Mid Cap
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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.
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April 03, 2024
Ex-Saul Ewing Paralegal Gets 2 Years For $600K Fraud
An Illinois federal judge sentenced a former Saul Ewing LLP paralegal to two years in prison for embezzling more than $600,000 from the firm's bankruptcy practice over nine years, which she used to make mortgage payments, buy a car and partially fund her son's college education.
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April 03, 2024
Casa Systems Files For Ch. 11 With $316M Debt, Plans Sale
Communications equipment company Casa Systems Inc. filed for Chapter 11 protection in Delaware, with plans to sell its 5G mobile core and RAN business to software company Lumine Group.
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April 03, 2024
Window-Shading Co. View Inc. Hits Ch. 11 With $359M Debt
View Inc., a maker of office windows that automatically shade in response to sunlight, has filed for Chapter 11 protection in Delaware bankruptcy court with $359.4 million in debt and an agreement to hand the company to lenders.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Allegiance Coal Approved For Tiered Dismissal Of Ch. 11
Bankrupt mining operation Allegiance Coal USA received permission Tuesday from a Delaware judge to begin a two-step dismissal of its Chapter 11 cases one week after the court tossed a lender adversary action.
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April 02, 2024
MV Realty Files Ch. 11 Plan Amid Growing Calls To Toss Case
MV Realty plans to reorganize in Florida bankruptcy court by firing its brokers and collecting millions in fees from about 34,000 U.S. homeowners over the next 40 years, even as more than a dozen states backed the U.S. Trustee's view that the case is a stall tactic against prosecutors.
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April 02, 2024
Meet The Attys For Chilean Telecom Operator WOM's Ch. 11
A team of attorneys from Richards Layton & Finger PA is representing WOM SA, one of the largest phone and internet providers in Chile, in its Chapter 11 bankruptcy.
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April 02, 2024
Last Straw: Food Delivery App Execs Exit As Co. Liquidates
The general counsel of food delivery platform Waitr Tuesday informed federal regulators that he and the rest of the company's executive team had been terminated as it shut down all operations and filed for Chapter 7 liquidation in Delaware.
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April 02, 2024
10 Questions For NJ Chief Bankruptcy Judge Michael Kaplan
U.S. Bankruptcy Judge Michael B. Kaplan has been chief judge of New Jersey's bankruptcy court since 2020. So far, during his five-year term, he's overseen some of the nation's biggest Chapter 11 cases — including Johnson & Johnson unit LTL Management, BlockFi and Rite Aid — and shepherded the court into a period of high visibility.
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April 02, 2024
Airspan Networks Gets OK For $53M In Ch. 11 Financing
A Delaware bankruptcy court judge on Tuesday approved $53 million in Chapter 11 financing for Airspan Networks, including the rollup of $37 million in loans the wireless hardware maker says kept it afloat while it negotiated its prepackaged plan.
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April 02, 2024
Acorda Therapeutics Hits Ch. 11, Plans $185M Drug Sale
Neurological disorders drugmaker Acorda Therapeutics Inc. filed for Chapter 11 protection in New York bankruptcy court, with plans to sell its assets to another pharmaceutical company for $185 million.
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April 01, 2024
Insurance Mogul's Cos. Want $161M Arbitration Case Tossed
Two companies associated with Greg Lindberg are looking to nix litigation filed by defunct Dutch life insurer Conservatrix to enforce an arbitral award that could force the embattled insurance mogul to fork over about $161 million, arguing that the award orders only provisional relief and is not enforceable.
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April 01, 2024
Bankrupt Water Co. Investors Say CEO Stole Millions
Investors of now-defunct water purification company Water Now said its former CEO ran the business into the ground while enriching himself, telling a Texas federal court Friday that the executive used the company to take out significant loans and line his own pockets.