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.
Investor Ron Burkle’s company accused Lantern Asset Management GP of cutting it out of a nearly $6 million payout from Lantern’s $289 million purchase of The Weinstein Co.’s assets from bankruptcy, according to a suit filed in California state court Monday as Lantern’s deal closed.
A Utah-based company that provides patient monitoring services to diabetics filed for bankruptcy Sunday in Delaware with plans to reduce a $36 million debt load and sell its business to supplier and creditor BioTelemetry, saying a transaction must take place right away.
The trustee appointed to oversee the plan administration trust of reorganized debtor Energy Future Holdings Corp. has the authority to make distributions from the trust, a Delaware bankruptcy judge ruled Monday, but the court reserved the right to determine if the trustee’s decisions were a reasonable exercise of that authority as parties fight over a request to pay legal fees for former directors and officers of EFH.
The $150 million asset sale of The Rockport Co. LLC received bankruptcy court approval Monday in Delaware, but issues over liability for a $54 million claim from debtor’s former parent company Adidas AG could threaten the Aug. 13 closing of the transaction and derail the Chapter 11 case.
A Texas bankruptcy judge Thursday ordered the bankruptcy of oil and gas exploration outfit Erin Energy Corp. be converted from Chapter 11 to Chapter 7 after the company told the court it will soon be out of money to sustain a court fight over a Nigerian oilfield.