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October 01, 2024
Florida Firm Markowitz Ringel Brings On Bankruptcy Partner
Markowitz Ringel Trusty & Hartog has bolstered its restructuring and insolvency practice group with a partner in Fort Lauderdale who came aboard from Miami-based Tabas & Silver PA.
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September 30, 2024
Guo Ch. 11 Trustee Seeks To Sell Conn. Mansion For $6.9M
The Chapter 11 trustee overseeing the estate of Chinese exile Miles Guo, also known as Ho Wan Kwok, asked a bankruptcy judge's permission Monday to sell a Connecticut mansion tied to the convicted fraudster for $6.9 million to benefit the estate, according to paperwork filed Monday.
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September 30, 2024
FCC Approves Audacy's Soros Deal, Triggering GOP Anger
The Federal Communications Commission has given the green light to the purchase of an ownership interest in bankrupt radio station owner Audacy Inc. by a fund manager with ties to George Soros.
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September 30, 2024
J&J Fights For Ch. 11 Venue, NY Diocese Settles For $323M
Johnson & Johnson and the Justice Department are set to face off in a dispute over whether the consumer products giant was justified in putting a talc unit into bankruptcy in Texas this month, after the U.S. Trustee's Office accused J&J of "forum-shopping" its third Chapter 11 filing.
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September 30, 2024
J&J Ch. 11 Parties Must Meet Ahead Of Venue Hearing
A Texas bankruptcy judge on Monday ordered lawyers fighting over a bid to get Johnson & Johnson's latest Chapter 11 moved to New Jersey to meet and confer before a hearing on the potential venue transfer that is scheduled for next week.
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September 30, 2024
LaVie Care Can Seek Creditor Votes On Updated Ch. 11 Plan
Bankrupt skilled nursing facility operator LaVie Care Centers received conditional approval for its Chapter 11 plan disclosures Monday in Georgia court, allowing the debtor to seek creditor votes on an updated plan that resulted from mediation.
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September 30, 2024
Bed Bath & Beyond Investors Lose Bid For Class Cert.
A D.C. federal judge has refused to certify a class of Bed Bath & Beyond investors in a suit alleging they were misled by company executives, saying that while the investors met many certification requirements, certification cannot be granted because the market for the company's stock was not efficient during the proposed class period.
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September 30, 2024
Steward Health CEO Sues Senate Panel After Contempt Vote
The outgoing CEO of embattled Steward Health Care on Monday sued members of Congress who voted earlier this month to hold him in contempt for defying their subpoena to testify at a hearing into the downfall of the bankrupt hospital chain he heads.
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September 30, 2024
Cineworld Wins Court Approval For UK Restructuring Plan
Cineworld was granted approval for a U.K. restructuring plan on Monday as a judge concluded it was a better option than allowing the struggling cinema chain to fall into administration.
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September 27, 2024
J&J Has An Uphill Battle To Keep Newest Ch. 11 In Texas
Consumer products giant Johnson & Johnson is facing significant pushback for filing its third bankruptcy in yet another new venue as it seeks to address tens of thousands of talc liability claims, with experts saying it may be a hard sell to keep the case in Texas when the facts haven't changed since two earlier gambits filed in other states were dismissed.
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September 27, 2024
Puerto Rico Utility Creditors Seek OK For Bond Claims Suit
Representatives of the Puerto Rico Electric Power Authority's unsecured creditors are asking a New York federal judge to allow them to contest what they say is the wrongful lumping of $8.4 billion in bondholder claims with their own claims against the utility.
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September 27, 2024
Del. Judge To Mediate Incora Ch. 11 Plan Disputes
U.S. Bankruptcy Judge Brendan L. Shannon of Delaware said Friday he would oversee the mediation of a dispute in Texas bankruptcy court that involves aircraft parts supplier Incora and two rival groups of creditors, as the parties seek a settlement clearing Incora to exit bankruptcy.
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September 27, 2024
Rate Cuts Offer Balm For Companies Teetering On Bankruptcy
The Federal Reserve's jumbo interest rate cut last week has lifted hopes that cheaper debt and a potential soft landing will let companies on the brink of bankruptcy avoid insolvency, a welcome reprieve for distressed borrowers at a moment when Chapter 11 filings are at the highest levels in years.
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September 26, 2024
Judge Says Avon Should Hold Off On Deal With Parent Co.
A Delaware bankruptcy judge told cosmetics giant Avon Products Inc. on Thursday that it needs to give creditors more time to investigate its dealings with its Brazilian parent company before he can approve a proposed settlement of claims against the parent.
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September 26, 2024
NY Diocese Reaches $323M Settlement With Abuse Survivors
Long Island's bankrupt Roman Catholic diocese has agreed to a nearly $323 million deal with hundreds of survivors of sexual abuse, a historic settlement that will bring to a close after four years the church's Chapter 11 case, according to a statement issued Thursday.
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September 26, 2024
WR Grace Asbestos Ch. 11 Spanned Legal Generation
Chemical manufacturer W.R. Grace is seeking to put an end to its 2001 asbestos-driven bankruptcy case in a legal landscape that may mean courts will never see an asbestos bankruptcy of this length and complexity again.
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September 26, 2024
Del. Bankruptcy Judge Says Purdue Limits Opt-Out Releases
A Delaware bankruptcy judge says the U.S. Supreme Court's decision in Purdue Pharma LP barring nonconsensual third-party releases does not allow a kind of oft-used opt-out waiver for voters who don't return ballots.
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September 26, 2024
J&J Is 'Forum-Shopping' In New Spinoff Ch. 11, Trustee Says
The U.S. Department of Justice's bankruptcy watchdog has asked a judge to send the latest Johnson & Johnson talc-liability spinoff bankruptcy to New Jersey, saying Thursday that J&J subsidiary Red River Talc's Chapter 11 petition in the Southern District of Texas is an "assault on the very integrity of the bankruptcy system" and amounts to forum-shopping.
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September 26, 2024
Atty Can't Shield Bank Records In Judge Romance Probe
A former Jackson Walker LLP lawyer on Thursday lost her bid to torpedo a subpoena from the U.S. Trustee's Office seeking her bank records in connection with an inquiry into her secret relationship with a former Texas federal bankruptcy judge, court records show.
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September 26, 2024
FTX Strikes Deal With MDL Counsel For Ch. 11 Plan Support
FTX Trading Ltd. has asked a Delaware bankruptcy judge for permission to enact a settlement with plaintiffs and counsel it's facing in multidistrict litigation in Florida, saying the proposed deal would prevent potentially costly legal tussles and bring the plaintiffs on board to support FTX's Chapter 11 plan.
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September 26, 2024
Stinson Adds Restructuring, Sports Atty From GrayRobinson
Stinson LLP has picked up an experienced of counsel from GrayRobinson PA, who joins its bankruptcy and creditors' rights practice and sports and recreation practice in both Tampa and Wilmington, Delaware.
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September 26, 2024
Meet The Attorneys In Wheel Pros' Ch. 11
Denver-based specialty tire and car accessory producer Wheel Pros has retained teams from Pachulski Stang Ziehl & Jones LLP and Kirkland & Ellis LLP as it plans to hand control of the company to lenders.
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September 25, 2024
Sullivan & Cromwell Didn't Ignore FTX 'Red Flags,' Report Says
The Chapter 11 examiner appointed in the bankruptcy case of fallen cryptocurrency exchange FTX Trading determined Wednesday that debtor law firm Sullivan & Cromwell didn't ignore any "red flags" about FTX's misconduct related to a $500 million purchase of stock in financial service and digital trading platform Robinhood Markets Inc.
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September 25, 2024
8th Circ. Told Student Debt Relief Should Remain Blocked
Seven Republican-led states are asking the Eighth Circuit to finalize its court order blocking the Biden administration from implementing its second attempt at student loan forgiveness, accusing the White House of "hiding the ball" on the true cost of the plan.
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September 25, 2024
Mining Cos. Say $505M J&J Deal Would Benefit Talc Claimants
A pair of talc producers defended their proposed $505 million liability settlement with Johnson & Johnson at a hearing in Delaware bankruptcy court Wednesday, arguing that an objection from a group of insurers shouldn't derail an agreement that they believe would benefit claimants who alleged they were exposed to asbestos-contaminated talc.