Bankruptcy

  • February 7, 2018

    Latham Nabs Bankruptcy Expert From Sidley In LA

    Latham & Watkins LLP announced Wednesday it has added a Sidley Austin LLP partner with experience in large U.S. municipal bankruptcies to its Los Angeles bankruptcy practice.

  • February 7, 2018

    Workers Paid Fair Price For RadioShack Stock, 5th Circ. Says

    The Fifth Circuit on Tuesday affirmed the dismissal of a proposed class action alleging RadioShack and its board misled employees who invested their retirement savings in company stock, saying the company didn’t overcharge them for stock because it was priced to match the company’s financial turmoil.

  • February 7, 2018

    Toys R Us Gets OK On Store Closures, Employee Bonuses

    A Virginia bankruptcy judge on Tuesday signed off on Toys R Us’ plan to close more than 180 stores nationwide and make $6.8 million in bonus payments to employees of the doomed stores.

  • February 7, 2018

    Bankrupt Payday Lender Can't Move CFPB Suit To Texas

    A Montana federal judge refused to transfer a CFPB action alleging Think Finance duped borrowers and used sham tribal payday lenders to collect money it was not owed, finding Tuesday the case need not be moved to where the financial technology company’s Texas bankruptcy is.

  • February 6, 2018

    Investors Want Closing Of Millennium Labs Ch. 11 Blocked

    Major investors in bankrupt lab testing company Millennium Lab Holdings II called on a Delaware judge Tuesday to keep open the company's already-confirmed Chapter 11, citing an ongoing appeal challenging third-party nondebtor releases in its more than $1.2 billion restructuring.

  • February 6, 2018

    NY Wheel Parties To Mediate Ch. 11 Issues, Contract Suits

    Bankrupt design and build firm Mammoet-Starneth LLC will head to mediation with the owner of a large observation wheel planned for Staten Island, New York, after a Delaware judge ordered them late Monday to resolve conflicts over the wheel's components and the disputed construction contract at issue in a New York federal lawsuit.

  • February 6, 2018

    Ascent Resources Hits Ch. 11 With $1.2B Debt Rework Plan

    Oil and gas developer and producer Ascent Resources Marcellus Holdings LLC and two subsidiaries filed for Chapter 11 protection Tuesday in Delaware with a restructuring strategy in hand to quickly swap out $1.2 billion in first- and second-lien debt for equity in a reorganized company mid-March.

  • February 6, 2018

    Kirkland Says Ex-US Trustee Is Isolated From Ch. 11 Case

    Kirkland & Ellis LLP will not use a new hire to gain an unfair advantage as it represents creditors in Breitburn Energy Partners LP’s Chapter 11, the firm told a New York bankruptcy court on Tuesday, referring to a new attorney who previously oversaw the same case for the US Trustee.

  • February 6, 2018

    ID Screener Spurned By Navy Gets Ch. 11 Plan Confirmed

    The bankrupt subsidiaries of identity screening company Fortior Solutions secured court approval Tuesday to move forward with a Chapter 11 plan that reduces most of their $58 million in funded debt and gives secured lenders a larger ownership stake in the operating parent organization.

  • February 6, 2018

    Takata Whistleblowers Say Ch. 11 Plan Must Reserve $250M

    A pair of purported whistleblowers who say they could be entitled to up to $250 million of the nearly $1 billion restitution fund in Takata’s criminal case over faulty air bag inflators objected Tuesday to the company’s Chapter 11 plan on grounds it doesn’t take into account any pending whistleblower award.

  • February 6, 2018

    Bon-Ton Gets Interim $725M DIP OK, Beats Liquidation Push

    Bankrupt department store chain Bon-Ton Stores Inc. secured interim approvals Tuesday for a $725 million debtor-in-possession loan and a 42-store closing plan after overcoming arguments that its more than $1 billion restructuring effort should be dropped in favor of liquidation.

  • February 5, 2018

    Puerto Rico Oversight Board Defends $1.3B PREPA Loan Bid

    Puerto Rico’s government and the federally appointed board overseeing its historic debt restructuring are fighting hard to get a $1.3 billion emergency loan approved for the island’s beleaguered electric utility, blasting creditor objections to the plan as petty and legally unsound.

  • February 5, 2018

    Walter Investment To See Lower Cash Projections, CEO's Exit

    Walter Investment Management Corp. CEO Anthony Renzi is stepping away from the bankrupt mortgage lender and servicer at some point this year, the company announced Friday, the same day it said it will likely end 2018 with $50 million less than predicted in its confirmed Chapter 11 plan.

  • February 5, 2018

    Breitburn Shareholders To Reopen Ch. 11 Row After $1.8B Bid

    Shareholders of Breitburn Energy Partners LP will get the opportunity next week to potentially reopen the court record and further challenge the company’s pending Chapter 11 plan after arguing a recent unsolicited $1.8 billion bid for the oil and gas enterprise should alter asset valuations, a judge decided Monday.

  • February 5, 2018

    Deals Rumor Mill: Pfizer, ADM, Bhushan Steel

    Pfizer's consumer health unit reportedly only received bids by GlaxoSmithKline and Reckitt Benckiser Group, food processing giant Archer Daniels Midland is in talks to swallow rival commodities trader Bunge as soon as this week, and Bhushan Steel has received two bids for its business.

  • February 5, 2018

    US Trustee Opposes Toys R Us Store Closure Plan

    The U.S. Trustee on Friday asked a Virginia bankruptcy court to put the brakes on Toys R Us’ plan to close more than 180 stores nationwide, saying there were issues with the hiring of the liquidation consultants and a planned payment of up to $6.8 million in employee bonuses.

  • February 5, 2018

    US Trustee Slams $245K Payments To Boston Herald Insiders

    Citing $245,000 in cash transfers to three Boston Herald insiders “on the eve of bankruptcy,” the Office of the U.S. Trustee asked a Delaware judge Friday to reject the company’s Chapter 11 sale or keep the transfers open to challenge.

  • February 5, 2018

    Bon-Ton Stores Hits Ch. 11 With $1B Debt, Sale Plans

    Lugging about $1 billion in debt, Bon-Ton Stores Inc. moved its 256-site department store chain into Chapter 11 in Delaware late Sunday, with an all-asset bankruptcy sale and $725 million debtor-in-possession loan in the works.

  • February 2, 2018

    M&G Unsecured Creditors Contest $463M DAK Liens In Ch. 11

    M&G USA Corp.'s unsecured creditors moved late Thursday for Delaware bankruptcy court reclassification of $463 million of secured claims held by M&G competitor DAK Americas into unsecured claims subordinate to others.

  • February 2, 2018

    Fla. Swingers Club Fights Bid To Freeze Assets, DQ Atty

    A Tampa-area swingers club and its owners told a Florida federal court Thursday that there is no merit to a request to freeze their assets and disqualify their attorneys in litigation brought by a group of Playboy Playmates and other models who claim the club used their likenesses without permission.

Expert Analysis

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • Crystallex's Implications For Holders Of Venezuelan Debt

    Richard Cooper

    As the economic situation in Venezuela continues to deteriorate and the number of bond defaults continues to mount, the Third Circuit’s recent ruling against Crystallex is a poignant reminder about the challenges of recovering on claims against a determined sovereign. However, Crystallex is not without further litigation options, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • Health Republic’s Curious Liquidation: Part 13

    James Veach

    A year and a half into Health Republic's liquidation, policyholders have yet to receive any money from approved claims. We will see what the Feb. 14 status conference reveals, and hopefully some of Health Republic's former policyholders will appear and participate, says James Veach of Mound Cotton Wollan & Greengrass LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • Series

    Judging A Book: Tymkovich Reviews 'Gorsuch'

    Timothy Tymkovich

    John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.