Bankruptcy

  • March 30, 2020

    US Trustee Says Melinta Plan Releases Go Too Far

    The U.S. Trustee’s Office is arguing to a Delaware bankruptcy judge that the legal liability releases in antibiotics maker Melinta Therapeutics Inc.’s proposed Chapter 11 “far exceed” what is allowed under Delaware case law.

  • March 30, 2020

    Fintech Exec Wants SEC's Discovery 'Haystack' Organized

    A man accused by the U.S. Securities and Exchange Commission of playing a role in an $18 million securities scam has asked a Minnesota federal judge to order the SEC to turn over its evidence in a reasonably organized system.

  • March 30, 2020

    GM Strikes $120M Deal With Drivers In Ignition Switch MDL

    General Motors told a New York federal judge late Friday that the company had reached a $120 million settlement, plus up to $34.5 million in attorney fees, with drivers who claim their cars lost value due to faulty ignition switches.

  • March 27, 2020

    The Attys And Legal Logic Behind Stay-At-Home Orders

    The attorneys helping draft cities’ and states’ stay-at-home orders during the coronavirus pandemic have been tiptoeing through a legal minefield, working long hours to carve out the kind of work that should be considered “essential” and to ensure local governments aren’t overstepping their authority.

  • March 27, 2020

    HHS Can't Appeal True Health Medicare Reimbursement Order

    A Delaware federal judge on Friday tossed the U.S. Department of Health and Human Services' appeal of a bankruptcy court's order requiring that the federal government resume Medicare payments to bankrupt medical testing company True Health Diagnostics LLC, finding that it's too early to appeal.

  • March 27, 2020

    Bar Louie Set For Ch. 11 Sale To Lenders, Auction Called Off

    Gastropub chain Bar Louie told the Delaware bankruptcy court Friday it is canceling a planned Chapter 11 auction and moving forward with the sale of its assets to secured lenders that served as its stalking horse bidder, saying no other qualified buyers came forward.

  • March 27, 2020

    Lucky's Market Concludes Ch. 11 Auctions With $29M In Sales

    Bankrupt health food retailer Lucky’s Market announced nearly $29 million in asset sales Friday after the conclusion of seven auctions identified winning bidders for its store locations and distribution center.

  • March 27, 2020

    Modell's Gets Pause In Chapter 11 Due To COVID-19

    A New Jersey bankruptcy judge agreed Friday to suspend Modell's Sporting Goods Inc.'s Chapter 11 case through April 30, a request the retailer made after shutdowns of nonessential businesses, prompted by COVID-19, scuttled its ability for now to conduct liquidation sales that would help fund postpetition expenses like rent.

  • March 27, 2020

    Fairway Floats $70M Deal For Grocery Workers' Pensions

    Supermarket chain Fairway Markets is asking a New York bankruptcy judge to sign off on a nearly $70 million pension settlement with its union workforce, saying it will allow the company to move forward with its asset sales without encumbrance.

  • March 27, 2020

    Insurer Must Pay $1.5M To Apparel Co. After Retailer's Ch. 11

    A New York federal judge has found an apparel company is entitled to a more than $1.5 million insurance payout for goods that were sold off when the retailer where it stored them went into Chapter 11, saying both the goods and the company's legal bills were covered.

  • March 26, 2020

    Judge Allows Discovery Over Retrieval-Masters Data Breach

    A New York bankruptcy judge Thursday allowed the parties in a suit over a data breach at bankrupt collection agency Retrieval-Masters Creditors Bureau to seek documents from the company, saying discovery won't do the company any further harm since the case is winding down.

  • March 26, 2020

    Greenberg Traurig Announces Alliance With Bankruptcy Pro

    Greenberg Traurig LLP announced Thursday it has forged a "strategic alliance" with the former co-chair of its restructuring practice and founder of the Zirinsky Law Partners bankruptcy boutique to handle the fallout of the COVID-19 pandemic.

  • March 26, 2020

    Art Van Seeks 'Life Support' For Ch. 11 Case Amid Outbreak

    Bankrupt home furnishing retailer Art Van Furniture LLC told a Delaware judge Thursday that it is in negotiations with its lenders and creditors to largely pause its Chapter 11 proceedings to minimize its expenses as it waits out business restrictions designed to stem the spread of the coronavirus.

  • March 26, 2020

    Deals Rumor Mill: SoftBank, Neiman Marcus, UniCredit

    SoftBank considered going private before announcing its $41 billion asset sale, Neiman Marcus is mulling bankruptcy as it deals with a $4.3 billion debt load, and UniCredit is buying a €435 million stake in Italian supermarket chain Esselunga. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • March 26, 2020

    Tilton Quits, Then Returns, After Losing Patriarch Sale Control

    Distressed debt investment mogul Lynn Tilton on Thursday partially walked back a weekend resignation of her controlling positions over a fleet of Patriarch Partners companies, after reportedly quitting Saturday in the wake of a Delaware bankruptcy court order directing her compliance with milestones for selling the businesses.

  • March 25, 2020

    Deloitte Must Face Adelphia Collapse Suit In Pennsylvania

    Deloitte & Touche LLP will have to face a lawsuit in Pennsylvania state court over the role of its accounting in the collapse of Adelphia Communications Corp. after a panel of Keystone State appellate judges said a lower court had been wrong to let Deloitte out of the case.

  • March 25, 2020

    Judge Won't Acquit Bumble Bee Ex-CEO On Price-Fixing

    A California federal judge has refused former Bumble Bee CEO Chris Lischewski’s bid for acquittal after he was found guilty of fixing prices for canned tuna with rivals StarKist and Chicken of the Sea.

  • March 25, 2020

    Laminates Maker API Americas Gets Nod For $6M Ch. 11 Sale

    A Delaware bankruptcy judge on Wednesday gave his nod to the $6 million Chapter 11 sale of some assets of API Americas Inc., a Kansas-based company that makes laminate and foil products.

  • March 25, 2020

    Modell's Ch. 11 Case Headed To Pause Amid COVID-19 Crisis

    A New Jersey bankruptcy judge indicated Wednesday that he would grant Modell’s Sporting Goods’ “extraordinary” request to hit the pause button on its Chapter 11 cases in light of the impact of the COVID-19 pandemic on the company’s going-out-of-business sales, saying “this is a whole new world.”

  • March 25, 2020

    PG&E Granted Approval For Updated Ch. 11 Disclosures

    A California bankruptcy judge Wednesday said he would allow PG&E Corp. to send out a supplement to its already-approved Chapter 11 plan disclosure covering recent changes made in response to objections by California Gov. Gavin Newsom.

  • March 25, 2020

    Skadden, Togut Segal OK'd As McClatchy's Ch. 11 Counsel

    A New York bankruptcy judge said Wednesday that Skadden Arps Slate Meagher & Flom and Togut Segal & Segal can serve as Chapter 11 counsel to newspaper chain the McClatchy Co. over objections that they were too closely tied to the company.

  • March 25, 2020

    Cancer Center Lobbyist Tells 2nd Circ. Bonuses Were Earned

    A lobbyist who worked for cancer center 21st Century Oncology Holdings Inc. told a Second Circuit Court of Appeals panel Wednesday he earned at least $5 million in bonus payments before he left the company and that Chapter 11 rules don’t bar payment of that money.

  • March 25, 2020

    Alaska Oil Biz Seeks New Deal After Ch. 11 Sale Goes Cold

    Furie Operating Alaska LLC told a Delaware bankruptcy judge Wednesday that the oil and gas company's planned foreclosure sale agreement collapsed last week, sending the debtor scrambling toward a different deal with two of its three term loan lender groups.

  • March 24, 2020

    Court Puts Pot Cos.' Claims Against Fiserv Unit On Hold

    A New York federal judge on Tuesday temporarily barred a group of marijuana companies from pursuing any of their claims related to nearly $620,000 they allege embattled cannabis payment processor Linx Card owes them.

  • March 24, 2020

    Boy Scouts Say Lone Accuser Can't Jump Line In Ch. 11

    The Boy Scouts of America urged a Delaware bankruptcy judge Tuesday to temporarily halt hundreds of sexual abuse cases while its Chapter 11 continues, arguing a lone plaintiff's bid to proceed with a case should not be put "first in line" before other accuser's claims.

Expert Analysis

  • Client Advocacy Tips For Remote Hearings During COVID-19

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    As the judiciary implements telephone and video hearings in response to the coronavirus pandemic, attorneys can deliver effective advocacy by following certain best practices, such as using backup materials and specially preparing witnesses and exhibits, say attorneys at Fish & Richardson.

  • Examining Director Duties As Insolvencies Appear Imminent

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    With an expected decline in the level and profitability of business activity during COVID-19, directors must understand their fiduciary duties and responsibilities to creditors under Delaware law when a corporation is approaching insolvency or becomes insolvent, say attorneys at Fried Frank.

  • How To Conduct Depositions Remotely

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    Remote depositions are a useful tool for meeting discovery deadlines while allowing all parties to stay at home amid the COVID-19 outbreak. But they come with a unique set of challenges, say Eliot Williams and Daniel Rabinowitz at Baker Botts. 

  • Oil Price War Makes New Debt Modification Strategies Key

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    With an unexpected increase in Saudi oil production and the COVID-19 pandemic sending oil prices downward, many upstream and midstream oil and gas companies are reevaluating their capital structures. But tax law developments since the 2008 financial crisis require new approaches to debt modifications, say attorneys at Skadden.

  • A Guide To Zealously Representing Clients During COVID-19

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    The American Bar Association's Model Rules of Professional Conduct require lawyers to be zealous advocates for clients' interests, but how do these rules apply in this unprecedented time of COVID-19? Anne Lockner at Robins Kaplan offers some pointers.

  • Pandemic Poses Distressed Debt Opportunities, CFIUS Risks

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    Although a coronavirus-prompted uptick in U.S. debt restructurings may lead to distressed asset investment opportunities, non-U.S. investors and lenders should be wary of transactions that could trigger the Committee on Foreign Investment in the United States' jurisdiction, say attorneys at Ropes & Gray.

  • 7 Ways Attys Can Create The Right Home Office Environment

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    In the midst of this health crisis when lawyers are working from home with their loved ones around all day, practitioners need to ensure their “home” and “office” settings coexist without one trumping the needs of the other, says Luciana Fragali at Design Solutions.

  • 10 E-Discovery Challenges Caused By COVID-19

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    The COVID-19 crisis will continue to affect e-discovery long after we overcome this pandemic. When litigation and investigations reengage and courts start moving their schedules forward, these concerns will need to be addressed, say David Kessler and Andrea D'Ambra at Norton Rose.

  • COVID-19 Ushers In New Normal For Bankruptcy Proceedings

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    The bankruptcy courts will be heavily burdened by a surge of new filings due to COVID-19, but insisting on the usual approaches in these cases could prove to be counterproductive, says former U.S. Bankruptcy Judge James Peck now at MoFo.

  • Ohio Tax Talk: Beware Risks Of Delaying Tax Payments

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    There has been a recent wave of news regarding the delay or suspension of tax filings in response to the coronavirus crisis. But stringent responsible-person rules in many jurisdictions should serve as a warning to any officer considering deferring payments, say attorneys at Frost Brown.

  • BigLaw Leaders Must Prepare For COVID-19 Economic Fallout

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    The financial impact of COVID-19 is already starting to ripple through law firms in the form of diminished demand and time entry. A few lessons from the 2008 financial crisis and some new ideas can help firm leaders navigate the storm, says Peter Zeughauser at Zeughauser Group.

  • New Bankruptcy Law May Help Small Cos. Weather COVID-19

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    Almost miraculously, the newly effective Small Business Reorganization Act of 2019 provides small businesses the means to obtain relief from the economic effects of the coronavirus, says Andrew Zaron at Leon Cosgrove.

  • 3 Ways Leaders Can Improve Remote Work For Lawyers

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    Remote working doesn’t work when people feel they must apologize for or hide it, and lawyers often feel that way — even in unavoidable, disaster-related scenarios like we see with the pandemic today, says David Pierce at Axiom.

  • Tips For Online Mediation In The Age Of Social Distancing

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    While mediating via an internet conferencing platform during the COVID-19 crisis, remember that visual interactions are of vital importance. A simple phrase can be transformed into a sincere inquiry, a shocked response or a sarcastic put-down depending upon how we visually convey that message, says mediator Sidney Kanazawa at ARC.

  • Why Modell’s Might Not Meet Its Liquidation Projections

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    Absent a party coming in to purchase substantially all of Modell’s assets, creditors should be prepared to take a major loss from the company’s Chapter 11 liquidation — one of the first large retail bankruptcies during the COVID-19 pandemic, says Eric Horn at A.Y. Strauss.

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