Large Cap

  • May 21, 2025

    Chancery Orders Nominating Do-Over For Ionic Board Vote

    Citing overwhelming trial evidence, a Delaware vice chancellor on Wednesday told bankrupt Celsius Network's Ionic Digital successor to reopen a board nomination window after finding that the company wrongly eliminated one of two director seats ahead of an election in a defensive move targeting dissident candidates.

  • May 21, 2025

    Meet The New Mediator In The Guo Ch. 11 Case

    New York Eastern District Chief Bankruptcy Judge Alan S. Trust has been tapped to bring his 17 years of experience on the bench to bear on the mediation of claims that Chinese exile Miles Guo has been attempting to hide assets in his Connecticut bankruptcy case.

  • May 21, 2025

    Rite Aid Cleared To Sell Pharmacy Assets To CVS, Others

    A New Jersey bankruptcy judge Wednesday gave drugstore chain Rite Aid the go-ahead to transfer millions of prescriptions and dozens of stores to CVS, Walgreens and other pharmacy businesses in Chapter 11 transactions.

  • May 21, 2025

    Biofuel Co. Is Trying To 'Short Circuit' Ch. 11, Committee Says

    Unsecured creditors of biofuels group Global Clean Energy Holdings Inc. urged a Texas bankruptcy judge to reject GCE's funding package and reorganization plan disclosure statement, saying the case is dictated by tight milestones that will "short circuit" the Chapter 11 process.

  • May 21, 2025

    Guo Ch. 11 Trustee Seeks $2.4M From Maryland Law Firm

    The Chapter 11 trustee handling Chinese exile Miles Guo's bankruptcy in Connecticut has filed an adversary proceeding seeking over $2.4 million from Maryland-based law firm Schulman Bhattacharya LLC, alleging the firm received payments from Guo's shell companies both before and after Guo filed for bankruptcy.  

  • May 21, 2025

    Sheppard Mullin Lands Alston & Bird, Dechert Attys

    Sheppard Mullin Richter & Hampton LLP has brought on a former Alston & Bird LLP partner in its Dallas office and a former Dechert LLP partner in its San Francisco office, strengthening the firm's finance and bankruptcy practice and business trial practice.

  • May 20, 2025

    Brazilian Airline GOL Linhas Seeks Ch. 11 Plan Confirmation

    Brazilian airline Gol Linhas Aéreas Inteligentes SA on urged a New York bankruptcy judge to confirm its fifth modified and third amended Chapter 11 plan, through which it proposes to slash $2.5 billion in debt.

  • May 20, 2025

    Crypto Co. Genesis Sues Parent Co. Over $1.2B In Transfers

    Genesis Global Capital, a crypto lender that filed for bankruptcy in 2023, is now suing its parent company in bankruptcy court, seeking to recover more than $1.2 billion that the lender says was transferred to insiders while the company was insolvent and headed for Chapter 11.

  • May 20, 2025

    Franchise Group Says Ch. 11 Plan Cuts $1.5B In Debt

    Bankrupt retail franchise owner and operator Franchise Group Inc. told a Delaware judge on Tuesday that its proposed Chapter 11 plan would slash $1.5 billion from its balance sheet while positioning the business to emerge with 1,700 retail locations intact.

  • May 20, 2025

    Diamond Sports' Former Owner OK'd For $9.8M Ch. 11 Claim

    Reorganized sports broadcaster Diamond Sports Group must pay its former parent company, Sinclair Inc., $9.8 million, a Texas bankruptcy judge ruled Tuesday, partially granting a challenged Chapter 11 administrative expense claim from a management transition agreement.

  • May 20, 2025

    Catching Up With New Bankruptcy Case Action

    Two Canadian companies, one a geothermal energy business and another that recycles batteries, sought Chapter 15 protection in the U.S. A biotechnology research company filed for Chapter 11 protection in Ohio after failing to generate enough revenue to maintain its capital-intensive operations. And a not-for-profit New York City private school launched a Chapter 11 case as it faces closure.

  • May 20, 2025

    Disbarred Atty Turns Informant In Debt Firm Bankruptcy Battle

    Two years after his debt relief law firm collapsed amid allegations he stole approximately $250 million from clients and investors, disbarred California attorney Tony Diab recently began telling a court-appointed bankruptcy trustee everything he did — and where the money went. The trustee has used this information to file dozens of lawsuits. But can Diab be trusted?

  • May 19, 2025

    Carrier's Kidde-Fenwal Ch. 11 Deal Barred By Purdue, AGs Say

    Connecticut and other states Monday objected to Carrier Global Corp.'s proposed $540 million deal releasing it from "forever chemicals" litigation liability through its ownership of bankrupt firefighting foam manufacturer Kidde-Fenwal Inc., saying the U.S. Supreme Court shot down a similar deal in drugmaker Purdue Pharma LP's bankruptcy case.

  • May 19, 2025

    Binance Calls FTX Ch. 11 Clawback Suit 'Legally Deficient'

    Binance has asked a Delaware bankruptcy judge to dismiss FTX's lawsuit seeking to recover $1.76 billion that was transferred to Binance, accusing the estate of FTX of trying to "shift the blame" for that company's November 2022 collapse.

  • May 19, 2025

    Irish Developer Inks $1.9M Deal With Ex Amid Conn. Ch. 7

    The Chapter 7 trustee for Irish real estate developer Sean Dunne has agreed to settle for $1.9 million prepetition bankruptcy claims by Jennifer Coyle, a woman who said she was Dunne's first wife, capping what was originally a €3.6 million ($4.1 million) series of claims.

  • May 19, 2025

    Rite Aid Touts Pharmacy Sales, Yellow's $14M Sales OK'd

    Rite Aid Corp. announced proposed deals to hand off pharmacy assets to operators including CVS and Walgreens in its Chapter 11. Defunct trucking company Yellow Corp. obtained bankruptcy court permission to sell for about $14 million. Forever 21 said it is likely to liquidate and hasn't found a buyer, then got the OK to take votes on its Chapter 11 plan.

  • May 19, 2025

    Avon Gets OK To Take Votes On Ch. 11 Plan With Talc Claims

    A Delaware bankruptcy judge on Monday gave cosmetics seller Avon Products Inc. the go-ahead to solicit votes on a Chapter 11 liquidation plan, overruling an insurer's objection to the debtor's bid to allow talc claims for voting purposes.

  • May 19, 2025

    Proskauer Adds Another M&A Atty In NYC From Ropes & Gray

    Proskauer Rose LLP announced Monday that it has brought another Ropes & Gray LLP attorney specializing in distressed mergers and acquisitions to its New York office.

  • May 19, 2025

    Rite Aid Hit With Proposed Class Action Over Layoffs

    Rite Aid workers who were laid off in early May have filed a proposed class action against the pharmacy chain in New Jersey bankruptcy court, alleging the company failed to provide required notice to more than 300 corporate employees it terminated as it descended into Chapter 11.

  • May 16, 2025

    Bankrupt Steward Fights With Healthcare Providers Over $34M

    Hospital chain Steward Health Care was in a Texas bankruptcy court Friday in a fight with Massachusetts and Florida healthcare providers over more than $34 million Steward claims is part of its bankruptcy estate.

  • May 16, 2025

    Real Estate Recap: Gold Card, Hospitality, Revolving Door

    Catch up on this past week's key developments by state from Law360 Real Estate Authority — including attorney insights into the "Gold Card" visa program, the hospitality sector's reaction to tariffs, and the path from in-house attorney to private practice. 

  • May 16, 2025

    What's Happening In Bankruptcy Court In The Coming Week

    In the coming week, Delaware bankruptcy judges will hear arguments on asset sales by educational technology company Epic Creations Inc. and retailer Dormify, as well as a Chapter 11 plan by pharmaceutical services company Azzur Group and a disclosure statement by satellite company Ligado Networks.

  • May 16, 2025

    Gol Linhas Says It Exceeded $1.9B Ch. 11 Exit Finance Goal

    Brazilian airline Gol Linhas on Friday announced it overshot its goal of finding buyers for all $1.9 billion in exit financing notes it will issue under its proposed Chapter 11 plan, causing it to trim back the interest rate and reduce the commitment it got in a creditor deal earlier this month.

  • May 16, 2025

    Rite Aid Gets 9-Member Ch. 11 Creditors' Committee

    The Office of the U.S. Trustee has appointed a nine-member committee of unsecured creditors in the Chapter 11 case of retail pharmacy Rite Aid, including the federal entity tasked with protecting pension plans as well as a Pennsylvania pharmaceutical company.

  • May 16, 2025

    Feds Want Ex-McKinsey Exec To Serve Time For Obstruction

    Prosecutors urged a Virginia federal judge Thursday to sentence a disbarred, former senior McKinsey & Co. partner to one year in prison for obstructing an investigation into the consulting giant's work with opioid-manufacturer Purdue Pharma, while defense counsel pushed for probation so that he can return to his home in Thailand.

Expert Analysis

  • Tracking The Evolution Of Liability Management Exercises

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    As liability management exercises face increasing legal scrutiny, understanding the history of these debt restructuring tools can help explain how the playbook keeps adapting — and why the next move is always just one ruling or transaction away, say attorneys at Weil.

  • 3 Steps For In-House Counsel To Assess Litigation Claims

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    Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough times, says Will Burgess at Hilgers Graben.

  • Negotiating Triparty Hotel Agreements To Withstand Risk

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    Brewing economic uncertainty in the hospitality industry underscores the importance of subordination, nondisturbance and attornment agreements, and hotel managers should tightly negotiate these agreements to ensure remedies will not disturb key rights, say attorneys at Sidley.

  • J&J's Failed 3rd Try Casts Doubt On Use Of 'Texas Two-Step'

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    A Texas bankruptcy court recently rejected Johnson & Johnson's third attempt to use Chapter 11 to resolve liabilities from allegations of injuries from using talcum powder, suggesting that the U.S. Supreme Court's limitations on nondebtor releases, from 2024's Purdue Pharma ruling, may prove difficult to evade, say attorneys at Cadwalader.

  • Adapting To Private Practice: From DOJ Enviro To Mid-Law

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    Practitioners leaving a longtime government role for private practice — as when I departed the U.S. Department of Justice’s environmental enforcement division — should prioritize finding a firm that shares their principles, values their experience and will invest in their transition, says John Cruden at Beveridge & Diamond.

  • Addressing D&O Allocation Questions Amid Shifting Economy

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    As increasing global insolvency this year may lead to an increase in directors and officers insurance claims, businesses should review their policies' allocation provisions to avoid negotiating how coverage will apply to covered and uncovered claims during a suit, say attorneys at Reed Smith.

  • Legal Ethics Considerations For Law Firm Pro Bono Deals

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    If a law firm enters into a pro bono deal with the Trump administration in exchange for avoiding or removing an executive order, it has an ethical obligation to create a written settlement agreement with specific terms, which would mitigate some potential conflict of interest problems, says Andrew Altschul at Buchanan Angeli.

  • Cannabis Deregulation Raises Bankruptcy Access Questions

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    Attorneys at Thompson Coburn explore why cannabis companies have been historically prohibited from filing for bankruptcy, certain exceptions to the general rule, and the potential effects of federal deregulation on such companies' bankruptcy eligibility.

  • Playing Football Made Me A Better Lawyer

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    While my football career ended over 15 years ago, the lessons the sport taught me about grit, accountability and resilience have stayed with me and will continue to help me succeed as an attorney, says Bert McBride at Trenam.

  • 10 Arbitrations And A 5th Circ. Ruling Flag Arb. Clause Risks

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    The ongoing arbitral saga of Sullivan v. Feldman, which has engendered proceedings before 10 different arbitrators in Texas and Louisiana along with last month's Fifth Circuit opinion, showcases both the risks and limitations of arbitration clauses in retainer agreements for resolving attorney-client disputes, says Christopher Blazejewski at Sherin and Lodgen.

  • Ch. 11 Free-And-Clear Sale Ruling Takes Pragmatic Approach

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    A recent ruling from a New York bankruptcy court in which the debtors were allowed to sell interests free and clear regardless of a lienholder's objection signals a practical approach and a recalibration of the balance between debtor flexibility and creditor protections, say attorneys at Eversheds Sutherland.

  • Power To The Paralegals: The Value Of Unified State Licensing

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    Texas' proposal to become the latest state to license paraprofessional providers of limited legal services could help firms expand their reach and improve access to justice, but consumers, attorneys and allied legal professionals would benefit even more if similar programs across the country become more uniform, says Michael Houlberg at the University of Denver.

  • Administrative Disaster At Bankruptcy Courts May Be In Sight

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    If, as a result of voluntary resignations or terminations, the professional staff of the U.S. Trustee's Office is depleted, it will undoubtedly cause a slowdown in the administrative process for the significant majority of bankruptcy cases, says Charles Tatelbaum at Tripp Scott.

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