Mid Cap
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April 24, 2024
Boris Becker Settles With Creditors Over Missing Trophies
Boris Becker's creditors have agreed not to chase the multiple Grand Slam tennis champion over the missing trophies he was accused of hiding to dodge paying debts, lawyers for the Wimbledon winner and bankruptcy trustees told a London court Wednesday.
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April 23, 2024
DOJ Says 2 Bankruptcy Preparers Banned In Fla., Ore.
A disbarred lawyer and a nonattorney who separately helped clients fill out bankruptcy petitions in Florida and Oregon can no longer offer their services after courts in those states recently found they engaged in fraudulent business practices, the U.S. Department of Justice announced Tuesday.
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April 23, 2024
US Trustee Wary Of Shoes For Crews Ch. 11 Loan And Sale
The U.S. Trustee's Office has objected to final approval of a debtor-in-possession loan and bidding procedures for Shoes For Crews, saying the motions would take away the right of creditors to challenge prepetition liens before the statutory 75-day deadline.
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April 23, 2024
Judge Agrees To OK EV Charging Co.'s Ch. 11 Plan
A Delaware bankruptcy judge said Tuesday he will sign off on electric-vehicle charging company Charge Enterprises' proposed Chapter 11 plan once it modifies the time frame for exculpation.
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April 23, 2024
Israeli Biotech Files Ch. 15 To Implement Take-Private Deal
Gamida Cell Ltd., an Israeli biotechnology company developing immunotherapy products, filed for Chapter 15 protection Monday in Delaware seeking the American court's approval of its foreign take-private proposal with unsecured lenders.
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April 23, 2024
NC Justices Urged To Reject Greg Lindberg Co.'s Review Bid
North Carolina's insurance commissioner urged the state's supreme court to prevent a company controlled by insurance mogul Greg Lindberg from intervening in the liquidation proceedings of two of his life insurance companies, arguing a state appeals panel correctly held that an insurer's directors, but not shareholders, may intervene.
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April 23, 2024
Biotech Eiger Can Sell Rare-Disease Drug For $46M In Ch. 11
Insolvent biotechnology company Eiger BioPharmaceuticals Inc. received approval Tuesday at a hearing in Texas to sell its drug treatment for a rare genetic disorder to Sentynl Therapeutics, a subsidiary of Indian drugmaker Zydus Lifesciences, for $46.1 million.
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April 23, 2024
NY Panel Partially Revives Chubb, Archdiocese Abuse Row
A New York state appeals court partially revived Chubb's coverage dispute stemming from sexual abuse claims brought against the Archdiocese of New York, finding Tuesday that a trial court incorrectly based its dismissal on underlying allegations rather than the present action.
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April 23, 2024
Downtown Chicago Hotel Hits Ch. 11 With Up To $50M In Debt
A defunct hotel near Chicago's commercial center has applied for Chapter 11 protection in Delaware bankruptcy court, disclosing between $10 million and $50 million in debt, a few months after the city government converted the property into a shelter for unhoused people.
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April 23, 2024
Meet The Fla. Attorneys In Tex-Mex Chain Tijuana Flats' Ch. 11
Fast casual Tex-Mex restaurant chain Tijuana Flats filed for bankruptcy in Florida last week as it announced new ownership and plans to close 11 locations. Tijuana Flats has tapped two shareholders with Jacksonville boutique bankruptcy firm Thames Markey PA for its Chapter 11 case.
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April 23, 2024
ABI Names Christopher Ward President, Elects New Directors
Christopher A. Ward of Polsinelli LLP will lead the American Bankruptcy Institute as president for a one-year term, the organization said Tuesday, and U.S. Bankruptcy Judge Bruce Harwood will succeed him next April.
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April 22, 2024
Petersen Health Shouldn't Get LLCs Back, Creditor Says
A loan servicer of bankrupt senior-living company Petersen Health Care has asked a Delaware bankruptcy court to dismiss the Chapter 11 cases of 16 of Petersen's affiliates, saying they could not file for bankruptcy because they were at the time, and still are, in receivership.
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April 22, 2024
Subchapter V Report, Express Hits Ch. 11, NY Diocese Fallout
The American Bankruptcy Institute held its annual spring meeting last week, where a task force on Subchapter V presented its report and recommendations on small-business bankruptcy filings, and clothing retailer Express Inc. landed in Chapter 11 with more than $1 billion in debt.
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April 22, 2024
Atty Says Class Bid Over Bankrupt Firm's Hurricane Ads Fails
A proposed class action against troubled Houston law firm MMA Law Firm, a former partner and others accused of participating in an illegal scheme to scare up profitable litigation following a hurricane doesn't offer enough evidence for certification and didn't meet a filing deadline, the ex-partner told a Texas federal judge.
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April 22, 2024
Subchapter V Task Force, U.S. Trustee Stars Of ABI Meeting
A report that recommended keeping Subchapter V debt limits at the $7.5 million mark was unveiled during the American Bankruptcy Institute's annual spring meeting, which also included a rundown of priorities from the U.S. Trustee Program and an array of panels on topics ranging from debtor-in-possession financing to artificial intelligence.
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April 22, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.
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April 22, 2024
SEC Says Terraform, Founder Owe $5.3B After Fraud Verdict
The U.S. Securities and Exchange Commission has asked a Manhattan federal judge to order bankrupt cryptocurrency exchange Terraform Labs and its founder to pay roughly $5.3 billion, weeks after a jury found them liable for a massive fraud.
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April 22, 2024
Ex-Axiom Ince Chief Faces Bankruptcy Petition
The former head of collapsed Axiom Ince Ltd. is facing a bankruptcy petition after being accused of misappropriating almost £65 million ($80.3 million) to fund the acquisition of Ince Group PLC and property purchases.
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April 22, 2024
MediaMath Ch. 11 Case Dismissed After $22M Asset Sale
A Delaware bankruptcy judge has agreed to a structured dismissal of ad tech company MediaMath Holdings Inc.'s Chapter 11 case after the company's $22 million sale of its assets left it nothing remaining to reorganize.
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April 19, 2024
Casino SPAC Can Return Money, Not Shares, Chancery Rules
Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.
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April 19, 2024
Casa Systems Won't Take $18M Rival Bid For Telecom Assets
Troubled communications equipment supplier Casa Systems told a Delaware bankruptcy judge Friday it received a new offer for its cloud and radio access network unit that would fetch more cash than a previously proposed transaction, but insisted on skipping a Chapter 11 auction, arguing the existing bidder brings less closing risks.
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April 19, 2024
Life Sciences Biz NanoString Gets OK For $393M Ch. 11 Sale
Insolvent biotech company NanoString can be sold to scientific instrument maker Bruker Corp., a Delaware bankruptcy judge ruled Friday, after the buyer clinched the winning bid during a 14-hour Chapter 11 auction.
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April 19, 2024
Bankruptcy Sets Stage For Big Healthcare Buying Frenzy
The recent surge of healthcare bankruptcy cases has created an environment where Chapter 11's unique rules make it a prime vessel for larger enterprises to gobble up the foundering healthcare businesses of a post-pandemic world, experts say.
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April 19, 2024
Bankruptcy Bill Seeks To Aid Sex Abuse Victims
A bill introduced in the U.S. House of Representatives would help sexual abuse victims by limiting the ability of their abusers to shield themselves by filing for bankruptcy, according to the bipartisan pair backing the proposed legislation.
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April 19, 2024
US Trustee Balks At 22% Rate On Petersen Health DIP Loan
The U.S. Trustee's Office objected Friday to senior living company Petersen Health Care's proposed bankruptcy financing, telling a Delaware judge that the combined 22% interest rate on the $45 million debtor-in-possession loan is "above market."