Bankruptcy

  • May 26, 2020

    Longview Power's $350M Ch. 11 Debt Swap Gets Green Light

    The Chapter 11 plan of West Virginia electricity provider Longview Power LLC has received bankruptcy court approval in Delaware, with the court confirming the company's debt-for-equity swap that wipes away $350 million of debt.

  • May 26, 2020

    XFL Says Creditor 'Vendetta' Axed McMahon's Ch. 11 Sale Bid

    Vince McMahon told the Delaware bankruptcy court Monday that he had taken himself out of the bidding for the XFL, a decision the owner of the bankrupt football league blamed on a "vendetta" against McMahon by its unsecured creditors.

  • May 26, 2020

    High Court Won't Review Nonconsensual Ch. 11 Releases

    The U.S. Supreme Court on Tuesday said it won't review a Third Circuit decision that allowed the 2015 confirmation of a troubled laboratory company's Chapter 11 plan over opposition from creditors that argued the plan unconstitutionally released key parties from damage claims without creditor consent.

  • May 26, 2020

    High Court Won't Mull Waiver In Painter's Ch. 11 Contract Row

    The U.S. Supreme Court on Monday refused to hear arguments from a construction company over whether it gave up its right to appeal in a contract dispute when it inked an agreement to drop the entirety of its claims if a Pennsylvania bankruptcy judge ruled against it in the case.

  • May 26, 2020

    South American Airline Latest To Hit Ch. 11 In COVID-19 Crisis

    South American airline LATAM Airlines Group SA filed for Chapter 11 protection Tuesday in New York, saying the COVID-19 outbreak had reversed its growth trend and left it unable to make payment obligations on its $7.1 billion of debt.

  • May 22, 2020

    Law360 Reveals Titans Of The Plaintiffs Bar

    They've represented consumers, companies, and government entities, taken on Goliaths in industries ranging from aerospace to health care to finance to technology to sports, and won landmark victories on behalf of clients across the country.

  • May 22, 2020

    COVID-19 Drives Car Rental Giant Hertz Into Bankruptcy

    Hertz Global Holdings Inc. sought Chapter 11 protection in Delaware late Friday with roughly $24 billion in debt, limping badly from the effects of a global, COVID-19 related business downturn and filing its initial papers hours ahead of a creditor forbearance deadline on a multi-billion noteholder agreement.

  • May 22, 2020

    Curtis Expands In Milan With 2 Tax Partners And Counsel

    Curtis Mallet-Prevost Colt & Mosle LLP has added a pair of attorneys with experience in legal actions involving global brands such as Gucci and Parmalat to its Milan office, along with a new tax counsel.

  • May 22, 2020

    Akorn Gets OK To Tap Into $30M Ch. 11 Funds

    Specialty pharmaceutical giant Akorn Inc. was cleared Friday by a Delaware judge to tap into its $30 million debtor-in-possession loan as it seeks a Chapter 11 buyer for its assets with a floor bid worth roughly $1 billion in place from secured lenders.

  • May 22, 2020

    FTC Attys Talk COVID-19's Impact On Hospital M&A Oversight

    Hospitals reeling from COVID-19's financial body blow might pursue consolidation to regain their balance, but pocketbook pain will need to be serious to have any chance of offsetting competition concerns, top Federal Trade Commission attorneys told Law360 in an exclusive interview.  

  • May 22, 2020

    Hemp Producer Says Insurance Lapse No Reason To Go Ch. 7

    Hemp producer GenCanna on Friday asked a Kentucky bankruptcy judge to reject a request by the U.S. Trustee's Office to convert its bankruptcy case to a Chapter 7 liquidation, saying a lapsed property insurance policy is not a sufficient reason for conversion.

  • May 22, 2020

    Georgia Bankruptcy Firm Sues Hartford To Cover Virus Losses

    A Georgia bankruptcy law firm is suing Hartford Casualty Insurance Co., alleging that it wrongfully denied coverage for business income losses resulting from state-mandated shutdowns during the COVID-19 pandemic.

  • May 22, 2020

    Mintz Bid To Win Malpractice Suit 'Fatally Flawed,' Lab Says

    A shuttered diagnostics lab hit back against Mintz Levin Cohn Ferris Glovsky & Popeo PC's bid for a win in a malpractice suit, saying the firm was over-relying on a deposition from the bankruptcy trustee for the diagnostics lab in saying the lab wasn't hurt by the firm's advice regarding its business practices.

  • May 22, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a Puerto Rican lender sue Venezuela's state-run oil company months after inking a settlement over suspicious payments, a Dutch tulip grower take Maersk into court over a cargo shipment and Wilmington Trust face down commercial fraud claims. Here, Law360 looks at those and other new claims in the U.K.

  • May 22, 2020

    $38M In Ch. 11 Bonuses OK'd For Frontier Execs

    A New York bankruptcy judge on Friday approved nearly $38 million in bonus payments for Frontier Communications Corp. executives, saying the boosted pay appears to be in line with industry standards and not earmarked for company insiders.

  • May 22, 2020

    Borden Dairy Sets June Auction For Possible Ch. 11 Sale

    A Delaware judge on Friday approved plans for Borden Dairy Co. to hold an auction next month to potentially sell its assets, as the milk supplier continues to pursue a dual Chapter 11 path that could sell assets or set a plan to restructure its debt and business.

  • May 22, 2020

    COVID-19 Woes Land JustFly, FlightHub In Ch. 15 In Del.

    Largely idled by the COVID-19 pandemic, U.S. affiliates of third-party airline ticket booking agents JustFly Corp. and Canada's FlightHub Group sought Chapter 15 recognition in Delaware's bankruptcy court Friday for the Canadian bankruptcy of a parent company holding at least $28 million in debt.

  • May 21, 2020

    CPUC Vote On PG&E Bankruptcy Delayed As Ratepayers Rail

    The California Public Utilities Commission heard Thursday from Pacific Gas and Electric Co. customers urging it to reject the utility's bankruptcy plan, but the agency delayed its scheduled vote on the plan due to an outside communication it received during a mandated quiet period ahead of its decision.

  • May 21, 2020

    Investors' Attys Get $11M After Settlement With ER Operator

    A Texas federal judge has signed off on an $11 million fee award for the attorneys who helped investors reach a $44 million settlement with Adeptus Health in their suit accusing the emergency room operator of misleading them in securities offerings.

  • May 21, 2020

    Exide's Ch. 11 Financing OK'd Over Creditor Opposition

    Exide Technologies LLC's second Chapter 11 in the past decade is off to a contentious start as a Delaware judge Thursday gave his nod for Exide to use lender cash collateral and up to $40 million in debtor-in-possession financing, despite strong opposition from certain secured lenders.

  • May 21, 2020

    US Trustee Balks At Borden's Ch. 11 Executive Bonus Plans

    The U.S. Trustee's Office Thursday asked the Delaware bankruptcy court to reject milk producer Borden Dairy Co.'s request to pay up to $2 million in bonuses to top executives, saying the company has not justified the payments in light of the COVID-19 pandemic.

  • May 21, 2020

    Mich. Man Says Court Fudged Ruling In JPMorgan Debt Feud

    An auto parts magnate has urged a Michigan federal court to declare his ownership of assets held in his personal revocable trust in a move that seeks to quash JPMorgan Chase's attempts to collect a $425 million judgment in a long-running bankruptcy debt dispute.

  • May 21, 2020

    Gov't Calls Ravn Air's Ch. 11 Plan Unconfirmable

    The federal government objected to Ravn Air's Chapter 11 plan disclosure statement in Delaware bankruptcy court, saying it described an unconfirmable plan with liability releases that are so broad as to be impermissible.

  • May 21, 2020

    Fertility Chain IntegraMed Files For Ch. 7 After $7M Asset Sale

    Fertility clinic operator IntegraMed Holding Thursday filed for Chapter 7 bankruptcy in Delaware following a $7 million asset sale to a private equity buyer, saying it has more than $100 million in debt and is seeking to wind down its operations at "several" of its locations.

  • May 21, 2020

    Akorn Heads Into Ch. 11 For Sale With More Than $1B In Debt

    Specialty pharmaceutical business Akorn Inc. predictably limped into Delaware Bankruptcy Court late Wednesday with Chapter 11 plans for a more than $1 billion all-asset sale, trailed by troubles that include a potential $70 million-plus Chancery Court judgment over a botched merger and credit default threats.

Expert Analysis

  • COVID-19, Contango And Energy's New Economic Reality

    Excerpt from Lexis Practice Advisor
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    During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Bankruptcy's 'Deep Freeze' May Be Struggling Cos.' Best Hope

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    A tsunami of bankruptcy filings due to the economic effects of the coronavirus may not be a bad thing, as it could provide the only way for some struggling companies to stay alive — a minimalist, deep hibernation mode where they can await rescue, says Joseph Moldovan at Morrison Cohen.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • 7 Steps To Romancing The Virtual Classroom

    Excerpt from Lexis Practice Advisor
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    For professors, trainers, lawyers, students and businesses grappling with the unexpected challenges of distance learning, trial attorney and teacher James Wagstaffe offers best practices for real-time online instruction.

  • Great Recession Holds Mortgage Crisis Lessons For Today

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    Mortgage defaults and losses resulting from COVID-19 should be more limited than during the Great Recession, but nonetheless litigation may arise over mortgage servicing and origination practices, say members of Analysis Group.

  • Bankruptcy Fraud Prosecutions May Increase Post-Pandemic

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    While prosecutors have rarely pursued criminal bankruptcy fraud allegations against companies and executives, investigations invariably follow the money in pursuit of alleged fraud and thus bankruptcy is a natural area of focus in a financial crisis, say attorneys at Gibson Dunn.

  • Key Return-To-Work Considerations For Law Firms

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    There may be precious little notice before the legal community ramps up, so it's important to have return-to-work plans that address the unique challenges law firms will face in bringing employees back to offices, say attorneys Daniel Gerber, Barbara O'Connell and Richard Tucker.

  • 3 Approaches To IP Valuation For Pandemic Recovery

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    Determining an intellectual property asset's value in light of the pandemic using a market, income or cost approach can help companies faced with a restructuring, sale or licensing situation, say Ryan Herrington and Jeffrey Kersey at FTI Consulting.

  • Considerations For Gov't Contractors In Bankruptcy: Part 2

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    Companies holding even one government contract may be able to use the unique rules of government contracting to their advantage when seeking bankruptcy protections, but should proceed cautiously if they plan to seek relief under the Contracts Disputes Act, say Steven Diamond and Thomas Pettit at Arnold & Porter.

  • A Creative Solution For Teaching Local Practice In Law School

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    To help prepare my students to navigate local practice, I wrote a set of rules for the classroom that mimics those they might encounter from a local judge or court, says Michael Zuckerman at Northwestern Pritzker School of Law.

  • Remote Investigations May Streamline Path To Asset Recovery

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    Creditors seeking to enforce judgments and arbitration awards across borders have benefited from lengthened civil litigation timelines as well as from the unique opportunities in intelligence gathering made possible by the widespread shift to remote business function, say Daniel Pascucci and Joseph Dunn at Mintz.

  • Making Law Firm Panels Work For The Cost-Conscious GC

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    General counsel may be tempted to resort to matter-level requests for proposals in the wake of the COVID-19 economic crisis, but alternatively, a singular, global RFP process — to select a panel of law firms for all legal needs — can reduce legal spend while fostering long-term relationships, say Vivek Hatti, formerly at Avis Budget Group, and Jaron Luttich at Element Standard.

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