Jewelry and accessories retailer Charming Charlie Inc. is set to exit Chapter 11 bankruptcy proceedings in a slimmed-down state after a Delaware bankruptcy judge on Tuesday approved a restructuring agreement proposed by the troubled chain.
Citing “debilitating and entrenched acrimony” among Lynn Tilton’s Zohar Funds and their Delaware Bankruptcy Court creditors and opponents, the Office of the U.S. Trustee on Tuesday called for the appointment of an independent trustee or examiner for the case.
The Supreme Court has delayed deciding a case brought by Tribune Co. creditors over the scope of the Bankruptcy Code’s “safe harbor” provision in light of its recent decision in Merit Management v. FTI Consulting, which addressed the same protections for financial institutions facing clawback suits and found them to be unexpectedly narrow.
A Texas bankruptcy judge on Monday approved a prepackaged Chapter 11 restructuring plan for Gulf of Mexico oil reserves developer Fieldwood Energy LLC that cuts the company’s debt by $1.6 billion while adding the deepwater assets of competitor Noble Energy Inc. to its portfolio.
Canyon Capital Advisors has urged a New York federal judge to clarify that a recent $57 million securities litigation settlement doesn't halt Canyon's claims that it lost “tens of millions” of dollars in renewable energy company SunEdison's spectacular collapse.
PES Holdings LLC asked a Delaware bankruptcy court on Friday to reject ethanol trade group Growth Energy’s attempt to intervene in a consent decree governing how it will handle renewable energy credits as it comes out of bankruptcy, saying Growth Energy has no standing to involve itself and has not shown even a likelihood of harm.
The Governor of Puerto Rico is refusing to meet demands by the commonwealth’s federal overseers for harsher austerity measures, potentially setting up a showdown between the on-again, off-again allies in the troubled island’s restructuring process.
The former directors and officers of Patriot National Inc. will be allowed to continue tapping into insurance policies held by the company to pay defense costs in a myriad of lawsuits surrounding Patriot after a Delaware bankruptcy judge ruled Monday that the issue is not for him to decide.
The Ninth Circuit on Friday said Lloyd’s of London does not have to pay $5 million on an excess policy into a shareholder settlement with a bankrupt subprime lender, saying the actual amount paid in the settlement does not exceed the policy limits.
Bankrupt model vehicle retailer Hobbico Inc. received court approval Monday in Delaware for a pair of asset sales that will bring in $25.8 million in proceeds to the debtor’s estate, with more sales planned for next week.
EV Energy Partners LP filed for Chapter 11 bankruptcy Monday to implement a prepackaged restructuring support agreement it reached with a majority of its senior lenders to swap old debt for new equity and prune its funded debts by more than $343 million.
A failed condominium developer fighting multimillion-dollar debts and criminal harassment charges told the First Circuit on Monday that he was ambushed by a creditor's belated claim in bankruptcy court.
A group of FirstEnergy Corp. subsidiaries operating the electric utility’s fossil fuel and nuclear power plants across Ohio and Pennsylvania filed for bankruptcy on Saturday with the aim of reducing more than $3 billion worth of funded debt and becoming part of a fully regulated business.
A New York federal judge ruled Friday that Stillwater Liquidating LLC cannot bring certain claims over the allegedly fraudulent prebankruptcy transfer of assets out of 11 funds, since they were not debtors in the underlying Stillwater bankruptcy proceedings.
Shree Renuka Sugars Ltd. is reportedly making a third attempt at selling a pair of Brazilian sugar mills, private financial technology company GreenSky LLC filed confidential plans to list publicly and Tabarak earned more time to finance its deal for the Commercial Bank of Qatar’s stake in United Arab Bank.
The Eleventh Circuit revived a putative class suit accusing attorneys at Florida-based Kaufman Englett & Lynd PLLC of violating federal law by encouraging a cash-strapped client to put their fees on his credit card while he explored filing for bankruptcy.
The federal government's bankruptcy watchdog is seeking the appointment of a special examiner to investigate Indian billionaire Nirav Modi's ties to his bankrupt U.S. jewelry businesses, citing accusations that he orchestrated a $2 billion banking fraud in India.
The last week has seen more than a dozen former professional soccer players sue several financial advisers, the former owner of now-insolvent British fashion chain Jaeger lodge a contract dispute against Lloyds Bank and a private equity fund that bought him out, and Denmark's tax authority lodge an action against Barclays and other firms. Here, Law360 looks at those and other new claims in the U.K.
A Massachusetts federal judge on Thursday blasted Biolitec AG, its leader and local counsel for making it nearly impossible for AngioDynamics Inc. to collect on a years-old $75 million judgment in an IP dispute, ordering monthly sanctions that could add up to $1 million total until it complies with a discovery order.
The federal board charged with stewarding Puerto Rico's financial rehabilitation has fallen well short of expectations since it was installed nearly two years ago, a U.S. House committee said in a letter Thursday, complaining the board must do more to reach debt restructuring deals with the territory's creditors.
On Feb. 14, Health Republic Insurance of New York's liquidator will ask the New York Supreme Court to approve its report on the present status of its liquidation, but it is what the report doesn't discuss that will be most revealing, says James Veach of Mound Cotton Wollan & Greengrass LLP in the final part of this series.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
The government’s once-sterling record of victories in bankruptcy cases before the U.S. Supreme Court has been dinged in recent years, but the odds still would have to favor the government's side in Lamar Archer & Cofrin v. Appling, where the Supreme Court will weigh in again on one of the most litigated issues in bankruptcy, says Thomas Byrne of Eversheds Sutherland.
Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.
The Alaska bankruptcy court's recent ruling in Cook Inlet Energy should give debtors confidence that consolidating for a limited purpose does not open them up to the liabilities associated with substantive consolidation. The ability to retain their preferred structure can have a profound impact on debtors, with far-reaching implications for financing and tax matters, say Darren Azman and Michael Galen of McDermott Will & Emery LLP.
In cases where a not-for-profit corporation is closely related to or controlled by a governmental unit, a creditor may challenge the corporation’s eligibility to file for bankruptcy. An Illinois bankruptcy judge's decision in Lombard Public Facilities is a reminder that eligibility is a fact-specific inquiry, say attorneys with Chapman and Cutler LLP.
While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.