Large Cap
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February 12, 2025
Willkie DQ'd Out Of Franchise Group Ch. 11
A Delaware bankruptcy judge Wednesday denied retail chain operator Franchise Group Inc.'s request to retain Willkie Farr & Gallagher LLP in its Chapter 11, saying issues stemming from a transaction it worked on before the bankruptcy are too central to the company's reorganization plans.
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February 12, 2025
PE Watchdog Sounds Bankruptcy Alarm, Faces Doubts
Private equity firms played a disproportionate role in large corporate bankruptcy filings last year, a nonprofit watchdog said in a report Wednesday, warning the trend may continue in a deregulated environment, though not everyone is convinced of the alarm.
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February 12, 2025
Spirit Opts For Ch. 11 Plan After Latest Frontier Bid
Bankrupt budget air carrier Spirit Airlines said it will pursue confirmation of its Chapter 11 debt swap plan at a hearing scheduled for Thursday, after it and competitor Frontier Group could not come to terms on a combination of the two companies.
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February 12, 2025
Conn. Opposes Bankrupt Prospect Medical's 'Plunder'
Prospect Medical Holdings Inc. must be held accountable for harm that the hospital operator caused in Connecticut, but first, its three facilities in the state need to quickly transition to new ownership, the offices of the attorney general and the governor told a Dallas bankruptcy judge.
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February 12, 2025
Joann To Close Over 500 US Stores In Second Ch. 11
Joann Inc., a fabrics and crafts retailer that reentered bankruptcy in January, asked a Delaware bankruptcy judge Wednesday for permission to close more than 500 underperforming stores throughout the country that the company said potential buyers of the business aren't interested in taking on.
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February 12, 2025
Purdue Asks For Another Month To Work On Ch. 11 Deal
Purdue Pharma is asking a New York bankruptcy judge to extend the litigation shield for its former owners for another month, saying while it hopes to have a plan in writing by next week it still needs the breathing room to get the plan on file.
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February 12, 2025
Yellow Corp. Seeks OK For $15M Real Estate Sale
An investment banking advisory firm for bankrupt trucking company Yellow Corp. asked a Delaware bankruptcy court to approve three asset purchase agreements for properties owned by the trucking company that are worth $15.1 million.
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February 12, 2025
Skarzynski Marick Adds Duane Morris Bankruptcy Team in LA
Insurance coverage litigation boutique Skarzynski Marick & Black LLP is expanding its services, announcing Wednesday it is bringing over a team of Duane Morris LLP bankruptcy experts in its Los Angeles office.
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February 12, 2025
Blank Rome Adds 2 Ex-Otterbourg Finance Pros In NY
Blank Rome LLP has added the former chair of Otterbourg PC's banking and finance department and a fellow asset-based lending and corporate transactions specialist previously with that firm as partners in its New York office, the firm has announced.
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February 11, 2025
Celsius Crypto Spinoff Stockholders Sue For Board Docs
Stockholders of Ionic Digital Inc., a company formed to hold and operate digital mining assets of bankrupt Celsius Network LLC, have sued in Delaware's Court of Chancery for access to the company's stockholder lists in order to run a competing slate of directors.
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February 11, 2025
Guo Trustee Wants More Time For 'Mind-Boggling' Clawbacks
The Chapter 11 trustee overseeing convicted fraudster Miles Guo's bankruptcy estate on Tuesday testified that the complex task of unraveling millions in cash transfers without the Chinese exile's cooperation warrants a third blanket order allowing avoidance actions beyond typical deadlines.
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February 11, 2025
3rd-Party Releases OK'd In Rochester Diocese's Ch. 11 Plan
A New York bankruptcy judge Tuesday delayed approval of the Roman Catholic Diocese of Rochester's Chapter 11 plan disclosure for a month to review last-minute changes, but he said he had made up his mind that third-party liability releases in the plan are acceptable.
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February 11, 2025
Wheel-Maker Accuride Gets Ch. 11 Reorg Plan Confirmed
Bankrupt wheel-maker Accuride Corp. received approval Tuesday from a Delaware bankruptcy judge for its Chapter 11 reorganization plan after resolving outstanding objections via late-night negotiations prior to a confirmation hearing.
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February 11, 2025
Catching Up With New Bankruptcy Case Action
Zips Car Wash filed for Chapter 11 in Texas with $654 million in debt, struggling with liquidity from competition and rising interest rates. Omega Therapeutics filed for bankruptcy with $140 million in debt and a restructuring plan with its shareholders. White Forest Resources filed for Chapter 11 due to production and shipping issues and plans to sell one of its two mines in West Virginia.
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February 11, 2025
True Value Gets OK For Opt-Out Releases In Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday approved True Value Co.'s request to solicit votes on a Chapter 11 plan containing third-party releases that rely in part on an opt-out mechanism, a feature that the U.S. Trustee's Office said violated the U.S. Supreme Court's decision in Purdue Pharma LP last summer.
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February 11, 2025
Procurement Biz Blocks Disclosure In Byju's $533M Debt Fight
A London judge on Tuesday ruled it would be oppressive to force a U.K. procurement company to provide evidence related to an allegedly fraudulent $533 million transaction for Delaware court proceedings involving the bankrupt U.S. subsidiary of Indian educational tech firm Byju's.
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February 10, 2025
FTX Having Trouble Serving Binance With Ch. 11 Lawsuit
The estate of fallen cryptocurrency exchange FTX told a Delaware bankruptcy judge late Friday that its attorneys haven't yet been able to serve Binance and its former CEO Changpeng Zhao a lawsuit seeking to recover nearly $1.8 billion that FTX is accused of illegally transferring prior to its collapse two years ago.
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February 10, 2025
Morgan Stanley, Tops Trustee Duel Over Dividends Clawback
Morgan Stanley and the Chapter 11 litigation trustee for the estate of Tops Supermarket filed dueling motions on whether dividends paid to Morgan Stanley before Tops' bankruptcy are shielded from clawback.
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February 10, 2025
Sandy Hook Families Accuse Alex Jones Of 'Ambush' Appeal
Connecticut's highest court should swat down Infowars host Alex Jones' attempt to appeal a record-smashing Sandy Hook defamation verdict because he abandoned the very defenses he now seeks to present under a special type of review for unpreserved constitutional arguments, the victims of the 2012 mass shooting have said.
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February 10, 2025
Spyglass Says Weinstein Has No Rights To 'Scream 4' Profits
Film and television production company Spyglass, which bought the assets of The Weinstein Co. during its bankruptcy several years ago, is trying to fend off an attempt by Harvey Weinstein to collect money generated by the film "Scream 4."
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February 10, 2025
Mexican Payday Lender Details $2B Reorg Plan In Del. Ch. 15
Credito Real, a payday lender based in Mexico, has launched a Chapter 15 case in Delaware bankruptcy court to effectuate a prepackaged reorganization plan pending in its home country that calls for the company's assets to be sold off, by a new entity, for the benefit of creditors.
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February 10, 2025
Jones' Ch. 7 Deal Sunk, Yellow Scores Partial Pension Win
A Texas bankruptcy judge has rejected a Chapter 7 trustee's proposal to settle $1.5 billion in Sandy Hook claims against Alex Jones, Yellow Corp. won a partial victory in a $540 million pension dispute after a Delaware judge ruled liabilities were overstated, and the Eleventh Circuit barred a mortgage servicer from charging unauthorized "pay to pay" fees. This is the week in bankruptcy.
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February 10, 2025
American Tire Gets OK For Going-Concern Sale To Lenders
A Delaware bankruptcy judge on Monday said he was "very happy" to approve American Tire Distributors Inc.'s roughly $835 million sale of its business to a lender group in Chapter 11, a deal that will enable the company to preserve jobs and continue selling tires and wheels.
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February 07, 2025
For These Victims, Death Came Before Bankruptcy Resolution
Thousands of people have died with no compensation in recent years as big institutions shield themselves in bankruptcy court from claims related to opioids, fraud, asbestos and sexual abuse, plaintiffs' lawyers say. Critics say it's an inherent part of a bankruptcy court system that helps insiders and hurts creditors.
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February 07, 2025
Zips Car Wash On Track For April Ch. 11 Plan Hearing
A Texas bankruptcy judge Friday gave Zips Car Wash permission to draw on $20 million in Chapter 11 financing under terms that will see the vehicle-cleaning chain seeking court approval for its equity-swap restructuring plan by mid-April.
Expert Analysis
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SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.