 'Silly'

    A California judge overseeing Pacific Gas and Electric Co.'s bankruptcy declined Tuesday to approve a letter informing Northern California wildfire survivors that COVID-19 has hammered PG&E shares and reduced a $13.5 billion victims settlement fund, after a PG&E attorney slammed opposing counsel's "silly letter" as an effort to kill the deal.

  • April 07, 2020

    Hogan Lovells Cross-Trains Attys To Boost Bankruptcy Ranks

    International law firm Hogan Lovells announced Tuesday that it would offer its attorneys in other practice areas the opportunity to receive restructuring cross-training to assist the firm’s existing practice ahead of an anticipated rush of bankruptcy filings in the aftermath of the COVID-19 pandemic.

  • April 07, 2020

    Puerto Rico Board Says COVID-19 Test Kit Orders Broke Law

    Puerto Rico's financial oversight board is saying the island's government broke the law guiding the territory’s restructuring when it made now-canceled deals for 1 million COVID-19 test kits without board permission.

  • April 07, 2020

    COVID-19 Kicks Owens-Illinois Ch. 11 Probe Back A Month

    The Delaware bankruptcy judge overseeing the Chapter 11 case of an Owens-Illinois spinoff on Tuesday moved a hearing on the appointment of an examiner and a representative for asbestos claimants back a month to buy time to work around COVID-19 lockdowns.

  • April 07, 2020

    Quorum Health Hits Ch. 11 With Plan To Cut $500M Of Debt

    Tennessee-based Quorum Health Corp. filed for Chapter 11 protection Tuesday in Delaware with a plan in hand to continue operating in the midst of the COVID-19 pandemic, while slashing $500 million of debt from its balance sheet and injecting $200 million of new capital.

  • April 06, 2020

    Firm Cost-Cutting Has GCs Watchful But Not Worried — Yet

    Most general counsel aren't yet scared about potential disruptions to their outside counsel services, even as law firms cut staff and pay to reduce the financial impact of COVID-19. But some say their feelings could change if their key lawyers become unavailable.

  • April 06, 2020

    Feds Blast Avenatti's Release Bid As 'Wasting' Resources

    The government has pushed back on attorney Michael Avenatti’s request for temporary release from custody, saying despite the statements in his proposal regarding worsening conditions related to the coronavirus at his New York holding facility, he has ignored the minimum terms under which a California federal court would grant his bid.

  • April 06, 2020

    Tribal Casino Bankruptcy Suit Settles Before High Court Look

    The U.S. Supreme Court won't get to decide if it will hear a case brought by a litigation trustee seeking to claw back $177 million transferred from a tribe-owned casino in Detroit before it went bankrupt, with the parties telling the justices that they have agreed to end the dispute.

Expert Analysis

  • 8th Circ. Ruling Highlights Benefits Of Out-Of-Court Workouts

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    Out-of-court restructuring can be favorable to both distressed companies and creditors, and the Eighth Circuit bankruptcy appellate panel's recent decision in the case of Gas-Mart reassures parties that such workouts would be protected from 20/20 hindsight litigation, says attorney Richard Corbi.

  • Don't Forget Firm Culture When Adapting To Remote Work

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    While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

  • Pandemic May Spur Better Protection For Auto Supply Chains

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    In response to COVID-19's impact on the automotive market and supply chain, suppliers should quickly develop and implement risk management strategies focusing on business continuity, but may also need to rethink the entire supply chain model, from sourcing of raw materials to production of finished products, say attorneys at Squire Patton.

  • Lenders Must Prepare For Real Estate Bankruptcy Cramdowns

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    Due to the disruption COVID-19 is causing in real estate markets, lenders face the risk of borrowers filing for commercial real estate reorganization despite the objections of a dissenting class, but lenders have opportunities to block such actions, say Steve Lichtenfeld and Jeff Marwil at Proskauer.

  • How To Prepare Clients For Ponzi Schemes Amid COVID-19

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    As the major market indexes free-fall because of pandemic fears, practitioners should be on alert for Ponzi schemes and up to speed on how to manage their fallout in coordination with various federal agencies, say attorneys Dennis Cohen and Marianne Recher.

  • Minimizing Lender Risk In Health Care Finance

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    As growth in health care spending creates lucrative opportunities, lenders can mitigate unique financing issues by considering traditional collateral during the underwriting process, maximizing security over government receivables, understanding their borrower's regulatory framework, and including transaction-specific representations and warranties in credit agreements, says David Wilhelmsen at Snell & Wilmer.

  • Opinion

    A New, Better Way To Form Creditors Committees

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    There is only one foolproof way to prevent the proxy abuses that have emerged in the appointment of Chapter 11 creditors committee members — conducting organizational meetings telephonically, as has been common during the COVID-19 crisis, says Edward Neiger at Ask LLP. 

  • Oil And Gas Cos. Must Prepare For Counterparty Bankruptcies

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    With many U.S. oil and gas producers, midstream companies and oil field service businesses struggling to survive the economic shocks from COVID-19 and the Saudi Arabia/Russia standoff, players in this space should be ready for counterparties to seek bankruptcy protection, say attorneys at Reed Smith.

  • Conducting Court Hearings Remotely: 12 Considerations

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    As more courts begin to explore remote hearings during the COVID-19 crisis, attorneys and courts should be aware of some of the common concerns accompanying video- and teleconferencing technology and make allowances to avoid these issues, say Attison Barnes III and Krystal Swendsboe at Wiley Rein.

  • The Era Of Video Mediation Is Here — Or Is It?

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    Mediator Jeff Kichaven has heard from several first-chair trial lawyers and senior claims executives that they are reluctant to adopt online video mediation even during the COVID-19 crisis, and says this reluctance is grounded in reality.

  • COVID-19 Highlights BigLaw Need For Emotional Intelligence

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    The formula for making decisions at BigLaw firms has historically been rooted in IQ-based factors, but with the ongoing pandemic, lawyers and firm leaders are increasingly dealing with issues that require emotional intelligence — from establishing effective virtual offices to retaining firm morale and client confidence, say Jolie Balido and Tina van der Ven at NewStar Media.

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

  • Ways Lawyers Can Support The Most Vulnerable Right Now

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    In this global health and economic crisis, it is essential that lawyers recommit to inclusion, and fight for colleagues, clients, community members and friends who are most at risk, says Dru Levasseur, head of the National LGBT Bar Association's inclusion coaching and consulting program.

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