Puerto Rico's beleaguered public electric utility has kickstarted efforts to modernize its infrastructure, which was exposed as outdated and inefficient in the wake of Hurricane Maria, by advancing a push to privatize operations and adopting a new visionary framework, a governing board member said Thursday.
The trustee for bankrupt World Marketing LLC told an Illinois federal court Wednesday that World Marketing’s former counsel Crane Heyman Simon Welch & Clar couldn’t duck a malpractice case alleging it gave the company bad advice about the need to warn employees about looming layoffs.
Key Safety Systems Inc., the prospective purchaser of bankrupt Takata Corp.’s assets, on Wednesday pushed the Sixth Circuit for a win in its coverage dispute with an AIG unit, saying the insurer is clearly obligated to pay its post-judgment interest.
Barclays Bank PLC and Citigroup have joined with Deutsche Bank AG in urging a New York bankruptcy court to prevent Lehman Brothers Holdings Inc. from issuing preferred stock to substitute the banks’ potentially more valuable interests in Lehman debt, saying the defunct firm’s Chapter 11 plan prohibits the move.
Reorganized debtor Exide Technologies Inc. told a Delaware judge Wednesday that up to $80 million in claims being lodged in California by an air quality regulator should be barred because they were discharged when the company’s Chapter 11 plan was confirmed in 2015.
The federal judge presiding over Puerto Rico’s restructuring cases Tuesday told a group of commonwealth bondholders she doesn’t have the authority to force the island’s government to put hundreds of millions in special revenues toward paying off their notes.
Beus Gilbert PLLC won court approval Wednesday for $88.03 million in fees after an 11-year pursuit of a bankruptcy trustee’s claims against billionaire industrialist Ira Rennert and his RenCo Group Inc. for allegedly plundering bankrupt subsidiary Magnesium Corp. — and the ultimate win of a $214.7 million judgment.
The Office of the U.S. Trustee objected Wednesday to confirmation of Takata Holdings Inc.’s Delaware Chapter 11 plan, citing sweeping, and potentially improper liability releases for third parties, including automaker officers and directors, without third party or creditor consent.
Great Lakes freight shipping company Rand Logistics Inc. on Wednesday received court approval in Delaware for a fast-tracked schedule in its nascent Chapter 11 case that will see its prepackaged equitization plan up for confirmation in less than a month.
Insurance services company Patriot National Inc. on Tuesday filed for Chapter 11 protection in Delaware, blaming its financial woes on the loss of its biggest customer to receivership in Florida, with a strategy in hand to rework its balance sheet through a debt-for-equity swap with its lenders.
In a grand bargain covering some attorney fees for its commercial landlords, Toys R Us Inc. bought more time to decide which store leases it wants to reject in bankruptcy, creating what some experts say could be a practical template for other large retailers abruptly forced into filing for Chapter 11.
Former Dewey & LeBoeuf LLP executive director Stephen DiCarmine has reached a settlement in principle with the U.S. Securities and Exchange Commission over fraud claims, his attorney said Tuesday in a letter asking a Manhattan federal judge to stay the SEC’s case while both sides work out the deal’s details.
Television advertising product company Ensequence Inc. filed for Chapter 11 protection Tuesday in Delaware after losing one of its largest clients and defaulting on its secured debt.
Claims from a pair of Chapter 11 adversary complaints accusing two failed Anguillan banks and a Caribbean regulator of illegally transferring millions deposited by customers at subsidiary offshore banks should first be heard in the British territory of Anguilla, two New York bankruptcy judges ruled Monday, citing jurisdictional deference.
Women's shoe maker Aerogroup International Inc. told a Delaware bankruptcy judge Tuesday that hopes for the confirmation of its Chapter 11 plan have dimmed and it is instead pursuing a sale and auction plan for its assets on a shortened schedule.
A New York bankruptcy judge Tuesday gave a whistleblower accusing cancer treatment chain 21st Century Oncology of charging a Florida health system for services under a dirty contract a month to convince him not to dismiss the claim for failing to connect the chain to the wrongdoing.
Sinking under $236 million in debt, Great Lakes bulk freight-mover Rand Logistics Inc. opened a sale-focused, prepackaged Chapter 11 in Delaware bankruptcy court early Tuesday, aiming to complete a debt-for-equity deal with an affiliate of private equity American Industrial Partners by March 16.
Reinsurance firm Scottish Holdings Inc. filed for Chapter 11 protection late Sunday in Delaware with a plan to sell its equity free and clear of more than $30 million in interest liabilities the company says it won't be able to pay.
Takata pushed the Delaware bankruptcy court on Monday to rule that potentially $1 billion in claims stemming from enforcement actions by Hawaii, New Mexico and the U.S. Virgin Islands would be discharged by a Chapter 11 plan confirmation, a notion the states argued would make bankruptcy "a haven for wrongdoers."
Puerto Rico’s financial overseers Saturday asked a federal court to let the island’s beleaguered electric utility take a $1.3 billion line of credit with the territory’s government to keep the island’s lights on past the middle of next month.
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.
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.
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.
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.
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.
Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.
Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.
By analyzing the case law from Argentina’s default in 2001 and the terms of the Venezuelan bonds, it is possible to predict how a disorderly default might play out in Venezuela's debt crisis. Attorneys with Kirkland & Ellis LLP examine key elements from Argentina’s default in order to predict whether history is likely to repeat itself.
Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.
Bankruptcy courts have taken divergent approaches to analyzing whether they have jurisdiction to approve nonconsensual third-party nondebtor releases. While the New York bankruptcy court's recent decision in SunEdison provides another data point for the debate, it leaves some questions unanswered, say attorneys with Gibson Dunn & Crutcher LLP.