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Bankruptcy

  • January 16, 2019

    LBI Media’s Ch. 11 Disclosures Get Nod In Delaware

    A Delaware bankruptcy judge gave his nod to the Chapter 11 plan disclosure statement of bankrupt LBI Media Inc. after objections from junior noteholders pressing for further details were worked out prior to the hearing.

  • January 16, 2019

    Beauty Brands Bidder Says 23-Store Offer Is Best Available

    The founders of bankrupt cosmetics retailer Beauty Brands told a Delaware Bankruptcy Court judge Wednesday they presented the debtor with an offer to acquire 23 of its stores and continue operating them as a going concern, calling the bid superior to the stalking horse bid in a chain-wide liquidation plan.

  • January 16, 2019

    PG&E's Ch. 11 Is Climate Change Wake-Up Call For Utilities

    Pacific Gas & Electric Co.'s plan to seek bankruptcy protection to address crippling liabilities for California wildfires should ring alarm bells for utilities, regulators and lawmakers in other states and force them to examine whether the current utility business model can accommodate climate change-related risks to energy infrastructure, policy experts say.

  • January 16, 2019

    Calif. County Sues PG&E Over Deadly Nov. Wildfire

    Butte County in Northern California has sued Pacific Gas & Electric Co. in state court over the deadly wildfire that ravaged the county and killed 86 people last year, alleging the utility disregarded safety to increase its own profits.

  • January 15, 2019

    Aly Raisman's Nassar Suit Paused Pending USAG Ch. 11

    Olympic gold medal-winning gymnast Aly Raisman’s request to pause her suit over disgraced sports medicine doctor Larry Nassar’s sexual abuse was granted on Monday, after a California federal court agreed that a stay would help the parties assess the impact of the recent bankruptcy filing by USA Gymnastics, the sport's governing body.

  • January 15, 2019

    US Trustee Rips Bankrupt Makeup Co.'s $1.4M Exec Bonus Bid

    The U.S. Trustee’s Office on Tuesday asked a New York bankruptcy court to deny cosmetics maker Glansaol Holdings Inc.’s request to pay up to $1.4 million in executive bonuses, saying there was no proof the goals are a stretch or that bonuses won’t be going to insiders.

  • January 15, 2019

    Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

    A federally-appointed board tasked with overseeing Puerto Rico’s monumental debt restructuring joined with the island’s unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.

  • January 15, 2019

    FirstEnergy Customer Violated Ch. 11 Stay, Judge Rules

    An Ohio federal judge agreed Tuesday that a Pennsylvania-based auto parts manufacturer’s move to cancel its deal to buy power from a bankrupt FirstEnergy Corp. subsidiary violated the company’s right to maintain its contractual relationships throughout Chapter 11 proceedings.

  • January 15, 2019

    LBI Noteholders Say Co. Cheated Them Out Of $129M

    A group of second-lien noteholders of Spanish language broadcaster LBI Media Inc. accused the company in Delaware bankruptcy court Tuesday of costing them $129.5 million by cutting a bad restructuring deal with a first-lien noteholder.

  • January 15, 2019

    Group Owes SEC $6.6M In Woodbridge Securities Probe

    Three people and two companies owe the U.S. Securities and Exchange Commission more than $6.6 million after a Florida federal judge on Monday entered judgment against them for allegedly selling unregistered securities of Woodbridge Group of Companies LLC, which collapsed last year after the SEC charged it with running a $1.2 billion Ponzi scheme.

  • January 14, 2019

    Del. Bankruptcy Judge Kevin J. Carey To Retire In August

    U.S. Bankruptcy Judge Kevin J. Carey will retire from the Delaware bench in August after nearly 14 years of presiding over insolvency cases in the state, the U.S. Bankruptcy Court for the District of Delaware announced Friday.

  • January 14, 2019

    Lender Says Life Settlement Co. Is Using Ch. 11 To Pay Parent

    The top secured lender to bankrupt life settlements venture White Eagle Asset Portfolio LP accused it of seeking to improperly pay the expenses of a non-debtor parent and urged a Delaware bankruptcy judge to reject a proposed cash management order for the case.

  • January 14, 2019

    10th Circ. Affirms Liberty's Win In Black Lung Coverage Row

    Liberty Mutual Fire Insurance Co. didn't breach any obligations to the ex-president of bankrupt Clemens Coal Co. when it failed to provide the company a policy with coverage for black lung disease claims, the Tenth Circuit affirmed on Monday, agreeing with a lower court that the former executive's case fails because the insurer owed no duty to him personally.

  • January 14, 2019

    Promise Healthcare Gets Nod For $3M Exec Bonus In Ch. 11

    A Delaware bankruptcy judge on Monday signed off on a revised version of bankrupt hospital operator Promise Healthcare’s plan to pay up to $3 million in bonus pay to an executive if certain targets are met in its planned Chapter 11 sale of assets, after concerns were raised about a prior proposal for the incentive pay.

  • January 14, 2019

    Aegean Marine Gets OK On $535M DIP, $681M Purchase Bids

    Ailing Greek refueling company Aegean Marine Petroleum Network Inc. received approval from a New York bankruptcy court on Monday to proceed with a $535 million debtor-in-possession loan and a newly revised $681 million purchase offer, both from competitor and prepetition lender Mercuria Energy Group Ltd.

  • January 14, 2019

    Pharma. Co. Egalet's Ch. 11 Confirmed In Delaware

    A Delaware bankruptcy judge on Monday approved pharmaceutical company Egalet Corp.'s Chapter 11, just a little more than two months after the company entered bankruptcy citing shifts in the abuse-deterrent drug market and announcing plans to acquire four anti-inflammatory drugs from another company to boost revenue.

  • January 14, 2019

    PG&E Says Calif. Wildfire Fallout Sending It To Ch. 11

    Pacific Gas and Electric Co. announced Monday it intends to file for Chapter 11 at the end of the month, saying it has to take the step to deal with more than $30 billion in potential liability from California's devastating 2017 and 2018 wildfires.

  • January 11, 2019

    The Firms That Dominated In 2018

    Law360's top four Firms of the Year notched a combined 32 Practice Group of the Year awards after successfully securing wins in bet-the-company matters and closing high-profile, big-ticket deals for clients throughout 2018.

  • January 11, 2019

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2018 Practice Group of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • January 11, 2019

    Bon-Ton Can't Confirm Ch. 11 Plan, Seeks Case Dismissal

    Defunct department store chain Bon-Ton Stores Inc. has asked a Delaware bankruptcy court to dismiss its case and let the company dissolve now that its remaining stock has been liquidated after a $775 million April buyout.

Expert Analysis

  • Sears’ Biggest Sale (Itself) Offers Valuable Lessons For Retail

    Robert Marticello

    Although a deal announced Wednesday could keep open more than half the department stores that retail dinosaur Sears Roebuck and Company had when it filed for bankruptcy protection last October, Sears remains a cautionary tale for the retail industry, say Robert Marticello and Philip Strok of Smiley Wang-Ekvall LLP.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

    Peter Jarvis

    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Q&A

    A Chat With Reed Smith Chief Marketing Officer Sadie Baron

    Sadie Baron

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Sadie Baron, chief marketing officer at Reed Smith LLP.

  • The Changing Role Of The Chief Restructuring Officer

    Sheon Karol

    The dramatic recent changes in bankruptcy practice have shifted the chief restructuring officer's primary purpose from restructuring a business to shepherding an asset efficiently though a sale process, says Sheon Karol of The DAK Group.

  • 'Flexible Work' Makes Freelancing More Viable In BigLaw

    Elizabeth Black

    The rise of remote work capabilities and advances in technology are making flexible, freelance legal work a more accessible career option for corporate attorneys, say Elizabeth Black and Sara Eng of InCloudCounsel.