Mid Cap
-
August 30, 2024
Bitcoin Miner Rhodium Gets Interim OK For $30M Ch. 11 Loan
A Texas bankruptcy judge on Friday gave interim approval for bitcoin miner Rhodium to access $15 million of a $30 million debtor-in-possession financing package from blockchain company Galaxy Digital.
-
August 30, 2024
Republic Bank Tells IP Lawsuit Judge It's Bankrupt
An embattled Pennsylvania-based bank has sought bankruptcy protection following its high-profile seizure by federal authorities as it grappled with $1.3 billion in debt, according to its latest filing in a trade secrets misappropriation suit.
-
August 30, 2024
Water Vending Machine Co. Pushed Into Ch. 11 In Texas
Creditors of the Washington state water vending machine company Water Station Management LLC have filed an involuntary Chapter 11 petition in Texas bankruptcy court, citing at least $7.4 million in debt, as the company also faces a suit alleging it bilked investors out of more than $100 million through a Ponzi scheme.
-
August 30, 2024
Giuliani Pretends To Live In Fla. To Shield Condo, Suit Says
The Georgia election workers who secured a $148 million judgment against former New York Mayor Rudy Giuliani in D.C. federal court hit him with a new lawsuit Friday, saying he is "pretending" to live in Florida in "a brazen attempt to shield his luxury Palm Beach condo" from them.
-
August 29, 2024
'You Don't Need To Be Obnoxious': Ch. 11 Hearing Gets Rowdy
A California bankruptcy judge on Thursday slammed an attorney for what he called her "obnoxious" courtroom behavior, while the lawyer argued that a proposed liquidation plan for a defunct law firm could enrich the professionals managing the case and leave little for claimants.
-
August 29, 2024
Judiciary Group Urged To Table 'Mega' Bankruptcy Panel Ban
A subcommittee urged the Judicial Conference's bankruptcy rule advisory committee to hold off on considering a ban on so-called mega bankruptcy panels at an upcoming meeting, saying a different committee's work overlaps with a rule proposed to curb the controversial practice.
-
August 29, 2024
50 Cent's Liquor Biz Wins Ch. 7 Fight Over Ex-Boss's House
A onetime international liquor trader for rap artist 50 Cent's booze business has lost a bid to protect his Connecticut residence from Sire Spirits LLC's attempt to recover a $7 million New York fraud judgment, with a bankruptcy judge applying a lower state homestead exemption than the indebted trader requested.
-
August 29, 2024
Vintage Wine Estates Gets OK For Starting Bid On Winery
A Delaware bankruptcy judge Thursday approved over $12 million in baseline bids for one of Vintage Wine Estates wineries and three of its brands, the day after being told the bankrupt wine company has offers for another seven of its wineries.
-
August 29, 2024
US Trustee Objects To Red Lobster's Ch. 11 Plan Over Fees
The U.S. trustee has filed an objection to the Chapter 11 plan of seafood restaurant chain Red Lobster, saying it cannot be confirmed because it proposes that postconfirmation entities be exempt from payment of U.S. trustee fees.
-
August 29, 2024
The Story Behind Pregnancy Tech Co. Nuvo's Ch. 11 Case
Nuvo Group USA Inc., the distributor of a remote pregnancy monitoring band, was brought low when a merger between its parent and a special purpose acquisition company was followed by a substantial share redemption and additional funding was not forthcoming.
-
August 29, 2024
3 Companies That Could Restructure In The 2nd Half Of 2024
With elevated borrowing rates and other macroeconomic headwinds lingering, struggling companies could end up resorting to drastic measures to deal with big debt burdens in the second half of 2024, including refinancings, liability management transactions or even bankruptcy.
-
August 29, 2024
Bankruptcy Judge Allows Red Lobster To Reject 23 Leases
Troubled seafood chain Red Lobster gained a Florida bankruptcy judge's approval for its proposal to reject leases of an additional 23 restaurant locations slated to close at the end of the month.
-
August 29, 2024
Del.'s Richards Layton Starts Arbitration, Mediation Practice
Richards Layton & Finger PA has announced the launch of an arbitration and mediation practice to bolster its alternative dispute resolution services to better serve its clients.
-
August 28, 2024
Meet The Attorneys In World Of Beer's Ch. 11
Bar and restaurant chain World of Beer, which entered bankruptcy with about $30 million in debt, is chasing the possibility of confirming a Chapter 11 plan at record speed for the Florida bankruptcy district where it filed. To get it there, the debtor has assembled a team of lawyers in the Sunshine State from Shumaker Loop & Kendrick LLP and Fox Rothschild LLP.
-
August 28, 2024
Fla. Bank City National Says Applebee's Franchisees Owe $8M
City National Bank of Florida sued a Louisiana-based Applebee's franchisee and three of its subsidiaries for $8.3 million, saying in a complaint filed Wednesday in Florida federal court that the companies defaulted on a federal COVID-19-era loan and then transferred control of their restaurants without consent.
-
August 28, 2024
Pregnancy Tech Co. Nuvo Gets Interim OK For $10M DIP Loan
A Delaware bankruptcy judge said Wednesday she would give interim approval to a $10 million debtor-in-possession financing package for Nuvo Group USA Inc., the maker of a remote pregnancy monitoring band that filed for Chapter 11 on Aug. 22 with more than $12 million in secured debt.
-
August 28, 2024
Calif. Debt Relief Firm Ran Criminal Enterprise, Judge Says
A California bankruptcy judge ruled Tuesday that the defunct Orange County debt relief law firm Litigation Practice Group operated a "criminal enterprise" and possibly a Ponzi scheme, a finding that representatives for the firm's court-appointed bankruptcy trustee say they will use to claw money back from investors.
-
August 28, 2024
Justices Won't Revive Student Debt Relief Plan Right Now
The U.S. Supreme Court on Wednesday refused to reinstate President Joe Biden's latest student loan debt relief program, leaving the $475 billion plan on ice until the Eighth Circuit decides whether the administration has the authority to continue its new push to reduce student loan bills for millions of people.
-
August 28, 2024
CRE Reset Heats Up As Lenders Take Fight To Guarantors
Remote work and high interest rates have dented commercial real estate values, but much of the fallout is yet to come. While the market waits for values to reset, some lenders are now turning to a strategy that indicates they are reaching their limit: pursuing guarantors.
-
August 28, 2024
Judge Will OK Anne Fontaine Plan After Edits For Deals
A New York bankruptcy judge on Wednesday said she will approve the Chapter 11 plan of the U.S. subsidiary of renowned French luxury fashion house Anne Fontaine once the plan is updated to account for deals the company reached with creditors over the summer.
-
August 27, 2024
Del. Judge Nixes Purdue Concerns In GigaMonster Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday agreed to approve the Chapter 11 liquidation and wind-down plan of defunct internet service provider GigaMonster, finding the plan's third-party releases and overall creditor settlement were acceptable.
-
August 27, 2024
Asbestos Claimants Tell 4th Circ. Bestwall Isn't Distressed
The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress.
-
August 27, 2024
Meet The Attys Guiding Crypto Miner Rhodium Through Ch. 11
Bitcoin mining group Rhodium Encore LLC has filed for Chapter 11 in Texas amid a lease dispute over a mining facility. Guiding Rhodium through its bankruptcy is a team of Quinn Emanuel Urquhart & Sullivan LLP attorneys who have represented clients in the crypto industry and beyond.
-
August 27, 2024
Madison Ave. Condo Owners File New Ch. 11
The corporate owner of a luxury Manhattan condominium complex has filed for Chapter 11 in a New York bankruptcy court in what it says is an attempt to resolve the disputed bankruptcy filing of the partnership that owns the corporation.
-
August 27, 2024
Tobacco Co-Op's $10M Insurance Suit Headed To Mediation
Tobacco grower cooperative U.S. Tobacco Cooperative Inc. will go into mediation with Axis Specialty Insurance Co. as part of a lawsuit brought by the grower alleging the insurer has refused to pay $10 million in excess coverage.