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

  • January 18, 2019

    Midwest Retailer Shopko Gets Quick OK For $480M DIP Loan

    Midwestern big box retailer Specialty Retail Shops Holding Corp., better known as Shopko, was authorized Friday to tap a $480 million debtor-in-possession loan by a Nebraska bankruptcy court as it forges ahead in an uncertain restructuring process that could lead to a reorganization, sale or liquidation.

  • January 18, 2019

    Bankruptcy Group Of The Year: Akin Gump

    After steering stakeholders to resolutions on contentious corporate restructuring plans for Avaya Inc. and Seadrill Ltd. while also negotiating higher recoveries for unsecured creditors in other large Chapter 11 cases, Akin Gump Strauss Hauer & Feld LLP has earned a spot among Law360’s 2018 Bankruptcy Groups of the Year.

  • January 18, 2019

    PG&E Equipment Caused Calif. Wildfires, Judge Finds

    A California federal judge has tentatively found that Pacific Gas & Electric Co.'s equipment's vulnerability to falling tree limbs has been "the single most recurring cause" of the 2017 and 2018 California wildfires to which the company has been linked.

  • January 17, 2019

    Court Fight Over Puerto Rico Sales Tax Deal Wraps Up

    The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.

  • January 17, 2019

    Deal With Rajaratnam, Ex-Galleon Execs Signals End To Ch. 7

    The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.

  • January 17, 2019

    2nd Circ. Won't Resurrect Union Suit Over Platinum Fraud

    The Second Circuit on Thursday refused to revive a derivative suit brought by New York correctional union members against the top brass of the Correction Officers' Benevolent Association over the alleged Platinum Partners bribery scheme, calling it inadequately pled.

  • January 17, 2019

    Weinstein, Lawyer Officially ‘Part Ways’ After Split Rumors

    Less than a week after rumors of a split emerged, Harvey Weinstein and his criminal defense lawyer Benjamin Brafman formally announced Thursday that Brafman will be withdrawing as counsel for the disgraced movie mogul in the sexual assault case playing out in New York state court.

  • January 17, 2019

    Beauty Brands Del. Ch. 11 Sale Plan Draws Creditor Fire

    Unsecured creditors of bankrupt cosmetics retailer Beauty Brands LLC called Thursday for rejection of the retailer's Delaware Chapter 11 sale plan, arguing for an open auction in lieu of a stalking horse sale led by a liquidation company.

  • January 17, 2019

    Catalina Marketing Reaches Deal On $275M DIP Loan

    Coupon and customer data firm Catalina Marketing Corp. received final approval of its $275 million debtor-in-possession financing Thursday in Delaware after resolving the objection of joint venture partner The Nielsen Company.

  • January 17, 2019

    Appeal In $80M Brazil Oil Co. Suit Was Premature: 11th Circ.

    The Eleventh Circuit on Wednesday agreed to send an $80 million fraud and racketeering case against Banco Itaú International and EFG Capital International Corp. back to Florida federal court, finding the appeal in an oil investments dispute had been filed too soon.

  • January 17, 2019

    Gymboree Hits 2nd Ch. 11, Will Liquidate Most Stores

    Less than a year and a half after leaving Chapter 11, children’s clothing retailer Gymboree Group Inc. reentered bankruptcy Thursday with $212 million in debt, saying this time it will not be coming out the other side.

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

  • January 16, 2019

    Westmoreland Says It Will Seek To End Union Contract

    Saying it was unable to get the benefits concessions it needs under its postpetition financing arrangement, Westmoreland Coal told a Texas bankruptcy judge Wednesday it plans to ask permission to reject its contracts with the United Mine Workers of America.

  • January 16, 2019

    Republic Metals Lenders Fight Ch. 11 Examiner Appointment

    The senior lenders for Republic Metals Refining Corp. on Wednesday told a New York bankruptcy judge that a U.S. Trustee request for an independent examiner to check on the ownership of the company’s inventory would be a waste of time and money.

  • January 16, 2019

    LBI Media’s Ch. 11 Disclosures Get Nod In Delaware

    A Delaware bankruptcy judge gave his nod to the Chapter 11 plan disclosure statement of bankrupt LBI Media Inc. after objections from junior noteholders pressing for further details were worked out prior to the hearing.

  • January 16, 2019

    Beauty Brands Bidder Says 23-Store Offer Is Best Available

    The founders of bankrupt cosmetics retailer Beauty Brands told a Delaware Bankruptcy Court judge Wednesday they presented the debtor with an offer to acquire 23 of its stores and continue operating them as a going concern, calling the bid superior to the stalking horse bid in a chain-wide liquidation plan.

  • January 16, 2019

    PG&E's Ch. 11 Is Climate Change Wake-Up Call For Utilities

    Pacific Gas & Electric Co.'s plan to seek bankruptcy protection to address crippling liabilities for California wildfires should ring alarm bells for utilities, regulators and lawmakers in other states and force them to examine whether the current utility business model can accommodate climate change-related risks to energy infrastructure, policy experts say.

  • January 16, 2019

    Calif. County Sues PG&E Over Deadly Nov. Wildfire

    Butte County in Northern California has sued Pacific Gas & Electric Co. in state court over the deadly wildfire that ravaged the county and killed 86 people last year, alleging the utility disregarded safety to increase its own profits.

  • January 15, 2019

    Aly Raisman's Nassar Suit Paused Pending USAG Ch. 11

    Olympic gold medal-winning gymnast Aly Raisman’s request to pause her suit over disgraced sports medicine doctor Larry Nassar’s sexual abuse was granted on Monday, after a California federal court agreed that a stay would help the parties assess the impact of the recent bankruptcy filing by USA Gymnastics, the sport's governing body.

  • January 15, 2019

    US Trustee Rips Bankrupt Makeup Co.'s $1.4M Exec Bonus Bid

    The U.S. Trustee’s Office on Tuesday asked a New York bankruptcy court to deny cosmetics maker Glansaol Holdings Inc.’s request to pay up to $1.4 million in executive bonuses, saying there was no proof the goals are a stretch or that bonuses won’t be going to insiders.

Expert Analysis

  • Q&A

    A Chat With Reed Smith Chief Marketing Officer Sadie Baron

    Sadie Baron

    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 Sadie Baron, chief marketing officer at Reed Smith LLP.

  • The Changing Role Of The Chief Restructuring Officer

    Sheon Karol

    The dramatic recent changes in bankruptcy practice have shifted the chief restructuring officer's primary purpose from restructuring a business to shepherding an asset efficiently though a sale process, says Sheon Karol of The DAK Group.

  • 'Flexible Work' Makes Freelancing More Viable In BigLaw

    Elizabeth Black

    The rise of remote work capabilities and advances in technology are making flexible, freelance legal work a more accessible career option for corporate attorneys, say Elizabeth Black and Sara Eng of InCloudCounsel.

  • Opinion

    A Call To Permit Judicial Substitution In MDL Proceedings

    Doug Smith

    While several proposed changes to multidistrict litigation procedures may be warranted and appropriate, consideration should be given to a modest modification of the judicial selection process, says Doug Smith of Kirkland & Ellis LLP.

  • Guest Feature

    Judge Weinstein On Activism, Gobbledegook, Going Robeless

    Judge Jack Weinstein

    Judge Jack Weinstein has served in the Eastern District of New York for over half a century. White and Williams LLP attorney Randy Maniloff visited his Brooklyn office to find out what makes the 97-year-old jurist tick.

  • What To Expect From Technology-Assisted Review In 2019

    Thomas Gricks

    2018 will be remembered as a transition year for technology-assisted review, and 2019 will likely see a continued focus on how we use TAR, with refinement and expansion across the board, says Thomas Gricks of Catalyst Repository Systems LLC.

  • 2019 Will Bring More Good News For Litigation Finance

    Alan Guy

    Last year saw another round of year-over-year growth in litigation finance, as debates shifted from whether it should be permitted to how it can best be managed. The exciting news, says Alan Guy of Vannin Capital PCC, is that 2019 seems likely to bring more of the same.

  • Why More Law Firms Will Embrace Remote Work In 2019

    Tomas Suros

    Leveraging technology in a fiercely competitive market is a key factor driving law firms toward technology adoption in 2019, as they face growing demand from legal talent and clients for the ability to connect, access and control information whenever and wherever needed, says Tomas Suros of tech provider AbacusNext.

  • 5 Most-Read Legal Industry Guests Of 2018

    iStock-1056065752.jpg

    Law360 guest authors weighed in on a host of key legal industry issues this year, ranging from in-house tips for success and open secrets about BigLaw diversity to criticisms of the equity partnership and associate salary models. Here are five articles that captured the most attention.

  • Schools Suffer When Debtor Tuition Payments Are Recovered

    Michael Cook

    Two lower courts have added to the murky case law addressing a bankruptcy trustee’s ability to recover a debtor’s tuition payments for their children, leading to draconian results for innocent schools, say Michael Cook and James Bentley of Schulte Roth & Zabel LLP.