Bankrupt women's accessories retailer Charming Charlie Holdings Inc. received interim approval Wednesday in Delaware for a two-part post-petition financing plan that will see $10 million of new money injected into the company to help it maintain operations at core stores going forward.
Westinghouse Electric Co. on Wednesday received 90 more days of exclusive time to file a Chapter 11 reorganization plan from a New York bankruptcy court judge, who blasted the company’s unsecured creditors for trying to “throw a bomb” in what has so far been a productive restructuring case.
Fast-cash and structured settlement finance company J.G. Wentworth Co. cleared the first turn of its racetrack Chapter 11 on Wednesday, setting a final hearing for Jan. 17 after hitting disclosure and liability release speed bumps raised by the Office of the U.S. Trustee.
The Chapter 11 plan disclosure statement of chain restaurant Macaroni Grill received approval Wednesday from a Delaware judge after she determined it contained enough information for creditors and didn’t need to include a valuation of the debtor.
A sports betting guru's state court defamation suit against a Deadspin.com writer hit a major snag Wednesday after a New York bankruptcy court ruled that the claims are barred by an injunction tied to the 2016 sale of the website's former parent Gawker Media to Univision.
The design team company associated with the unfinished New York Wheel attraction slated to be built on Staten Island filed for Chapter 11 protection Wednesday in Delaware as it remains locked in litigation with the wheel’s owner and the city over what the debtor says were breaches of the project contract.
The unsecured creditors of the A&P supermarket chain asked a New York bankruptcy court judge Wednesday to claw back more than $5.6 million from Dr Pepper Snapple Group Inc. and a national distributor, alleging the payments were made too close to the retailer’s bankruptcy filing.
Bankrupt cancer treatment chain 21st Century Oncology on Tuesday told a New York bankruptcy court that a whistleblower has not brought sufficiently specific allegations to stop it from wiping the slate clean of claims that it falsely charged for medical services done under a dirty contract with a Florida health system
Lufthansa said Wednesday it is bowing to concerns raised by antitrust authorities and scrapping its plans to purchase one of two subsidiaries from bankrupt Air Berlin, one day after watchdogs approved easyJet's purchase of some of the airline's Berlin operations.
Weil Gotshal & Manges LLP’s Matt Barr led efforts to bridge the debtor-creditor divide across some of the year’s biggest bankruptcy cases, from working for unsecured creditors in SunEdison’s massive Chapter 11 to guiding global investment holding company China Fishery Group’s $2 billion debt restructuring, netting him a spot as one of Law360’s 2017 Bankruptcy MVPs.
A pair of former RadioShack employees suing the bankrupt company over mass layoffs from the retail icon's store closings pushed the Delaware bankruptcy court to certify a class Tuesday, a notion opposed by the debtor, which saw its Chapter 11 plan confirmed just weeks ago.
Brazilian oil field servicing company Odebrecht Oil & Gas received New York bankruptcy court recognition Tuesday of its insolvency proceedings in Brazil, where it has received approval to execute a plan to restructure approximately $4.7 billion in secured debt.
Specialty finance company J.G. Wentworth Co. filed for Chapter 11 protection in Delaware on Tuesday with a prepackaged plan already accepted by many creditors in hand to restructure its nearly $450 million in debt in a deal that hands over control to term lenders with a debt-for-equity swap.
The state's highest court has suspended an attorney from practicing law in New Jersey for three years over a series of ethics violations that include lying to disciplinary authorities and a federal bankruptcy court and abusing his attorney trust account to avoid creditors.
An indirect effective owner of online foreign exchange broker FXCM filed for bankruptcy in New York on Monday with prenegotiated plans to push out the maturity date for $172.5 million in senior notes following the company’s delisting from public trading on the Nasdaq Global Market.
Maurice Sporting Goods Inc. received court approval Tuesday in Delaware for its proposed sale and auction plan, as well as a $500,000 breakup fee for its stalking horse bidder that initially drew objections from the U.S. trustee.
Bankrupt global plastics supplier M&G USA Corp. secured final Delaware court approval Tuesday for a $100 million debtor-in-possession loan needed to keep its sale plan alive, over objections from Texas plant construction lienholders and the U.S. trustee's office.
Big Apple Circus Ltd.’s Chapter 11 plan was approved Tuesday by a New York bankruptcy judge, moving forward a mostly-volunteer effort to wind down the defunct nonprofit.
A California man asked a federal judge on Monday to certify a group of taxpayers in a suit against the IRS, alleging the agency lacks the authority to assess taxes on some late-filed tax returns.
A sports gambling guru and a Deadspin.com writer accused of defaming him will go head to head in New York bankruptcy court after a judge set a Feb. 14 trial date to determine whether the journalist is protected by an injunction tied to the sale of the website’s bankrupt former parent Gawker Media.
In its new report on the effects of automation in the workplace, McKinsey Global Institute identifies lawyers as less susceptible to the sort of automation that could put one-third of American workers out of a career by 2030. This may seem reassuring, but it doesn't mean automation won't disrupt our bottom line, says Michael Moradzadeh of Rimon PC.
Gary Ford's new book, "Constance Baker Motley: One Woman’s Fight for Civil Rights and Equal Justice Under Law," is more than a biography of the first African-American woman to become a federal judge. It presents in vivid detail how her work altered the legal landscape of the United States, says U.S. District Judge Marcia Cooke of the Southern District of Florida.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC.
When a borrower finds itself in a distressed situation, management or private equity sponsors will often identify valuable assets to isolate them from the distressed company, often to the detriment of certain creditors. A recent example involving Algeco Scotsman offers important takeaways for issuers as well as bondholders, say Adam Summers and Corey Fersel of Fried Frank Harris Shriver & Jacobson LLP.
Judicial estoppel is often used to dismiss product liability actions when a plaintiff failed to disclose potential claims during a prior bankruptcy proceeding. While state laws may rule out judicial estoppel defenses in certain multidistrict litigation courts, asserting the defense even where it is unlikely to prevail preserves the issue for appellate review, say Chad Eggspuehler and Melissa Kelly of Tucker Ellis LLP.
At least five circuit courts have taken a sensible approach to allowing an undersecured creditor’s claim for legal fees. But there is still no uniformity in the lower courts, as evident in a North Carolina federal court's recent decision in Summitbridge v. Faison, says Michael Cook of Schulte Roth & Zabel LLP.
When Cumulus Media filed for Chapter 11 protection last week, its market capitalization fell to under $3 million, but $3 million is still greater than zero. Was Cumulus solvent when it filed bankruptcy? The answer is almost surely no, and it is important that lawyers have a good understanding of the reasons why, says attorney J.B. Heaton.
To a secured creditor, a borrower filing for Chapter 11 protection can present a daunting proposition — from digesting the schedules and first-day motions and tracking the many deadlines to developing and implementing a strategy to maximize potential recovery. Stephanie Lieb of Trenam Law provides a map to help creditors traverse the process and emerge as unscathed as possible.
In a recent study, 20 out of 25 law firms surveyed have made billing process improvement a top priority for 2018. Firms can foster consistency and increase efficiency at all stages of their billing cycle by focusing on a few specific procedures, say Sharon Quaintance and Christine Indiano at HBR Consulting.