Large Cap
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July 25, 2024
US Trustee Asks To Block Terraform's Singapore Suit Deal
The U.S. Trustee's Office asked a Delaware bankruptcy judge to reject cryptocurrency firm Terraform Labs PTE Ltd.'s settlement with claimants in a $57 million Singaporean lawsuit, saying it would treat the claimants as secured creditors and allow their litigation to go forward and the company hasn't justified doing so.
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July 25, 2024
'Textbook Failure' Enabled CFO's Theft From McElroy Deutsch
As the criminal case against McElroy Deutsch Mulvaney & Carpenter LLC's former chief financial officer reaches sentencing, fraud experts and legal leaders tell Law360 Pulse that his misconduct signals a lack of internal controls at the firm.
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July 25, 2024
SVB Caymans Branch Liquidators Seek $294M Clawback
The liquidators of the Cayman Islands arm of Silicon Valley Bank asked a New York bankruptcy judge to claw back a $294 million dividend paid in 2022 to the bank's now-bankrupt parent company, saying Silicon Valley was already a "ticking time bomb."
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July 25, 2024
8 Firms Guide Pair Of IPOs For Health Provider, Airline Giant
Occupational health services provider Concentra Group Holdings Parent Inc. and South American air travel giant Latam Airlines Group SA debuted in trading Thursday after pricing listings that nearly raised $1 billion combined, guided by eight law firms total.
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July 25, 2024
Online Education Group 2U Hits Ch. 11 With Over $944M Debt
2U Inc., a remote learning and accreditation group, and a handful of affiliates filed for Chapter 11 protection in New York on Thursday with plans to cut some $486 million in debt from its balance sheet and exit bankruptcy by September.
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July 24, 2024
Exxon, QatarEnergy Can Boot LNG Contractor In Ch. 11 Deal
A Texas bankruptcy judge on Wednesday approved a settlement in which Zachry Industrial, the general contractor hired to build a liquefied natural gas facility co-owned by ExxonMobil and QatarEnergy, will exit the project, resolving its dispute with the owners and other contractors.
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July 24, 2024
Failed Bank, FDIC Continue Fight Over $1.9B Account Claims
A New York bankruptcy judge on Wednesday heard arguments on the Chapter 11 plan of the parent company of the failed Silicon Valley Bank, alongside separate arguments on the fate of $1.9 billion in funds currently in the hands of federal banking regulators.
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July 24, 2024
Meet The Attys In Tech Firm Mobileum's Ch. 11
A team of lawyers from Weil Gotshal & Manges LLP is guiding global telecom analytics group Mobileum Inc.'s Chapter 11 case in Texas.
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July 24, 2024
Byju's Asks Del. Justices To Undo Lenders' Chancery Win
The bankrupt U.S. arm of India-based educational technology giant Byju's told the Delaware Supreme Court Wednesday that its dispute with a consortium of lenders belongs in New York and argued that the state's Chancery Court was wrong to find the lenders had validly taken over the company after several defaults.
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July 24, 2024
Rite Aid's Elixir Buyer Must Pay Additional $50M In Ch. 11 Sale
Prescription benefits group MedImpact owes an extra $50 million on top of $576 million it paid Rite Aid for its former benefits division Elixir, a New Jersey bankruptcy judge ruled Wednesday, saying his earlier ruling on $200 million in disputed liabilities from the sale didn't fundamentally disrupt a post-closing price adjustment.
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July 24, 2024
Bally Sports Owner Delays Ch. 11 Plan For Comcast Talks
The bankrupt owner of Bally Sports-branded regional sports networks told a Texas judge Wednesday that it needs to delay confirmation hearings for its proposed Chapter 11 plan to allow negotiations with major distributor Comcast to wrap up.
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July 24, 2024
Texas Bankruptcy Court Gets New Judge For Biggest Cases
A former Weil Gotshal & Manges partner has started work as the newest judge for the U.S. Bankruptcy Court for the Southern District of Texas at a critical time for the popular Chapter 11 venue, taking the place of former Judge David R. Jones whose ethics scandal last year rocked the court.
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July 24, 2024
Ex-McElroy Deutsch Exec Says Ch. 11 Doesn't Pause Claims
A former McElroy Deutsch executive told a New Jersey state court that just because her husband — former McElroy Deutsch chief financial officer John Dunlea — has filed for bankruptcy does not mean she needs to pause her claims against the firm for discrimination and retaliation.
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July 24, 2024
Hospital REIT Inks $160M Arizona Emergency Facilities Sale
Medical Properties Trust announced Wednesday that the real estate investment trust plans to sell eight properties to Dignity Health for $160 million, the latest sale amid a flurry of selling activity by the company.
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July 24, 2024
Mobileum Gets OK To Tap $40M In DIP Funds, $100M Rollup
A Texas bankruptcy judge gave global telecom analytics group Mobileum Inc. interim permission Wednesday to access $40 million of Chapter 11 financing and perform a $100 million debt rollup, saying the fact the rollup could be partially undone if better financing is found was critical to his approval.
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July 24, 2024
Retailer Conn's Closing Stores In Bankruptcy, Gets DIP Loan
A Texas bankruptcy judge said on Wednesday that he will approve $25 million of debtor-in-possession financing to help fallen furniture and appliance retailer Conn's Inc. fund its Chapter 11 case, which includes plans to sell its consumer financing arm while holding going-out-of-business sales at its remaining locations.
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July 23, 2024
Rudy Giuliani Says MyPillow CEO Covered His RNC Travel
Rudy Giuliani clarified Tuesday that his travel to and from the Republican National Convention was covered by MyPillow CEO Mike Lindell's conservative media outlet FrankSpeech, according to a filing in New York federal bankruptcy court.
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July 23, 2024
Cannabis Industry Stakeholders Weigh In On Rescheduling
As the period for public comment on the Biden administration's proposal to reclassify marijuana came to a close Monday, anti-legalization activists, marijuana industry advocates and state cannabis regulators each submitted their thoughts on the potential policy shift.
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July 23, 2024
Behind The $1B Ch. 15 Bankruptcy Of Brazil's InterCement
Leading Brazilian cement and concrete supplier InterCement landed in Brazilian restructuring court and a New York Chapter 15 proceeding after an economic slump in Brazil drove it to sink further into debt, and it has yet to find a way out.
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July 23, 2024
Invitae's Ch. 11 Plan Needs Tweaking, Judge Says
A New Jersey bankruptcy judge said he would confirm the Chapter 11 liquidation plan for genetic testing company Invitae, if it made changes to how it handled distributions to certain creditors.
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July 23, 2024
FTX Reaches Deal On $4M Phala Token Claims In Ch. 11
Bankrupt cryptocurrency platform FTX Trading Ltd. asked a Delaware bankruptcy judge to let it pay $960,000 to crypto issuer Phala Ltd. to settle that company's $4 million claim against FTX and its affiliates.
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July 23, 2024
US Trustee Opposes Nevada Copper's $5.3M Bonus Plan
The Office of the U.S. Trustee objected late Monday to proposed bonus plans for employees of bankrupt mining company Nevada Copper Inc., saying the plans don't include enough information to determine if the bonuses are proper.
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July 23, 2024
Americanas Gets US Nod For Reorganization In Brazil
A New York bankruptcy judge said his trepidation around how Brazilian department store chain Americanas' bankruptcy plan treats creditors that don't give legal releases to nondebtor third parties was quelled, and granted his Chapter 15 sign-off for a plan that was already approved by a court in Rio de Janeiro.
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July 23, 2024
18 Whiteford Attys Launch Raines Feldman's Pittsburgh Office
More than a dozen attorneys specializing in bankruptcy, and securities and commercial litigation, have left Whiteford Taylor & Preston to help Raines Feldman Littrell launch its new office in Pittsburgh this week.
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July 23, 2024
Tech Firm Mobileum Enters Ch. 11 To Trim Over $500M Debt
Global telecom analytics group Mobileum Inc. sought Chapter 11 protection in Texas on Tuesday, with plans to trim $529 million from its books through a debt-for-equity swap after falsified time records uncovered last year backlogged operations and spurred litigation.