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.
A New York bankruptcy judge on Monday approved a deal between bondholders and a Silver Point Capital-owned company formed to invest in a Chinese casino project to resolve its contentious Chapter 11 case with an $856 million debt-for-equity swap.
A Florida magistrate judge has recommended decertifying a class of consumers accusing Dutch Caribbean airline Insel Air of charging passengers illegal exit fees before boarding flights from Miami International Airport, saying the airline's bankruptcy has made finding class members impossible.
Licensing business Centric Brands — whose portfolio includes Calvin Klein, Timberland and Disney — on Monday filed for Chapter 11 protection in a New York bankruptcy court, saying it has struck a deal to cut $700 million in debt as it wrestles with the impact of COVID-19.
Shale oil and gas company Gavilan Resources LLC hit Chapter 11 in Texas bankruptcy court with $552 million in secured debt and citing plummeting oil prices amid the COVID-19 pandemic and other market conditions as reasons for its trip into bankruptcy.
Comcar Industries, one of the United States' largest privately owned trucking companies, said Monday it filed for Chapter 11 protection in the Delaware bankruptcy court, with a need to sell essentially all of its assets to escape more than $85 million in liabilities.
Illustrating the urgency of iconic retailer J.C. Penney's $5 billion Chapter 11 case in the midst of the COVID-19 pandemic, a Texas judge convened a rare weekend first-day hearing on Saturday as the company pursues restructuring efforts to either sell or reorganize the business by late summer.
The federal judge overseeing Pacific Gas and Electric Co.'s bankruptcy rejected Friday an effort to throw out some fire survivors' votes on the utility's Chapter 11 reorganization plan, ruling that a wildfire attorney accused of concealing a conflict of interest from his clients did not violate bankruptcy laws.
Talc supplier Imerys Talc America Inc. told a Delaware bankruptcy court Friday that it has reached an agreement on a Chapter 11 plan calling for a going-concern asset sale to fund payouts for thousands of personal injury claims for talc exposure.
Hospitals desperate to steady themselves after being buffeted by COVID-19's financial shockwave are likely in coming months to seriously consider mergers and acquisitions, but lawmakers are already pushing back and antitrust enforcers will probably be skeptical. Here are key issues to keep an eye on.
Legendary department store chain J.C. Penney Co. filed for Chapter 11 protection late Friday in Texas following weeks of rumors about the retailer's finances after the COVID-19 pandemic forced it to close down all 850 of its stores, eliminating most of its revenue.
A New York bankruptcy judge refused Friday to recuse himself for allegedly insulting remarks against a lawyer suing officers of Florida cancer center 21st Century Oncology, saying the cited statements were based on the record in the case.
Russia has asked the Supreme Court of the Netherlands to overturn the record-breaking $50 billion in arbitral awards issued to former shareholders of Yukos Oil Co. following Moscow's dismantling of the oil giant, the country's justice ministry announced on Friday.
Miami-based boutique AXS Law Group has added a partner well versed in cross-border transactional work, a move the firm said it expects will help bolster its Brazil and greater Latin America practice.
Wyoming-based natural gas producer Ultra Petroleum Corp. can tap into a $25 million post-petition loan after a Texas bankruptcy judge authorized the financing as the company pursues a prepackaged plan of reorganization that envisions a reduction of its debt by $2 billion by mid-June.
A New York appeals court on Thursday reversed a lower court's ruling that two excess insurers for RCAP Holdings LLC breached their duty to cover legal costs incurred by five former RCAP executives, including onetime executive chairman Nicholas Schorsch, who are facing a sprawling suit brought by the firm's bankruptcy trust.
A Florida sawmill received interim approval Thursday from a Delaware bankruptcy court to obtain post-petition financing from an affiliate despite concerns raised by investors of the company's prepetition lender that its debt was being lowered in priority against its will.
One of United Cannabis Corp.'s creditors pushed a Colorado judge to toss the company's Chapter 11 filing Wednesday, arguing even if the company is only marketing hemp products it is still violating the Food, Drug, and Cosmetic Act by making unapproved health claims.
As coronavirus-related economic turmoil stresses corporate balance sheets, more companies are conducting what are called liability management transactions, a less glamorous but critical part of capital markets legal work that can help businesses ease financial pressures during a crisis.
Defunct phone and internet provider Fusion Connect Inc. asked a New York bankruptcy judge Thursday to reject an attempt at collecting $2.1 million in unpaid federal civil penalties for telemarketing fraud, saying the government was not the victim.
A Delaware judge on Thursday rejected NGL Energy Partners LP's bid to compel PES Holdings LLC to pay it $26.7 million in cash to settle a claim, saying doing so would "ignore" creditor distribution provisions in the Philadelphia refinery operator's already-approved Chapter 11 plan.
Fox Rothschild LLP has hired a Polsinelli PC shareholder experienced in advising mid-market energy and retail companies in bankruptcy and restructuring issues for the firm's financial restructuring and bankruptcy department in Texas.
The Third Circuit has ordered a Pennsylvania federal court to redo the sentencing of a former businessman convicted of bilking investors out of more than $1 million, ruling Wednesday the lower court judge never explained how she came up with the 12-year term she imposed.
Intelsat SA and 34 affiliates sought Chapter 11 protection in the Eastern District of Virginia early Thursday, reporting a $14.8 billion secured debt burden, deep revenue losses to the COVID-19 pandemic and a need to restructure in order take part in an ongoing 5G wireless buildout.
XFL founder and World Wrestling Entertainment Inc. CEO Vince McMahon on Tuesday fired back in a breach of contract suit brought by the league's ousted commissioner, arguing that McMahon fired him because he "effectively abandoned his responsibilities" during the COVID-19 pandemic.
As they face the current downturn, it is important for oil and gas operators in Texas to understand the practical and strategic implications of a nonoperating partner declaring bankruptcy, then rejecting a joint operating agreement and becoming a co-tenant, say attorneys at Baker McKenzie.
Given the ease with which videoconference participants can unwittingly risk civil and criminal liability by unlawfully recording calls, attorneys should be mindful of — and clients may appreciate prospective advice on — state consent laws and the various meeting platforms' consent features, say Daniel Rozansky and Crystal Jonelis at Stubbs Alderton.
Even modest adjustments to the terms of a debt instrument due to the COVID-19 pandemic can introduce significant federal income tax complexity — such as cancellation of indebtedness income for the debtor and original issue discount for the lender, say attorneys at Mayer Brown.
In the age of enforced social distancing, the limits on access to electronic filing means bankruptcy is paradoxically only available to those individuals who can afford it, says Rohan Pavuluri at Upsolve.
Taking a deposition of an uncooperative witness is one task made immeasurably more difficult during the current pandemic, and certain deposition styles that may be extremely forceful in person may have limited effectiveness over videoconference, says Qian Julie Wang at Robins Kaplan.
While the Bankruptcy Code is normally a powerful tool for companies in financial distress, Congress should amend it to address the current level of rapid triage needed by businesses affected by the coronavirus pandemic, says Frank Eaton at Linda Leali.
Attorneys at Shearman & Sterling highlight key debt buyback and liability management considerations for companies as the trading prices of many corporate loans and bonds fall in response to the COVID-19 crisis.
While equity receivers are historically rare in Illinois, courts might be persuaded to see them as an integral part of the solution in loan enforcement lawsuits stemming from the COVID-19 crisis, say attorneys at Dykema.
Rather than rushing to shorten their time in bankruptcy, some businesses filing for Chapter 11 protection due to the effects of COVID-19 have sought to pause their cases, resulting in unprecedented freezes of standard administrative payments to landlords and vendors, say attorneys at WilmerHale.
As the already-embattled health care industry struggles to confront the coronavirus pandemic, Tennessee hospital chain Quorum Health's recent bankruptcy could indicate that significant structural change is coming to the industry as a whole, say attorneys at Rivkin Radler.
The New Jersey Supreme Court's much-needed order allowing this year's law school graduates to practice prior to being admitted should be adopted in New York — and developed further even after the pandemic ceases, says attorney Dmitriy Shakhnevich.
Retention of e-discovery providers usually involves considerable time and several layers of approval, but practicalities during the current emergency have proven that law firms must have the acuity to make smart but quick game-time decisions, says Shannon Capone Kirk at Ropes & Gray.
Just like in a normal deposition, remind your witness that testimony provided via videoconference may be used in a courtroom, so they must be mindful of everything they say or don’t say, the space they are in, and their attire, say Adam Bloomberg and Merrie Jo Pitera at Litigation Insights.
Proactive liability management and strategy considerations can help convince auditors that an entity can continue as a going concern amid the COVID-19 pandemic, as companies battle resulting economic and liquidity issues, says Adele Hogan at Nelson Mullins.
A recent Law360 guest article highlighted reluctance among some in the legal community to embrace video mediation, but when assessing the concerns, it quickly becomes clear that the disinclination is not rooted in any firm rationale, says Michael Willemin at Wigdor.