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What's Happening In Bankruptcy Court This Coming Week
Furniture company Walker Edison will undergo a hearing about its postpetition financing deal, a judge will consider the terms of a global resolution proposed between Spirit Airlines and its largest lessor, and the Chapter 15 representative for an Austrian biotechnology company will seek subpoena power. Here are some of the noteworthy hearings scheduled for next week.
Plant Downtime, Price Swings Sent Aleon Metals To Ch. 11
Despite a growing market for the products extracted in its petroleum recycling process, Aleon Metals entered bankruptcy in Texas last month saying equipment issues stalled operations, adding onto financial woes from fluctuating commodity pricing.
Linqto's Private Stock Deal Applies Ch. 11 To Novel Terrain
Months into its bankruptcy, investment platform Linqto has proposed a novel Chapter 11 deal to let retail investors profit from the rise of private technology companies, offering in-kind recoveries under a plan that creatively applies provisions of bankruptcy law, experts told Law360.
What's Happening In Bankruptcy Court This Coming Week
Furniture company Walker Edison will undergo a hearing about its postpetition financing deal, a judge will consider the terms of a global resolution proposed between Spirit Airlines and its largest lessor, and the Chapter 15 representative for an Austrian biotechnology company will seek subpoena power. Here are some of the noteworthy hearings scheduled for next week.
Plant Downtime, Price Swings Sent Aleon Metals To Ch. 11
Despite a growing market for the products extracted in its petroleum recycling process, Aleon Metals entered bankruptcy in Texas last month saying equipment issues stalled operations, adding onto financial woes from fluctuating commodity pricing.
Linqto's Private Stock Deal Applies Ch. 11 To Novel Terrain
Months into its bankruptcy, investment platform Linqto has proposed a novel Chapter 11 deal to let retail investors profit from the rise of private technology companies, offering in-kind recoveries under a plan that creatively applies provisions of bankruptcy law, experts told Law360.
Expert Analysis
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Large Cap More
Yale New Haven Health Services Corp. has agreed to pay $45 million to hospital operator Prospect Medical Holdings Inc. to conclude their legal dispute over a failed $435 million sale of three Connecticut hospi... (more story)
Auto parts maker First Brands Group filed for Chapter 11 protection late Sunday with more than $10 billion in debt and said it had secured $1.1 billion in bankruptcy financing from its creditors to keep the bu... (more story)
A holding company that nominally owns a $33 million New Jersey mansion has asked a Connecticut federal judge to flip a bankruptcy finding that the company was equitably owned by Chinese exile Miles Guo and fun... (more story)
A Texas federal judge has reversed parts of reorganized IT group ConvergeOne's Chapter 11 plan, saying an exclusive equity backstop opportunity given to a faction of its secured lenders violated bankruptcy's e... (more story)
A group of Linqto customers has asked a Texas bankruptcy judge to reject the investment platform's plan to create a closed-end fund and liquidating trust to distribute private company securities through its Ch... (more story)
Argentina has told the Second Circuit that a federal district court order requiring it to give up a 51% interest in nationalized oil company YPF would create a "legal mess and a diplomatic disaster," urging th... (more story)
A real estate developer and his attorney have hit back at claims they should be sanctioned for allegedly submitting fake contracts as evidence they own the company that runs the Miss America pageant, asserting... (more story)
This past week in London has seen Sanjeev Gupta’s Liberty OneSteel sue its collapsed former lender Greensill Capital, television personality Janice Dickinson hit ITV with a personal injury claim after falling ... (more story)
The founder and president of hedge fund Highland Capital Management has asked the U.S. Supreme Court to weigh in on a bankruptcy judge's refusal to recuse herself from proceedings involving the company after s... (more story)
A group comprising at least a dozen entities affiliated with Carnaby Capital Holdings LLC filed for Chapter 11 protection in Texas on Wednesday, reporting liabilities of between $1 billion and $10 billion.
Mid Cap More
Pharmaceutical services company Azzur Group objected to a motion from the U.S. Trustee's Office seeking to compel the debtor to file an amended Chapter 11 plan after it failed to confirm its last plan in May.
A New York bankruptcy judge has told Empire Cannabis Club to surrender the property it leases at a location in Brooklyn to its landlord, ruling the bankrupt tenant effectively rejected the lease because it nev... (more story)
A federal judge in Florida on Friday recommended approving a confidential settlement between Dollar Tree and the parents of a toddler who consumed lead from WanaBana cinnamon applesauce pouches, saying it's in... (more story)
A Missouri bankruptcy judge on Friday gave the go-ahead to include customer data breach settlements worth up to $86.5 million in the Chapter 11 plan of genetic testing company 23andMe.
A property owner accused of defrauding an investor with phony development plans for a New Jersey site on the Hudson River sought Chapter 11 protection ahead of a sheriff's sale Friday, claiming it owes $67.3 m... (more story)
Chubb's Century Indemnity Co. and ACE American unit Pacific Employers Insurance Co. have received a Connecticut federal judge's approval to pay $9 million to a pump manufacturer's Chapter 7 estate, allowing th... (more story)
A Missouri bankruptcy judge said Thursday he was prepared to allow the Chapter 11 plan of 23andMe to go out for a creditor vote and have the go-ahead to deal with what the former genetic testing company said m... (more story)
Phil McGraw, also known as Dr. Phil, hit back Thursday at accusations that workers at his television channel joint venture were fired when it filed for bankruptcy so they could work for a new entity started by... (more story)
A New York bankruptcy judge agreed on Thursday to table a request by the Roman Catholic Diocese of Buffalo, New York, to hire Jones Day for help working out legal issues related to a nonprofit, as the debtor r... (more story)
Flagstar Bank has urged a Michigan federal judge to grant it an early win against a former executive of the now-bankrupt Live Well for his role in a scheme to defraud lenders by inflating the value of bonds, s... (more story)