The Public Utility Commission of Texas on Wednesday stood by its recent decision to reject NextEra Energy Inc.'s $12.2 billion plan to purchase Oncor Electricity Delivery, the state’s largest utility, saying the proposed transaction was not in the public interest.
A Seventh Circuit judge on Wednesday pressed an attorney for Sentinel Management Group’s trustee to explain the “extraordinary situation” that brought the trustee before the court to once again attempt to claw back $14.5 million from a creditor three years after the appellate court rejected the same request.
Institutional investors holding a large slice of hundreds of millions of Lehman Brothers-related residential mortgage-back securities trusts put a New York bankruptcy court on notice Tuesday that they're dubious of a deal announced days ago that would set a $2.4 billion floor for the trusts' resolution, pointing to numerous provisions that would bar future legal claims.
Federal attorneys told a New York bankruptcy court this week that certain transactions involving the sale of nuclear energy behemoth Westinghouse or its assets to foreign entities could be subject to review by U.S. officials and ultimately rejected by President Donald Trump, who has taken hard stances on trade issues.
A former bankruptcy attorney pled guilty in Connecticut federal court Wednesday to charges of embezzling at least $3.4 million from his clients, according to prosecutors.
The Chapter 11 plan of bankrupt oil driller Paragon Offshore PLC received bankruptcy court approval Wednesday following a one-day trial where a Delaware judge overruled the objections to the plan that remained.
The 2009 bankruptcy sale of General Motors does not shield the carmaker from non-ignition switch-related product liability claims that are based solely on GM's alleged conduct occurring after the sale, a New York bankruptcy judge ruled Wednesday, clearing the way for millions of claims to proceed against the successor.
The Third Circuit on Wednesday said a district judge was correct in refusing to reduce the prison sentence of the onetime executive of now-defunct bottling company Le-Nature's Inc. who in 2011 pled guilty in connection to a $660 million swindle of banks and investors.
Bankrupt auto parts maker Delphi Automotive asked a New York bankruptcy court Monday to approve a $310 million settlement of a dispute with an unsecured creditor over whether the threshold for distributions to creditors had been met.
Women’s clothing maker Bebe Stores Inc. announced Wednesday it has terminated nearly all its store leases and will cover the approximately $65 million cost with a loan and the proceeds of the sale of its distribution center as it fights to avoid bankruptcy.
Bankrupt Caesars Entertainment Operating Co. on Tuesday said that it is planning a new money deal of up to $2.2 billion to refinance the fee and leasehold interests in Caesars Palace Las Vegas as the company emerges from Chapter 11.
Republican leaders in the U.S. House of Representatives on Wednesday said that the so-called Financial Choice Act, a bill that would essentially repeal and replace much of the Dodd-Frank Act and is up for a floor vote later this week, is the centerpiece of their deregulatory agenda.
A Delaware Chancery judge ruled Tuesday that two subsidiaries of Quiznos that were not part of the sandwich chain's 2014 bankruptcy are on the hook for two former top executives' legal fees connected to fraud allegations in Colorado federal court that have since been thrown out.
Restaurant chains Joe’s Crab Shack and Brick House Tavern + Tap filed for Chapter 11 bankruptcy on Tuesday in Houston along with parent company Ignite Restaurant Group Inc. with a $50 million private equity purchase offer in hand after failing to fix declining sale issues out of court.
Acknowledging a risk that its Chapter 11 case could drag into 2018, Energy Future Holdings Corp. on Tuesday sought court approval to refinance and extend and increase its soon-to-mature post-petition debt to as much as $6.3 billion, including $825 million in new first-lien debt.
Bankrupt renewable energy giant SunEdison Inc. received permission Tuesday from a New York bankruptcy judge to enter into a settlement that will net the estate about $800 million from the sale of two yieldcos, but was told it must tweak its Chapter 11 plan disclosures before soliciting creditor votes.
Surgical device maker Halt Medical Inc. secured Delaware bankruptcy court approval Tuesday for an all-asset sale to its post-petition lender in a deal that will see all or most of the company's workers migrate to the buyer.
Bankrupt oil driller Paragon Offshore PLC told a Delaware bankruptcy judge Tuesday that it will need just one day to put on its case for confirmation of a proposed Chapter 11 reorganization plan that has gained the support of its unsecured creditors.
Cocoa trader Transmar Commodity Group Ltd. objected Monday to lender ABN Amro’s motion to convert its bankruptcy to Chapter 7, countering the bank’s claim that Transmar executives defrauded it and saying the conversion would disrupt pending asset sales.
Counsel for the estate of the late Texas business tycoon Charles Wyly Jr. argued in a Monday letter to the Second Circuit that a U.S. Supreme Court decision limiting disgorgement collected by the U.S. Securities and Exchange Commission also affects their case, and may necessitate the vacating of the remaining judgment.
Focused on my final argument notes, I nonetheless noticed a pause in the cross-examination of my client. Then I saw a flutter of activity out of the corner of my right eye, recalls James Brosnahan of Morrison & Foerster LLP.
To the extent Bullard did not already do so, the Ninth Circuit's recent decision in Gugliuzza effectively overrules Bonner Mall and its progeny and arguably creates a new bright-line rule that alters, or at least simplifies, the four-factor test for finality in bankruptcy, say Bryce Suzuki and Amanda Cartwright of Bryan Cave LLP.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
James Veach of Mound Cotton Wollan & Greengrass LLP continues his discussion of Health Republic's complicated liquidation process. This article investigates the question of whether or not Superintendent Maria Vullo missed an opportunity to settle Health Republic's account with the New York Department of Health and Human Services before the Obama administration left office.
The U.S. Supreme Court recently granted certiorari in Village at Lakeridge to consider the deferential standard of review for determining nonstatutory insider status in Chapter 11, but has left other important questions unaddressed, say Steven Wilamowsky and Aaron Krieger of Chapman and Cutler LLP.
Suffering from law firm ranking fatigue? Bewildered by the methodologies? If so, you're in good company. Alan Morrison, associate dean for public interest and public service law at George Washington University Law School, wonders just how far law firm ranking efforts may go.
Puerto Rico’s “general obligation” bondholders are trying to kill off the competition for whatever scraps will be left over when, and if, creditors finally get paid. But their “Hunger Games”-like strategy is bound to fail, says Anthony Caso of Chapman University Fowler School of Law.
For many retail chains filing for Chapter 11 protection, bankruptcy is often the end of the line rather than a fresh start. Retailers’ long-standing reliance on seasonal asset-based revolvers, trade credit and operating leases may be contributing to this outcome, say Christa Hart and Amir Agam of FTI Consulting Inc.
With the 2017 retail season in full swing, what issues are keeping retailers up at night? Ann Schofield Baker of Perkins Coie LLP has distilled a list of top retail risks and trends this year, ranging from data breaches, cyber-ransom threats and toxic chemical compliance to the potential for litigation over subjects including shipping fees, discount pricing and website accessibility.
A bankruptcy trustee or a debtor in possession has several specific powers that frequently come into conflict with a nondebtor’s desire to invoke an arbitration clause. The Fifth Circuit’s recent decision in Janvey v. Alguire pushed back on a trend of expanding the nonsignatory related parties that can be swept into arbitration, says Laura Fontaine of Gruber Elrod Johansen Hail Shank LLP.