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In Red Lobster's Tale Of Ch. 11, Shrimp May Be A Red Herring
Variety Of Cases Propelled Rise In New Jersey Ch. 11 Filings
Red Lobster Filing, Giuliani Deal, New Jersey's Rise As Venue
In Red Lobster's Tale Of Ch. 11, Shrimp May Be A Red Herring
It was more than just all-you-can-eat shrimp specials that forced casual dining chain Red Lobster into bankruptcy on Sunday — higher costs, lower foot traffic and a failure to appeal to younger customers were all additional pressures that experts say could lead other small and midsize restaurant brands to consider bankruptcy in the coming year.
Variety Of Cases Propelled Rise In New Jersey Ch. 11 Filings
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 spinoff to genetic labs and cryptocurrency platforms.
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.
Expert Analysis
The Eleventh Circuit's recent decision in In re: Talal Qais Abdulmunem Al Zawawi has introduced a split from the S... (more story)
A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to... (more story)
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Large Cap More
The global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday, with between $1 billion and $10 billion each of assets and liabilities.
The U.S. Department of Education has asked the full Fifth Circuit to reconsider a recent preliminary injunction a three-judge panel ordered blocking changes to a program providing student loan forgiveness to b... (more story)
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to... (more story)
Barretts Minerals, a company that mines talc, received a Texas bankruptcy court's approval Tuesday to tap $30 million in emergency debtor-in-possession financing from a subsidiary of its nondebtor parent compa... (more story)
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)
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 the near future.
Mid Cap More
In the fourth story in a series on distressed office properties in various U.S. markets, Law360 Real Estate Authority examines how a solid office building in an otherwise strong market — Dallas' Uptown — start... (more story)
Boat and water sports retailer Tommy's Boats has filed for Chapter 11 protection in Texas bankruptcy court, listing up to $500 million in debt after allegedly breaching an agreement with lender M&T Bank.
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.