We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bankruptcy

  • December 3, 2018

    Aegean Marine Defends Stalking Horse Agreement With Rival

    Bankrupt Greek marine refueling company Aegean Marine Petroleum Network Inc. has come out swinging against several challenges to its management of its Chapter 11 case and a proposed $681 million opening bid for its assets by a prepetition lender, calling the objections by unsecured creditors “extraordinary” and “surprising.”

  • December 3, 2018

    Mass. Power Retailer Asks For $6M In Ch. 11 Financing

    A Massachusetts power retailer sought permission Monday to borrow $6 million on a post-petition basis in Delaware bankruptcy court to fund the administration of its case while it seeks the release of about $4 million in withheld funds.

  • December 3, 2018

    Aralez, Proposed Buyer Pan Creditors' Ch. 11 Sale Challenge

    Bankrupt Aralez Pharmaceuticals Inc. and its buyer-to-be Deerfield Management Co. fired back on Monday against unsecured creditors’ efforts to derail a proposed $250 million asset sale by converting $75 million of Deerfield’s debt into worthless equity, saying the unsecured creditors had failed to apply the relevant legal standard for conversion.

  • December 3, 2018

    Deals Rumor Mill: Ace Hardware, Arconic, Altria

    Ace Hardware and Centerbridge Partners are reportedly considering a bid for the home services division of Sears, Apollo Global Management is leading the pack in an effort to snap up Arconic, and Altria Group Inc. is in early talks to buy Cronos Group.

  • December 3, 2018

    Creditor's Lack Of Purpose Buries Metal Miner's Ch. 7 Case

    A Delaware bankruptcy judge tossed the involuntary Chapter 7 case of Skye Mineral Partners LLC Monday, after determining the petitioning creditor used the filing as a tactic in ongoing litigation with the company. 

  • December 3, 2018

    Pharma Co. Egalet's Ch. 11 Statement OK'd In Del.

    A Delaware bankruptcy judge on Monday approved second-day motions for pharmaceutical company Egalet Corp.'s Chapter 11, including the continued use of cash collateral, and signed off on the company's disclosure statement so it can solicit votes on the plan with the aim of emerging from bankruptcy in early 2019.

  • December 3, 2018

    Data-Driven Lawyer: DLA Piper's Eric Falkenberry

    DLA Piper’s Eric Falkenberry quantifies litigation risk for buyers and sellers in the M&A arena, runs data boot camps for colleagues and helps dream up innovative new analytics tools, earning him a spot on our 2018 list of Data-Driven Lawyers.

  • December 3, 2018

    MVP: Weil's Ronit Berkovich

    Ronit Berkovich of Weil Gotshal & Manges LLP played a key role this year in orchestrating Takata Corp.’s $1.6 billion sale after the Japanese auto parts maker filed for Chapter 11 on the heels of a massive airbag recall, making her one of Law360’s 2018 Bankruptcy MVPs.

  • November 30, 2018

    The Data-Driven Lawyers Of 2018

    Big Data. Statistical Analysis. Insights. Innovation. These data-driven lawyers are making their mark on the legal industry and developing systems and practices that will change the way law is practiced in the 21st century.

  • November 30, 2018

    Sears Looks To Sell Package Of Stores, Leases For $62M

    Sears Holding Corp. has asked a New York bankruptcy court for permission to sell 13 Kmart and Sears locations for $62 million to a real estate buyer for U-Haul International, saying the stores are not essential to its future operations.

  • November 30, 2018

    Immunotherapy Co. Hits Ch. 11 With $21M In Debt

    Immunotherapy lab Argos Therapeutics Inc. on Friday filed for Chapter 11 in Delaware bankruptcy court with $21 million in debt, and plans to sell its business to a buyer-in-waiting for roughly $4 million in cash and debt relief.

  • November 30, 2018

    No Coverage Owed For Coal Execs Accused Of Conflicts

    A coal company insurer was cleared by a Delaware Superior Court judge Friday to refuse litigation fee and indemnity coverage for two former directors of a bankrupt Kentucky coal mine who were sued by a case trustee over alleged fraudulent transfers and conflicted actions.

  • November 30, 2018

    Real Mex Asks For More Time To Consider Ch. 11 Plan Filing

    The parent company of bankrupt casual dining chain Real Mex asked a Delaware judge Friday to extend the time frame during which it has the exclusive right to file a Chapter 11 plan to give it more time to work through the claims filed against its estate.

  • November 30, 2018

    McKinsey Critic Aims To Keep RICO Suit Alive As Feud Grows

    A federal racketeering suit accusing McKinsey & Co. of failing to disclose conflicts of interest in several Chapter 11 cases should not be dismissed, Jay Alix, a fierce critic and competitor of the global consulting firm said this week, pushing forward a multipronged feud.

  • November 30, 2018

    Aralez Creditors Slam Proposed Ch. 11 Sales To Deerfield

    The unsecured creditors of bankrupt Aralez Pharmaceuticals Inc. want to block a proposed $250 million asset sale to prepetition lender Deerfield Management Co. LP and an associated company, telling a New York bankruptcy court that at least $75 million of the debt Deerfield is using to bid on the assets is really just equity, and therefore worthless.

  • November 30, 2018

    3rd Circ. Upholds Rent Recoupment Plan In Casino Ch. 11

    A Third Circuit panel on Friday upheld a nightclub and beach club owner’s lease agreement with the new owners of a casino that filed for Chapter 11, ruling that the Bankruptcy Code and the doctrine of equitable recoupment entitle the owner to reduce his rent obligation in keeping with the lease agreement he held with the casino.

  • November 30, 2018

    Toys R Us Asia JV Settlement Gets Bankruptcy Court Approval

    A Virginia bankruptcy judge on Friday approved a settlement between Toys R Us investors and the minority equity holder in the toy giant’s $900 million in Asian business, clearing the way for the investors to buy an 85 percent stake in the overseas assets.

  • November 30, 2018

    MVP: Quinn Emanuel's Susheel Kirpalani

    Susheel Kirpalani, partner at Quinn Emanuel Urquhart & Sullivan LLP, has advised the largest group of bondholders in Puerto Rico's restructuring as they maneuver a bankruptcy law he had a role in creating, making him one of Law360's 2018 Bankruptcy MVPs.

  • November 29, 2018

    McKinsey Looks To Fight Jay Alix Claims By Unsealing Docs

    McKinsey & Co. opened a new front on Thursday in its bitter, multi-pronged legal battle with turnaround firm AlixPartners LLP and its founder Jay Alix, asking a Delaware Chancery Court for permission to publicly disseminate documents from a previously settled case that it says will prove Alix's recent attacks are just cynical ploys that follow a game plan formulated years ago.

  • November 29, 2018

    Investors Get First OK On $23M Deal With Cobalt Underwriters

    A Texas federal judge granted preliminary approval on Thursday for a nearly $23 million settlement with Morgan Stanley, Credit Suisse and a host of other investment banks that served as underwriters for the now-bankrupt Cobalt International Energy Inc.

Expert Analysis

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • 4 Things To Watch In The Sears Bankruptcy

    Karen Park

    Following Sears' bankruptcy filing this week, there could be an announcement that the company has agreed to sell its most valuable stores to an affiliate of its largest shareholder, say Karen Park of ParkLaw LLC and Tara Desai of Greenhouse Branding Inc.

  • Crypto As Commodity, And The Bankruptcy Implications

    Joanne Lee Molinaro

    With the recent ruling in My Big Coin Pay that bitcoin and other cryptocurrencies are “commodities,” bankruptcy courts will likely have greater discretion regarding how to treat the valuation of cryptocurrencies in a variety of contexts, say Joanne Lee Molinaro and Susan Poll Klaessy of Foley & Lardner LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Market Evidence Will Likely Be Key In Sears Bankruptcy

    J.B. Heaton

    The Sears bankruptcy was filed early Monday, but the company's insolvency has been in plain view in the form of financial market evidence for a very long time. This case presents a prime example of the role such evidence can play for companies, their insiders, and outside advisers and auditors, says J.B. Heaton of the University of Chicago Law School.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • SDNY Decision Could Inject Uncertainty Into 363 Sales

    Steven Wilamowsky

    The Southern District of New York's recent ruling in Cooper could pare back some of the protections to which asset buyers in bankruptcy cases generally have been entitled under Section 363(m) of the Bankruptcy Code, say Steven Wilamowsky and Laura Appleby of Chapman and Cutler LLP.