Bankruptcy

  • May 20, 2020

    Comcar Industries' $15M Ch. 11 Loan Cleared After Changes

    Bankrupt trucking fleet owner Comcar Industries nailed down terms for a $15 million Chapter 11 debtor in possession loan in Delaware Wednesday, after the lender agreed to a string of court-directed changes on a number of issues, including default conditions.

  • May 20, 2020

    Imerys Slams J&J's Bid To 'Seize Control' Of Its Ch. 11

    Johnson & Johnson talc supplier Imerys Talc America Inc. told the Delaware bankruptcy court Tuesday it should reject a bid by J&J to "seize control" of its Chapter 11 by taking over defense of talc injury claims at the center of the bankruptcy.

  • May 20, 2020

    SEC Says Alta Mesa Ch. 11 Can't Release Fraud Claims

    The U.S. Securities and Exchange Commission asked a Texas bankruptcy court Wednesday to reject the legal releases in oil and gas driller Alta Mesa Resources Inc.'s Chapter 11 plan, saying they would improperly allow the company and its executives to escape securities fraud claims.

  • May 20, 2020

    Craftworks OK'd For Ch. 11 Sale That Hands Assets To Lender

    A Delaware bankruptcy judge on Wednesday gave his nod to the sale of bankrupt restaurant chain owner CraftWorks Parent LLC, which operates Logan's Roadhouse locations, to its secured lender that put in a $93 million credit bid, with the buyer saying it plans to keep at least 150 restaurants in operation.

  • May 20, 2020

    Virus Pushes Green Growth To Insolvency Filing In Canada

    Long-struggling cannabis company Green Growth Brands received insolvency protection from a Canadian court Wednesday, telling the judge it was pushed to financial ruin by the COVID-19 pandemic.

  • May 20, 2020

    ​​​​​​​Kendall Jenner To Pay $90K Over Fyre Festival Promo

    Model and social media influencer Kendall Jenner has agreed to pay $90,000 to settle a bankruptcy lawsuit over her promotion of the doomed Fyre Festival, according to a notice filed with the Manhattan bankruptcy court Tuesday.

  • May 20, 2020

    Sears Investor Didn't Show Insider 'Group,' 2nd Circ. Says

    The Second Circuit on Wednesday sided with a Manhattan federal judge who tossed a Sears shareholder's suit claiming an investment adviser's clients improperly profited from short-term trades of the company's stock.

  • May 20, 2020

    Oilfield Co. Hornbeck Aiming To Wrap Up Ch. 11 By Mid-June

    Oilfield services provider Hornbeck Offshore Services told a Texas bankruptcy court Wednesday that it hopes to see its prepack Chapter 11 plan to trade nearly $1.2 billion in debt for equity approved in a little under a month.

  • May 20, 2020

    Bankruptcy Fund Hands £2.3M To Victims Of Ponzi Scheme

    Britain's bankruptcy compensation scheme said Wednesday that it has refunded £2.3 million ($2.8 million) to victims of a Ponzi scheme that defrauded clients out of £13 million, which ended with its adviser being jailed for 14 years in April.

  • May 19, 2020

    GenCanna Bankruptcy Judge Signs Off On $77M Sale

    A Kentucky bankruptcy judge gave the go-ahead on Tuesday for hemp processor GenCanna to sell the bulk of its assets in a deal valued at $77 million, allowing MGG Investment Group to recoup on millions it lent the company.

  • May 19, 2020

    XFL Accused Of Running Ch. 11 'Fire Sale' Favoring McMahon

    Unsecured creditors have accused the XFL of running a Chapter 11 "fire sale" unfairly set up for Vince McMahon to credit bid debt he is owed to acquire the professional football league's assets, saying they would prefer a conversion to Chapter 7 if a sale process remains stacked in McMahon's favor.

  • May 19, 2020

    Comcar's Ch. 11 Loan Delayed For Last-Minute Changes

    A Delaware bankruptcy judge asked Florida-based trucking company Comcar on Tuesday to revise a proposed order for interim approval of a $15 million post-petition loan that will help pay down some of the debtor's secured obligations and fund its path toward private sales of its operating subsidiaries.

  • May 19, 2020

    Centric Brands Says It Wants To Walk Away From Stores

    Licensing business Centric Brands on Tuesday asked a New York bankruptcy court for permission to to walk away from dozens of stores full of merchandise and its contract with fashion brand BCBG as it tries to trim $700 million in debt and survive the COVID-19 pandemic.

  • May 19, 2020

    Food Lion Targets Part Of Co-Op's $433M Dean Foods Deal

    Food Lion LLC filed a lawsuit against Dairy Farmers of America in federal court Tuesday challenging the cooperative's recent purchase of milk processing facilities in North and South Carolina, part of a larger $433 million purchase of assets from bankrupt milk producer Dean Foods that it said fits within a long-running anti-competitive campaign.

  • May 19, 2020

    NJ Court Revives Time-Bar Dispute In Caesars Unit Injury Suit

    A New Jersey state appeals court revived a slip-and-fall suit against Caesars Entertainment and a related resort, ruling that a lower court must decide whether the casino's Chapter 11 stay also tolls the statute of limitations on claims against the subsidiary.

  • May 19, 2020

    Cannabis Co. Seeks Nix Of Suit Over Scheme To Devalue Rival

    A cannabis company accused of plotting to bankrupt a body care product company so it could cheaply take it over urged a Florida federal judge to drop the suit Monday, arguing that the case has no connection to the Sunshine State and belongs in a California court.

  • May 19, 2020

    Pier 1 Shifts To Permanent Shutdown Plan In Ch. 11 Case

    Home furnishing retailer Pier 1 Imports Inc. asked a Virginia bankruptcy judge Tuesday afternoon for permission to wind down its operations and liquidate its assets after the COVID-19 outbreak dashed any hopes of restructuring its business and continuing on as a going concern.

  • May 19, 2020

    Volatile Oil Market Drags Hornbeck Into Ch. 11 With $1.1B Debt

    A Louisiana-based company that provides oilfield services for offshore drilling operations filed for bankruptcy protection Tuesday in Texas, bringing with it a plan to restructure some of its $1.1 billion in debt amid a turbulent energy commodities market that was too much for the company to bear.

  • May 19, 2020

    UK Luggage Brand Antler Folds In The Face Of COVID-19

    Century-old British luggage brand Antler announced Tuesday it has started restructuring proceedings and laid off the majority of its staff in the face of the COVID-19 pandemic's impact on the global travel and retail industry.

  • May 19, 2020

    COVID-19 Drives Battery Maker Exide Back Into Bankruptcy

    Global battery maker and recycler Exide Technologies and four affiliates sought Chapter 11 protection in Delaware on Monday, carrying more than $817 million in secured debt and reporting plans for a sale of all assets through one or more transactions.

  • May 18, 2020

    PG&E Says Fire Victims Overwhelmingly OK Bankruptcy Plan

    Pacific Gas and Electric Co. said preliminary results Monday indicate that survivors of Northern California wildfires sparked by the utility's equipment overwhelmingly voted to approve its reorganization plan, which includes a $13.5 billion trust for fire victims, clearing one of the final hurdles for it to emerge from bankruptcy.

  • May 18, 2020

    Boy Scouts Can Set Nov. Bar Date On Abuse Claims In Ch. 11

    The Boy Scouts of America received permission from a Delaware bankruptcy judge Monday to adopt a Nov. 16 bar date for sexual abuse victims to file claims against the organization's Chapter 11 estate as negotiations continue over a potential global settlement to the case.

  • May 18, 2020

    Bankrupt Movie Theater Chain Seeks Rent Relief Until August

    Movie theater operator Cinemex Holdings USA Inc. told a Florida bankruptcy court Monday that its goal is to be able to pay August rent on the company's theater leases but it needs breathing room until then as the COVID-19 pandemic keeps theaters shuttered.

  • May 18, 2020

    Insolvent Pot Co. CannTrust Puts Assets Up for Sale

    Struggling Canadian cannabis company CannTrust got the go-ahead to put its assets up for sale as part of its restructuring process, the company announced Friday.

  • May 18, 2020

    JC Penney Mulls 242 Store Closings In Texas Ch. 11 Plan

    Bankrupt J.C. Penney Co. is considering shutting down nearly a third of its stores by next year in a streamlining that will expand the retail chain's e-commerce business and focus on sites with lower competitive pressures and greater income, according to a disclosure filed Monday.

Expert Analysis

  • 11 Good Ideas For Retail Bankruptcy Reform During Pandemic

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    If Congress is open to any good idea that would stabilize the economy, it should consider Bankruptcy Code changes that would help companies — particularly retailers — survive a Chapter 11 filing during the COVID-19 economic downturn, says Norman Kinel at Squire Patton.

  • Series

    Judging A Book: Richardson Reviews 'Criminal Dissent'

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    In his important new book, "Criminal Dissent," Wendell Bird endeavors to catalog every single actual, or even threatened, prosecution under the Sedition Act and removal under the Alien Friends Act — a monumental undertaking — and the results are striking, says U.S. District Judge Eli Richardson of the Middle District of Tennessee.

  • Tips For Minimizing Law Firm Liability During COVID-19

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    Lawyers may be advising clients on COVID-19 matters without the benefit of considered analysis or interpretive guidance, which could lead to legal malpractice suits down the road, but law firm management can mitigate the risks through certain protocols, says Nicole Hyland at Frankfurt Kurnit.

  • Suppliers Should Prep For Price Discrimination Claim Surge

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    As customers increasingly ask for extended payment terms due to pandemic-related financial hardship, suppliers should implement policies that comport with the Robinson-Patman Act to avoid price discrimination claims and lawsuits by bankrupt customers seeking large damage awards, say Colin Kass and David Munkittrick at Proskauer.

  • The Perils Of Ignoring Contractual Forum Selection Clauses

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    Dean Foods' decision to ignore its own forum selection clause did more than create a procedural hiccup in the now-bankrupt company's fiduciary duty breach claim against its former chairman — and others can and should learn from Dean's blunder, says Greg Brassfield at Lynn Pinker.

  • A Proposed Technology-Assisted Review Framework

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    Cases involving technology-assisted review often suffer from expensive arguments between parties over protocols and accuracy, but a new report card system that would allow litigants and courts to objectively assess a given document review methodology could mitigate those problems, say attorneys at Redgrave and Kirkland.

  • Navigating Loan Doc Implications Of Pandemic Disruption

    Excerpt from Lexis Practice Advisor
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    As the negative impacts of the pandemic make it harder for corporate borrowers to comply with loan terms, parties to new debt financings should review covenants, grace periods and penalties for potential breaches, say attorneys at Shearman.

  • How Lawyers Can Find Equanimity In Crisis

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    Lawyers navigating the COVID-19 fallout may think they no longer have time for the “soft” aspects of their work — such as being an outlet for clients' stress — but maintaining equanimity and focusing on the human aspects of lawyering are key to weathering the crisis, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • The Divide Between Courts On Ch. 11 Trustee Fees

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    While the majority of the early rulings on the increased quarterly fees Chapter 11 debtors pay to the U.S. Trustee primarily held that the fee schedule amendment is unconstitutional, two recent decisions reversed this trend, setting the stage for important appellate rulings on this issue soon, say Justin Paget and Nathan Kramer at Hunton.

  • Market Decline Will Have Diverse Repercussions For Cos.

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    The recent market decline is likely to usher in a wave of litigation as several contemporaneous factors — such as news about the pandemic and faltering oil prices — contribute to volatility that will be felt differently across various industries, says Jordan Milev at NERA Economic Consulting.

  • Opinion

    Courts Should Look To 3 Bar Exam Alternatives During Crisis

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    While the pandemic delays bar exams, jurisdictions should adopt other ways to license new lawyers, as sticking to the status quo would abdicate our profession’s responsibility to meet the public’s legal needs, say law professors Deborah Jones Merritt, Marsha Griggs and Patricia Salkin.

  • Are Litigation Funding Documents Protected From Discovery?

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    With law firms and their clients increasingly interested in exploring litigation funding during the current economic crisis, attorneys must be aware of the trends emerging in courts across the country regarding the discoverability of litigation funding materials, say attorneys at Jenner & Block and Longford Capital.

  • Opinion

    Tax Agencies Should Show Mercy To Fix State Budgets

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    States seeking to refill depleted budgets due to the coronavirus pandemic could recover revenues more quickly if they practice lenience in collecting delinquent business taxes, says Michael Wynne at Jones Day.

  • Antitrust Tools For Dealmakers Preparing For Better Times

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    When the U.S. economy inevitably returns to health, a number of antitrust rules already on the books can facilitate rapid investment in distressed companies, minority interest acquisitions and other securities sales without government delay, say Harry Robins and David Brenneman at Morgan Lewis.

  • How COVID-19 Might Uproot Centuries Of Litigation Traditions

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    Litigation has historically been an in-person activity, but the COVID-19 crisis might bring a long-lasting shift toward adoption of technologies that allow discovery and other litigation activities to proceed in a manner that preserves social distancing, say Elisabeth Ross and Christopher Hennessy at Cozen O’Connor.

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