Bankruptcy

  • February 20, 2024

    Audacy Ch. 11 Plan Reducing Debt By $1.6B Confirmed

    Radio station operator Audacy Inc. received approval on Tuesday for its prepackaged Chapter 11 bankruptcy plan, allowing it to convert about $1.6 billion of debt to equity and emerge from bankruptcy following approval from the Federal Communications Commission.

  • February 20, 2024

    Almond Farmer Hits Ch. 11 With $188M Debt, Sale Plans

    An almond ranch operator in California and 18 of its affiliates have petitioned for Chapter 11 protection, laying out plans to use $30 million in debtor-in-possession financing to maintain operations while looking to shed some or all of its properties to pay off $188 million in debt.

  • February 20, 2024

    US Trustee Says Coffee Co. Can't Redact Execs' Names

    The U.S. Trustee's Office asked a New York bankruptcy judge to reject a request by Mercon Coffee Group to expunge the names of its senior managers, directors and owners from its Chapter 11 filings, saying this is basic information the public has the right to know.

  • February 20, 2024

    Hess Corp. Oil Refinery Unit Gets OK For Ch. 11 Plan

    Oil and gas company Hess Corp.'s bankrupt oil refinery unit HONX Inc. received confirmation of its Chapter 11 reorganization plan that would allow it to pay $105 million to injury claimants who they say were affected by the company's asbestos exposure.

  • February 20, 2024

    Insurer Says BlockFi Premium Suit Violates Ch. 11 Plan

    A directors and officers insurance carrier for bankrupt cryptocurrency lender BlockFi is seeking to remove a lawsuit attempting to claw back $22.5 million in premiums from New Jersey state court to bankruptcy court, saying the debtor is violating the order confirming its Chapter 11 plan.

  • February 20, 2024

    Sullivan & Cromwell Accused Of Aiding FTX Fraud

    Sullivan & Cromwell LLP has been accused of knowing about and helping facilitate the massive fraud that brought down cryptocurrency exchange FTX while serving as FTX's outside counsel, and profiting on the back end by overseeing FTX's ongoing bankruptcy, according to a racketeering lawsuit filed last week.

  • February 20, 2024

    Girardi Keese Trustee Recovers $1.8M In Fees For Exide Case

    A U.S. bankruptcy judge on Tuesday approved an agreement between the Girardi Keese bankruptcy trustee, a former attorney for the firm and the Mandell Law Firm to end an adversary proceeding connected to $1.8 million in attorney fees from a lawsuit over the toxic Exide battery plant in Vernon, California.

  • February 20, 2024

    Paul Hastings, Others Seek $9.9M In Kwok Ch. 11 Case Fees

    Paul Hastings LLP and six other law firms and professional services organizations have filed applications seeking more than $9.9 million in fees and expenses in the global Chapter 11 saga of Chinese exile Ho Wan Kwok, leaving the cost of the two-year-old case at well more than $30 million.

  • February 20, 2024

    Selendy Gay Taps Paul Weiss Bankruptcy Litigation Pro

    New York commercial litigation firm Selendy Gay PLLC announced Tuesday it will be welcoming a longtime Paul Weiss partner with extensive bankruptcy and restructuring experience as its latest partner, effective Monday.

  • February 20, 2024

    Boomerang In Default For Silence On $7M Del. Contract Suit

    A defunct steel tube plant that failed to respond to a Delaware Chancery Court lawsuit seeking $7.35 million for unpaid invoices was found in default Tuesday after failing to appear in court for more than a year and a half.

  • February 20, 2024

    Windels Marx Atty Joins Seyfarth's New Restructuring Team

    About a month after Seyfarth Shaw LLP launched its restructuring and insolvency practice with two Bryan Cave Leighton Paisner LLP partners, the firm announced Tuesday that it had added another attorney from Windels Marx Lane & Mittendorf LLP.

  • February 16, 2024

    Giuliani's Retrial Bid Stuck In Fight Over Representation

    Rudy Giuliani has still not sought a new trial in his $148 million defamation case, even though a New York bankruptcy judge said nearly a month ago that he would sign off on the request, as his case has become mired in spats over disclosures and who will pay for the former mayor's special counsel.

  • February 16, 2024

    Ex-Yellow Corp. Workers Push WARN Class Cert In Ch. 11

    Former employees of trucking firm Yellow Corp. told a Delaware bankruptcy court that recognizing them as a class is the best way to handle their claim that the bankrupt company didn't give them adequate warning of layoffs.

  • February 16, 2024

    French Retail Co. Casino Group Files For Ch. 15 Recognition

    French retail conglomerate Casino Guichard-Perrachon SA filed for Chapter 15 bankruptcy in New York, seeking recognition of a French insolvency proceeding designed to slash more than €1.5 billion ($1.6 billion) from its debt sheet.

  • February 16, 2024

    Kwok Trustee Files RICO Claims As Judge Extends Deadlines

    Alleging bankruptcy fraud, money laundering and other claims, the Chapter 11 trustee overseeing the $374 million bankruptcy of Chinese exile Ho Wan Kwok has filed a civil Racketeer Influenced and Corrupt Organizations complaint against Kwok's relatives, his onetime attorney and others, including two companies connected to Donald Trump aides.

  • February 16, 2024

    No Coverage For Conn. Firm's Malpractice Fight, Insurer Says

    The law firm Evans & Lewis LLC and partner Douglas J. Lewis should lose a breach of contract suit against their malpractice carrier because they were already in the early stages of battling a professional misconduct claim when the relevant policy went into effect, the insurer told the Connecticut Superior Court in seeking summary judgment.

  • February 16, 2024

    Fruit Grower Gets OK For $11M DIP Draw After Lender Deal

    Bankrupt fruit producer Prima Wawona received interim approval Friday for an $11 million draw on its $22 million in Chapter 11 financing after saying it had reached a deal with objecting lenders on the financing and was working on a deal for its overall bankruptcy plan.

  • February 16, 2024

    Supreme Court Pauses Boy Scouts Ch. 11 Plan

    The U.S. Supreme Court temporarily paused the Boy Scouts of America's Chapter 11 bankruptcy on Friday amid a dispute over nonconsensual, third-party liability waivers included in its reorganization plan, prompting the $2.5 billion trust that is compensating victims of childhood sexual abuse to suspend operations.

  • February 16, 2024

    Firms Connected To 1MDB Scandal Seek Ch. 15 In US

    Liquidators overseeing the bankruptcies of five alleged shell companies that they say received an estimated $1.5 billion from 1Malaysia Development Bhd., a Malaysian government-owned fund at the heart of an international corruption scandal, asked a Florida bankruptcy court to grant Chapter 15 recognition of their British Virgin Islands liquidations.

  • February 15, 2024

    NRA Accuses NY AG Of Political Bias As Trial Closes

    Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.

  • February 15, 2024

    Instant Brands May Have Rights Against Supplier, Judge Says

    A Texas bankruptcy judge issued a tentative ruling that could favor appliance and housewares maker Instant Brands in its dispute with a supplier objecting to the Chapter 11 plan's treatment of indemnification claims.

  • February 15, 2024

    Invitae Can Use Cash Collateral For Speedy Ch. 11

    Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.

  • February 15, 2024

    Court Mulls If Claims Buyer Qualifies For Special Ch. 11 Trust

    A Delaware bankruptcy judge on Thursday considered whether a company that pursues claims on behalf of medical insurers and healthcare organizations can be paid from a specialized opioid trust created by the 2022 Chapter 11 plan of Irish pharmaceutical company Mallinckrodt PLC.

  • February 15, 2024

    Judge Doubts NY Diocese Has Enough Votes For Ch. 11 Plan

    A New York bankruptcy judge said Thursday the Roman Catholic Diocese of Rockville Centre had sufficiently explained its Chapter 11 plan to creditors, but appeared skeptical that it will garner the necessary votes for approval.

  • February 15, 2024

    Byju's Insiders Seek Ch. 11 Dismissal, Calling It Litigation Ploy

    Affiliates of Indian tech giant Byju's U.S. arm, which are embroiled in state court litigation with the company's lender, asked a Delaware bankruptcy judge to dismiss the company's Chapter 11 case, saying the bankruptcy petition was filed to stymie the ongoing state court litigation.

Expert Analysis

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Why 7th Circ. Libel Ruling Is Crucial For The Media

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    As more defamation plaintiffs attorneys argue that allowing a published statement to remain online after additional evidence of falsity emerges equates to actual malice, the Seventh Circuit's recent National Police Association v. Gannett opinion should be lauded by the media and online publishers as a favorable decision, say attorneys at Vedder Price.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • 3 Cases Show Tensions Between Arbitration And Insolvency

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    The intersection of international arbitration and insolvency may influence the formulation of litigation strategy on a global scale, and several recent cases illustrate the need for counsel to understand how courts are varying in their approaches, say attorneys at Skadden.

  • Opinion

    Air Ambulance Ch. 11s Show Dispute Program Must Resume

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    Air Methods’ recent bankruptcy filing highlights the urgent need to reopen the No Surprises Act’s independent dispute resolution program for air ambulances, whose shutdown benefits insurance companies and hurts providers, says Adam Schramek at Norton Rose.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • Why Delaware ABCs Are No Longer As Easy As 1-2-3

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    In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.

  • Diamond Sports Cases Shed Light On Executory Contracts

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    Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.

  • Series

    Playing In A Rock Cover Band Makes Me A Better Lawyer

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    Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.

  • Series

    The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'

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    The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.

  • Balancing Justice And Accountability In Opioid Bankruptcies

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    As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.

  • Proactive Measures While NY Foreclosure Law Is In Limbo

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    While questions about the scope and constitutionality of New York's Foreclosure Abuse Prevention Act might not be resolved by courts for years, lenders, borrowers and other interested parties can take action to protect their rights and potentially expedite appellate review, say Allison Schoenthal and Andrew Kim at Goodwin.

  • Unearthing The Lesser-Known 'Buried Facts' Doctrine

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    A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.

  • Opinion

    Newman Suspension Shows Need For Judicial Reform

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    The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.

  • 9th Circ. Ruling Expands The Horizons Of Debt Discharge

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    The Ninth Circuit Bankruptcy Appellate Panel’s recent ruling in RS Air v. NetJets demonstrates that creditors should not be quick to conclude that their recoveries are limited if a debtor commences bankruptcy and receives a discharge, and should instead consider other potential paths for recovery, like alter ego claims, say Dania Slim and Claire Wu at Pillsbury.

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