To access this content, a subscription to Bankruptcy Authority is required.
Catching Up With New Bankruptcy Case Action
Oregon whiskey producer House Spirits Distillery filed a Chapter 11 petition in Delaware, citing a post-COVID slump in alcohol demand and excess inventory. Customer loyalty platform Kognitiv also launched a Chapter 11 case in Delaware, reporting more than $10 million in liabilities and planning to sell its assets to a competitor. Meanwhile, fintech company Solid Financial Technologies sought bankruptcy protection following years of fraud allegations.
More Cos. Tap Debt Deals To Delay Costly Ch. 11s, Fitch Says
Businesses in financial distress are increasingly pursuing out-of-court debt deals to defer bankruptcy filings and give themselves a chance to improve their fortunes, as surging Chapter 11 costs make in-court restructuring unpalatable to lenders, according to a new report by Fitch Ratings.
End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
Catching Up With New Bankruptcy Case Action
Oregon whiskey producer House Spirits Distillery filed a Chapter 11 petition in Delaware, citing a post-COVID slump in alcohol demand and excess inventory. Customer loyalty platform Kognitiv also launched a Chapter 11 case in Delaware, reporting more than $10 million in liabilities and planning to sell its assets to a competitor. Meanwhile, fintech company Solid Financial Technologies sought bankruptcy protection following years of fraud allegations.
More Cos. Tap Debt Deals To Delay Costly Ch. 11s, Fitch Says
Businesses in financial distress are increasingly pursuing out-of-court debt deals to defer bankruptcy filings and give themselves a chance to improve their fortunes, as surging Chapter 11 costs make in-court restructuring unpalatable to lenders, according to a new report by Fitch Ratings.
End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
Expert Analysis
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may ... (more story)
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to for... (more story)
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, ... (more story)
Large Cap More
A Delaware bankruptcy judge denied a $430,000 fee claim filed by law firm White & Case LLP in the Chapter 11 case of Terraform Labs Wednesday, saying payment of the claim was not allowed under the Bankruptcy C... (more story)
The Connecticut Supreme Court has denied a bid by bankrupt Infowars host Alex Jones to appeal a judgment awarding more than $1 billion to the families of Sandy Hook Elementary School shooting victims who sued ... (more story)
Jazz Pharmaceuticals has agreed to pay $145 million to resolve antitrust litigation accusing it of working with its rival Hikma Pharmaceuticals to stave off generic competitors to Jazz's narcolepsy drug Xyrem,... (more story)
A Delaware bankruptcy judge has offered his views on how state, federal and bankruptcy laws impact billions of dollars in disputed claims as defunct trucking company Yellow Corp. looks to confirm a Chapter 11 ... (more story)
A Delaware bankruptcy judge said she would approve hardware store supplier True Value Co.'s Chapter 11 plan, which will distribute the proceeds of its $153 million sale to stalking horse bidder Do It Best.
The U.S. Trustee has given notice of a subpoena it filed for the trial testimony of former federal bankruptcy judge David Jones, after Jones said he hoped to avoid "live trial testimony" in the agency's pursui... (more story)
Greenberg Glusker LLP announced that an experienced attorney who most recently spent over two decades at recently closed Danning Gill Israel & Krasnoff LLP has joined the firm's bankruptcy practice as a Los An... (more story)
Clifford Chance LLP announced Tuesday that it has hired the former co-chair of Gibson Dunn & Crutcher LLP's corporate restructuring practice to co-lead its global restructuring and insolvency practice.
A Delaware bankruptcy judge said Monday that retail chain owner Franchise Group could retain exclusive control over its efforts to restructure, but she was considering pushing back the hearing on its proposed ... (more story)
A New York bankruptcy judge said Monday he will grant a Brazilian construction company known as OEC recognition of insolvency proceedings the firm launched in its home country once the debtor revises the langu... (more story)
Mid Cap More
A Florida federal judge has ordered expedited discovery in a Mexican oil company's case over alleged improper fund transfers, after determining there is "more than a mere possibility" of Quinn Emanuel being co... (more story)
Genetic testing company 23andMe asked a Missouri bankruptcy judge to let it appoint an independent customer data representative as it looks to sell genetic data of 15 million users at a Chapter 11 auction.
InvaTech Pharma Solutions LLC, a New Jersey-based developer of generic prescription drugs, has hired attorneys from Genova Burns LLC to help it through a Chapter 11 process while it seeks to handle a debt burd... (more story)
Arizona-based Royal Interco LLC, which supplies private-label paper products for grocery chains including Trader Joe's, Whole Foods, Kroger and Aldi, filed for Chapter 11 protection in Delaware, saying it has ... (more story)
The former operator of a now-bankrupt Iowa hospital is facing scrutiny over allegations the hospital suffered massive operating losses while paying some $9 million to the operator in fees in the years before i... (more story)
Philadelphia's University of the Arts received the Delaware bankruptcy court's approval Tuesday for its sale of an historic building, the seventh and final real estate sale in the defunct school's Chapter 7 case.
Warner Bros. has objected to the proposed Chapter 11 bidding procedures and debtor-in-possession financing of bankrupt Village Roadshow, asking the court to protect its rights to more than 90 films the parties... (more story)
The chief executive officer of a Philadelphia-area information technology staffing firm was charged with failing to collect and pay $2 million in trust fund taxes on behalf of his company and also perjuring hi... (more story)
Kognitiv, a customer loyalty and data company, has urged a Delaware bankruptcy judge to grant it permission by the end of this month to privately sell its assets to another loyalty platform for a bit more than... (more story)
A Texas bankruptcy judge on Tuesday approved a $185 million asset sale to settle a dispute between Rhodium Encore and its remaining landlord that will allow the bankrupt cryptocurrency miner to wipe out its de... (more story)