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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 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 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)
A Delaware bankruptcy judge said she would review proposed changes to the Chapter 11 plan disclosure from firefighting foam maker Kidde-Fenwal after expressing concern at a hearing Monday about not getting a l... (more story)
A federal district court judge blocked President Donald Trump's removal of three members of the Financial Oversight and Management Board for Puerto Rico who had accused the president of illegally firing them without cause.
A Texas bankruptcy judge on Monday permitted Modivcare to send its Chapter 11 plan out for a vote, saying he was going to trust the debtor to move expeditiously towards a confirmation hearing but would divert ... (more story)
Mid Cap More
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.
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)
A company and several affiliates associated with convicted real estate investment fraudster Moshe "Mark" Silber filed for Chapter 11 on Monday in New Jersey bankruptcy court with up to 199 estimated creditors ... (more story)
Restaurant chain Iron Hill Brewery filed for Chapter 7 protection in New Jersey court about 10 days after it abruptly closed all of its locations and told employees it would be pursuing bankruptcy.