Bankruptcy

  • May 19, 2017

    Ciber Nearly Doubles Asset Price To $93M After Auction

    Bankrupt information technology services firm Ciber Inc. received court approval Friday in Delaware for a $93 million sale of its assets following a successful Chapter 11 auction held earlier this week.

  • May 18, 2017

    Black Elk Trustee Gets $29M In Platinum Partners Claims

    The litigation trustee for the defunct Black Elk drilling operation is set to recover up to $29.6 million from Platinum Partners as part of its Texas bankruptcy court adversary proceeding for claims stemming from the hedge fund’s allegedly long-ranging securities fraud scheme, according to a settlement announced Thursday.

  • May 18, 2017

    SunEdison Says It's Poised To Solicit Votes On Ch. 11 Plan

    SunEdison Inc. told a New York bankruptcy court on Wednesday that after resolving several objections to its Chapter 11 plan disclosures and reaching a critical accord with its key creditors, it is in position to move forward with soliciting votes for its exit from bankruptcy.

  • May 18, 2017

    GulfMark Gets Interim Clearance For 'Unusual' DIP Loan

    A Delaware bankruptcy judge on Thursday allowed GulfMark Offshore Inc. to tap up to $20 million of what the oil services company acknowledged was an “unusual” post-petition loan, which is extended by a nondebtor affiliate in Norway from financing originally issued by DNB Bank ASA.

  • May 18, 2017

    Newbury Affiliates Reach Deal On Ch. 11 Plan Confirmation

    Property-owning affiliates of Newbury Common Associates LLC received court approval for their plan of liquidation Thursday in Delaware bankruptcy court after reaching terms on a settlement with secured lenders to reduce their claims by more than 75 percent.

  • May 18, 2017

    Tidewater Hits Ch. 11 With Plan To Rework $2B In Debt

    Offshore oil sector services vessel company Tidewater Inc. filed for Chapter 11 protection late Wednesday in Delaware with a prepackaged Chapter 11 plan that aims for a quick restructuring of its roughly $2 billion in debt in part with an equity swap.

  • May 18, 2017

    Avaya Faces Opposition To Ch. 11 Exclusivity Extension

    Holders of more than $4.6 billion in first-lien debt against Avaya Inc. urged a New York bankruptcy court this week to reject the telecom giant’s request for a 120-day extension to exclusively file a Chapter 11 plan, criticizing the company’s current proposal and failure to include them in negotiations.

  • May 18, 2017

    Bermuda Insurer Fights MF Global's $1.8M Attys' Fee Bid

    Former MF Global excess insurer Allied World Assurance Co. Ltd. said in New York bankruptcy court Wednesday that it never violated court rules, despite the defunct company’s bid for $1.8 million in attorneys' fees over insurers' alleged failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • May 18, 2017

    Maxus Ch. 11 Plan Releases Excessive, US Trustee Says

    The U.S. trustee on Wednesday filed an objection to Maxus Energy Corp.'s Chapter 11 liquidation plan, saying it would give too much legal immunity to the liquidating trustee.

  • May 18, 2017

    Indiana County Judge Appointed To Bankruptcy Bench

    Indiana Superior Court Judge James R. Ahler has been appointed to replace retiring U.S. Bankruptcy Judge Philip J. Klingeberger in the district court for the Northern District of Indiana, the Seventh Circuit announced on Wednesday.

  • May 18, 2017

    Ohio Chem Co. Sued By SEC Over $12M In Bogus Debt

    A bankrupt chemical company and its former president were accused by the U.S. Securities and Exchange Commission on Tuesday of defrauding dozens of investors with at least $12 million in phony promissory notes, according to a suit filed in Ohio federal court.

  • May 17, 2017

    GM In Tough Successor Liability Fight Over Nonswitch Claims

    General Motors was put on the defensive Wednesday in a battle over whether car buyers can adapt a Second Circuit ruling that resurrected previously barred ignition switch litigation to assert other vehicle defect claims against post-bankruptcy GM, facing tough scrutiny by a New York bankruptcy judge over its successor liability defenses.

  • May 17, 2017

    Trustee Can't Get Funds From IRS, Gov't Tells 9th Circ.

    The bankruptcy trustee for a collapsed real estate firm should be trying to recover investors’ lost funds from the firm’s fraudster president and not the IRS, according to arguments the U.S. government made on Wednesday before the Ninth Circuit.

  • May 17, 2017

    4 Things To Know About Suniva's Solar Cell Tariff Bid

    Higher project development costs and power prices are among the biggest concerns for U.S. solar industry stakeholders as bankrupt panel maker Suniva urges President Donald Trump to slap tariffs on all foreign-made solar cells. Here are four things to know about Suniva's case before the U.S. International Trade Commission and the impacts on the solar industry as a whole if the company successfully convinces Trump to impose tariffs.

  • May 17, 2017

    Lily Robotics Claims Process Draws Calif. Prosecutor's Ire

    The San Francisco District Attorney's Office objected Wednesday in Delaware to the claims process proposed for customer refunds in the Chapter 11 case of Lily Robotics Inc., saying the more than 31,000 customers owed refunds shouldn't have to jump through hoops to be repaid.

  • May 17, 2017

    Central Grocers Gets Interim OK For New $205M DIP Loan

    A Delaware bankruptcy judge gave Central Grocers Inc. the interim OK on Wednesday for up to $205 million in post-petition financing, likely ending the grocery cooperative’s reliance on temporary bouts of funding from lender cash as the debtor gears up to sell its assets at auction.

  • May 17, 2017

    House Votes To Add 4 Bankruptcy Judgeships

    The U.S. House of Representatives passed a bill to add four bankruptcy judges to the nation’s courts Wednesday, and convert several more temporary posts to permanent ones.

  • May 17, 2017

    Player In $3B TelexFree Scam Settles With SEC For $1.8M

    A player in the TelexFree LLC pyramid scheme agreed Wednesday to cough up more than $1.8 million to settle a Massachusetts federal suit by the U.S. Securities and Exchange Commission accusing him of securities fraud in promoting what the agency called “an elaborate Ponzi and pyramid scheme.”

  • May 17, 2017

    Rupari Files 2nd Suit Over Tony Roma's Licensing Issue

    Bankrupt meat distributor Rupari Food Services Inc. filed a second adversary complaint late Tuesday in Delaware, accusing Tony Roma's Steakhouse of violating the automatic stay granted in its Chapter 11 case by entering into a new agreement with another company.

  • May 17, 2017

    Soy Butter Co. Hits Bankruptcy After Illness Outbreak

    SoyNut Butter Co. has filed for Chapter 7 bankruptcy after a foodborne-illness crisis, according to documents filed in Illinois bankruptcy court.

Expert Analysis

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Health Republic’s Curious Liquidation: Part 11

    James Veach

    Because so little information has been provided to the public, it's hard to know if the New York Department of Financial Services missed an opportunity to compromise and resolve issues surrounding the risk corridor and reinsurance programs during the Obama administration, says James Veach of Mound Cotton Wollan & Greengrass LLP in his continued analysis of Health Republic's mysterious liquidation process.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • Health Republic’s Curious Liquidation: Part 10

    James Veach

    James Veach of Mound Cotton Wollan & Greengrass LLP continues his discussion of Health Republic's complicated liquidation process. In this part, he assesses New York Department of Financial Services Superintendent Maria Vullo's written response and testimony, finding that she failed to acknowledge several key facts about how Health Republic's money is being spent.

  • Series

    My Strangest Day In Court: When The Witness Attacked

    James J. Brosnahan

    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.

  • Bankruptcy Appeals And Finality: A New Per Se Rule

    Bryce Suzuki

    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.

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    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.

  • Health Republic’s Curious Liquidation: Part 9

    James Veach

    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.