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Brazilian Airline Azul's $3B Path To A Ch. 11 In NY
Brazilian airline Azul racked up $3 billion in debt in the process of trying to recover from the COVID-19 pandemic and made several attempts at restructuring that never got off the ground, before landing in a bankruptcy court in New York, its case filings showed.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges will hear arguments on approving the Chapter 11 plans of nursing facility operator Petersen Health Care and investment group The Aztec Fund, decide if satellite communications company Ligado Networks can send out its plan for a creditor vote, and determine if life insurance bond seller GWG Holdings can settle claims against directors for allegedly diverting company funds.
Under The Radar: Bankruptcy News You May Have Missed
A technology platform for startups is hoping to mediate a string of legal disputes with a creditor and former business partner in its Chapter 11. The Church of Jesus Christ of Latter-day Saints urged a Delaware bankruptcy judge to enforce the Boy Scouts of America's Chapter 11 channeling injunction, saying it has been forced to defend itself from released claims. And ExxonMobil objected to a biofuel startup's Chapter 11 auction proposal, asserting that it has rights to certain intellectual property up for sale.
Brazilian Airline Azul's $3B Path To A Ch. 11 In NY
Brazilian airline Azul racked up $3 billion in debt in the process of trying to recover from the COVID-19 pandemic and made several attempts at restructuring that never got off the ground, before landing in a bankruptcy court in New York, its case filings showed.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges will hear arguments on approving the Chapter 11 plans of nursing facility operator Petersen Health Care and investment group The Aztec Fund, decide if satellite communications company Ligado Networks can send out its plan for a creditor vote, and determine if life insurance bond seller GWG Holdings can settle claims against directors for allegedly diverting company funds.
Under The Radar: Bankruptcy News You May Have Missed
A technology platform for startups is hoping to mediate a string of legal disputes with a creditor and former business partner in its Chapter 11. The Church of Jesus Christ of Latter-day Saints urged a Delaware bankruptcy judge to enforce the Boy Scouts of America's Chapter 11 channeling injunction, saying it has been forced to defend itself from released claims. And ExxonMobil objected to a biofuel startup's Chapter 11 auction proposal, asserting that it has rights to certain intellectual property up for sale.
Expert Analysis
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Large Cap More
The twice-bankrupt drug store chain Rite Aid is seeking to reassure landlords who filed a spate of objections in recent days that it intends to continue meeting lease obligations despite its move to close some locations.
General Motors asked a New York bankruptcy court to enforce a 2009 Chapter 11 sale order, saying a recently amended consumer data privacy complaint from the Texas attorney general effectively includes successo... (more story)
An undivided U.S. Supreme Court issued five unanimous rulings this week, weighing in on the burden majority-group plaintiffs must meet in discrimination cases, what counts as a religious organization for purpo... (more story)
Purdue Pharma has asked a New York bankruptcy judge to extend a litigation injunction in its Chapter 11 until late November or after it secures confirmation of its bankruptcy plan, whichever is earlier, saying... (more story)
A New York federal judge on Thursday allowed Brazilian airline Gol Linhas Aéreas Inteligentes SA to put its confirmed Chapter 11 plan into motion, finding the Office of the U.S. Trustee's request for a partial... (more story)
Citing critical unknowns in Ligado Networks LLC's proposed Chapter 11 plan, Boeing Satellite Systems has asked a Delaware bankruptcy judge to order Ligado to choose whether to accept or reject a key Boeing con... (more story)
President Donald Trump's pick to lead the U.S. Department of Labor's employee benefits division told a Senate panel Thursday to prepare for an overhaul of the subagency if he's confirmed, vowing to change the ... (more story)
Munsch Hardt Kopf & Harr PC on Wednesday announced that it has tapped shareholders in Dallas and Houston to lead its women's initiative group, a program designed to support the advancement, retention and publi... (more story)
A Delaware bankruptcy judge Wednesday questioned why firefighting foam maker Kidde-Fenwal did not include in plan disclosures details about the recoveries its creditors can expect under its Chapter 11 proposal... (more story)
California hotel operator MOM CA Investco LLC asked a Delaware bankruptcy judge to increase its Chapter 11 financing by $14.5 million, up from the $5 million that has already been approved.
Mid Cap More
The court-appointed trustee overseeing the Chapter 11 of fintech middleware firm Synapse Financial Technologies Inc. is asking a California bankruptcy judge to convert the case to a Chapter 7 liquidation, desp... (more story)
A New York bankruptcy judge expressed concerns Friday about the scope of modifications that Sticky's, a popular chicken restaurant chain, made to its already-confirmed Chapter 11 plan once it found a buyer tha... (more story)
The U.S. Trustee's Office has asked a Texas bankruptcy judge to reject the Chapter 11 plan floated by a boat and water sports retailer known as Tommy's Boats, arguing it contains nonconsensual third-party rele... (more story)
A Delaware bankruptcy judge has granted final approval for medical technology company Accelerate Diagnostics' $20 million debtor-in-possession financing, which is backed by lenders, including its stalking horse bidder.
New Jersey-based Porzio Bromberg & Newman PC asked a Louisiana federal judge to dismiss a doctor's suit accusing the firm of driving him into bankruptcy, arguing that there's no jurisdiction that would justify... (more story)
The receiver for the bankrupt city of Chester, Pennsylvania, told a state court Thursday that the city-created stormwater authority and its board of directors violated their charter and state law by expanding ... (more story)
Bankrupt casual dining chain Hooters of America began shuttering dozens of restaurant locations throughout the United States Wednesday as it pursues a Chapter 11 restructuring that will see its plan disclosure... (more story)
Engineer.ai, the parent of an artificial intelligence-supported coding app maker, Builder.ai, has filed papers for a Chapter 7 liquidation in Delaware with more than $50 million in liabilities, following litig... (more story)
The founder of the bankrupt Weiss Multi-Strategy Advisers has himself sought Chapter 11 protection in Florida after a New York judge granted a nearly $113.5 million judgment against him in favor of his firm's ... (more story)
The winner of 23andMe's Chapter 11 auction and a nonprofit started by its co-founder can improve their offers to acquire the DNA testing company under procedures agreed to Wednesday in Missouri bankruptcy cour... (more story)