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Synthego's Ch. 11 Fueled By High Costs, Patent Fight
Rising costs, heavy investment that outpaced growth and patent litigation led California-based biotechnology company Synthego Corp. to file for Chapter 11 with up to $500 million in debt and a plan to sell its assets to a prepetition lender.
What's Happening In Bankruptcy Court This Coming Week
With a slightly lighter calendar thanks to Independence Day, bankruptcy judges will consider the Chapter 11 plans and disclosure statements of Molecular Templates and the former owner of social media company Parler, rule on the asset sales of a charter school funder and Village Roadshow, and decide whether a California real estate firm can receive additional postpetition financing.
Under The Radar: Bankruptcy News You May Have Missed
The U.S. Trustee's Office opposed Prospect Medical's Chapter 11 plan disclosure on the grounds that the plan can't be confirmed because of its release provisions; hospital operator Steward Health Care's former captive insurer appealed a bankruptcy judge's decision to OK a settlement Steward struck with secured lenders; and Celsius Network asked a federal judge to let its lawsuit targeting blockchain analysis company Chainalysis Inc. continue.
Synthego's Ch. 11 Fueled By High Costs, Patent Fight
Rising costs, heavy investment that outpaced growth and patent litigation led California-based biotechnology company Synthego Corp. to file for Chapter 11 with up to $500 million in debt and a plan to sell its assets to a prepetition lender.
What's Happening In Bankruptcy Court This Coming Week
With a slightly lighter calendar thanks to Independence Day, bankruptcy judges will consider the Chapter 11 plans and disclosure statements of Molecular Templates and the former owner of social media company Parler, rule on the asset sales of a charter school funder and Village Roadshow, and decide whether a California real estate firm can receive additional postpetition financing.
Under The Radar: Bankruptcy News You May Have Missed
The U.S. Trustee's Office opposed Prospect Medical's Chapter 11 plan disclosure on the grounds that the plan can't be confirmed because of its release provisions; hospital operator Steward Health Care's former captive insurer appealed a bankruptcy judge's decision to OK a settlement Steward struck with secured lenders; and Celsius Network asked a federal judge to let its lawsuit targeting blockchain analysis company Chainalysis Inc. continue.
Expert Analysis
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Large Cap More
The company behind Monster.com, a job search website, filed for bankruptcy relief with more than $100 million in liabilities, while Forever 21 received approval of its Chapter 11 liquidation plan and Party Cit... (more story)
National pharmacy chain Rite Aid can sell its ice cream brand Thrifty for $19.2 million, more than doubling the opening price of a Chapter 11 auction, after a New Jersey bankruptcy judge on Monday rejected a l... (more story)
A New York bankruptcy judge Monday said he will have to take a closer look at British Virgin Islands law before he can determine if defunct cryptocurrency platform Celsius Network LLC can pursue in the U.S. it... (more story)
From the U.S. Supreme Court ruling in favor of a group of Catholic charities seeking an unemployment tax exemption to the New York Supreme Court ruling on the state's rule governing the application of P.L. 86-... (more story)
Haynes Boone is adding two financial restructuring attorneys previously with Cadwalader Wickersham & Taft LLP as partners in its New York office, the firm announced Monday.
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including attorney insights into the Compass v. Zillow lawsuit, tariff disruption and a potential update to the opport... (more story)
A Louisiana bankruptcy judge asked the Archdiocese of New Orleans and other parties to propose a timeline for expert discovery in the church's bankruptcy so she can craft a schedule for the case before July 4.
A Delaware bankruptcy judge approved a preliminary injunction Friday against former FTX executive Ryan Salame to prevent him from dissipating as much as $6 million in assets he is accused of taking from the cr... (more story)
Drugstore chain Rite Aid said it has reached a deal to sell its Thrifty Ice Cream brand to an entity tied to the chief executive of Monster Beverage Corp. for $19.2 million during its Chapter 11 case.
Pillsbury Winthrop Shaw Pittman LLP has grown its insolvency and restructuring practice in New York with the addition of a Paul Hastings LLP partner.
Mid Cap More
Bankrupt New Jersey office building owner Viewstar LLC, owned by New York developer Moshe Gold, informed an Empire State bankruptcy court that it has received a stalking horse bid of $21.5 million from K&K Developers Inc.
Trif & Modugno LLC asked a New Jersey state judge to dismiss Lowenstein Sandler LLP's claims against the firm as part of its legal battle with a cannabis dispensary, saying the claims fail because Lowenstein S... (more story)
A Missouri bankruptcy judge has given genetic testing company 23andMe Holding Co. approval to sell all its assets to a nonprofit led by co-founder Anne Wojcicki for $305 million, after two full days of testimo... (more story)
A Delaware bankruptcy judge told a California hotel owner and operator Monday he was prepared to dismiss or convert its Chapter 11 case after learning that a proposed $55 million sale to a third party fell apa... (more story)
CareerBuilder + Monster, a co-venture of two longtime online job search boards, has called upon attorneys from Latham & Watkins LLP and Richards Layton & Finger PA to help guide it through the Chapter 11 process.
A New York bankruptcy judge on Monday gave an online gaming site operator the go-ahead to buy bankrupt sweepstakes business Publishers Clearing House for more than $7 million, along with the payment of nearly ... (more story)
A Delaware bankruptcy judge gave interim approval Friday to CareerBuilder + Monster's $20 million Chapter 11 loan, freeing up $12.5 million of funds as the online job search sites look to quickly close asset s... (more story)
A Texas bankruptcy judge on Friday gave Party City permission to send its liquidation plan out for a vote after the retailer agreed to give parties with claims racked up during the Chapter 11 case more time to... (more story)
Financial services company B. Riley Financial Inc., advised by Cole Schotz PC, announced Friday the sale of its advisory services business to funds managed by Canadian private equity shop TorQuest Partners in ... (more story)
A Texas bankruptcy judge said Thursday she will grant final approval for Harvest Sherwood Food Distributors Inc. to access a $104 million debtor-in-possession financing facility, which would bring $25 million in new funds.