Mid Cap
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November 04, 2024
Del. Judge To Approve Avante Ch. 11 Financing
A Delaware bankruptcy judge Monday agreed to approve debtor-in-possession financing for Jordan Health, the corporate parent of medical equipment service provider Avante Health, after the debtor and DIP lender struck a deal with the official committee of unsecured creditors.
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November 04, 2024
Purdue Buys Time For Creditor Deal, Eletson Plan Confirmed
Facing a litigation stay deadline after the U.S. Supreme Court overturned its Chapter 11 plan, OxyContin maker Purdue Pharma was given a new one-month extension of the stay so that its creditors and the Sacklers can continue mediating to settle claims.
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November 04, 2024
Meet The Attys Behind Biotech Co. Gritstone's Ch. 11
Vaccine developer Gritstone bio Inc. has tapped a team of lawyers from Pachulski Stang Ziehl & Jones LLP and Fenwick & West LLP to help it navigate the Chapter 11 process while it angles to sell its business so its research can continue.
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November 04, 2024
Digital Media Solutions Gets $122M DIP To Fund Ch. 11 Case
A Texas bankruptcy judge Monday gave bankrupt digital advertising firm Digital Media Solutions LLC final approval for an approximately $122 million debtor-in-possession loan facility, and a $95 million credit-bid stalking horse agreement with its prepetition lenders after the company reached a deal with its creditors.
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November 04, 2024
Long Island Diocese Can Use Ch. 11 Plan Disclosures
The Roman Catholic diocese that covers New York's Long Island received bankruptcy court approval Monday for a Chapter 11 plan disclosure statement that now includes the final terms of a proposed settlement with a group of its insurers.
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November 04, 2024
Justices Let Stand Bar On Late-Filed Returns In Bankruptcy
The U.S. Supreme Court said Monday it would let stand a Ninth Circuit decision finding late-filed returns prevented a taxpayer from discharging his federal tax debt in bankruptcy, rejecting the taxpayer's request to resolve what he described as a significant circuit split.
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November 04, 2024
NJ Health System Hits Ch. 11 With Plans To Restructure Debt
A New Jersey nonprofit that operates three hospitals filed for Chapter 11 in Delaware, saying it faced increased operating costs after COVID-19 and hopes to restructure its debt.
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November 04, 2024
TGI Fridays Restaurant Chain Hits Ch. 11, Blaming Pandemic
Casual dining chain TGI Fridays Inc. filed for Chapter 11 protection in Texas with nearly $151 million in debt, blaming the COVID-19 pandemic and its capital structure and planning a sale within two months.
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November 01, 2024
Real Estate Recap: Election Expectations, EB-5, $50B PE Bet
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including perspectives from real estate leaders ahead of Tuesday's election, takeaways from the Advanced EB-5 Industry Conference in Miami, and two private equity firms' $50 billion bet on data center and energy generation projects.
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November 01, 2024
Avante Health Parent's Creditors Blast Ch. 11 Loan
The unsecured creditors committee for medical equipment service provider Avante Health's corporate parent has asked a Delaware bankruptcy judge to reject the company's proposed bankruptcy financing package, arguing that a prepetition lender and stalking horse bidder could be allowed to grab unencumbered assets while underfunding the case.
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November 01, 2024
Fracking Services Co. Nitro Gets OK For $3M Equipment Sale
Oil and gas fracking services provider Nitro Fluids LLC received approval Friday for a $3.25 million sale of some of its assets to stalking-horse bidder KLX Energy Services LLC.
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November 01, 2024
Ex-Parler Owner Has $6.3M Buyer In Ch. 11
A Delaware bankruptcy judge Friday said he will approve the $6.35 million sale of the former owner of conservative social media platform Parler if the final deal sparks no objections after it is put on file.
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November 01, 2024
Under The Radar: Bankruptcy News You May Have Missed
Rudy Giuliani was recently accused of ignoring subpoenas as two former election workers tried to collect on a $148 million defamation judgment, Steward Health Care creditors have opposed the formation of a tort claimants committee and Chinese exile Miles Guo's $26.5 million New Jersey mansion can be sold in Chapter 11.
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November 01, 2024
Meet The Attorneys Guiding Exactech In Ch. 11
Joint implant manufacturer Exactech has hired attorneys from Ropes & Gray LLP and Young Conaway Stargatt & Taylor LLP, as the company's senior lenders prepare to make a stalking horse bid for its assets in a Chapter 11 case.
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November 01, 2024
Jackson Walker Rips Trustee's Judge Romance Fee Clawback
The U.S. Trustee's Office is exceeding its authority as a "watchdog" in seeking to claw back money paid to Jackson Walker LLP in bankruptcy cases because the judge presiding over those cases was having a secret relationship with a firm partner, the firm told a Texas federal bankruptcy court.
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November 01, 2024
MVP: Sullivan & Cromwell's Andy Dietderich
Sullivan & Cromwell LLP's Andy Dietderich led the legal team that represented FTX Trading Ltd. in its $16 billion Chapter 11 reorganization — from its precipitous bankruptcy filing to the recent successful confirmation hearing — and shepherded fire-suppression company Kidde-Fenwal Inc. through the first bankruptcy stemming from mass tort claims related to PFAS chemicals, earning him a spot among the 2024 Law360 Bankruptcy MVPs.
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November 01, 2024
Buca Di Beppo Gets OK On $27M Sale To Main Street Capital
A Texas bankruptcy judge on Friday approved Buca di Beppo's sale to lender Main Street Capital Corp. after overruling an objection by the Italian restaurant chain's creditors, allowing the company to continue operating and preserve about 3,000 jobs.
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October 31, 2024
Reed Smith To Clarify Eletson Ties And Cut Fees $150K
Reed Smith LLP has struck a deal with the U.S. Trustee's Office to take a $150,000 haircut on its fee application for representing shipping firm Eletson Holdings in its Chapter 11 case and explain its prepetition relationship to company leadership, resolving a bid to claw back legal fees from the firm for allegedly not being disinterested.
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October 31, 2024
PureGym's $121M Bid For Blink Fitness Tops Ch. 11 Auction
Troubled gym chain Blink Fitness has informed the Delaware bankruptcy court that a unit of U.K.-based global gym operator PureGym Ltd. was the successful bidder in the insolvent company's Chapter 11 asset auction with a $121 million stalking horse bid.
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October 31, 2024
Judge Upholds Sanctions Against Ex-Stimwave CEO
A Delaware federal judge has upheld a decision by the bankruptcy judge overseeing the Chapter 11 case of medical device maker Stimwave Technologies to screen the filings of the company's ex-CEO and two of her relatives.
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October 31, 2024
Conn. Firm Beats Ex-Client's Negligence, Conversion Claims
Connecticut law firm Evans & Lewis PC and partner Douglas J. Lewis have prevailed in a professional negligence lawsuit in state court alleging that their incompetence caused a former client's home to go into foreclosure and that they pocketed a $1,500 fee for services that they didn't provide.
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October 31, 2024
Meet The Attys Behind Channel Control Merchants' Ch. 11
The parent of secondary market retail chain operator Channel Control Merchants has hired attorneys from Young Conaway Stargatt & Taylor LLP to help it address more than $76 million in debt and close its 68 locations by the end of the year through a Chapter 11 process.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
BurgerFi Secures $54M Purchase Offer In Ch. 11
Bankrupt burger and pizza restaurant operator BurgerFi International Inc. announced its major senior secured lender as the winner of its asset sale — a credit bid for $54 million.