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

  • 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.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.

  • Roundup

    My Strangest Day In Court

    Logo

    Every seasoned litigator has his or her fair share of courtroom stories. Check out the strange experiences that captured reader interest in this popular 2017 series.

  • How 2 Devices And 1 Domain Changed My Practice In 2017

    Paul Kiesel

    The question I ask about new technology is how can it improve the quality of my practice — and my life? This year, the iPhone X, the Apple Watch Series 3 and a .LAW domain have proven to be great investments, for professional and personal reasons, says attorney Paul Kiesel of Kiesel Law LLP.

  • Alternative Fees: My Experience At Bartlit Beck

    J.B. Heaton

    Bartlit Beck was a wonderful place to work for 18 years, and the lawyers there are not only excellent attorneys but also great people. That said, I can look analytically at the Bartlit Beck fee model and make some observations on its pros and cons, says J.B. Heaton, founder of investment analytics company Conjecture LLC.

  • Why Venezuela’s Bondholders Must Litigate, Not Arbitrate

    Richard Cooper

    For bondholders of certain nationalities with idiosyncratic circumstances, arbitration against Venezuela may provide advantages over court litigation. But for the typical bondholder looking to recover unpaid principal and interest following Venezuela’s default on its sovereign bonds, court litigation is likely superior, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    Jurors Should Have An Active Role In Trials

    Judge Amos Mazzant III

    We tell jurors how important they are to the successful implementation of our judicial system, but oftentimes we don’t treat them with the reverence they deserve. U.S. District Judge Amos Mazzant III of the Eastern District of Texas, Lisa Blue of Baron and Blue, and Robert Hirschhorn of Cathy E. Bennett & Associates advocate three improvements to give jurors an active role in our civil and criminal jury trials.

  • Why Information Governance Is More Important Than Ever

    Linda Sharp

    It used to be that hiring a good law firm was the single most important thing a company could do when facing litigation. You could now make the case that an organization’s most powerful asset in prosecuting or defending a claim is its information, says Linda Sharp, associate general counsel of ZL Technologies and chair of the ACC Information Governance Committee.