Bankruptcy experts are applauding a proposed change to the Paycheck Protection Program that will allow small business debtors to access loans under federal COVID-19 relief packages, correcting what they say was a mistake in early versions of the aid program that left bankrupt companies without a valuable tool for surviving the pandemic.
A Thai budget airline has become the latest carrier to fall victim to COVID-19, announcing it had filed for restructuring in bankruptcy court due to the "adverse operating environment" caused by the pandemic.
The COVID-19 pandemic claimed another energy sector victim Friday as offshore oil drilling contractor Noble Corp. filed for Chapter 11 bankruptcy in a Texas court with an equity swap agreement to cut $3.4 billion in debt.
The past week in London has seen the Solicitors Regulation Authority file a claim against HSBC, insurers AXA and Allianz sue Swiss insurance giant Zurich, and Cantor Fitzgerald appeal a case involving a rival broker not long after a judge said their poaching dispute belongs in the U.K. Here, Law360 looks at those and other new claims in the U.K.
Pacific Gas and Electric Co. has appointed a former interim CEO as its new top lawyer as part of its latest management shakeup, which came about a month after the utility emerged from Chapter 11 bankruptcy and pled guilty to starting a wildfire in California that killed 84 people.
Apparel retailer Lucky Brand Dungarees LLC received court approval Thursday in Delaware for a plan to sell its assets on a shortened timeline, clearing the way for an expedited process that will close by mid-August.
A former executive at bankrupt hemp company GenCanna can't bypass the creditor claims process to pursue his former employer for severance he claims he is owed after he was forced out for uncovering fraud, a judge said Thursday.
Greenbaum Rowe Smith & Davis LLP has bolstered its commercial litigation practice with the addition of a former litigator from McCarter & English LLP who focuses on business disputes.
Men's suit retailer Brooks Brothers Group Inc. successfully lobbied a Delaware bankruptcy judge Thursday for a deferral of $7.2 million in rent and lease obligations until early September, saying the immediate payment of the rent would scuttle its ability to complete a Chapter 11 asset sale.
A New Jersey bankruptcy judge on Thursday gave his nod of approval to an $11.8 million stalking horse offer by St. Joseph's Health to purchase a Wayne medical office from a commercial building portfolio that hit Chapter 11 in February.
A Manhattan federal judge on Wednesday handed a win to investors in shuttered cryptocurrency company Longfin Corp., determining that the company should have to pay more than $223 million in connection with alleged securities fraud.
Former Ohio Speaker Larry Householder and four others were indicted on charges of taking more than $59 million in bribes from an energy company, prosecutors revealed Wednesday, the same day the House of Representatives stripped Householder of his title.
The owner of a federally funded, nonoperational $1 billion solar energy project in Nevada that has been beset with operational problems hit Chapter 11 in Delaware on Thursday, saying roughly $430 million in secured debt is owed to the federal government.
California Pizza Kitchen entered Chapter 11 in the Southern District of Texas with a deal to slash about $230 million in debt and explore a possible sale, saying the pandemic had made its finances unsustainable.
J.C. Penney Corp. denied reports that Sycamore Partners is a front-runner to buy the department store chain while telling a Texas bankruptcy judge Wednesday that it has received multiple bids for its business as it moves toward a going-concern sale.
LATAM Airlines Group defended its proposed $900 million investor-provided debtor-in-possession loan before a New York bankruptcy judge on Wednesday from claims by creditors that it's a scheme by shareholders to make sure their equity survives the Chapter 11.
A Delaware judge on Wednesday denied a landlord's bid to have bankrupt 24 Hour Fitness release its lease so it can bring in a new tenant, but said she will soon consider related relief for the landlord despite concerns it could open a flood of requests from other landlords.
Boutique bankruptcy firm Forshey Prostok LLP has picked up a former head of Hoover Slovacek LLP's bankruptcy practice with 20 years of experience to launch a new office in Houston.
Harvey Weinstein's former studio pressed a Delaware bankruptcy judge Tuesday for more time to pursue a "revised" payout deal for the producer's accusers after two women branded the settlement a "deathtrap" and a Manhattan federal judge rejected it as "phony."
Willkie Farr & Gallagher LLP partner Daniel Forman has represented participants in massive bankruptcy cases like Pacific Gas and Electric Co.'s $59 billion reorganization and the largest-ever U.S. municipal bankruptcy in Puerto Rico, earning him a spot on this year's list of bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.
Federal prosecutors asked U.S. District Judge William Alsup on Tuesday to sentence bankrupt former Uber Technologies Inc. executive Anthony Levandowski to 27 months in prison for one count of stealing Google's trade secrets, while Levandowski argued he deserves at most a year of home confinement.
Oil and gas company Denbury Resources said Wednesday it will seek Chapter 11 protection with an agreement with creditors in hand to slash $2.1 billion in debt, citing long-term debt and the pandemic's impact on energy demand.
A Delaware bankruptcy judge kept alive late Tuesday much of a multicount suit aimed at restructuring or nullifying a Williams Cos. affiliate's gas-handling agreements with bankrupt oil and gas producer Southland Royalty Co. LLC, including some counts the affiliate said would "confiscate" assets worth hundreds of millions of dollars.
A shareholder hit FirstEnergy Corp. with a proposed class action in an Ohio federal court Tuesday over allegations that the utility paid Ohio lawmakers $60 million to arrange a $1 billion bailout, saying news of the charges sent the company's stock price plunging 45%.
Brown Rudnick LLP must face a trimmed suit accusing the law firm of bungling an attempt to claw back $300 million in credit line repayments from a private equity mogul on behalf of the trustee of bankrupt Lyondell Chemical Co., a New York federal court ruled Tuesday.
With business development dinners and social events no longer viable for new lateral hires, law firms need a refreshed game plan — one that fully exploits the digital landscape, say Andrew Longstreth and Jesse Dungan at Infinite Global and Michael Coston at Coston Consulting.
With the increasing use of channel-based platforms such as Slack, Messenger and Teams in the work-from-home era, companies should assume they may be compelled to produce channel-based data in litigation and take proactive steps to protect sensitive information, say Jessica Brown and Collin James Vierra at Gibson Dunn.
There is likely to be a pandemic-related increase in acquisitions of companies or assets out of bankruptcy, and it is important to recognize that it is not atypical for the antitrust authorities to investigate and even challenge these transactions, say attorneys at Arnold & Porter.
As Congress negotiates another COVID-19 relief package, it should consider business tax measures that provide liquidity and encourage economic recovery by focusing budgetary resources on activities and circumstances connected to the pandemic and associated economic slowdown, says George Callas at Steptoe & Johnson.
With the inundation of lawsuits resulting from the pandemic, now is an opportune time for companies and their advisers to implement prevention measures explicitly designed to break the dispute cycle early and to de-escalate possible legal actions as they form, says arbitrator and mediator Janice Sperow.
Financial services companies should shore up documentation of credit reporting practices in anticipation of increased enforcement actions and civil litigation related to the Fair Credit Reporting Act and CARES Act compliance amid the COVID-19 crisis, say Allison Schoenthal and Ashley Hutto-Schultz at Hogan Lovells.
It has long been the law that attorneys cannot use percentage rental agreements because doing so would constitute an impermissible sharing of fees with nonlawyers, but such arrangements can help lawyers match expenses with revenues in lean times like now, say Peter Jarvis and Trisha Thompson at Holland & Knight.
Health industry sectors, including hospitals and physician organizations, are likely to see growth in consolidation activity as a result of COVID-19, but remote deal-making and other challenges will increase the difficulty of finalizing deals, says Larry Gage at Alston & Bird.
A California state appellate court's recent decision in Masellis v. Law Office of Leslie F. Jensen provides a road map for proving causation and damages in settle-and-sue legal malpractice cases — an important issue of long-standing confusion, says Steven Berenson at Klinedinst.
Mediation conducted online with participants in different states makes it harder to determine where communications were made, increasing the risk that courts will apply laws of a state that does not protect mediation confidentiality, say mediators Jeff Kichaven and Teresa Frisbie and law student Tyler Codina.
As I learned after completing a recent international arbitration remotely, with advance planning a video hearing can replicate the in-person experience surprisingly well, and may actually be superior in certain respects, says Kate Shih at Quinn Emanuel.
If law firms are truly serious about making meaningful change in terms of diversity, they must adopt a demographically neutral, unbiased hiring equation that looks at personality traits with greater import than grades and class rank, says Thomas Latino at Florida State University College of Law.
With large swaths of the population indoors and primarily online, cybercriminals will be able to exploit law firms more easily now than ever before, but some basic precautions can help, says Joel Wallenstrom at Wickr.
The U.S. Supreme Court’s recent refusal to review a Second Circuit decision allowing recovery of funds Bernie Madoff transferred outside the U.S. leaves open the question of whether the clawback initiative’s claims will survive given the strict pleading and proof standards that have evolved over the last 12 years of litigation, say attorneys at Quarles & Brady.
Businesses considered nonessential during the pandemic may be able to look to an Illinois bankruptcy court's recent ruling in Hitz Restaurant Group to invoke a force majeure defense and get excused for rental obligations during the time they were unable to operate, say attorneys at Saul Ewing.