Bankruptcy Law360 provides breaking news and analysis on bankruptcy law. Coverage includes corporate bankruptcies and out-of-court restructurings, as well as corporate distress and imminent bankruptcy and policy developments that affect bankruptcy law.
A California bankruptcy judge on Wednesday appeared close to approving a multimillion-dollar settlement between Bank of America Corp. and a family that won a $46 million judgment after being plunged into “a Kafkaesque nightmare” by an illegal foreclosure, even as he derided the deal as a “hostage situation” in court.
Movie filtering service VidAngel Inc. filed for bankruptcy in Utah Wednesday saying that it owes its current and former subscribers $4.7 million in credit after a preliminary injunction was issued in a infringement suit brought by Walt Disney and other Hollywood studios.
Washington state-based sexual health and lingerie retailer Peekay Acquisition LLC secured interim approval in Delaware Wednesday for the company’s combined Chapter 11 disclosure and plan, an accelerated process largely built around a $30.7 million company sale to senior lenders.
A Delaware bankruptcy judge on Wednesday shot down a $25 million Chapter 11 debtor-in-possession loan deal sought by bankrupt Aerogroup International Inc., telling an attorney for the shoe producer and retailer that “the terms proposed are a nonstarter for me.”
A private equity fund sitting on a $66 million class action judgment against now-bankrupt ChinaCast Education Corp. may be able to sue the debtors’ insurers for payment without stepping on the toes of the company or other creditors, a New York bankruptcy judge observed Wednesday, encouraging the sparring parties to negotiate.