Mid Cap
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June 18, 2024
Aircraft Co. Icon's Ch. 11 Sale Cleared With Higher Price
Light-sport aircraft producer Icon received a Delaware bankruptcy court's approval Tuesday for a nearly $15.8 million sale of its assets after securing an agreement to increase the price by $250,000, just hours before a hearing on the transaction.
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June 18, 2024
Rite Aid, SVB Affiliates Among Top 2024 Ch. 11 Sales So Far
Branches of Rite Aid and Silicon Valley Bank, technology and biotech firms and a discount store chain were among the companies that attracted top dollar in the Chapter 11 auctions held during the first half of 2024.
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June 18, 2024
San Diego Diocese ReEnters Ch. 11 Over Sex Abuse Claims
The Roman Catholic Diocese of San Diego has reentered Chapter 11 in a California bankruptcy court, saying it is facing more than $100 million in liabilities from more than 450 new sexual abuse claims filed in recent years.
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June 18, 2024
Kristen Bell's Baby Co. Gets OK For Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday confirmed the Chapter 11 plan for Unconditional Love Inc., the baby-product company founded by actress Kristen Bell that does business as Hello Bello, as it prepares to wind down its business.
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June 18, 2024
Cancer Test Company DermTech Hits Ch. 11, Seeking Sale
California-based dermatologic test maker DermTech Inc. hit Chapter 11 Tuesday in Delaware and said it would be laying off about 20% of its workforce as it seeks to sell its assets.
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June 18, 2024
Electric Vehicle Startup Fisker Hits Ch. 11 With Sale Plans
Electric vehicle company Fisker Group Inc. has petitioned for Chapter 11 protection in Delaware bankruptcy court with more than $100 million of debt, months after the collapse of a potential partnership with a major automaker imperiled the startup's attempts to raise new financing.
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June 17, 2024
Cybersecurity Co. Appgate Gets OK For Prepack Ch. 11 Plan
A Delaware bankruptcy judge said Monday he would confirm network security solutions provider Appgate Inc.'s prepackaged Chapter 11 plan, and overruled an objection from the U.S. Trustee's Office to the plan's release opt-out form for equity interest holders.
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June 17, 2024
Creditors Say Giuliani Is 'Shrewd' And Needs Ch. 11 Trustee
Rudy Giuliani's creditors made their argument to a New York judge on Monday about why they felt he should be stripped of control of his bankruptcy case, disparaging his motives, missing financial information and ability to stick to a budget.
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June 17, 2024
SEC Alleges Texas Man Offered Virgin Sham $200M 'Lifeline'
Securities regulators sued a venture capitalist and his investment firm in Texas federal court Monday, accusing the firm of making a bogus offer to invest $200 million into Virgin Orbit last year despite having less than $1 in its bank account and causing stock prices to swell before plummeting when the deal collapsed.
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June 17, 2024
Justices Side With US Trustee, Alex Jones Switches To Ch. 7
The U.S. Supreme Court ruled there would be no retroactive redress for a disparity between U.S. trustee fees in different jurisdictions, seafood restaurant chain Red Lobster struck a deal with creditors to hammer out a reorganization plan, and a Texas judge pulled the trigger on converting Alex Jones' Chapter 11 case to a Chapter 7.
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June 17, 2024
Dutch Insurer Says Record Clear To Affirm $160M Arbitration
A Dutch insurer is pushing a North Carolina federal judge to confirm a €150 million (roughly $160 million) arbitration award against insurance mogul Greg Lindberg and his companies, citing a recent order in which the court acknowledged the award as binding.
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June 17, 2024
Ex-Stimwave CEO Gets 6 Years For Dummy Implant Scheme
The founder and former CEO of Stimwave Technologies was sentenced to six years in prison Monday after tearfully proclaiming her innocence to healthcare fraud charges, with a Manhattan federal judge saying it's "sad" the defendant doesn't recognize the harm she inflicted by selling nonfunctional pain management device components.
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June 17, 2024
NY Archdiocese Wants Abuse Coverage Suit Tossed
The Archdiocese of New York sought dismissal of Chubb's bid to evade coverage of over 1,700 underlying sexual abuse claims brought under the Child Victims Act, filing counterclaims with a state court alleging that the carrier has wrongfully refused coverage and must indemnify the organization in the underlying claims.
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June 17, 2024
Rubio's Taco Chain Faces WARN Act Suit Over Layoffs
Rubio's Coastal Grill, a fast-casual restaurant chain and a Chapter 11 debtor, was hit with a putative class action in Delaware bankruptcy court that alleges it failed to provide proper notice to employees when the company shut down several locations at the time of its latest bankruptcy filing.
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June 17, 2024
Spinal Implant Maker's Creditors Vote To Approve Ch. 11 Plan
InVivo Therapeutics Corp.'s creditors have voted to accept the biotechnology company's Chapter 11 liquidation plan, with an official for the debtor reporting in a Monday filing with the Delaware bankruptcy court that two creditor classes unanimously approved the proposal.
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June 17, 2024
Talc Claimants Want Documents In Fight Over J&J Unit Venue
Cancer patients with talc damage claims against Johnson & Johnson have urged a New Jersey federal court to give them access to transcripts and exhibits from depositions of top executives at the company's talc unit, saying the information will aid their effort to bar the J&J spinoff from filing a third Chapter 11 outside the Garden State.
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June 17, 2024
Vesttoo Trust Objects To Kaplan Hecker Fee Bid
The liquidating trustee for bankrupt fintech business Vesttoo Ltd. has asked a Delaware bankruptcy judge to deny fees for Kaplan Hecker & Fink LLP, which had been proposed to counsel the company, saying the firm's retention application wasn't confirmed before the Chapter 11 plan became effective.
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June 14, 2024
Judge Converts Alex Jones Ch. 11, Tosses Media Co.'s Case
A Texas bankruptcy judge on Friday turned Alex Jones' bankruptcy case into a Chapter 7, allowing a trustee to liquidate the right-wing conspiracy theorist and media personality's assets to repay creditors, but declined to convert the Chapter 11 of the company that runs Jones' online show, dismissing its petition instead.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Blistering Dissents Belie Justices' Penchant For Consensus
Thirteen days into June, the U.S. Supreme Court had recorded one of the highest rates of unanimous decisions in the past four decades. But the era of historic consensus was tarnished a bit Friday when the court issued three split decisions and two scathing dissents highlighting how much the nine justices differ.
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June 14, 2024
Forward-Looking Fix Resolves Yearslong Ch. 11 Fee Fight
The U.S. Supreme Court looked to the future rather than the past when deciding Friday that Congress' bandage to mask the scar from $326 million in alleged U.S. Trustee's Office fee overpayments was enough to fix the issue, bringing into stark contrast the philosophical differences in how the justices remedy constitutional breaches, experts told Law360.
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June 14, 2024
Almond Grower Trinitas Can Sell Ranches For $121M In Ch. 11
The debtor-in-possession lender and unsecured creditors of almond grower Trinitas Farming LLC told a California bankruptcy judge on Friday they had resolved their dispute over Trinitas' liquidation strategy, clearing the way to proceed with the $121 million sale of 25 ranches.
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June 14, 2024
Ch. 11 Trustee Approved In Tommy's Boats Bankruptcy
At a hearing on Friday, a Texas bankruptcy judge authorized the appointment of a Chapter 11 trustee in the bankruptcy of boat and water sports retailer Tommy's Boats after the company was recently denied the use of lender M&T Bank's cash collateral to fund the case.
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June 14, 2024
Aircraft Maker Icon Picks German Co.'s Bid In Ch. 11 Auction
Light-sport aircraft manufacturer Icon Aircraft said Friday it selected a $15.5 million offer from a unit of German textile machinery producer Durkopp Adler as the winning bid for its assets at a Chapter 11 auction held a day earlier.
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June 14, 2024
Meet The Attorneys In Coach USA Inc.'s Ch. 11
A team of lawyers from Young Conaway Stargatt & Taylor LLP and Alston & Bird LLP whose experience encompasses complex restructurings is helping bus company Coach USA Inc. navigate Chapter 11 so the company can auction off its assets in August.