Large Cap
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April 23, 2025
Judge Will Approve Exela's $185M DIP After Lender Deal
A Texas bankruptcy judge on Wednesday said he would sign off on business automation group Exela Technologies' bid for final approval of $185 million in Chapter 11 financing after the debtor was able to settle a dispute with a lender group over the package.
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April 22, 2025
FTX Ch. 11 Trust Says Ex-Exec's Wife Spent $600K Since Dec.
The FTX Recovery Trust urged a Delaware bankruptcy judge to enjoin the wife of former FTX executive Ryan Salame from spending additional money that the trust said was fraudulently taken from the company before its bankruptcy filing, saying Michelle Bond has spent more than $600,000 since mid-December on legal fees, luxury vacations and credit card bills.
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April 22, 2025
Imerys Ch. 11 Plan Trial Starts With Claims Rep Uncertainty
Several critical legal questions remained open Tuesday in the Chapter 11 cases of talc producer Imerys Talc America and its affiliates as a five-day confirmation trial kicked off, but the Delaware bankruptcy judge presiding over the proceedings said they could begin despite the question marks surrounding the appointment of a future talc claims representative for a foreign co-debtor of Imerys.
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April 22, 2025
Catching Up With New Bankruptcy Case Action
A renewable diesel fuel refiner filed for bankruptcy to avoid creditor-on-creditor litigation and restructure its debts. The maker of specialized nylon products launched Chapter 11 proceedings after facing industry headwinds and operational disruptions. A startup developing therapies for treatment-resistant types of cancer is hoping to swap its debt for equity in bankruptcy.
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April 22, 2025
Exela Faces Wednesday Deadline In $185M DIP Funding Fight
A Texas bankruptcy judge on Tuesday ordered Exela Technologies and its lenders to return to court Wednesday prepared to defend their positions on the debtor's bid for final approval of $185 million in Chapter 11 financing, as a dispute between Exela and a lender group over that money puts the company's reorganization plans at risk.
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April 22, 2025
Nylon Maker Ascend Gets OK For $650M In Ch. 11 Financing
A Texas bankruptcy judge gave nylon maker Ascend Performance Materials interim permission to draw on $650 million in Chapter 11 financing as it set a course to confirm a restructuring plan by the end of summer.
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April 22, 2025
Judge Approves Prospect Medical's Pa. Hospitals' Closure
A Texas bankruptcy judge on Tuesday approved Prospect Medical Holdings' request to close two Pennsylvania hospitals after the bankrupt operator was unable to secure another entity to run the hospitals despite support from government and community organizations to keep them open.
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April 21, 2025
Contrarian Unit's $3.7B Citgo Bid Gets OK Despite Objections
A Delaware federal judge on Monday approved a Contrarian Capital Management affiliate's floor-setting $3.699 billion bid for Citgo's parent company, adopting the recommendation of a special master despite resistance from other bidders.
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April 21, 2025
Tehum's Ch. 11 Plan Offers New Path For Mass Torts
Long before bankruptcy attorney Eric Goodman was brought into the Chapter 11 case of prison healthcare company Tehum Care Services, he had been developing a new plan structure he thought would resolve many of the issues in so-called Texas two-step divisional merger bankruptcy filings.
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April 21, 2025
J&J Alleges Records Purge; Judge Flags Exactech Fee Surge
A group of asbestos litigation defendants, including Johnson & Johnson, accused 10 asbestos trusts of trying to destroy evidence linked to tens of thousands of potential cases; a judge expressed concerns about Exactech's soaring legal fees; and the Third Circuit vacated a bankruptcy court's ruling to unseal records in Essar Steel's case, citing use of the wrong legal standard. This is the week in bankruptcy.
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April 21, 2025
Nylon Maker Files Ch. 11 In Texas With More Than $1B Debt
Nylon maker Ascend Performance Materials on Monday filed for Chapter 11 protection in a Texas bankruptcy court, saying it plans to work with its lenders to deleverage its more than $1 billion in debt.
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April 21, 2025
Exela Technologies Facing Inter-Lender Ch. 11 DIP Fight
Business automation group Exela Technologies told a Texas bankruptcy judge Monday that while it resolved unsecured creditor objections to final approval of its $185 million debtor-in-possession loan, it is still facing pushback from a faction of DIP lenders.
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April 21, 2025
Justices Won't Hear Mall Of America's Sears Lease Dispute
The U.S. Supreme Court on Monday declined to hear a case filed by the owner of Minnesota's Mall of America against Sears Holding Corp. over a transfer of a 100-year lease for an anchor store location, leaving in place a lower court's finding that the mall's lease was not a "true" contract.
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April 18, 2025
Gamestop CEO Can't Stop Bed Bath & Beyond Trading Suit
A Manhattan federal judge trimmed a $47 million lawsuit from the bankrupt retailer once known as Bed Bath & Beyond accusing GameStop's CEO of insider trading before the housewares giant went belly-up, but says "ample" public information would have told the businessman he had enough stock to be a corporate insider.
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April 18, 2025
Under the Radar: Bankruptcy News You May Have Missed
A Burger King franchisee went bankrupt after a dispute with the corporation; individuals suing Johnson & Johnson over talc liability tried to revive the pharmaceutical giant's Texas two-step bankruptcy; and supplement company Irwin Naturals lost control of its bankruptcy case.
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April 18, 2025
Eletson's New Owners Look To Oust Reed Smith From Cases
Reorganized Greek oil shipping group Eletson Holdings Inc. has told a New York bankruptcy judge that Reed Smith LLP should stop representing the company and its former owners in litigation and appeals or face sanctions.
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April 18, 2025
Skadden Atty Joins Milbank's Financial Restructuring Group
Milbank LLP has added a longtime Skadden counsel as a partner in its financial restructuring group in the New York office, as part of the firm's ongoing global expansion of its restructuring practice.
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April 18, 2025
Zips Car Wash Gets OK For $279M Debt-Swap Ch. 11 Plan
A Texas bankruptcy judge on Friday approved Zips Car Wash's $279 million debt-swap reorganization, overriding the U.S. Trustee's office's arguments against the plan's claims releases for third parties.
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April 17, 2025
K&L Gates Bungled Crypto Co.'s Bankruptcy Claim, Suit Says
Gryphon Digital Mining has sued its former counsel K&L Gates LLP, claiming it dropped the ball on a bankruptcy filing that cost the company millions of dollars and complicated another legal case, all while allegedly overbilling the crypto mining firm by $1 million for related matters.
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April 17, 2025
Meet The Attys Leading Global Clean Energy In Ch. 11
A group of lawyers from Norton Rose Fulbright and Kirkland & Ellis LLP is representing renewable fuel company Global Clean Energy Holdings Inc.'s Chapter 11, as the company is holding a prearranged restructuring plan supported by most of its secured lenders.
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April 17, 2025
Mitel Networks Gets Ch. 11 Plan Confirmed In Texas
A Texas bankruptcy judge on Thursday approved telecommunications group Mitel Networks' disclosures regarding its prepackaged Chapter 11 plan and confirmed the company's reorganization proposal, overruling an objection from the U.S. Trustee's Office regarding claims release provisions.
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April 17, 2025
Exela Gets OK For $5M Financing While In DIP Talks
A Texas bankruptcy judge gave Excela Technologies the go-ahead for a $5 million transaction as a stopgap while the payment processing company works to resolve objections to the final order for its proposed $185 million in Chapter 11 financing.
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April 17, 2025
Forever 21's Paul Weiss Hire Approved In Ch. 11 Case
Clothing retailer Forever 21 reached an agreement with the U.S. Trustee late Wednesday that will allow the company to retain law firm Paul Weiss Rifkind Wharton & Garrison LLP as special counsel related to asset sales after the parties agreed to a more limited scope of work for the firm.
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April 17, 2025
FTX Can Serve Binance Execs Via Email In $1.76B Suit
A Delaware bankruptcy judge has allowed the FTX Recovery Trust to serve a $1.76 billion clawback suit against Binance via alternative means, saying the trust may serve the suit on two ex-Binance executives by email or social media.
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April 17, 2025
Petersen Health Gets Initial OK To Take Votes On Ch. 11 Plan
A Delaware bankruptcy judge on Thursday provisionally approved skilled nursing facility operator Petersen Health Care's bid to send its Chapter 11 liquidation plan out to creditors for voting, months after the company sold off most of its assets.
Expert Analysis
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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Justices May Find Gov't Can Keep Fraudulent Transfer Benefit
Based on the justices' questions at the recently argued U.S. v. Miller, the Supreme Court appears prepared to hold that the U.S. — unlike any other creditor — is permitted to retain the benefits of a fraudulent transfer to the detriment of other bankruptcy creditors, says Kevin Morse at Clark Hill.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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How The Onion Could Still Buy InfoWars
While a Texas bankruptcy judge nixed the sale of InfoWars to The Onion on Tuesday, a slight tweak to the novel mechanism proposed could make the sale approvable, says Christopher Hampson at the University of Florida.
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Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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A Closer Look At SDNY Bankruptcy Rule Amendments
The U.S. Bankruptcy Court for the Southern District of New York’s recent amendments to its local rules aim to streamline key Chapter 11 processes, resolve misunderstandings about previous iterations of the rules and urge caution about the use of artificial intelligence, say attorneys at Skadden.
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FTX Exec's Sentencing Shows Pros And Cons Of Cooperation
The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.
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Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.