Large Cap
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April 02, 2024
WeWork Drops 150 Leases To Cut Rent Costs By $8B In Ch. 11
Coworking company WeWork has agreed to exit 150 leases and restructure others to reduce its future rent payments by some $8 billion, saying the "significant milestone" paves the way for it to exit Chapter 11 by the end of May.
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April 02, 2024
Sacramento Diocese's $500M Abuse Liability Prompts Ch. 11
The Roman Catholic Bishop of Sacramento has filed for Chapter 11 in California court to address historical childhood sexual abuse liability that could reach as high as $500 million, saying the hundreds of claims could sap all the debtor's assets unless it sought the protection of bankruptcy.
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April 01, 2024
Kidde-Fenwal Cleared For $200M Sale Of Its Assets
Bankrupt fire suppression technology company Kidde-Fenwal Inc. received court approval Monday from a Delaware judge for a sale of assets that will net the estate up to $200 million, setting up future legal wrangling over who will reap the proceeds of the transaction as the debtor faces claims arising from its manufacture of firefighting foam with deadly chemicals.
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April 01, 2024
Bankrupt Coal Co.'s Affiliates Beat $6.5B Union Pension Suit
A bankrupt coal company's affiliates have dodged claims that they owe $6.5 billion to a union pension plan, with a Washington, D.C., federal judge holding that the plan's trustees lacked standing to sue under the Employee Retirement Income Security Act because one trustee wasn't properly appointed.
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April 01, 2024
Bankruptcy Court OKs $57.4M Mallinckrodt Superfund Deal
A Delaware bankruptcy judge approved a roughly $57.4 million settlement between drugmaker Mallinckrodt and the U.S. government to settle claims over the cleanup costs of a Superfund site in an Illinois federal wildlife refuge
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April 01, 2024
4E Can Give Recovered Jackson Walker Fees To Creditors
The agent administering the confirmed plan of bankrupt hand-sanitizer maker 4E Brands Northamerica LLC received permission Monday from a Texas judge to modify that plan, allowing the agent to distribute fees clawed back from embattled law firm Jackson Walker LLP to the debtor's unsecured creditors.
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April 01, 2024
BlockFi-FTX Deal Gets OK, Chile Telecom Co. Hits Ch. 11
Cryptocurrency giants FTX and BlockFi have gotten approval from a court on a deal to end their disputes, Yellow Corp's fight with federal pension regulators will stay in bankruptcy court and Chile's largest phone and internet provider has hit Chapter 11. This is the week in bankruptcy.
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April 01, 2024
Inside The Global Ch. 11 Hunt For Ho Wan Kwok's Money
Chasing the assets of controversial businessman Ho Wan Kwok across dozens of jurisdictions worldwide isn't an impossible mission for the seasoned Chapter 11 trustee pursuing hundreds of clawback claims, but experts predict a formidable task awaits the Paul Hastings LLP partner thanks to a potentially hostile reception in foreign courts.
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April 01, 2024
Chilean Telecom Operator WOM Hits Ch. 11 With $1B In Debt
WOM SA, one of the largest phone and internet providers in Chile, and five affiliates sought Chapter 11 protection in Delaware on Monday, listing over $1 billion in debt and saying credit downgrades, delays in a 5G network project and creditor liquidation attempts led it to bankruptcy.
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March 29, 2024
A History Of Sam Bankman-Fried's Downfall
FTX founder Sam Bankman-Fried's fall from billionaire crypto prodigy to convicted fraudster took less than a year. But in that time, shocking details surfaced about his brazen bets and general indifference to the law. Here's a timeline of events leading up to Bankman-Fried's sentencing and FTX's bankruptcy plan.
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March 29, 2024
Giuliani Says He Could Be 'Homeless' If Florida Condo Is Sold
Rudy Giuliani said the official committee of unsecured creditors in his Chapter 11 case has overstepped its powers by asking a New York bankruptcy judge to force the sale of his Florida condo, a move that the former New York City mayor said could add him to "the ranks of the homeless."
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March 29, 2024
Up Next After Bankman-Fried Sentencing: FTX Cooperators
Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.
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March 29, 2024
Epiq Says Chubb Owes Costs In Clergy Abuse Data Leak Case
Epiq Corporate Restructuring LLC has sued Chubb-affiliated insurers in Connecticut federal court seeking to be reimbursed for $2.5 million in settlement costs and roughly $1.8 million for its defense of litigation over Epiq's disclosure of sex abuse survivors' names in a Chapter 11 case.
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March 29, 2024
5 Myths In Bankruptcy Practice Debunked
Attorneys who are just starting their careers in bankruptcy practice may have certain notions about what their days will be like, but lawyers with longer tenures told Law360 that junior attorneys have plenty of misconceptions. Here, lawyers quash some of those fallacies.
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March 28, 2024
FTX Investors To Settle With Ex-Execs, Crypto Promoters
Investors who launched a multidistrict litigation over cryptocurrency exchange FTX's collapse have reached a set of settlements with the former inner circle of founder Sam Bankman-Fried as well as seven promoters who, together, have agreed to pay over $1.3 million to resolve claims that they boosted a massive fraud scheme at the company.
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March 28, 2024
Judge Grants Request To Halt Camden Diocese Ch. 11 Plan
A New Jersey bankruptcy judge agreed Thursday to freeze the implementation of the Roman Catholic Diocese's Chapter 11 plan, saying he does not want any action of the diocese to try and moot an appeal by insurance carriers.
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March 28, 2024
Hope For Student Debt In Bankruptcy, But It's Slow Going
A federal program purported to make it easier to get student loan debt discharged in bankruptcy has been slow to get off the ground, with only a small portion of applicants having their debt discharged and not enough attorneys and judges familiar with the process, experts told Law360.
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March 28, 2024
What To Know About The Judge Mediating Alex Jones' Ch. 11
After more than a year of squabbling in conspiracy theorist Alex Jones' high profile Chapter 11 case, a Texas bankruptcy judge appointed fellow jurist U.S. Bankruptcy Judge Edward Lee Morris to mediate the Infowars host's many disputes with creditors, and the mediator's lengthy tenure handling complex commercial insolvencies is likely to be fully brought to bear.
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March 28, 2024
Fruit Grower Cleared To Leave Ch. 11 With $43M Exit Loan
California stone fruit producer Prima Wawona is set to wind down its packing and distribution division, hand ownership of the reorganized company to creditors and leave bankruptcy after a Delaware bankruptcy judge agreed to approve its Chapter 11 plan Thursday.
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March 28, 2024
Boy Scouts Trustee Appeals To Block $120M Insurer Suit
The former bankruptcy judge overseeing Boy Scouts of America's $2.4 billion childhood sexual abuse settlement trust has informed Delaware's bankruptcy court she's appealing its decision allowing a former Boy Scout to continue suing Liberty Mutual and other insurers in Missouri to collect a $120 million judgment against his ex-scoutmaster.
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March 28, 2024
Rite Aid Says It Has Creditor Deal, Gets OK For Plan Vote
A New Jersey bankruptcy judge Thursday gave Rite Aid the go-ahead to send its Chapter 11 plan out for a creditor vote after hearing it has reached a $47.5 million deal with unsecured creditors and is close to a settlement on state and federal claims over drug sales.
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March 28, 2024
Bankruptcy Partner Joins Saul Ewing In LA From Danning Gill
Saul Ewing LLP has picked up a complex business bankruptcy, restructuring and insolvency partner for its Los Angeles office who spent much of his legal career with Danning Gill Israel & Krasnoff LLP.
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March 28, 2024
Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud
FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."
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March 27, 2024
Fruit Grower And Landlord Agree To Ch. 11 Settlement
Fruit producer Prima Wawona reached a deal with the lone objector to its second Chapter 11 liquidation plan Wednesday, clearing the way for the company to get another bite at the apple after its plan was initially voted down by creditors.
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March 27, 2024
Lender Curo Group Gets OK For Ch. 11 Plan Disclosure
A Texas bankruptcy judge Wednesday said he would give preliminary approval to consumer lender Curo Group Holdings Corp.'s Chapter 11 plan disclosure statement.