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Red Lobster Filing, Giuliani Deal, New Jersey's Rise As Venue
Seafood restaurant chain Red Lobster filed for bankruptcy in Florida with $294 million in funded debt after a failed "endless shrimp" promotion, Rudy Giuliani and two election workers who sued him for defamation said they were close to a deal to resolve a lawsuit filed in his bankruptcy case, and a top New Jersey judge disclosed the Garden State was the second-busiest bankruptcy venue over the past year.
Genesis, Curo Get Ch. 11 Plans OK'd At Different Speeds
Two major Chapter 11 cases won confirmation last week on very different timelines, with crypto lender Genesis Global Holdco LLC finally on an exit path after more than a year and consumer lender Curo Group Holdings Corp. gaining court approval less than two months after it filed for bankruptcy.
Steward Health Ch. 11 Lifts Lid On PE In Healthcare
Steward Health's $9 billion Chapter 11 has come under scrutiny from state attorneys general seeking to uncover why a once-rapidly growing hospital network ended up buried in debt, with authorities taking the unusual tack of turning a special eye toward its former private equity owner Cerberus Capital Management, experts told Law360.
Large Cap More
Bankrupt trucking firm Yellow Corp. has asked a Delaware judge to extend the period during which it has the exclusive right to file a Chapter 11 plan for the third time, touting its nearly $2 billion in real e... (more story)
A Delaware bankruptcy judge on Tuesday held in contempt a former executive for the insolvent U.S. affiliate of Indian education technology giant Byju's, finding he had been disingenuous about his attempts to t... (more story)
Saying that something has to happen in the bankruptcy case of right-wing radio firebrand Alex Jones, the Texas judge overseeing the case reiterated his position that Jones' Chapter 11 plan will be confirmed at... (more story)
The cases that have made the New Jersey bankruptcy court the second busiest in the nation have run the gamut from nationwide retail chains, major real estate players and Johnson & Johnson's mass tort talc spin... (more story)
A Delaware bankruptcy judge agreed on Tuesday to sign off on Miami-based primary healthcare group Cano Health Inc.'s Chapter 11 disclosure statement for purposes of soliciting creditor votes once the debtor fi... (more story)
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in ... (more story)
The general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy filed for Chapter 11 protection in Texas bankruptcy court Tuesday with more than $1 billion of debt, say... (more story)
Rite Aid has reached an agreement with Brand Design Co. to end a lawsuit claiming that the drugstore chain misused the design firm's font for a new logo, the parties have told a Pennsylvania federal court.
Fashion retailer Express Inc. told a Delaware bankruptcy judge the company has decided to reject the leases for 17 of its stores in its Chapter 11 case, including a lease for its store on Fifth Avenue in New Y... (more story)
Mid Cap More
A Florida bankruptcy judge Tuesday gave seafood chain Red Lobster interim permission to draw on $40 million in Chapter 11 financing the company says is necessary to keep its restaurants running while it seeks a sale.
A shareholder of a special-purpose acquisition company that merged with a now-defunct medical technology company in 2021 waited too long to amend his year-old proposed class action and must defend the case aga... (more story)
Rudy Giuliani and two Georgia election workers reached an agreement Tuesday in a lawsuit filed in his bankruptcy case that would bar the former Donald Trump lawyer from repeating lies that the pair committed b... (more story)
Holistic medical provider UrgentPoint Inc. has filed for Chapter 11 bankruptcy protection in Delaware with the hopes of restructuring $3 million in secured debt, with its CEO blaming the bankruptcy on an expen... (more story)
Citing a bankrupt owner's lack of equity and longstanding defaults, the senior secured creditor to Chicago's defunct former Tremont Hotel has asked a Delaware bankruptcy judge to dismiss the case or lift its C... (more story)
An ad hoc group holding some of the debt of Colombian consumer lending giant Credivalores-Crediservicios voiced concerns about the debtor's prepackaged Chapter 11 plan, prompting the debtor to extend its objec... (more story)
A Virginia company that filed for Chapter 11 bankruptcy is on the hook for a disputed corporate income tax assessment because the liability occurred after the company emerged from bankruptcy, the state's tax c... (more story)
Nonslip shoe company Shoes for Crews has canceled a planned auction for its assets after receiving no bids and declared it will go forward with a sale to a group of its first-lien lenders for a $290 million credit bid.
View Inc., a "smart glass" maker once valued at $2 billion, received a Delaware bankruptcy judge's approval on Monday to convert more than $274 million in debt to equity under a Chapter 11 plan that calls for ... (more story)
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's... (more story)