Large Cap
-
March 26, 2024
Judge To Let McDermott Investors Seek 2-Subclass Cert.
A Texas federal judge has declined to certify a proposed class of investors in energy industry engineering company McDermott International Inc., siding with a magistrate judge who recommended dismissing the class certification bid so the investors could refile and seek certification for two investor subclasses.
-
March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
-
March 26, 2024
Curo Not Alone In Yielding To Payday-Sector Headwinds
Under pressure from increased regulatory scrutiny and changing consumer behavior, Curo became just the latest short-term lender to fall victim to bankruptcy and move away from the payday loan sector.
-
March 26, 2024
Combat Arms Earplugs Settlement Moves To Final Resolution
More than 249,000 U.S. service members who claimed they suffered permanent hearing loss due to 3M's allegedly faulty combat earplugs have signed onto the $6 billion settlement, boasting "more than 99%" participation, according to a Tuesday announcement by the company.
-
March 26, 2024
Girardi Fraud Trial Moved To Aug. 6
A California federal judge has agreed to postpone disgraced California plaintiffs attorney Tom Girardi's trial to Aug. 6, setting the proceedings to begin 16 months later than originally required at the outset of the case.
-
March 26, 2024
Teamsters Duck Yellow's $137M Suit Over Restructuring Talks
The Teamsters have defeated Yellow Corp.'s $137 million lawsuit accusing them of pushing the trucking company into bankruptcy through intransigence in negotiations over a corporate restructuring, with a Kansas federal judge finding the company didn't exhaust the grievance process under a union contract before suing.
-
March 26, 2024
Rite Aid Says It Needs 2 Days To Wrap Up Ch. 11 Plan Talks
A New Jersey bankruptcy judge on Tuesday granted Rite Aid a two-day postponement of a hearing on its Chapter 11 plan disclosure statement after the drugstore chain said it has one last sticking point to resolve with lenders on the terms of the plan.
-
March 26, 2024
Chapter 33s Show Range Of Reasons To Refile Bankruptcies
For a few companies, one turn in bankruptcy isn't enough. Since the height of the pandemic, at least eight companies have filed their third Chapter 11 bankruptcy petition, with half of those having filed all three within a 10-year window.
-
March 25, 2024
McDermott Settles Colombian Refinery Fight With $900M Deal
A Colombian refinery company that was granted a $1 billion arbitration award against global engineering giant McDermott International Ltd. has resolved its long-standing dispute with an agreement that gives the refinery company a settlement package amounting to about $900 million.
-
March 25, 2024
J&J Exec 'Shocked' Over Atty's Ties With Talc Plaintiffs
Johnson & Johnson's vice president of litigation said on Monday he was "utterly shocked and appalled" upon learning an attorney who served as the company's outside counsel was working with its adversary Beasley Allen Law Firm and one of its attorneys in litigation over the alleged link between the company's talcum powder products and ovarian cancer.
-
March 25, 2024
Judge Probes If $54M Deal Will Affect Tehum Care Ch. 11 Plan
A Texas bankruptcy judge Monday mulled if approving a settlement for prison health care company Tehum Care Services Inc. will lock in releases for a future Chapter 11 plan at the third day of a trial asking him to confirm the deal or toss the "Texas two-step" bankruptcy.
-
March 25, 2024
EV Maker Fisker Says It's Considering Restructuring
Electric vehicle company Fisker told federal regulators it is considering restructuring after the collapse of partnership talks with a "large automaker" endangered its attempts to secure $150 million in new financing.
-
March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
-
March 25, 2024
Creditor Says Fruit Grower Can't Cover Ch. 11 Expenses
A creditor of fruit producer Prima Wawona is asking a Delaware bankruptcy court to reject the company's Chapter 11 plan, saying it does not provide for the payment of nearly $5.3 million in workers' compensation expenses and other post-bankruptcy debts.
-
March 25, 2024
Purdue May Spark Bankruptcy Change As Pressure Builds
A U.S. Supreme Court decision striking down Purdue Pharma's controversially broad liability waivers this year could land like a "thunderbolt" and fundamentally rework how companies go bust. But no matter how the justices rule, bankruptcy is poised to change significantly amid growing criticism of supposed abuses of the law and an increasingly common perception that Chapter 11 is faster and looser than it used to be, experts told Law360.
-
March 25, 2024
Cruise Line Co. Hornblower Receives Final DIP Approval
Cruise line and ferry service Hornblower Group Inc. received final approval for a $300 million senior debtor-in-possession loan and a $285 million junior DIP loan at a hearing Monday in Texas.
-
March 25, 2024
Jackson Walker Dismissal Bid Says Atty Lied About Romance
A former Jackson Walker LLP partner at the center of an ethics scandal over her relationship with a then-Texas bankruptcy judge was dishonest when questioned about the romance, the firm said Friday in seeking to escape a federal racketeering lawsuit.
-
March 25, 2024
Justices Won't Review Nullification Of Puerto Rico Labor Law
The U.S. Supreme Court on Monday declined to review a First Circuit finding that Puerto Rico's fiscal management board was within its authority to void a 2022 labor law expanding some benefits for private employees because it had not been given an opportunity to review the legislation.
-
March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
-
March 22, 2024
Kwok Trustee's RICO Suit Paused Pending NY Criminal Trial
A Connecticut bankruptcy judge Friday paused two adversary actions in the Chapter 11 bankruptcy of Ho Wan Kwok until the exiled Chinese businessman's criminal trial for fraud and racketeering, slated to start in May, wraps up.
-
March 22, 2024
Bestwall Says 'Texas Two-Step' Irrelevant To Asbestos Ch. 11
Bestwall, the bankrupt asbestos unit of Georgia-Pacific, told the U.S. Supreme Court Friday that a pre-bankruptcy corporate restructuring in Texas that separated its asbestos liability from the parent business should not matter in determining whether a bankruptcy court has jurisdiction over the subsidiary's asbestos injury claims.
-
March 22, 2024
Feds Reach Deal To Seize, Sell FTX Executive Jets
Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.
-
March 22, 2024
US Trustee Says Fla. Healthcare Co. Can't Seal Stock Sale Bid
The U.S. Trustee's Office has urged a Delaware bankruptcy judge to deny a Miami-based primary healthcare group's request in its Chapter 11 case to redact information in the debtor's motion to sell its shares in a healthcare claims reimbursement servicer.
-
March 22, 2024
Feds, Girardi Agree To Delay Trial More Than 2 Months
Disgraced attorney Tom Girardi's criminal trial could now be pushed back from May to August, after prosecutors and Girardi's defense attorneys filed a mutual request for a few more weeks of preparation in the closely watched case.
-
March 22, 2024
SEC Sanctions NY Atty For 'Improper Professional Conduct'
The U.S. Securities and Exchange Commission has barred a New York-based attorney from practicing before the agency, saying she engaged in "improper professional conduct" by failing to comply with a requirement that she not do further work for a two-year period for a company she had represented in proceedings.