Mid Cap

  • June 14, 2024

    Almond Grower Trinitas Can Sell Ranches For $121M In Ch. 11

    The debtor-in-possession lender and unsecured creditors of almond grower Trinitas Farming LLC told a California bankruptcy judge on Friday they had resolved their dispute over Trinitas' liquidation strategy, clearing the way to proceed with the $121 million sale of 25 ranches.

  • June 14, 2024

    Ch. 11 Trustee Approved In Tommy's Boats Bankruptcy

    At a hearing on Friday, a Texas bankruptcy judge authorized the appointment of a Chapter 11 trustee in the bankruptcy of boat and water sports retailer Tommy's Boats after the company was recently denied the use of lender M&T Bank's cash collateral to fund the case.

  • June 14, 2024

    Aircraft Maker Icon Picks German Co.'s Bid In Ch. 11 Auction

    Light-sport aircraft manufacturer Icon Aircraft said Friday it selected a $15.5 million offer from a unit of German textile machinery producer Durkopp Adler as the winning bid for its assets at a Chapter 11 auction held a day earlier.

  • June 14, 2024

    Meet The Attorneys In Coach USA Inc.'s Ch. 11

    A team of lawyers from Young Conaway Stargatt & Taylor LLP and Alston & Bird LLP whose experience encompasses complex restructurings is helping bus company Coach USA Inc. navigate Chapter 11 so the company can auction off its assets in August.

  • June 14, 2024

    Petersen Creditors Ask To Probe Private Plane Buy, CEO Pay

    Nursing home operator Petersen Health Care's creditors urged the Delaware bankruptcy court to let them examine transactions between the debtor and related entities that aren't in its Chapter 11 case, including the purchase of a private plane and what they described as the use of company funds for an executive's personal expenses.

  • June 14, 2024

    Goetz Fitzpatrick To Merge With Platzer Swergold Next Year

    Goetz Fitzpatrick LLP and Platzer Swergold Goldberg Katz & Jaslow LLP will combine forces next year to create a single New York City firm.

  • June 14, 2024

    No Retroactive Fix For US Trustee Fee Dispute, Justices Say

    The U.S. Supreme Court sided with the U.S. Trustee's Office on Friday in finding that an amended fee structure implemented before a 2022 ruling that struck down a nonuniform system of payments was all that was needed to resolve the disparate treatment of debtors under the unconstitutional law.

  • June 13, 2024

    Pa. Nursing Home Creditors OK With $43.7M DIP Loan

    Creditors of a Pittsburgh-area nursing home network indicated Thursday they were open to $43.7 million in debtor-in-possession financing as the group prepares to potentially sell off a portion of its footprint in a Chapter 11 sale.

  • June 13, 2024

    Judge Will Tap Arbitrator To Explain $87M Shipping Award

    A New York federal judge will let an arbitrator who found that Levona Holdings Ltd. owed Eletson Holdings Inc. almost $87 million in damages clarify the order, saying it was sufficiently ambiguous to require elaboration and rejecting Levona's request that the arbitrator not be given that chance.

  • June 13, 2024

    Transport Co. Coach Can Use $200M DIP To Fund Ch. 11 Sale

    A Delaware bankruptcy judge agreed Thursday to grant interim approval for bus operator Coach USA's almost $200 million debtor-in-possession package, allowing it to access some $20 million in new funds as it works toward a sale of its assets in the Chapter 11 case.

  • June 13, 2024

    Meet The Team Guiding Ventilator Co. Vyaire Through Ch. 11

    A group of attorneys from Cole Schotz PC and Kirkland & Ellis PC is steering Vyaire Medical Inc., a producer and distributor of medical ventilators, through its Chapter 11 case in Delaware after a reversal of fortunes saw a precipitous drop in revenue for the company in 2023.

  • June 13, 2024

    Brazilian Food Chain Co. SouthRock Files Ch. 15 In Texas

    SouthRock Capital Ltda., a Brazilian private equity company that operates international food service brands including Starbucks and TGI Friday, filed for Chapter 15 bankruptcy in Texas, blaming its insolvency on the COVID-19 pandemic and volatility in Brazil's economy.

  • June 12, 2024

    Baltimore Diocese Fights Insurers' Dismissal Attempt

    The Roman Catholic Diocese of Baltimore defended its adversary action in Maryland bankruptcy court seeking coverage from its insurance carriers, arguing that resolving the issue is crucial to resolving its Chapter 11 bankruptcy proceeding.

  • June 12, 2024

    Mississippi Casino Developer's Creditors Want To Force Ch. 7

    Creditors for developer Diamondhead Casino Corp., which has been trying for years to build a casino in Mississippi near the Gulf Coast, filed an involuntary bankruptcy petition in Delaware bankruptcy court against the company Wednesday, saying they are owed $2.4 million.

  • June 12, 2024

    Creditors Appealing Denial Of Estate Trustee In Eletson Ch. 11

    The official committee of unsecured creditors in the bankruptcy of shipping company Eletson is appealing a New York bankruptcy judge's decision not to appoint a Chapter 11 trustee in the case.

  • June 12, 2024

    2nd Circ. Backs Brokerage In Suit Over Biotech's Failed IPO

    The Second Circuit on Wednesday declined to reinstate a Texas company's suit against an investment brokerage that advised biotech Inpellis on an initial public offering that failed and sent the company to file Chapter 7, ruling a lower court rightly found a global settlement eclipsed the need for a jury trial.

  • June 12, 2024

    COVID Set Bus Co. Coach USA On Road To Ch. 11

    Coach USA's long road to bankruptcy began more than four years ago, when measures designed to prevent the spread of COVID-19 forced the operator of Megabus and other transportation services to shut down its bus lines completely in some regions, and its business hasn't been able to recover since.

  • June 12, 2024

    Cancer Claimants Say J&J Talc Unit Ch. 11 Belongs In NJ

    Cancer patients with talc damage claims against Johnson & Johnson are asking a New Jersey federal judge to bar the company's talc liability spinoff from filing its third attempt at a Chapter 11 reorganization outside the state.

  • June 12, 2024

    Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit

    Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.

  • June 12, 2024

    Restaurant Co. Rubio's Seeks July Auction In Del. Ch. 11

    Fast-casual seafood dining chain Rubio's Coastal Grill asked a Delaware bankruptcy judge to sign off on its Chapter 11 auction plans, noting the company hopes to hold an auction July 30 and expects a $45 million stalking-horse credit bid from a lender will reel in competing offers for the California-based business as a going concern.

  • June 12, 2024

    Money Fight Between Trustee, Law Firm Goes To Mediation

    A money conflict between a Chapter 11 bankruptcy trustee and an outside law firm is going to mediation, the parties announced in a court filing this week. It's the latest move in the saga of Litigation Practice Group, the failed California debt relief law firm that was secretly run by a disbarred lawyer.

  • June 12, 2024

    US Trustee Fights Appgate Ch. 11 Plan's Opt-Out Releases

    The Office of the United States Trustee objected on Wednesday to the Chapter 11 plan proposed by tech firm Appgate Inc., saying it would seek to impose an "opt-out only release" on equity holders that would extinguish their potential claims against non-debtors.

  • June 12, 2024

    Pool Co. Hits Ch. 11 After 'Crippling' $16M False Ads Verdict

    The American arm of a Chinese swimming pool products manufacturer has declared bankruptcy after it was slapped with a $16 million false advertising and unfair business practices judgment in North Carolina that the company previously warned would put it out of business.

  • June 12, 2024

    Pillsbury Adds Aviation-Focused Bankruptcy Partner In NY

    Pillsbury Winthrop Shaw Pittman LLP has hired a corporate restructuring partner with aviation expertise for its insolvency and restructuring group in New York.

  • June 12, 2024

    Ambri Gets OK For Ch. 11 Loan, Sale Plans After Creditor Deal

    A Delaware bankruptcy judge on Wednesday approved $5.75 million in Chapter 11 financing for Ambri Inc. and set the battery startup on the path for a July asset sale after hearing the company had reached a deal with its unsecured creditors.

Expert Analysis

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key

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    Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.

  • Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy

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    In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.

  • NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors

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    Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.

  • Cannabis Ruling Lights Path For Bankruptcy Protection

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    A recent Massachusetts bankruptcy appellate court ruling in Blumsack v. Harrington leaves the door open for those employed in the cannabis industry to seek bankruptcy relief where certain conditions are met, but rescheduling marijuana as a Schedule III drug may complicate matters, say Jane Haviland and Kathryn Droumbakis at Mintz.

  • What Bankruptcy Deadline Appeal May Mean For Claimants

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    If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.

  • Conn. Bankruptcy Ruling Furthers Limitation Extension Split

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    A recent Connecticut bankruptcy court decision further solidifies a split of authority on whether Bankruptcy Rule 9006(b) may be used to extend the limitations period, meaning practitioners seeking to extend should serve the motion on all applicable parties and, where possible, rely on the doctrine of equitable tolling, says Shane Ramsey at Nelson Mullins.

  • A 5th Circ. Lesson On Preserving Indemnification Rights

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    The Fifth Circuit's recent decision in Raymond James & Associates v. Jalbert offers an important lesson for creditors and parties to indemnification agreements: If a debtor has indemnified a creditor, the creditor should consider participating in the bankruptcy case to avoid being deemed to have forfeited its indemnification rights, say Dania Slim and Alana Lyman at Pillsbury.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Del. Ruling Shows Tension Between 363 Sale And Labor Law

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    The Delaware federal court's ruling in the Braeburn Alloy Steel case highlights the often overlooked collision between an unstayed order authorizing an asset sale free and clear of successor liability under Section 363 of the Bankruptcy Code and federal labor law imposing successor liability on the buyer, say attorneys at Proskauer.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • Del. Insurance Co. Liquidation Reveals Recovery Strategies

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    Arrowood's recent liquidation in the Delaware Chancery Court offers a positive development for policyholders and claimants, providing access to guaranty association protections amid the company's demise, say Timothy Law and Ann Kramer at Reed Smith.

  • The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

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