Nighthawk Energy PLC filed for Chapter 11 protection on Monday in Delaware bankruptcy court after defaulting on a $21 million loan, with plans to quickly sell off its assets in Colorado’s DJ Basin to an unidentified buyer.
The proposed Chapter 11 reorganization plan filed in Texas by radio broadcast giant iHeartMedia Inc. and its debtor affiliates aims to reduce the company’s balance sheet by more than $10 billion.
UBS Securities LLC urged an Illinois federal judge on Monday to reject a bankruptcy trustee's request for her to reconsider a prior ruling that UBS could keep the $14.4 million it received upon liquidation of its account with Sentinel Management Group Inc. months before the investment firm went under.
Gibson Brands Inc., the well-known maker of Gibson guitars and Baldwin pianos, moved for a change of tune in Delaware bankruptcy court early Tuesday, opening a Chapter 11 reorganization that the company said will trim its $500 million debt while money-losing, nondebtor foreign affiliates liquidate.
Offshore firm Appleby Global has added a former Norton Rose Fulbright partner who brings experience working on disputes involving financial institutions and funds in Hong Kong and the U.K.
A former employee of a Louisiana Winn-Dixie grocery store objected Monday in Delaware to the proposed Chapter 11 plan of the store's parent company, saying the plan would impair her claims and the claims of other workers pursuing a class action for unpaid overtime in federal court.
Companies that collaborated with Gordon Ramsay on restaurants asked an Illinois bankruptcy judge to sanction the celebrity chef, saying he has failed to comply with their requests for documents regarding his plans for eateries with Caesars and accusing him of withholding information as a delay tactic.
The litigation trust created in the wake of MF Global’s Chapter 11 bankruptcy to pursue leftover claims on behalf of creditors has asked for a three-year extension, saying the trust still stands to recover several million dollars against intransigent insurers.
Lenders to the failed production company behind “American Idol” on Friday told a New York bankruptcy court that Apollo Global Management helped sink the company as part of setting up a merger deal for its own benefit.
The Chapter 11 cases of bankrupt storage tank maker CST Industries Holdings Inc. will be dismissed after the debtor successfully argued Monday in Delaware that there are no assets left in the estate to administer, leaving only applications for professional fees to be decided by the court.
Foley & Lardner LLP has picked up a restructuring and commercial law expert from BakerHostetler for its Los Angeles office, the firm announced Monday.
Entertainment producer Harvey Weinstein, who has been accused of sexual assault and misconduct, charged Monday that The Weinstein Co. is pushing toward an all-asset bankruptcy auction in Delaware on Friday without proving ownership of all assets to be sold, including his own.
The Pennsylvania Turnpike Commission has accepted a $2 million settlement from a bankrupt technology company it had targeted for more than 20 times that amount in damages for alleged overbilling and alleged failure to adequately perform under a string of contracts in the 2000s.
The Federal Deposit Insurance Corp. said Friday that its vice chairman is stepping down after serving out his six-year term at the agency, where he advocated for stronger capital standards for large banks.
A pension fund for warehouse and logistics workers who supply Tops Markets LLC told a bankruptcy judge Thursday that nothing prevents the upstate New York grocer from taking part in mediation with a wholesaler over liability for millions in fund contributions.
In this week’s Taxation With Representation, Quality Care Properties, Welltower and Promedica cooperated on a $2 billion deal, EQT Midstream Partners and Rice Midstream Partners agreed on a $2.4 billion merger, Searchlight Capital Partners LP paid $2 billion to take Mitel private and CenterPoint Energy acquired Vectren for $6 billion.
Wary of losing part of New York City’s $9 billion film and television industry when disgraced filmmaker Harvey Weinstein’s empire goes up for a Delaware bankruptcy auction May 4, Mayor Bill de Blasio’s entertainment office fired off a gender-focused plug for the city on Thursday.
Bankrupt movie studio The Weinstein Co. objected Friday to a demand from its former CEO Harvey Weinstein for the production of a wide array of corporate documents, saying the requested materials have nothing to do with the Chapter 11 cases and are instead designed to avoid denials of the documents in other courts.
Wells Fargo & Co., Bank of America Corp. and a group of other lenders on Thursday asked the Eighth Circuit to uphold a lower court's decision to dismiss a hedge fund's suit against JPMorgan Chase & Co. alleging the bank aided businessman Thomas Petters' $3.7 billion Ponzi scheme, on the grounds that it was filed too late.
A Manhattan federal judge said Friday that hedge funds that invested in a SunEdison affiliate can opt out of a proposed $57 million class action settlement over the renewable energy giant's collapse, a decision that could threaten the settlement if the funds' positions are large enough to trigger a termination clause.
While retailers are not predestined to liquidate, unique issues and changing dynamics make them more susceptible to failure. It is essential that retailers, and those that do business with them, understand how to navigate the field, say George Angelich and Phillip Khezri of Arent Fox LLP.
It has been a rough three years in the energy sector. During the downturn, upstream master limited partnerships, large and small, were disproportionately affected. If we have learned anything from this cycle, it is that we should endeavor to structure MLPs to withstand even the harshest price environments, says Jeffery Malonson of King & Spalding LLP.
Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the final part of this article.
The Second Circuit's recent decision affirming the dismissal of UBS from a Madoff case is useful for foreign banks facing U.S. litigation. The decision is a reminder that, for purposes of general personal jurisdiction, corporate structure matters, say attorneys with Orrick Herrington & Sutcliffe LLP.
Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young in the second part of this article.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.
Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.
There is speculation that the Tax Cuts and Jobs Act will have the unintended consequence of less charitable giving in 2018 and beyond. Administrators of not-for-profit charitable organizations may need to take a hard look at restructuring operations, say James Vincequerra and Gerard Catalanello of Alston & Bird LLP.
Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.
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.