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Synthego's Ch. 11 Fueled By High Costs, Patent Fight
Rising costs, heavy investment that outpaced growth and patent litigation led California-based biotechnology company Synthego Corp. to file for Chapter 11 with up to $500 million in debt and a plan to sell its assets to a prepetition lender.
What's Happening In Bankruptcy Court This Coming Week
With a slightly lighter calendar thanks to Independence Day, bankruptcy judges will consider the Chapter 11 plans and disclosure statements of Molecular Templates and the former owner of social media company Parler, rule on the asset sales of a charter school funder and Village Roadshow, and decide whether a California real estate firm can receive additional postpetition financing.
Under The Radar: Bankruptcy News You May Have Missed
The U.S. Trustee's Office opposed Prospect Medical's Chapter 11 plan disclosure on the grounds that the plan can't be confirmed because of its release provisions; hospital operator Steward Health Care's former captive insurer appealed a bankruptcy judge's decision to OK a settlement Steward struck with secured lenders; and Celsius Network asked a federal judge to let its lawsuit targeting blockchain analysis company Chainalysis Inc. continue.
Synthego's Ch. 11 Fueled By High Costs, Patent Fight
Rising costs, heavy investment that outpaced growth and patent litigation led California-based biotechnology company Synthego Corp. to file for Chapter 11 with up to $500 million in debt and a plan to sell its assets to a prepetition lender.
What's Happening In Bankruptcy Court This Coming Week
With a slightly lighter calendar thanks to Independence Day, bankruptcy judges will consider the Chapter 11 plans and disclosure statements of Molecular Templates and the former owner of social media company Parler, rule on the asset sales of a charter school funder and Village Roadshow, and decide whether a California real estate firm can receive additional postpetition financing.
Under The Radar: Bankruptcy News You May Have Missed
The U.S. Trustee's Office opposed Prospect Medical's Chapter 11 plan disclosure on the grounds that the plan can't be confirmed because of its release provisions; hospital operator Steward Health Care's former captive insurer appealed a bankruptcy judge's decision to OK a settlement Steward struck with secured lenders; and Celsius Network asked a federal judge to let its lawsuit targeting blockchain analysis company Chainalysis Inc. continue.
Expert Analysis
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Large Cap More
Drugstore chain Rite Aid said it has reached a deal to sell its Thrifty Ice Cream brand to an entity tied to the chief executive of Monster Beverage Corp. for $19.2 million during its Chapter 11 case.
Pillsbury Winthrop Shaw Pittman LLP has grown its insolvency and restructuring practice in New York with the addition of a Paul Hastings LLP partner.
Financial services company B. Riley Financial Inc., advised by Cole Schotz PC, announced Friday the sale of its advisory services business to funds managed by Canadian private equity shop TorQuest Partners in ... (more story)
Insurers that do not support talc producer Imerys Talc America's updated Chapter 11 plan told a Delaware judge Thursday that moving too swiftly toward confirmation of the new proposal will have the same result... (more story)
Swiss solar panel maker Meyer Burger's U.S. unit secured a Delaware bankruptcy judge's interim approval Thursday for a $10 million debtor-in-possession loan as it looks to sell two manufacturing sites in Chapter 11.
U.S. Bankruptcy Judge Laurel M. Isicoff, who has spent her career promoting financial literacy as a way to avoid financial insolvency, will retire next May after 20 years on the bench in the Southern District ... (more story)
Whiteford Taylor & Preston LLP has added a pair of experienced litigators to its Richmond, Virginia, office as partners from Gordon Rees Scully Mansukhani LLP.
Pullman & Comley LLC has grown its offerings in Connecticut with the addition of a former assistant U.S. attorney who specializes in bankruptcy and litigation matters.
Carmakers Nissan and Tesla are among the seven unsecured creditors chosen by the Office of the U.S. Trustee to serve on the creditor committee in the Chapter 11 case of auto parts maker Marelli Corp.
The Second Circuit on Wednesday granted Reed Smith LLP's emergency motion to stay a Manhattan federal judge's order to turn over client files amid a conflict over the legitimate ownership of international ship... (more story)
Mid Cap More
A Delaware bankruptcy judge gave interim approval Friday to CareerBuilder + Monster's $20 million Chapter 11 loan, freeing up $12.5 million of funds as the online job search sites look to quickly close asset s... (more story)
A Texas bankruptcy judge on Friday gave Party City permission to send its liquidation plan out for a vote after the retailer agreed to give parties with claims racked up during the Chapter 11 case more time to... (more story)
A Texas bankruptcy judge said Thursday she will grant final approval for Harvest Sherwood Food Distributors Inc. to access a $104 million debtor-in-possession financing facility, which would bring $25 million in new funds.
A Connecticut bankruptcy judge ruled that famous rapper Curtis "50 Cent" Jackson's liquor company Sire Spirits LLC can enforce its lien on its former brand manager Mitchell Green's home in Westport to get some... (more story)
The owner of a Houston apartment complex filed for Chapter 11 protection in New York bankruptcy court with up to $50 million in debt.
A Florida bankruptcy judge Thursday paused his order mandating the appointment of a trustee to oversee Silver Airways' Chapter 11, after being told a trustee could not be named in time to run an auction of the... (more story)
Cle Elum, a city in central Washington at the foothills of the Cascade Mountains, filed for Chapter 9 municipal bankruptcy on Tuesday facing garnishment from a real estate developer to whom it owes $26 million.
The official committee of unsecured creditors for restaurant chain Hooters of America objected to a proposed break-up fee payable to a buyers' group, telling a Texas bankruptcy judge break up fees are meant to... (more story)
O'Melveny & Myers LLP has launched a special credit and liability management group, announcing the move Tuesday as a reflection of "growing client demand for integrated, end-to-end support across the credit cy... (more story)
Federal Reserve Chairman Jerome Powell told senators Wednesday that Congress might want to consider permitting greater dischargeability of student loans, questioning whether it is a "wise national policy" to t... (more story)