Mid Cap
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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.
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June 14, 2024
Petersen Creditors Ask To Probe Private Plane Buy, CEO Pay
Nursing home operator Petersen Health Care's creditors urged the Delaware bankruptcy court to let them examine transactions between the debtor and related entities that aren't in its Chapter 11 case, including the purchase of a private plane and what they described as the use of company funds for an executive's personal expenses.
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June 14, 2024
Goetz Fitzpatrick To Merge With Platzer Swergold Next Year
Goetz Fitzpatrick LLP and Platzer Swergold Goldberg Katz & Jaslow LLP will combine forces next year to create a single New York City firm.
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June 14, 2024
No Retroactive Fix For US Trustee Fee Dispute, Justices Say
The U.S. Supreme Court sided with the U.S. Trustee's Office on Friday in finding that an amended fee structure implemented before a 2022 ruling that struck down a nonuniform system of payments was all that was needed to resolve the disparate treatment of debtors under the unconstitutional law.
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June 13, 2024
Pa. Nursing Home Creditors OK With $43.7M DIP Loan
Creditors of a Pittsburgh-area nursing home network indicated Thursday they were open to $43.7 million in debtor-in-possession financing as the group prepares to potentially sell off a portion of its footprint in a Chapter 11 sale.
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June 13, 2024
Judge Will Tap Arbitrator To Explain $87M Shipping Award
A New York federal judge will let an arbitrator who found that Levona Holdings Ltd. owed Eletson Holdings Inc. almost $87 million in damages clarify the order, saying it was sufficiently ambiguous to require elaboration and rejecting Levona's request that the arbitrator not be given that chance.
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June 13, 2024
Transport Co. Coach Can Use $200M DIP To Fund Ch. 11 Sale
A Delaware bankruptcy judge agreed Thursday to grant interim approval for bus operator Coach USA's almost $200 million debtor-in-possession package, allowing it to access some $20 million in new funds as it works toward a sale of its assets in the Chapter 11 case.
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June 13, 2024
Meet The Team Guiding Ventilator Co. Vyaire Through Ch. 11
A group of attorneys from Cole Schotz PC and Kirkland & Ellis PC is steering Vyaire Medical Inc., a producer and distributor of medical ventilators, through its Chapter 11 case in Delaware after a reversal of fortunes saw a precipitous drop in revenue for the company in 2023.
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June 13, 2024
Brazilian Food Chain Co. SouthRock Files Ch. 15 In Texas
SouthRock Capital Ltda., a Brazilian private equity company that operates international food service brands including Starbucks and TGI Friday, filed for Chapter 15 bankruptcy in Texas, blaming its insolvency on the COVID-19 pandemic and volatility in Brazil's economy.
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June 12, 2024
Baltimore Diocese Fights Insurers' Dismissal Attempt
The Roman Catholic Diocese of Baltimore defended its adversary action in Maryland bankruptcy court seeking coverage from its insurance carriers, arguing that resolving the issue is crucial to resolving its Chapter 11 bankruptcy proceeding.
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June 12, 2024
Mississippi Casino Developer's Creditors Want To Force Ch. 7
Creditors for developer Diamondhead Casino Corp., which has been trying for years to build a casino in Mississippi near the Gulf Coast, filed an involuntary bankruptcy petition in Delaware bankruptcy court against the company Wednesday, saying they are owed $2.4 million.
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June 12, 2024
Creditors Appealing Denial Of Estate Trustee In Eletson Ch. 11
The official committee of unsecured creditors in the bankruptcy of shipping company Eletson is appealing a New York bankruptcy judge's decision not to appoint a Chapter 11 trustee in the case.
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June 12, 2024
2nd Circ. Backs Brokerage In Suit Over Biotech's Failed IPO
The Second Circuit on Wednesday declined to reinstate a Texas company's suit against an investment brokerage that advised biotech Inpellis on an initial public offering that failed and sent the company to file Chapter 7, ruling a lower court rightly found a global settlement eclipsed the need for a jury trial.
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June 12, 2024
COVID Set Bus Co. Coach USA On Road To Ch. 11
Coach USA's long road to bankruptcy began more than four years ago, when measures designed to prevent the spread of COVID-19 forced the operator of Megabus and other transportation services to shut down its bus lines completely in some regions, and its business hasn't been able to recover since.
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June 12, 2024
Cancer Claimants Say J&J Talc Unit Ch. 11 Belongs In NJ
Cancer patients with talc damage claims against Johnson & Johnson are asking a New Jersey federal judge to bar the company's talc liability spinoff from filing its third attempt at a Chapter 11 reorganization outside the state.
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June 12, 2024
Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit
Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.
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June 12, 2024
Restaurant Co. Rubio's Seeks July Auction In Del. Ch. 11
Fast-casual seafood dining chain Rubio's Coastal Grill asked a Delaware bankruptcy judge to sign off on its Chapter 11 auction plans, noting the company hopes to hold an auction July 30 and expects a $45 million stalking-horse credit bid from a lender will reel in competing offers for the California-based business as a going concern.
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June 12, 2024
Money Fight Between Trustee, Law Firm Goes To Mediation
A money conflict between a Chapter 11 bankruptcy trustee and an outside law firm is going to mediation, the parties announced in a court filing this week. It's the latest move in the saga of Litigation Practice Group, the failed California debt relief law firm that was secretly run by a disbarred lawyer.
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June 12, 2024
US Trustee Fights Appgate Ch. 11 Plan's Opt-Out Releases
The Office of the United States Trustee objected on Wednesday to the Chapter 11 plan proposed by tech firm Appgate Inc., saying it would seek to impose an "opt-out only release" on equity holders that would extinguish their potential claims against non-debtors.
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June 12, 2024
Pool Co. Hits Ch. 11 After 'Crippling' $16M False Ads Verdict
The American arm of a Chinese swimming pool products manufacturer has declared bankruptcy after it was slapped with a $16 million false advertising and unfair business practices judgment in North Carolina that the company previously warned would put it out of business.
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June 12, 2024
Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY
Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.
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June 12, 2024
Ambri Gets OK For Ch. 11 Loan, Sale Plans After Creditor Deal
A Delaware bankruptcy judge on Wednesday approved $5.75 million in Chapter 11 financing for Ambri Inc. and set the battery startup on the path for a July asset sale after hearing the company had reached a deal with its unsecured creditors.
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June 11, 2024
Alston Steers Transport Co. Coach Through Ch. 11
Bus company Coach USA Inc. announced Tuesday that it filed for Chapter 11 protection in Delaware bankruptcy court, saying it has struck asset purchase agreements to preserve jobs and continue offering its ground passenger transportation services.
Expert Analysis
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.