September 09, 2024
A string of new Chapter 11 bankruptcies were recently launched in Delaware, including a case from national discount home goods retailer Big Lots, which plans to pursue a going-concern sale. Meanwhile, seafood dining chain Red Lobster is on track to hand over the reins to a new group of owners, led by a secured lender, after the debtor secured confirmation of its Chapter 11 plan.
September 06, 2024
A New York bankruptcy judge Friday said he would approve remote learning company 2U Inc.'s prepackaged plan to cut $527 million in debt in Chapter 11, rejecting arguments that it failed to get proper consent for the plan's third-party liability releases.
September 03, 2024
The U.S. Trustee's Office has urged a New York bankruptcy judge to reject remote learning company 2U's Chapter 11 plan and proposed disclosure, saying the plan contained impermissible releases and that the disclosure didn't offer adequate information.
July 29, 2024
The Third Circuit threw out Johnson & Johnson's second attempt to use bankruptcy to deal with mass talc litigation, Red Lobster won court approval to solicit votes on its Chapter 11 plan, and a Senate committee voted to approve an investigation into bankrupt Steward Health Care and subpoena its chief executive officer. This is the week in bankruptcy.
July 26, 2024
Remote learning and accreditation group 2U Inc. received interim approval on Friday to access $60 million of a $64 million debtor-in-possession financing package to fund its Chapter 11 case.
July 25, 2024
2U Inc., a remote learning and accreditation group, and a handful of affiliates filed for Chapter 11 protection in New York on Thursday with plans to cut some $486 million in debt from its balance sheet and exit bankruptcy by September.