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.
Federal banking regulators on Friday said that plans submitted by 16 U.S. regional banks outlining how they could be taken apart through bankruptcy were largely credible, but said that Northern Trust Corp. did not sufficiently address questions about how its international units could be taken apart.
With its ruling that so-called structured dismissals to end Chapter 11 cases cannot sidestep the Bankruptcy Code's creditor priority scheme, the U.S. Supreme Court avoided going so far as to prohibit deviation from the scheme at any time during a case, instead making a carefully tailored decision that doesn't disturb routine practices, experts say.
Cozen O'Connor has continued its rapid growth in Miami, announcing the addition of three commercial litigators it says will contribute in a variety of areas, including contracts, antitrust cases, bankruptcy fraud, real estate and construction matters, and litigation involving government entities.
The company that operates a cancer treatment facility for bankrupt California Proton Treatment Center LLC objected Thursday to the debtor’s proposed, $32 million post-petition loan on the grounds it subordinates the operator’s purported interest in the facility.
A Pennsylvania federal judge on Thursday ordered shareholders of a bankrupt auto parts recycler to pay $16 million to a South African metals refiner, after a jury found the recycler should not have made certain distributions to the owners as the company approached insolvency.