Bankruptcy

  • January 24, 2018

    Golfsmith Ch. 11 Dismissal Gets Judge OK After Asset Sales

    The Chapter 11 case of Golfsmith International Holdings Inc. came to an end on Wednesday after a Delaware bankruptcy court granted a joint motion to dismiss the case now that the sports retailer has sold off substantially all of its assets.

  • January 24, 2018

    Canadian DIY Supplier RCR Secures Del. Ch. 15 Protections

    Bankrupt Canadian do-it-yourself home improvement supplier RCR International Inc. secured protection for its American assets and contracts Wednesday, in the first steps of a Chapter 15 proceeding in Delaware in support of its cross-border insolvency case.

  • January 24, 2018

    Takata Seeks OK For $22M Stock Buy To Duck Mexico Tax

    Hoping to avoid a $9 million tax bill in Mexico, bankrupt vehicle safety device and air bag component maker Takata sought Delaware court approval late Tuesday to plow a $22 million intercompany receivable back into a Mexican affiliate that owes the money.

  • January 24, 2018

    Toys R Us Looks To Close 180 Stores Nationwide

    Toys R Us on Tuesday asked a New York bankruptcy court for permission to close more than 180 U.S. stores that it says are performing at “suboptimal levels.” 

  • January 23, 2018

    Takata Sues RL Polk Over Noticing Debacle

    Bankrupt air bag maker Takata filed an adversary suit on Tuesday against bankruptcy administration vendor R.L. Polk & Co., who Takata says caused an extra $1.6 million in expenses by botching almost 5 million addresses on a mailing list.

  • January 23, 2018

    Ex-Sedgwick Bankruptcy Chair Heads To Rimon Calif. Offices

    Former Sedgwick bankruptcy chair Lillian Stenfeldt joined the Northern California offices of Rimon Law, the firm announced Tuesday, where she'll continue aiding companies' bankruptcy matters, purchases of intellectual property from bankruptcy estates and other insolvency-related proceedings.

  • January 23, 2018

    Philly Refinery Gets OK On $120M DIP In Fast-Track Ch. 11

    The East Coast’s largest oil refinery received a Delaware bankruptcy court's approval Tuesday to access a $120 million post-petition financing package to fund its rapid trip through the Chapter 11 process, with prepetition term loan lenders providing the facility.

  • January 23, 2018

    Panda Temple Gets Ch. 11 Plan OK After Shifting Releases

    Power plant owner Panda Temple Power LLC received court approval in Delaware on Tuesday for its Chapter 11 reorganization plan two weeks after a bankruptcy judge questioned liability releases being granted to nondebtor affiliates.

  • January 23, 2018

    Citi Sanctioned For Bid To 'Reaffirm' Discharged Debt

    Citigroup Inc.’s mortgage unit was hit with sanctions Tuesday by a New York bankruptcy court, after the lender attempted to force a Chapter 7 debtor to “reaffirm” $102,000 in debt that had already been wiped out.

  • January 23, 2018

    Woodbridge Settles SEC Ch. 11 Trustee Takeover Dispute

    The Woodbridge Group of Cos. agreed to a second Chapter 11 corporate leadership rework in as many weeks on Tuesday, in a settlement that cut short a fourth day of argument in Delaware on a Securities and Exchange Commission-backed trustee takeover of the $1.2 billion case.

  • January 23, 2018

    Bankruptcy Group Of The Year: Outten & Golden

    Outten & Golden LLP's employment attorneys made an outsized impact on the bankruptcy world this year when Czyzewski v. Jevic Holding Corp. — the firm's yearslong case on behalf of thousands of laid-off truck drivers — made its way to the U.S. Supreme Court and struck a blow to the trend of structured dismissals, earning the group a spot among Law360’s 2017 Bankruptcy Groups of the Year.

  • January 23, 2018

    FDIC Chair Nom Supports Fintech Firms’ Charter Choice

    Jelena McWilliams, President Donald Trump’s choice to lead the Federal Deposit Insurance Corp., on Tuesday told senators that she would encourage the use of a specialty bank charter that has become a tool for financial technology firms seeking more lending capacity.

  • January 22, 2018

    Breitburn Shareholders Seek To Prolong Ch. 11 Plan Talks

    Counsel for a committee of Breitburn Energy Partners LP shareholders seeking to block confirmation of a Chapter 11 restructuring plan that leaves the group empty-handed closed a trial over enterprise valuations on Monday, urging a New York bankruptcy judge to send the sides back to the negotiating table.

  • January 22, 2018

    GST AutoLeather Sale Stalls Amid Creditor Infighting

    Bankrupt GST AutoLeather Inc.’s bid to sell its assets to its senior lenders in a deal valued at $172 million failed to get off the ground Monday after volatile infighting between secured and unsecured creditors flared up, leaving the proposed sale caught in the crossfire.

  • January 22, 2018

    Cox Wins Arbitration Of Dealer's Used Car Antitrust Suit

    A Florida federal court on Monday granted Cox Enterprises Inc.'s motion to compel arbitration in a suit brought by Citi Cars Inc., a bankrupt used car dealership that claims the conglomerate used a monopoly on the wholesale vehicle market to inflate its price points.

  • January 22, 2018

    FDIC Nominee To Face Senate Questions But Little Opposition

    Jelena McWilliams is likely to face questions about her views on tools to wind down failing giant financial institutions and a host of other issues at her Tuesday confirmation hearing, but her bid to lead the Federal Deposit Insurance Corp. is expected to proceed without a hitch, experts say.

  • January 22, 2018

    Bankruptcy Group Of The Year: Weil Gotshal

    Ten of last year’s largest bankruptcies featured Weil Gotshal & Manges LLP in prominent roles, including debtor or restructuring counsel duty in the two largest, one of many factors that helped place Weil among Law360’s 2017 Bankruptcy Groups of the Year.

  • January 22, 2018

    Northeast Refiner PES Opens $1B-Plus Chapter 11

    Philadelphia Energy Solutions LLC, the Northeast’s largest remaining refinery complex, sought Chapter 11 protection in Delaware early Monday, filing a prepackaged plan to restructure more than $1 billion in debt and equity in just one month, including about $739 million in loans or related obligations.

  • January 19, 2018

    $10M Indorama Bid Set As Stalking Horse For M&G W.Va. Site

    An affiliate of global petrochemical giant Indorama Ventures on Friday won Delaware bankruptcy court approval to serve as stalking horse bidder for M&G Polymers LLC’s West Virginia plastics plant, with a $10 million offer that also covers the company’s Ohio research site.

  • January 19, 2018

    Puerto Rico Hands Over Info On Accounts With $7B Stash

    Officials of Puerto Rico on Friday unveiled a summary of account balances for the debt-ridden territory's various instrumentalities and touted a push for more transparency, amid heightened scrutiny over the recent discovery of nearly $7 billion in undisclosed funds stashed in government bank accounts.

Expert Analysis

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • How IT And Procurement Pros Can Inform Law Firm Budgeting

    Steve Falkin

    As law firms begin preparing for their annual budget review, Steve Falkin and Lee Garbowitz of HBR Consulting discuss why firm leaders should give their internal information technology and procurement teams a seat at the table.

  • Getting Real About Artificial Intelligence At Law Firms

    Mark Williamson

    Artificial intelligence needs to be legally defensible in order to be useful to law firms. There are requirements for making this happen, says Mark Williamson, co-founder and chief technology officer of Hanzo Archives Ltd.

  • Perception Vs. Reality At Trial

    Martha Luring

    The long litigation life cycle for large, complex civil lawsuits provides ample time for clients and counsel to form strong opinions — often negative when based on adversarial exchanges — about the opposing trial team, their witnesses and their experts. Martha Luring of Salmons Consulting shares some common perceptions not always shared by jurors.

  • Proportionality, Not Perfection, Is What Matters

    John Rosenthal

    A few jurists and commentators have recently caused a stir in the e-discovery community by arguing that litigants should avoid using keyword searches to filter or cull a document population before using predictive coding. This “no-cull” rationale undermines the principle of proportionality at the heart of the recent changes to Federal Rule 26, say John Rosenthal and Jason Moore of Winston & Strawn LLP.

  • 2nd Circ. Significantly Weakens Cramdown Threat

    Michael Rosenthal

    By increasing the likelihood that a Chapter 11 debtor will be required to pay a market interest rate to cram down a plan on secured lenders, the Second Circuit's opinion in MPM Silicones clearly reduces a debtor's leverage in negotiations with secured creditors, say attorneys with Gibson Dunn & Crutcher LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Series

    Judging A Book: McConnell Reviews 'Unequal'

    Judge John McConnell

    As widespread claims of sexual misconduct continue to surface in the entertainment industry and beyond, a discussion of how judges treat workplace discrimination cases may be particularly timely. Here, U.S. District Judge John McConnell reviews the book "Unequal: How America’s Courts Undermine Discrimination Law," by professors Sandra Sperino and Suja Thomas.

  • Curing A Default: When Is It Too Late?

    Adam Wolk

    There remains some debate as to whether events of default can be cured in the absence of, or after the lapse of, an express cure period in credit agreements, and there is little judicial discussion on this specific scenario, say attorneys with Mayer Brown LLP.

  • Roundup

    Making Pro Bono Work

    Pro Bono Thumbnail

    In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.