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Bankrupt Omnicare Faced Myriad Woes Before $1B Judgment
A nearly $1 billion judgment for falsely billing the government for prescriptions sent Omnicare into bankruptcy, but Medicare and Medicaid reimbursement issues and other difficulties had been weighing on the nursing home pharmacy for years.
Catching Up With New Bankruptcy Case Action
A software company in the educational technology industry initiated Chapter 11 proceedings with more than $1 billion in debt. A restaurant chain that abruptly closed its locations last month began a Chapter 7. And an entity seemingly related to a 100-year-old hotel's renovation entered Chapter 11 bankruptcy hauling at least $50 million in debt.
Lender Favors In Ch. 11 Get Riskier With ConvergeOne Ruling
Companies that offer incentives to select lenders in bankruptcy could face new legal challenges following a Texas federal court's ruling in the case of ConvergeOne, whose Chapter 11 plan was found to have violated the law by excluding certain creditors from a lucrative equity offering, experts told Law360.
Bankrupt Omnicare Faced Myriad Woes Before $1B Judgment
A nearly $1 billion judgment for falsely billing the government for prescriptions sent Omnicare into bankruptcy, but Medicare and Medicaid reimbursement issues and other difficulties had been weighing on the nursing home pharmacy for years.
Catching Up With New Bankruptcy Case Action
A software company in the educational technology industry initiated Chapter 11 proceedings with more than $1 billion in debt. A restaurant chain that abruptly closed its locations last month began a Chapter 7. And an entity seemingly related to a 100-year-old hotel's renovation entered Chapter 11 bankruptcy hauling at least $50 million in debt.
Lender Favors In Ch. 11 Get Riskier With ConvergeOne Ruling
Companies that offer incentives to select lenders in bankruptcy could face new legal challenges following a Texas federal court's ruling in the case of ConvergeOne, whose Chapter 11 plan was found to have violated the law by excluding certain creditors from a lucrative equity offering, experts told Law360.
Expert Analysis
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Large Cap More
A trust established to pay asbestos claimants in Avon's Chapter 11 has urged a Delaware state court to rule that almost 30 insurers must help indemnify more than $225 million of the cosmetics company's talc in... (more story)
Ireland's High Court has blocked a Russian state-owned aircraft leasing company from enforcing awards issued in arbitration in Russia challenging the liquidation of the company's Irish aviation and maritime le... (more story)
A Texas bankruptcy judge on Wednesday approved bids by Proskauer Rose LLP and Stinson LLP to represent unsecured claimholders in Genesis Healthcare Inc.'s Chapter 11 case but cautioned that "dysfunction" and i... (more story)
A bankruptcy judge ruled Wednesday that the water utility for Chester, Pennsylvania, can't try to alter a five-year-old state court order allowing the bankrupt city to seek bidders for the utility company's assets.
A Texas bankruptcy judge said on Wednesday he would allow the liquidating trustee in reorganized debtor Neiman Marcus' bankruptcy case to make distributions to unsecured creditors largely along the trustee's r... (more story)
Prospect Medical Holdings Inc. says the pending Chapter 11 proceedings for its hospitals in California and Connecticut should keep two technology companies from demanding more than $1 million in payment for di... (more story)
A group of Puerto Rico Electric Power Authority bondholders Tuesday informed a bankruptcy judge that they were following through on a promise to exit a restructuring agreement and join other bondholders in sup... (more story)
BML Properties, the developer of the Baha Mar resort in the Bahamas, defended its bid to bring direct claims against the parent company of CCA Construction, telling a New Jersey bankruptcy judge that CCA's est... (more story)
CVS Pharmacy Inc. has asked a New Jersey bankruptcy judge to enforce his May order approving the sale of 625 Rite Aid pharmacy operations and 64 drug stores, alleging the debtor has not provided druggist insur... (more story)
The U.S. Court of Appeals for the Third Circuit declined Tuesday to reconsider backing a New Jersey federal judge's class certification order in a Johnson & Johnson investor action alleging the company artific... (more story)
Mid Cap More
Bankrupt metal recycling company Aleon Metals received approval Wednesday from a Texas judge for the sale of its assets to a secured creditor for $187.5 million after informing the court the company had reache... (more story)
Maryland, Pennsylvania and the creditors committee of Heritage Coal have objected to its Chapter 11 liquidation plan, telling a Delaware bankruptcy judge that legal releases should be pared down and the states... (more story)
A team of lawyers from Klestadt Winters Jureller Southard & Stevens LLP is representing restaurant chain Iron Hill Brewery in a Chapter 7 case the company launched just 10 days after it abruptly closed all locations.
Two Chili's food servers can continue with their claims that they were unable to take meal and rest breaks and were not reimbursed for cellphone use, a California federal judge ruled, but he winnowed the Chili... (more story)
A financial intermediary for dolphin park owner Leisure Investment Holdings LLC is asking the Delaware bankruptcy court to prohibit credit bidding in the park owner's Chapter 11 auction in order to preserve it... (more story)
A Texas bankruptcy court on Tuesday said it will grant interim approval for Cajun restaurant chain Razzoo's Inc.'s $3.3 million debtor-in-possession financing facility provided by its prepetition lender, First Horizon Bank.
Specialty medical practice Global Wound Care has told a Texas bankruptcy judge it is waiting on $27.2 million in Medicare reimbursement payments, saying the risk that the delays could put it into a liquidity c... (more story)
A Delaware bankruptcy judge on Tuesday approved job search site CareerBuilder + Monster's Chapter 11 plan after the debtor struck a deal that could help holders of unsecured claims land a recovery.
US Magnesium told a Delaware bankruptcy judge Monday that it would temporarily set aside requests to borrow Chapter 11 financing and launch a sale process, as unsecured creditors push to convert the case to a ... (more story)
The city of Chester has asked a Pennsylvania bankruptcy judge to reject a request from the Chester Water Authority for relief from the automatic stay in the city's Chapter 9 case, saying the CWA was renewing a... (more story)