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Sale Plan Standoff Led Worldwide Machinery Into Ch. 11
A dispute with a secured lender over competing sale plans prompted Worldwide Machinery, a construction equipment sale and rental company, to file for Chapter 11 protection, with pandemic-related economic pressures and a heavy debt load compounding its problems.
Catching Up With New Bankruptcy Case Action
Bankrupt dietary supplement company Iovate began a Chapter 15 case to protect its U.S. assets as it weighs pursuing a Canadian insolvency. A car loan lender for low-income people entered Chapter 7 with at least a billion in debt. And an aerospace manufacturer entered Chapter 11 with at least $15 million in debt to tackle.
3rd Circ. Backs Talc Co.'s Ch. 11, Hooters Must Split Royalties
The Third Circuit determined that the board of directors for former talc supplier Whittaker Clark & Daniels had the power to put it into bankruptcy, despite the appointment of a receiver for its assets. The Catholic diocese for Oakland, California, has asked to end its Chapter 11, saying it has little hope for reaching a settlement with creditors. And debtors across the country secured confirmation of Chapter 11 plans.
Sale Plan Standoff Led Worldwide Machinery Into Ch. 11
A dispute with a secured lender over competing sale plans prompted Worldwide Machinery, a construction equipment sale and rental company, to file for Chapter 11 protection, with pandemic-related economic pressures and a heavy debt load compounding its problems.
Catching Up With New Bankruptcy Case Action
Bankrupt dietary supplement company Iovate began a Chapter 15 case to protect its U.S. assets as it weighs pursuing a Canadian insolvency. A car loan lender for low-income people entered Chapter 7 with at least a billion in debt. And an aerospace manufacturer entered Chapter 11 with at least $15 million in debt to tackle.
3rd Circ. Backs Talc Co.'s Ch. 11, Hooters Must Split Royalties
The Third Circuit determined that the board of directors for former talc supplier Whittaker Clark & Daniels had the power to put it into bankruptcy, despite the appointment of a receiver for its assets. The Catholic diocese for Oakland, California, has asked to end its Chapter 11, saying it has little hope for reaching a settlement with creditors. And debtors across the country secured confirmation of Chapter 11 plans.
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Large Cap More
The Second Circuit on Wednesday declined Reed Smith LLP's emergency request to block the turnover of client files created amid its representation of Greece-based shipping company Eletson Holdings prior to an O... (more story)
Troubled investment platform Linqto has asked a Texas bankruptcy judge to approve a settlement with customers that would offer them a version of the exposure to private startups the company purported to sell b... (more story)
A group of asbestos claimants has asked the full Fourth Circuit to reconsider a panel's ruling that Georgia-Pacific asbestos unit Bestwall could stay in Chapter 11 despite its parent being solvent, saying the ... (more story)
U.S. Bankruptcy Judge Robert E. Grossman has rejoined Duane Morris LLP as of counsel in the firm's business reorganization and financial restructuring practice in New York, where he was a partner before his ap... (more story)
A New York bankruptcy judge Wednesday approved a nearly $3 million incentive program for Purdue Pharma's chief executive after he agreed to reduce his total compensation by $500,000.
Yale New Haven Health Services Corp., Connecticut's largest hospital system, has reached a settlement in principle with bankrupt Prospect Medical Holdings Inc. that would resolve a $435 million contract disput... (more story)
The Third Circuit has rejected Yellow Corp.'s appeal of a bankruptcy court decision on pension liability in its Chapter 11 case, saying Tuesday that the trucking company's pension funds are correct in their ca... (more story)
A Chubb unit must comply with a previous order forcing it to give documents relating to the drafting history of certain policy provisions to Silicon Valley Bank former parent SVB Financial Group in a $73 milli... (more story)
Lenders that were excluded from mattress maker Serta Simmons' contentious "uptier" debt exchange failed to persuade a Texas bankruptcy judge Tuesday to temporarily block their opponents from dissipating funds ... (more story)
A Delaware federal judge has ordered a bench trial on the issue of whether Sirius XM relied on a German research foundation's five-year delay in bringing patent claims related to satellite radio technology in ... (more story)
Mid Cap More
A California cheesemaker has filed for Chapter 11 protection in California bankruptcy court after listeria contamination closed down its operations for more than 16 months and left the company facing more than... (more story)
A Texas bankruptcy judge on Wednesday approved the Chapter 11 liquidation plan of fracking and oil drilling services group Nitro Fluids LLC after lackluster asset marketing results forced a pivot in its bankruptcy strategy.
A New York bankruptcy judge on Wednesday approved the $22 million credit bid sale of bankrupt biopharmaceutical company Seelos Therapeutics after hearing the buyer had agreed to add another $100,000 in cash to its offer.
Orthopedic implant-maker Exactech Inc. agreed to pay $8 million to resolve allegations it marketed and sold faulty components of its knee-replacement systems that were to be used on patients on Medicare, Medic... (more story)
Trinity Broadcasting Network told a Texas bankruptcy judge on Tuesday that the Chapter 11 case of Dr. Phil McGraw's Merit Street Media was filed in bad faith as a way to escape some debts while keeping the ass... (more story)
Former Bankruptcy Judge David R. Jones wants out of a lawsuit claiming his secret romance scandal infected the restructuring of life insurance bond seller GWG Holdings Inc., arguing that he's clearly protected... (more story)
The Ninth Circuit threw out an appeal of an Arizona bankruptcy court order that reinstated a stay of state court litigation between a mother and daughter, finding that a lower court erred in hearing the case.
More than 30,000 individuals who elected to pursue arbitration rather than sign on to a proposed class settlement over a data breach at 23andMe are urging a Missouri bankruptcy judge to reject the DNA testing ... (more story)
A Texas bankruptcy judge Monday allowed a company that sells and rents out construction and mining equipment to tap into cash collateral for two weeks to stay running, overriding a senior lender's objection an... (more story)
A Delaware bankruptcy judge on Monday approved bidding procedures for the assets of online furniture retailer Walker Edison but declined to appoint a consumer privacy ombudsman to review the sale.