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US Trustee Leader Ousted, Eletson's Ex-Owners Face Fines
The reported removal of the director of the U.S. Department of Justice's bankruptcy watchdog program has thrown the historically apolitical office into broader waves of upheaval, a bankruptcy judge has said he would impose a daily fine on the former owners of Eletson, and another bankruptcy judge detailed why he overruled objections in Spirit Airlines' Chapter 11 plan. This is the week in bankruptcy.
Meet The Attys Handling Calif. Hotel Operator's Ch. 11
MOM CA Investco LLC, the owner and operator of a hotel in Southern California, has put together a team of lawyers from Potter Anderson & Corroon LLP and Buchalter PC to help it sell its properties and recapitalize through Chapter 11.
Under The Radar: Bankruptcy News You May Have Missed
Avon's international unit asked a bankruptcy judge to extend the window during which only it can propose a Chapter 11 plan, consulting firm Azzur Group Holdings asked the Delaware bankruptcy court to approve its Chapter 11 plan disclosures and allow it to hold a vote, and Philadelphia's University of the Arts proposed selling a property for nearly $7 million. These are some of the bankruptcy stories you may have missed in the last week.
US Trustee Leader Ousted, Eletson's Ex-Owners Face Fines
The reported removal of the director of the U.S. Department of Justice's bankruptcy watchdog program has thrown the historically apolitical office into broader waves of upheaval, a bankruptcy judge has said he would impose a daily fine on the former owners of Eletson, and another bankruptcy judge detailed why he overruled objections in Spirit Airlines' Chapter 11 plan. This is the week in bankruptcy.
Meet The Attys Handling Calif. Hotel Operator's Ch. 11
MOM CA Investco LLC, the owner and operator of a hotel in Southern California, has put together a team of lawyers from Potter Anderson & Corroon LLP and Buchalter PC to help it sell its properties and recapitalize through Chapter 11.
Under The Radar: Bankruptcy News You May Have Missed
Avon's international unit asked a bankruptcy judge to extend the window during which only it can propose a Chapter 11 plan, consulting firm Azzur Group Holdings asked the Delaware bankruptcy court to approve its Chapter 11 plan disclosures and allow it to hold a vote, and Philadelphia's University of the Arts proposed selling a property for nearly $7 million. These are some of the bankruptcy stories you may have missed in the last week.
Expert Analysis
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help l... (more story)
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tra... (more story)
Scandinavia's SAS is the first European airline to find its wings through the U.S. Chapter 11 process since COVID-... (more story)
Large Cap More
Private equity billionaire Stephen Feinberg was confirmed as deputy defense secretary on Friday by a 59-40 vote in the U.S. Senate.
Jazz Pharmaceuticals and a certified insurer class told a California federal judge Monday that they have reached a settlement-in-principle in antitrust litigation accusing Jazz of working with pharma rival Hik... (more story)
Yale New Haven Health Services Corp. is questioning whether bankrupt hospital owner Prospect Medical Holdings Inc.'s attempt to sell its three Connecticut facilities through a Texas Chapter 11 proceeding will ... (more story)
A New York bankruptcy judge Monday put GOL Linhas on a path for a May hearing on its Chapter 11 plan after overruling noteholder and U.S. Trustee's Office objections to the plan disclosure the Brazilian airlin... (more story)
Odebrecht Engenharia E Construo SA, a Brazilian construction conglomerate, has filed for Chapter 15 protection in New York along with several affiliates seeking recognition of an insolvency case pending in São Paulo.
The official committee of unsecured creditors for troubled trucking company Yellow Corp. told a Delaware bankruptcy judge Monday the group would push its own version of a Chapter 11 proposal if the debtor cann... (more story)
Fashion retailer Forever 21's U.S. operator has filed for Chapter 11 protection in Delaware bankruptcy court with $1.58 billion of funded debt and plans to wind down operations at its 354 U.S. stores if it fai... (more story)
A New York federal judge has paused his order removing Reed Smith LLP as counsel for the former owners of reorganized international shipping group Eletson Holdings in litigation over a $102 million arbitral aw... (more story)
The liquidators of failed cryptocurrency hedge fund Three Arrows Capital have prevailed in a dispute with FTX Trading Ltd. over the allowance of a $1.53 billion bankruptcy claim, with a Delaware judge deciding... (more story)
A Texas bankruptcy judge on Friday gave prison healthcare business Wellpath permission to go ahead with a vote on its Chapter 11 plan after a claimants' committee said it would reserve objections for the plan ... (more story)
Mid Cap More
Cannabis vaping technology and service provider The Blinc Group Inc. filed for Chapter 7 in a New York bankruptcy court, citing at least $1 million in liabilities.
A Delaware bankruptcy judge on Monday said she would recognize the Canadian insolvency proceedings of accounting and financial services firm Bench Accounting Inc. as it moves to restructure over $50 million in... (more story)
Austrian biotechnology firm BIA has filed for Chapter 15 protection in Delaware to recover assets in the U.S., alleging an executive fraudulently transferred roughly $22 million in company funds and left it insolvent.
Recycling company Brightmark LLC has put certain units into bankruptcy in Delaware in order to keep its Indiana plastics processing center operational as it pursues a sale.
Film production company Village Roadshow filed Chapter 11 in Delaware on Monday, listing about $390 million of debt and blaming a fight with production partner Warner Bros. over the release of a 2021 sequel to... (more story)
A Texas federal judge shot down an alleged attempt by the former CEO of bankrupt conservative-centered fintech startup GloriFi to preserve the ability to sue investors like Ken Griffin's Citadel LLC and Vivek ... (more story)
A New Jersey hospital operator finished a three-day confirmation hearing in Delaware on Friday over its Chapter 11 plan to hand control of its medical facilities to one of its creditors.
The U.S. Trustee's Office has challenged a proposed $9 million settlement between a Chapter 7 trustee for a bankrupt Connecticut pump company and two insurers, saying the agreement nonconsensually deprives thi... (more story)
The litigation trust for Prime Core Technologies is seeking to claw back $26.6 million in cryptocurrency transferred out of the crypto custodian's accounts prior to its Chapter 11 filing, saying it's a matter ... (more story)
Vancouver-based accounting and financial services firm Bench Accounting Inc. has filed a Chapter 15 recognition in a Delaware bankruptcy court with approximately $51.5 million in liabilities and $5.1 million i... (more story)