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Bankruptcy

  • May 21, 2018

    Bankrupt Miami Hospital Gets OK For Ch. 11 Auction Plans

    A shuttered Miami hospital in Chapter 11 stayed on track to be sold in auction in late June when a Florida bankruptcy judge gave her blessing to the sale process Monday after approving a settlement the parties reached to resolve objections from the unsecured creditors committee.

  • May 21, 2018

    Lender, Creditors Blast Gibson $135M Financing Plan

    A lender to and the unsecured creditors of bankrupt guitar and piano maker Gibson Brands Inc. Monday asked a Delaware bankruptcy court to reject the company’s plan to tap into $135 million in debtor-in-possession financing, saying the proposal would rack up millions in fees.

  • May 21, 2018

    Puerto Rico, Board Reach Pact To Advance Fiscal Plan

    The federal board created to restructure Puerto Rico's debts has reached an accord with the territory’s government over the implementation of a long-term fiscal plan in large part by scaling back cuts to certain employee benefits in exchange for turning the island into an “employment at will” jurisdiction.

  • May 21, 2018

    Zohar Deal Stays Litigation, Appoints Independent Director

    A settlement reached among key players Monday in the Delaware Chapter 11 cases of the Zohar Funds will pause active litigation between the parties for 15 months and will see founder Lynn Tilton largely step aside from running the funds in favor of an independent director.

  • May 21, 2018

    Jevic Ch. 11 To Convert To Ch. 7 After Denial Of Settlement

    The long-running bankruptcy case of trucking firm Jevic Holding Corp. will convert to a Chapter 7 liquidation after a Delaware judge denied approval Monday of the latest proposed settlement floated by the company and its creditors to dismiss the case.

  • May 21, 2018

    Woodbridge Noteholders Want To File Own Ch. 11 Plan

    Investors in the Woodbridge Ponzi scheme have asked the Delaware bankruptcy court overseeing Woodbridge's liquidation to let them propose their own Chapter 11 plan, which they say will address head-on “the $800 million question” of whether they are secured.

  • May 21, 2018

    Creditor Wants IBRC Ch. 15 Left Open For $12.6M Claim

    An Irish-American businessman has asked the Delaware bankruptcy court overseeing Irish Bank Resolution Corp.’s Chapter 15 proceedings to let him subpoena the debtor for documents, claiming the government-run “bad bank” cheated him out of $12.6 million.

  • May 18, 2018

    Rex Energy Files For Ch. 11 With RSA In Hand

    Pennsylvania oil and gas concern Rex Energy filed for Chapter 11 protection on Friday with $884 million in outstanding funded debt and an overwhelmingly favored restructuring support agreement in hand as well as a plan to sell all assets, it said, asking for approval of $411 million in DIP financing, including $100 million in new money.

  • May 18, 2018

    IHeartMedia Seeks OK To Access $450M Ch. 11 Credit Facility

    Bankrupt radio giant iHeartMedia Inc. sought permission Thursday to access a $450 million debtor-in-possession credit facility, with an option to increase the amount by $100 million, to pay back its prebankruptcy asset-based lenders and fund its Chapter 11 case.

  • May 18, 2018

    Feds Double Down On Union Boss' Graft Retrial

    Manhattan federal prosecutors on Thursday beefed up their case against New York City labor boss Norman Seabrook with a new fraud charge, ahead of a coming retrial over accusations that he took bribes from Platinum Partners in exchange for his union’s investment in the hedge fund.

  • May 18, 2018

    Cambridge Analytica Files Bankruptcy Liquidation Case In NY

    Cambridge Analytica LLC, the scandalized political consulting firm that worked for President Donald Trump's 2016 presidential campaign, filed for Chapter 7 bankruptcy on Thursday in New York as part of its liquidation announced earlier this month when the company entered similar proceedings in the U.K.

  • May 18, 2018

    Lennar Wants $970M CalPERS Fraud Suit In Bankruptcy Court

    A suit alleging that Miami-based home builder Lennar created and bankrupted a development company in order to swindle $970 million from the California Public Employees' Retirement System belongs in a Delaware bankruptcy court, the builder said Thursday.  

  • May 17, 2018

    Hawaii, NM Reach $7M Settlement Over Takata Air Bags

    Hawaii on Wednesday said that it had reached a $7 million settlement, shared with the state of New Mexico and the U.S. Virgin Islands, with Takata over claims over the now-bankrupt Japanese company's sales of potentially fatal air bags.

  • May 17, 2018

    Creditors Slam iHeartMedia For Double-Adviser Request

    Creditors of iHeartMedia on Wednesday urged a Texas bankruptcy court to reject the radio broadcast giant’s request to retain a pair of financial advisers, saying they duplicate each other’s services and their fees may reach an excessive $90 million.

  • May 17, 2018

    M&G Units Get Nod On Deal To Clear $300M Ch. 11 Claims

    Bankrupt affiliates of global chemical company M&G Chemicals SA secured court approval in Delaware on Thursday for a multipart debt workout with nondebtor subsidiaries in Mexico and Brazil, ultimately resolving $300 million in assorted Chapter 11 claims.

  • May 17, 2018

    Rent-A-Wreck Sanctions Denied After Ch. 11 Dismissal

    Proposed sanctions against Rent-A-Wreck of America Inc. and its legal counsel stalled Thursday when a Delaware bankruptcy judge said that because their Chapter 11 petitions were not shown to have clearly been filed for a bad faith purpose, sanctions were not justified.

  • May 17, 2018

    A Chat With Perkins Practice Management Chief Toby Brown

    In this monthly series, legal recruiters at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Toby Brown, chief practice management officer at Perkins Coie LLP.

  • May 17, 2018

    Gawker, Thiel End Legal Fight As Ch. 11 Settlement Approved

    The estate of Gawker Media LLC secured bankruptcy court approval Thursday of a settlement with billionaire Peter Thiel that puts to rest mutual threats of legal action with its deep-pocketed and long-term adversary, enabling the defunct news website to market its archive of stories without the threat of Thiel’s involvement.

  • May 17, 2018

    Celebrity Chef Ran Restaurants Like Ponzi Scheme, Suit Says

    A New Jersey couple who invested in a celebrity chef’s now-shuttered New York City restaurant has sued him for allegedly depriving investors of payouts by moving cash into his restaurant group, according to documents folding the suit into bankruptcy proceedings filed in New Jersey federal court Wednesday.

  • May 16, 2018

    Relativity Secures Contested D&O Policies In Ch. 11

    Relativity Media received a New York bankruptcy judge's permission Wednesday to buy $3 million worth of insurance policies to protect current and former directors and officers, possibly including lawsuit-facing founder Ryan Kavanaugh, despite the objection of longtime adversary Netflix that the policies are expensive and possibly of little value to the estate. 

Expert Analysis

  • Why Machine Learning Should Matter To Lawyers

    Dan Puterbaugh

    Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.

  • Key Constituents In Retail Bankruptcy: A Shifting Landscape

    George Angelich

    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.

  • Getting Back To Basics With Master Limited Partnerships

    Jeffery Malonson

    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.

  • Understanding Texas Mechanic's Liens And Bonds: Part 3

    Excerpt from Lexis Practice Advisor
    Tolin_David.jpg

    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.

  • 2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

    Robert Reznick

    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.

  • Understanding Texas Mechanic's Liens And Bonds: Part 2

    Excerpt from Lexis Practice Advisor
    Tolin_David.jpg

    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.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    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.

  • Put The Brakes On Acceleration Bay Litigation Funder Ruling

    David Gallagher

    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.

  • Some Pointers For Stressed And Distressed Charitable Orgs

    James Vincequerra

    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.

  • Considerations For Attorneys Using Artificial Intelligence

    Ben Allgrove

    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.