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 New York federal judge on Tuesday sentenced a fuel company employee who pled guilty to conspiring to commit a $30 million bank fraud to time served, backing off her stated intention to have him serve 90 days in a halfway house because he might meet bad people in there.
The show might go on, now that a New York bankruptcy court has signed off on defunct nonprofit Big Apple Circus Ltd.’s $1.3 million sale to a Florida-based investment firm that plans to continue Big Apple’s iconic circus shows.
International Shipholding Corp. reached a resolution Tuesday to move forward with its Chapter 11 reorganization plan to restructure more than $200 million in debt after settling with a secured lender whose objection stretched a confirmation hearing out for three days.
The Sixth Circuit on Tuesday affirmed an Ohio judge’s decision dismissing a proposed shareholder suit over an alleged “pump-and-dump” scheme supposedly run by a group of private equity funds and executives of bankrupt EveryWare Global, agreeing the investors couldn’t show the executives had acted intentionally.
Bankrupt ATopTech Inc.’s $1 million protection plan for a prospective buyer’s $8 million stalking horse bid was nixed in Delaware federal court on Tuesday, with a judge terming the company's 12.5 percent fee too high for the “low-ball” offer.