Bankruptcy

  • February 29, 2024

    Yellow Corp. Gets Ch. 11 Control Extended To End Of July

    Bankrupt Yellow Freight Corp. has secured an extra 90 days to hold onto the wheel of its Chapter 11 case in Delaware, after citing both the complexity of its case and the "tremendous" progress in selling off its assets.

  • February 29, 2024

    Amazon Seller Thrasio Seeks $360M DIP Facility In Ch. 11

    Thrasio Holdings Inc., which aggregates third-party brands for sale on Amazon, has urged a New Jersey bankruptcy court to sign off on an agreement the company struck with lenders to finance the consumer goods business' Chapter 11 case to the tune of $360 million.

  • February 29, 2024

    Celsius Floats Fix For Customers' 'Devastating' Ballot Blunder

    Hundreds of Celsius Network customers who mistakenly elected to receive a reduced payout for their cryptocurrency claims would get a chance to correct their "devastating" error under a plan filed by the crypto company in New York bankruptcy court.

  • March 01, 2024

    Inside BigLaw's 'Tremendous' Hunger For Restructuring Attys

    Even as the economy appears poised to pick up steam in 2024, BigLaw firms are still aggressively adding restructuring capabilities, with a number of recent lateral hires reflecting the glut of work still to be found in the practice area.

  • February 29, 2024

    Bankruptcy Group Of The Year: Brown Rudnick

    The bankruptcy department at Brown Rudnick LLP has coalesced into a powerful team able to fight for the rights of commercial and tort creditors in large Chapter 11 cases, including securing the dismissal of insolvency cases for Johnson & Johnson's talc unit — twice — and forging a resolution for the sprawling case of cryptocurrency player BlockFi Inc., earning it a spot among Law360's 2023 Bankruptcy Groups of the Year.

  • February 29, 2024

    Bankrupt Endo To Pay $465M To Resolve Opioid Claims

    Drugmaker Endo International has agreed to pay as much as $465 million to resolve criminal and civil claims stemming from its sale and marketing of a powerful opioid, and will turn over its assets to a group of secured lenders who will operate the company under a new corporate structure.

  • February 28, 2024

    Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case

    A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    Kwok Trustee Seeks Second Judge's Help With Clawbacks

    Offering four high-profile bankruptcies as examples, the Chapter 11 trustee overseeing the $374 million case of Chinese exile Ho Wan Kwok has suggested that a second Connecticut bankruptcy judge could act as a mediator to help speed a deluge of 278 avoidance actions efficiently toward possible settlements.

  • February 28, 2024

    NY Bar Assoc. Building Owner Hits Ch. 11 Amid Lender Tiff

    The company that controls the historic New York County Lawyers Association Building in Manhattan petitioned a New Jersey bankruptcy court for Chapter 11 protection Wednesday, estimating between $50 million and $100 million in debt, as it faces in New York a roughly $28 million lawsuit leveled by a mortgage lender.

  • February 28, 2024

    Brazilian Airline Approved For Ch. 11 Loan Worth $1B

    GOL Linhas Aereas Inteligentes SA received final bankruptcy court approval Wednesday for a debtor-in-possession financing package that has grown to $1 billion after achieving consensus with creditors that previously objected to the package.

  • February 28, 2024

    Bankrupt Coffee Co. Says Nicaraguan Asset Sale Unlikely

    Coffee supplier Mercon Coffee Corp. Wednesday told a New York bankruptcy judge it no longer believes it will be able to win government cooperation for the sale of its Nicaraguan assets before it runs out of cash to fund its Chapter 11 case.

  • February 28, 2024

    Homeowners Urge Judge To Toss 'Tactical' MV Realty Ch. 11

    A committee of homeowners who signed agreements with MV Realty told a Florida bankruptcy judge on Tuesday that the company filed for Chapter 11 as a maneuver to dodge a series of state actions seeking to void predatory deals with some 40,000 homeowners in 34 states.

  • February 28, 2024

    Erika Girardi Can't Shed Costume Merchant's Suit

    A California federal judge has kept alive a costume merchant's malicious prosecution claim against singer and reality TV star Erika Girardi, saying the merchant showed evidence that Girardi had him wrongfully arrested and prosecuted on made-up fraud charges.

  • February 28, 2024

    US Trustee Taps Ex-Prosecutor To Be FTX Examiner

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.

  • February 28, 2024

    NuVasive Can Pierce Co. To Collect From Ex-Rep, Judge Says

    NuVasive Inc. can pierce the corporate veil to collect a $617,000-plus arbitration judgment it won against a company operated by one of its former sales representatives who improperly cut ties with the medical device company and violated his noncompete agreement, a Boston federal judge has ruled. 

  • February 28, 2024

    Major Amazon Seller Thrasio Enters Ch. 11 To Cut $500M Debt

    Thrasio Holdings Inc., a consumer goods company that is one of Amazon's largest third-party sellers, announced Wednesday that it entered Chapter 11 bankruptcy in New Jersey with the aim of cutting nearly $500 million in debt while bringing in more capital.

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Ex-Girardi Keese Atty Settles With Actress Over Missing Cash

    An actress alleging that Erika Girardi's entertainment company helped her husband's now-defunct law firm, Girardi Keese, hide his clients' stolen money, including $744,000 stolen from her, finalized a $6,000 settlement with one of the firm's attorneys on Tuesday when a California judge signed off on the deal.

  • February 27, 2024

    Atty Isn't Liable As Husband's Firm Partner, NJ Panel Says

    A New Jersey appellate panel on Tuesday said retired attorney Gail Beran isn't liable for malpractice in connection with her husband's failure to file a bankruptcy on time, because his then-clients didn't rely on the idea that she was a partner when they decided to hire the firm.

  • February 27, 2024

    Ch. 11 Trustee Says Bank Fraud-Tied Jewelry CEO Hid Assets

    The trustee for a bankrupt jewelry company allegedly tied to a $2 billion Indian bank fraud has filed a suit in New York bankruptcy court accusing the company's CEO of trying to hide a $7 million Manhattan apartment from creditors.

  • February 27, 2024

    Hospital Groups Allege Opioid Crisis Damaged Their Finances

    More than 20 hospitals and related companies have joined multidistrict litigation over the opioid epidemic, alleging in a massive new complaint that pharmacies, drug distributors and others contributed to a crisis that damaged hospitals' finances and strained their ability to help patients.

  • February 27, 2024

    Jackson Walker, Kirkland Again Sued Over Judge's Romance

    Jackson Walker and Kirkland & Ellis LLP have been hit with another lawsuit alleging they were aware of a former Texas bankruptcy judge's relationship with a onetime partner of the former firm and failed to disclose it during proceedings worth millions of dollars.

  • February 27, 2024

    Trial Over Ch. 11 Trustee In Eletson Bankruptcy Set For April

    A New York bankruptcy judge scheduled an April trial to determine whether to appoint a Chapter 11 trustee in the bankruptcy of Eletson Holdings, while directing the tanker company and its unsecured creditors to continue mediation.

  • February 27, 2024

    Katten Can't Drop Madoff Ch. 7 Clawback Client, Court Rules

    Katten Muchin Rosenman LLP must keep representing French investment fund Access International Advisors in a $2 billion lawsuit filed by the Chapter 7 trustee for Bernard L. Madoff Investment Securities, a New York bankruptcy judge has ruled, explaining that the potential fallout from dropping AIA ahead of discovery in the case overshadows Katten's concerns that it won't be paid.

Expert Analysis

  • Serta Simmons Ch. 11 Expands Split On Credit Agreements

    Author Photo

    The recent confirmation of Serta Simmons' Chapter 11 plan by a Texas bankruptcy court judge furthers a split in case law between narrow interpretation of credit agreement provisions and a more holistic approach focused on the practical effect of the uptiering transaction on minority lender rights, say attorneys at Schulte Roth.

  • How High Court Is Assessing Tribal Law Questions

    Author Photo

    The U.S. Supreme Court's four rulings on tribal issues from this term show that Justice Neil Gorsuch's extensive experience in federal Native American law brings helpful experience to the court but does not necessarily guarantee favorable outcomes for tribal interests, say attorneys at Dorsey & Whitney.

  • In-Office Engagement Is Essential To Associate Development

    Author Photo

    As law firms develop return-to-office policies that allow hybrid work arrangements, they should incorporate the specific types of in-person engagement likely to help associates develop attributes common among successful firm leaders, says Liisa Thomas at Sheppard Mullin.

  • Shifts In The CRE Landscape Demand Creative Loan Solutions

    Author Photo

    An increase in commercial real estate loan workouts makes it critical for borrowers, lenders and other CRE participants to examine all the available options and remedies, including mortgage and mezzanine foreclosures, bankruptcy filings and property short sales, say attorneys at Goulston & Storrs.

  • Perspectives

    A Judge's Pitch To Revive The Jury Trial

    Author Photo

    Ohio state Judge Pierre Bergeron explains how the decline of the jury trial threatens public confidence in the judiciary and even democracy as a whole, and he offers ideas to restore this sacred right.

  • Opinion

    Calif. Policymakers Should Aid Crashing Cannabis Market

    Author Photo

    As California’s cannabis sector nears the brink of financial collapse, it may be time for the state government to seriously consider potential bailout programs for the embattled industry — though the crisis also presents strategic buying opportunities for those with a high tolerance for uncertainty, says Michelle Mabugat at Greenberg Glusker.

  • How To Recognize And Recover From Lawyer Loneliness

    Author Photo

    Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.

  • A Smoother Process For CRE Receiverships In Conn.

    Author Photo

    A newly effective Connecticut law concerning distressed commercial real estate provides a number of opportunities and strategic considerations for creditors, and should be watched even by counsel in other states as adoption of the law could become more widespread, say John Loughnane and Steven Coury at White and Williams.

  • Opinion

    Litigation Funding Disclosure Should Be Mandatory

    Author Photo

    Despite the Appellate Rules Committee's recent deferral of the issue of requiring third-party litigation funding disclosure, such a mandate is necessary to ensure the even-handed administration of justice across all cases, says David Levitt at Hinshaw.

  • Recalling USWNT's Legal PR Playbook Amid World Cup Bid

    Author Photo

    As the U.S. Women's National Soccer Team strives to take home another World Cup trophy, their 2022 pay equity settlement with the U.S. Soccer Federation serves as a good reminder that winning in the court of public opinion can be more powerful than a victory inside the courtroom, says Hector Valle at Vianovo.

  • The State Of Student Loan Debt In Bankruptcy

    Author Photo

    With student loan debt in the spotlight following the U.S. Supreme Court's recent decision to block President Joe Biden's forgiveness plan, it's an apt time to review how student loans are treated in bankruptcy and why very few are discharged, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.

  • SVB Bankruptcy Case Raises Asset Control Questions

    Author Photo

    The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.

  • Who Owns Crypto Assets? Know The Bankruptcy Risks

    Author Photo

    Amid a wave of recent crypto custodian Chapter 11 filings, the legal character of customer deposits give rise to a deluge of questions, because in the absence of a concrete regulatory regime, the terms and conditions are likely going to be how the court determines legal rights, says Heidi Hockberger at Levenfeld Pearlstein.

  • An In-Depth Look At FDIC Reform Options After Bank Failures

    Author Photo

    Anthony Pirraglia and Melissa Hall at Loeb & Loeb explain the three coverage options for reforming the deposit insurance system, which were proposed in a recent report from the Federal Deposit Insurance Corp. in the wake of the Silicon Valley Bank and Signature Bank failures.

  • Ch. 11 Ruling Informs On Social Media Ownership Rights

    Author Photo

    Social media users now have useful guidance regarding account ownership rights following a federal bankruptcy court's recent ruling in the Vital Pharmaceuticals Chapter 11 case, which rejected the notion that advertised content alone could create a presumption of ownership for the advertised business, say Deborah Enea and Thomas Dockery at Troutman Pepper.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Bankruptcy archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!