Large Cap
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January 10, 2025
Ex-McKinsey Partner Admits To Obstructing Purdue Probe
A former senior partner at consulting giant McKinsey & Co. pled guilty Friday to obstructing the U.S. Department of Justice's investigation into the firm's work with opioid manufacturer Purdue Pharma LP, a month after McKinsey agreed to pay $650 million to resolve related charges.
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January 09, 2025
Bankruptcy As We Know It Became Law Under Jimmy Carter
It was the late 39th president Jimmy Carter who signed into law the bill that remade the modern bankruptcy system in 1978, two months after and in the very same location as the Camp David Accords between Egypt and Israel that was one of his most celebrated achievements.
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January 09, 2025
J&J Spin-Off Says Talc Committee Can't Hire Brown Rudnick
Johnson & Johnson's bankrupt spin-off called Brown Rudnick's bid to represent an official committee of talc claimants "an ethical violation," telling a Texas bankruptcy judge that the law firm's previous work for a group trying to toss the case clashes with the committee's support for its Chapter 11 plan.
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January 09, 2025
FTX Squabbles With Crypto Startup Over EU Distributions
The estate of bankrupt crypto exchange FTX said it had no involvement with a startup cryptocurrency exchange's announcement that it had purchased FTX EU and would be handling distributions to former customers of the FTX European subsidiary.
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January 09, 2025
Delaware Law Firms Kick Off New Year With Atty Promotions
As the new year gets underway, numerous Delaware law firms recently announced attorney promotions, including Bayard PA, Morris James LLP, Potter Anderson & Corroon LLP and Gordon Fournaris & Mammarella PA.
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January 09, 2025
Morris Nichols Promotes Finance Director To CFO
Delaware firm Morris Nichols Arsht & Tunnell LLP has promoted its director of finance to serve as its chief financial officer to help steer its financial and strategic direction.
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January 08, 2025
Meet The Lawyers Steering Satellite Co. Ligado's Ch. 11
Telecommunications group Ligado Networks filed for bankruptcy earlier this week to trim $7.8 billion from its balance sheet as it wages a legal crusade over roadblocks that have delayed a 5G network project. Guiding Ligado Networks through Chapter 11 are a team of Milbank LLP and Richards Layton & Finger PA attorneys.
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January 08, 2025
Bankrupt Ligado Sues Over $1.7B Cooperation Deal Breach
Satellite communications company Ligado Networks accused a satellite service provider of breaching a $1.7 billion cooperation deal aimed at facilitating Ligado's terrestrial network operations by failing to upgrade its own satellite terminals and deliver portions of its spectrum.
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January 08, 2025
EPA Slams $535M Talc Settlement In Whittaker's Ch. 11
The U.S. government objected to a $535 million settlement that bankrupt talc supplier Whittaker Clark & Daniels reached regarding talc claims in its New Jersey Chapter 11 case, saying the deal was built on faulty estimates of the company's environmental liabilities.
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January 08, 2025
Prison Health Co. Wellpath Gets OK For $395M Ch. 11 Sale
A Texas bankruptcy judge has approved a nearly $400 million sale of prison healthcare provider Wellpath's behavioral health division, Recovery Solutions.
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January 08, 2025
Catching Up With New Bankruptcy Case Action
Satellite and spectrum firm Ligado Networks filed in Delaware with $8.6 billion in debt. Regional airline Silver Airways LLC entered bankruptcy with plans to restructure by early 2025. A New York City waterfront condominium owner cited $70 million in liabilities, while a Long Island nursing home with $58 million in debt blamed its filing on litigation by New York Attorney General Letitia James.
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January 08, 2025
Criminal Case Against Terraform Founder Said To Exceed SEC's
The $40 billion criminal case against Terraform founder Do Kwon contains evidence such as recordings and seized mobile phones that exceed what securities regulators presented when they prevailed against him at a civil fraud trial, prosecutors said Wednesday.
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January 08, 2025
Northvolt Shareholders Vote To Keep Business Operating
Bankrupt electric vehicle battery maker Northvolt AB received shareholder approval Wednesday to keep its business going, in a move a company spokesperson had called a "procedural step" consistent with Swedish legal requirements.
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January 07, 2025
Energy Co. Inks $126 Million Deal To End SPAC Merger Suit
Investors suing the now-bankrupt oil and gas company Alta Mesa Resources Inc. have asked a Texas federal judge to preliminarily approve a $126.3 million deal to settle claims that the company and its executives misled investors about the value of a 2017 merger.
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January 07, 2025
Ex-Endo Execs Seek End To Trustee Suit Over Opioid Sales
A group of former Endo International directors and officers are asking a New York bankruptcy judge to throw out a suit accusing them of driving the company into Chapter 11 by marketing dangerous opioids, arguing that the company was one of the first drugmakers to stop selling opioids.
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January 07, 2025
J&J, Talc Suppliers, Insurers Spar Over $505M Sale Stay
The former talc suppliers of Johnson & Johnson said Tuesday that staying part of a settlement and a connected bankruptcy sale could bog down their efforts to secure plan confirmations and exit Chapter 11, urging a Delaware bankruptcy judge to reject a motion to set aside $50 million from the $505 million deal while it is being appealed.
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January 07, 2025
Commercial Ch. 11s Surged 20% In 2024 As Inflation Stung
Commercial Chapter 11s increased 20% in 2024, leading a broader 14% incline in all new bankruptcies as the rate of filings looks set to return to higher prepandemic figures, according to new data.
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January 07, 2025
Ligado Gets OK To Tap $939M DIP Amid Spectrum Spat
Satellite and spectrum business Ligado Networks received a Delaware bankruptcy judge's approval Tuesday to borrow a share of $939 million in Chapter 11 financing that the company will use to repay high-ranking debt and support itself during the case.
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January 07, 2025
Northvolt Asks Shareholders To Vote On Continuing Business
Bankrupt electric vehicle battery maker Northvolt AB asked its shareholders to vote Wednesday on keeping the business going, in a move a company spokesperson called a "procedural step" consistent with Swedish legal requirements.
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January 07, 2025
Ligado Blames US Gov't Spectrum Disputes For Ch. 11
A significant investment in 5G technology and disputes with the U.S. government over spectrum usage have driven satellite business Ligado Networks into financial distress, prompting the company to seek Chapter 11 protection.
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January 07, 2025
Lowenstein Sandler Elects 5-Atty Partner Class For 2025
Lowenstein Sandler LLP announced a class of five new partners for 2025 this week, drawing on attorneys working from New York and New Jersey and bringing expertise in tax law, environmental law, white collar defense and more.
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January 07, 2025
CFPB Adopts Rule To Take Medical Debt Off Credit Reports
The Consumer Financial Protection Bureau moved ahead Tuesday with plans to restrict the use of medical debt information in credit scoring and lending, finalizing a rule that it said will take an estimated $49 billion in unpaid medical bills off consumers' credit reports.
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January 06, 2025
Dentons Adds Ex-Skadden Bankruptcy Pro In Calif.
Global law firm Dentons is beefing up its restructuring, insolvency and bankruptcy practice with a new Los Angeles partner who spent more than two decades at Skadden, most recently as Skadden's head for corporate restructuring practice in the western United States.
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January 06, 2025
Eletson Alters Sanctions Threat For Old Owners, Reed Smith
The new owners of reorganized Greek shipping group Eletson Holdings Monday brought a reworked request that a New York bankruptcy judge threaten its former owners and their counsel at Reed Smith with sanctions if they failed to update the company's ownership records.
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January 06, 2025
Terraform Victims May Exceed 1M, Feds Say In Notice Request
The U.S. Department of Justice on Monday asked a Manhattan federal judge for permission to issue a public notice to notify potential victims of defunct cryptocurrency firm Terraform Labs' creator Do Kwon's alleged $40 billion fraud, saying there are too many victims — potentially more than one million — to do individual outreach.