Mid Cap
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April 05, 2024
5th Circ. Axes $240K Sanction For Highland Capital Founder
A panel of the Fifth Circuit has reversed a nearly $240,000 sanction handed down by a Texas bankruptcy court, finding the lower court exceeded its authority by entering a contempt order against Highland Capital co-founder James Dondero and his affiliates for suing the insolvent hedge fund's new leadership in federal court.
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April 05, 2024
Creditors, Lender Agree On Almond Grower's Ch. 11 Loan
The Chapter 11 lender and unsecured creditors of almond grower Trinitas Farming Friday told a California bankruptcy judge they had worked out their disagreements in the final terms for the $30 million financing.
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April 05, 2024
Casa Systems Can Tap Lender Cash To Complete Ch. 11 Sale
Communications equipment provider Casa Systems received the Delaware bankruptcy court's permission Friday to use lender cash to fund its Chapter 11 bankruptcy, as the debtor pushes for a quick sale of its cloud and radio access network business.
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April 05, 2024
Haynes Boone Atty To Chair Bankruptcy College's Board
The American College of Bankruptcy has elected a seasoned Haynes and Boone LLP attorney with deep Texas roots and experience in oil and gas industry bankruptcies to take over as chair of its Board of Directors, according to announcements by the college and firm.
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April 05, 2024
Brooklyn Loft Owner Files Ch. 11 To Stay Property Sale
An affiliate of the owner of 40 lofts in Brooklyn filed for Chapter 11 protection in a New York bankruptcy court with $50 million to $100 million in debt to prevent an asset sale initiated by the lenders who hold an approximately $69.8 million mortgage loan.
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April 05, 2024
Terraform And Founder Do Kwon Held Liable For Crypto Fraud
A Manhattan federal jury quickly found bankrupt cryptocurrency startup Terraform Labs and its creator Do Kwon liable Friday for securities fraud, after the U.S. Securities and Exchange Commission claimed they lied to investors about the company's stability and business prospects.
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April 05, 2024
Judge Gives Sport Aircraft Maker Icon Ch. 11 Lifeline
A Delaware bankruptcy judge gave interim approval Friday to light-sport aircraft manufacturer Icon Aircraft to make use of $4 million of its desired $9 million bankruptcy funding as the company's Chapter 11 gets under way.
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April 04, 2024
Pump Co. Ch. 7 Trustee's $59.7M Case Could Go Before Jury
A Chapter 7 trustee and the owners of a Connecticut pump manufacturer will square off in federal district court over claims that executives raided $59.7 million from the Nash Engineering Co.'s coffers, lined its stockholders' pockets and plunged the entity into bankruptcy to avoid paying asbestos injury claims.
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April 04, 2024
Judge Punts 'Warning Shot' Condo Sale Bid In Giuliani Ch. 11
A New York bankruptcy judge held off on deciding if Rudy Giuliani must sell his Florida condo Thursday, cautioning attorneys for the former New York City mayor that the official committee of unsecured creditors might take more extreme steps in the Chapter 11 case if its concerns over Giuliani's expenses aren't addressed.
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April 04, 2024
Judge Gives One More Day To End Almond Grower DIP Row
A California bankruptcy judge again delayed a final decision on $30 million in Chapter 11 financing for almond grower Trinitas Farming, giving the lender and the company's unsecured creditors another day to try and work out their differences.
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April 04, 2024
Acorda Gets Interim OK For $60M DIP With $40M Rollup
Acorda Therapeutics Inc., a developer of drug treatments for neurological disorders, received on Thursday interim approval to access $10 million of a $60 million debtor-in-possession loan package from a group of prepetition noteholders.
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April 04, 2024
A Wild Bankruptcy Week Hints At Long-Awaited Ch. 11 Wave
In a single day this week, seven large organizations with nearly $3 billion in collective debt filed for bankruptcy protection, prompting restructuring professionals to once again ask if the much-anticipated post-COVID insolvency wave is finally afoot.
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April 04, 2024
Meet The Attys In Acorda Therapeutics' Ch. 11
Attorneys from Baker McKenzie LLP are representing Acorda Therapeutics in its Chapter 11 bankruptcy in New York as it moves toward a sale of its assets to another pharmaceutical company.
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April 04, 2024
MV Realty Abusing Ch. 11 Process, Bankruptcy Court Told
State prosecutors, federal agencies and consumer advocates have told a Florida bankruptcy judge that MV Realty is using the Chapter 11 process to avoid enforcement and enshrine a set of predatory agreements designed to extract millions in junk fees from homeowners over the next 40 years.
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April 04, 2024
Window Maker View Inc. Can Tap $17.5M In Ch. 11 Funds
A Delaware bankruptcy judge on Thursday approved View Inc.'s bid to borrow $17.5 million in debtor-in-possession financing and its voting procedures for a Chapter 11 plan, allowing the maker of office windows that adjust to sunlight to stay on track with a goal of exiting the case by the end of May.
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April 04, 2024
Sport Aircraft Maker Icon Hits Ch. 11 With $170M Debt
Light-sport aircraft manufacturer Icon Aircraft filed for Chapter 11 protection in Delaware bankruptcy court Thursday with more than $170 million in debt and plans for an asset sale and liquidation.
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April 03, 2024
Israel-Hamas War No Excuse To Skip Discovery: Ch. 11 Judge
A Florida bankruptcy judge on Wednesday penalized an Israeli creditor pursuing a roughly $13 million Chapter 11 claim against a California-based air purifier maker, finding the conflict between Israel and Hamas is not a valid excuse for repeatedly missing discovery deadlines.
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April 03, 2024
Biotech Eiger Can Take Sentynl's Improved Drug Bid In Ch. 11
Eiger BioPharmaceuticals Inc. received approval Wednesday to select a $30 million base offer for its Zokinvy drug and use cash collateral after a Texas bankruptcy judge dismissed objections to the relief, allowing the company to move ahead with a planned auction for its rare-disease treatments.
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April 04, 2024
CORRECTED: Judge Balks At Terms For Shoes For Crews DIP Loan
A Delaware bankruptcy judge Wednesday took issue with portions of the proposed debtor-in-possession financing for Shoes for Crews, declining to rule on what she described as a too-broad DIP order that summarily disposed of claims against the estate.
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April 03, 2024
Lucky Bucks Ch. 7 Trustee's Fraud Suit Can Continue In Del.
A Delaware bankruptcy judge on Wednesday allowed an adversary suit brought by the Chapter 7 trustee for Georgia-based gambling machine company Lucky Bucks Holdings LLC to move forward, saying the court doesn't have enough information about fraud allegations to dismiss the case.
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April 03, 2024
New Jersey Developer Files Ch. 11 With Property Sale Deal
A New Jersey developer has filed for Chapter 11 protection in New Jersey bankruptcy court with an agreement to pay off a $72.5 million mortgage debt by selling off property.
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April 03, 2024
Judge Wary Of Atty's Bid To Cut Sentence For Hiding Assets
A Seventh Circuit judge appeared skeptical Wednesday of an Illinois lawyer's contention that she should not have received an abuse-of-trust sentencing enhancement for helping her brother conceal more than $350,000 in bankruptcy assets, noting she deposited them in her attorney trust account and attempted to assert attorney-client privilege to hide her conduct from the trustee.
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April 03, 2024
Meet The Lawyers Charting 5G Biz Airspan's Ch. 11
A team of Dorsey & Whitney LLP attorneys is helping Florida-based 5G software and hardware supplier Airspan Networks navigate its prepackaged Chapter 11 case.
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April 03, 2024
Colo. Law Doesn't Account For Risky Borrowers, Court Told
A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.
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April 03, 2024
Interest Rates Help Drive Commercial Ch. 11s Up 43% In Q1
With interest rates the highest they've been in years, commercial Chapter 11 bankruptcy filings were up 43% in the first quarter compared to the same period a year ago, as filings increased across all major filing categories, according to data from legal tech company Epiq Bankruptcy.