Large Cap
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December 23, 2024
Party City Reenters Ch. 11 With Plans To Wind Down
Retail chain Party City has returned to bankruptcy with more than $399 million in debt and plans to close its approximately 700 remaining stores and liquidate, saying attempts to improve its bottom line after its 2023 bankruptcy faltered in the face of falling sales.
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December 23, 2024
AI Co. ILearningEngines Hits Ch. 11 With $100M-Plus Debt
Artificial intelligence software company iLearningEngines has filed for Chapter 11 protection in Delaware bankruptcy court with up to $500 million in debt after a recent cyberattack and proposed securities class action added to mounting pressures facing the company.
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December 20, 2024
High Court Bar's Future: Williams & Connolly's Sarah Harris
Sarah M. Harris of Williams & Connolly LLP never planned on being a U.S. Supreme Court advocate, or even an appellate one. She stumbled upon that career path after realizing her initial goal of becoming a national security or government lawyer wasn't the right fit.
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December 20, 2024
Crypto Trading Co. To Pay SEC $123M Over Terraform Claims
The U.S. Securities and Exchange Commission announced Friday that it secured a $123 million settlement with a Jump Trading subsidiary for allegedly misleading investors about the stability of the now-collapsed Terraform ecosystem by effectively propping up the project's flagship token following a trading arrangement made while the token dipped in value.
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December 20, 2024
Real Estate Recap: Stats, Multifamily Tech, Pot Shop Pickle
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including big picture stats for commercial real estate in 2024, how one proptech company is leveraging resident data for multifamily profitability, and a conversation with a BigLaw leader about navigating New York's pot shop crackdown.
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December 20, 2024
SEC Sues Silver Point Over Atty's Receipt Of Nonpublic Info
The U.S. Securities and Exchange Commission sued investment adviser firm Silver Point Capital LP in Connecticut federal court on Friday, alleging that it failed to establish policies to safeguard material nonpublic information, particularly from a now-deceased former BigLaw attorney.
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December 20, 2024
Under The Radar: Bankruptcy News You May Have Missed
Bankrupt cryptocurrency company Celsius Network warned of another phishing attempt, a Brooklyn condo developer's Chapter 11 case was dismissed and a Canadian power services company reached a settlement with the owner of its debt.
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December 20, 2024
EV Battery Co. Northvolt Cleared For Ch. 11 Loan, Cash Use
Bankrupt electric vehicle battery maker Northvolt AB received final approval Friday from a Texas court to enter into a $100 million Chapter 11 loan and to access the cash collateral of its secured lenders after working with unsecured creditors to reach consensus on the financial relief.
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December 20, 2024
Yellow Corp. Layoff Notices Had Too Little Info, Judge Says
A Delaware bankruptcy judge has shot down some of trucking company Yellow Corp.'s defenses against claims it failed to give proper notice of more than 25,000 layoffs just before it entered Chapter 11, saying the notices it sent weren't informative enough.
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December 20, 2024
Chilean Phone Co. WOM Gets OK On $500M Takeover Terms
A Delaware bankruptcy judge on Friday signed off on the framework for Chilean mobile phone operator WOM SA's $500 million restructuring plan, finding the debtor had exercised sound business judgment in selecting the deal to reduce some $650 million in debt.
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December 20, 2024
99 Cents Only Gets OK For Vote On Liquidation Plan
A Delaware bankruptcy judge Friday sent the liquidation plan for discount retailer 99 Cents Only for a creditor vote, finding the provisions for getting creditor consent for third-party claims releases was adequate.
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December 19, 2024
Big Lots To Close All Stores After Ch. 11 Sale Falls Through
Bankrupt discount retail chain Big Lots told a Delaware bankruptcy court Thursday that it will close its 870 remaining stores in the United States and initiate going-out-of-business sales starting Friday, after its $760 million deal for a going-concern sale to California private equity group Nexus Capital Management fell through.
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December 19, 2024
Meet The Attorneys Helping Intrum Through Ch. 11
Swedish loan-servicing company Intrum is attempting to restructure $4.6 billion in debt with a Texas bankruptcy filing, under the guidance of a team of attorneys from Porter Hedges LLP and Milbank LLP.
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December 19, 2024
Restructuring Partner Returns To Willkie From A&O Shearman
A familiar face has returned to Willkie Farr & Gallagher LLP's New York office, the firm announced Thursday, with the addition of a restructuring partner who launched her career with Willkie and now returns from A&O Shearman, bringing a combined 25 years of experience to the new role.
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December 19, 2024
NY Firm Bradford Edwards Opens LA Office
New York-based litigation boutique Bradford Edwards LLP has opened an office in Los Angeles, spearheaded by the hire of a partner who has more than 20 years of experience litigating in California.
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December 19, 2024
The Year In Legal Ethics: AI, Judicial Scandal And More
A number of legal ethics topics dominated the conversation in 2024, including artificial intelligence and the fallout of an undisclosed relationship between a Texas bankruptcy judge and an attorney whose firm appeared before him for years.
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December 19, 2024
Young Conaway Elects 3 New Partners From Its Del. Office
Young Conaway Stargatt & Taylor LLP has announced that two bankruptcy attorneys and a corporate litigator will join its partnership on Jan. 1.
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December 18, 2024
Girardi Gets Sentencing Delayed For Dementia Probe
A Los Angeles federal judge pushed back Tom Girardi's sentencing for his embezzlement conviction on Wednesday, ordering a psychiatric evaluation and special hearing to determine whether the 85-year-old disbarred attorney should be committed to a medical facility instead of prison due to his dementia diagnosis.
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December 18, 2024
High Court Bar's Future: McDermott's Paul Hughes
Paul W. Hughes of McDermott Will & Emery LLP knows U.S. Supreme Court oral arguments are unpredictable — you can end up as the butt of a justice's joke or have the whole bench fully embrace your novel legal theory — so he focuses on what he can control: being overprepared for any version of the court he meets.
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December 18, 2024
FDIC Moves Closer To Suing Ex-Brass Of Silicon Valley Bank
Federal Deposit Insurance Corp. leaders have given a green light for the agency to potentially sue former top brass of Silicon Valley Bank for alleged mismanagement of the bank that led to its collapse last year.
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December 18, 2024
Meet The Attorneys Helping Hearthside Through Ch. 11
When it filed for bankruptcy late last month in Texas, under the shadow of child labor investigations, the parent company of Hearthside Food Solutions embarked on a path to wipe out more than $1.9 billion of debt and secure $200 million of new equity capital.
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December 18, 2024
Yellow Corp. Gets Del. Court OK For Ch. 11 Asset, Lease Sales
Bankrupt trucking venture Yellow Corp. secured a Delaware judge's approval Wednesday for a $192.5 million series of deals to sell or lease a dozen properties owned or leased by Yellow in California, Miami, Ohio and other states.
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December 18, 2024
Steward Health Docs Say $60M Comp Plan Off-Limits
Four doctors participating in a Steward Health deferred compensation plan have asked a Texas bankruptcy judge to keep $60 million worth of assets from the plan's trust separate from the hospital operator's Chapter 11 estate, arguing that the burden is on the debtor to prove the plan trust is exempt from Employee Retirement Income Security Act protections.
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December 18, 2024
US Trustee Says $62.5M WOM Breakup Fee Unnecessary
The U.S. Trustee's Office has asked a Delaware bankruptcy judge to reject WOM SA's request to pay a noteholder group $62.5 million if a planned rights offering tied to WOM's exit financing falls through, arguing the debtor hasn't proved the fee is necessary.
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December 18, 2024
Greenberg Traurig Faces DQ Bid In NJ Cosmetics Spat
A New Jersey cosmetics company suing a former investor alleging breach of contract has asked a federal court to disqualify Greenberg Traurig LLP as defense counsel, telling the court that it previously consulted with the firm about suing the investor and gave away its "playbook" for the litigation.