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.
An Ohio bankruptcy judge ordered Akin Gump Strauss Hauer & Feld LLP attorneys billing the bankruptcy estate of reorganized debtor FirstEnergy Solutions Corp. to explain what role, if any, they had in lobbying efforts to get a controversial $1 billion nuclear reactor bailout bill passed by the Ohio Legislature before he would approve their fees.
Creditors of bankrupt cryptocurrency investment venture Cred Inc. lost a bid Wednesday to have the Delaware Bankruptcy Court order certain currency exchanges to freeze assets they say are linked to fraudulent diversions from the company.
Brazilian construction firm Odebrecht Engineering and Construction has asked a New York bankruptcy judge to extend U.S. bankruptcy protections to its construction division in a Chapter 15 petition and enforce the terms of its $4.1 billion restructuring plan.
Although there has not yet been a decision on the merits, a wave of COVID-19 litigation concerning force majeure, impossibility and frustration of purpose in New York indicates that using pandemic-related excuses to avoid contractual obligations may be limited, says Seth Kruglak at Norton Rose.
A U.S. Court of Federal Claims judge has dismissed a suit by Puerto Rican bondholders seeking to stake a claim on future retirement fund contributions, saying a 2020 Supreme Court ruling had stripped its jurisdiction, and that "mere hope" is not something the bondholders could claim.