Bankruptcy

  • December 13, 2017

    Westinghouse Gets 3-Month Extension To File Ch. 11 Plan

    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.

  • December 13, 2017

    JG Wentworth Sets Jan. Confirmation For Day-Old Ch. 11

    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.

  • December 13, 2017

    Macaroni Grill Ch. 11 Plan Disclosure OK'd Without Valuation

    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.

  • December 13, 2017

    Gizmodo, Deadspin Defamation Suit Hits Major Snag

    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.

  • December 13, 2017

    New York Wheel Design Firm Files Ch. 11 Amid Contract Fight

    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.

  • December 13, 2017

    A&P Creditors Hit Snapple Maker, Distributor With Clawbacks

    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.

  • December 13, 2017

    Cancer Treatment Chain Looks To Wipe FCA Claims In Ch. 11

    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

  • December 13, 2017

    Lufthansa Backs Off Air Berlin As EasyJet Takes Some Routes

    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.

  • December 13, 2017

    MVP: Weil's Matt Barr

    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.

  • December 12, 2017

    Ex-RadioShack Employees Seek Class Cert. In Ch. 11 Case

    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.

  • December 12, 2017

    Odebrecht Oil & Gas Secures US Bankruptcy Protections

    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.

  • December 12, 2017

    JG Wentworth Files Ch. 11 Seeking $450M Debt-Equity Swap

    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.

  • December 12, 2017

    NJ Atty Suspended After 'Brazen Deception' Toward Tribunals

    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.

  • December 12, 2017

    FXCM Owner Files Ch. 11 Prepack To Restructure Notes

    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.

  • December 12, 2017

    Maurice Breakup Fee, Sale Plan Approved In Ch. 11 Case

    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.

  • December 12, 2017

    $100M M&G DIP Cleared Over Lienholder, Trustee Objections

    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.

  • December 12, 2017

    Big Apple Circus Gets OK For Ch. 11 Plan

    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.

  • December 12, 2017

    Class Treatment Sought In IRS Row Over Late-Filed Returns

    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.

  • December 12, 2017

    Gawker, Deadspin Libel Suit Set For Feb. 14 Trial

    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.

  • December 12, 2017

    MVP: Sullivan & Cromwell's Andy Dietderich

    Among his key contributions in large restructuring cases over the past year, Sullivan & Cromwell LLP's Andy Dietderich was instrumental in putting together a complex deal that allowed renewable energy giant SunEdison Inc. to confirm a Chapter 11 plan, earning him a spot as one of Law360's 2017 Bankruptcy MVPs.

Expert Analysis

  • Court Wrongly Disallows Lender's Post-Bankruptcy Legal Fee

    Michael Cook

    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.

  • Why Stock Prices Of Insolvent Firms Can Still Be Positive

    J.B. Heaton

    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.

  • A Secured Creditor’s Guide To Navigating Chapter 11

    Stephanie Lieb

    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.

  • The Billing Evolution: How Far Along Is Your Firm?

    Sharon Quaintance

    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.

  • 10 Tips For Effective Practice Before The 5th Circ.

    Justin Woodard

    The Fifth Circuit is among the busiest federal circuit courts in the country. What can you do to increase your chances of reaching oral argument? And if given the opportunity, how can you present a persuasive argument? Former Fifth Circuit clerk Justin Woodard, an associate at Jones Walker LLP, shares some advice.

  • Series

    Judging A Book: Saris Reviews 'Locking Up Our Own'

    Judge Patti Saris

    Having just completed a six-year term as chair of the U.S. Sentencing Commission, I read Yale Law School professor James Forman's new book, "Locking Up Our Own: Crime and Punishment in Black America," with particular interest, says Judge Patti Saris, chief judge for the U.S. District Court for the District of Massachusetts.

  • Creditors Beware: New, Simplified Ch. 13 Comes At A Price

    Harris Winsberg

    Changes to the federal bankruptcy rules taking effect on Dec. 1 will likely result in Chapter 13 and other cases moving more swiftly toward confirmation, but this efficiency could be at the expense of preoccupied or otherwise lackadaisical creditors, say attorneys with Troutman Sanders LLP.

  • Exploring The New-Value Exception In Multidebtor Cases

    Steven Fink

    While debtors have attempted to invoke the new-value exception in the multidebtor context, doing so raises a number of questions, and there is a surprising dearth of case law addressing how the exception should be applied in multidebtor bankruptcies, say attorneys with the Law Office of Steven J. Fink PLLC and Orrick Herrington & Sutcliffe LLP.

  • Enforcing Judgment Against A Debtor's Spouse

    Craig Weiner

    In the rare instance when otherwise collectible assets are owned by a debtor’s spouse — who is not liable on the underlying judgment — a creditor must be determined and creative in order to recover on its judgment, say Craig Weiner and Michael Kolcun of Robins Kaplan LLP.

  • Roundup

    Judging A Book

    Constance Baker Motley

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.