Bankruptcy

  • July 21, 2020

    Village Inn Parent Co. Sells 34 Locations In Ch. 11 Deals

    American Blue Ribbon Holdings LLC, the parent company of restaurant chain Village Inn, received court approval Tuesday from a Delaware bankruptcy judge for a pair of Chapter 11 asset sales that will see existing franchisees of the chain acquire 34 restaurants.

  • July 21, 2020

    Pandemic Pushes Student Travel Co. WorldStrides Into Ch. 11

    Educational travel organizer WorldStrides filed for Chapter 11 in a New York bankruptcy court Tuesday with a prepackaged plan to cut $248 million in debt and raise the liquidity it says it needs to weather the COVID-19 pandemic's impact on global travel.

  • July 20, 2020

    Pyxus Can't Stop Ch. 11 Equity Panel Formation

    Holders of stock in bankrupt tobacco supplier Pyxus International won a rare fight for the establishment of an equity committee on Monday, after a Delaware bankruptcy judge noted that the "debtors' own balance sheet raises questions."

  • July 20, 2020

    Mental Health Nonprofit On Hook For Pension Contributions

    The Sixth Circuit has found that a Kentucky-based mental health services provider couldn't dodge its obligations to the state's public pension plan while its bankruptcy was pending, finding the nonprofit had a state law duty to contribute.

  • July 20, 2020

    Cancer Center Beats Ex-Lobbyist's $6M Claim At 2nd Circ.

    The Second Circuit on Monday upheld a bankruptcy court finding that an ex-lobbyist for 21st Century Oncology Holdings Inc. is not owed $7 million in bonus pay, saying the letter of the law allows the bankrupt cancer chain to cap his bonus.

  • July 20, 2020

    Hertz Asks Ch. 11 Judge To Boot False-Arrest Suits

    The Hertz Corp. on Friday sued 27 alleged victims of wrongful car-theft and false-arrest prosecutions by the company, seeking a Delaware bankruptcy court order staying their state lawsuits and mass tort damage claims and warning of risks to the company's $24 billion Chapter 11 restructuring effort.

  • July 20, 2020

    John Varvatos Lender Can Credit Bid At Ch. 11 Asset Auction

    After reaching a deal Monday, a secured lender of bankrupt menswear retail chain John Varvatos Enterprises Inc. will be allowed to credit bid a portion of its debt when the retailer holds a Chapter 11 auction to sell its assets.

  • July 20, 2020

    Avenatti Is Out Of Money For Legal Fees, Lawyer Says

    Michael Avenatti is out of money and can't afford the legal fees for his upcoming embezzlement trial, his counsel told a California federal judge over the weekend, asking to continue representing the embattled attorney on a publicly funded basis.

  • July 20, 2020

    Label Maker's Ch. 11 Plan OK'd After Creditors Strike Deal

    Kansas-based laminates and foil label producer API Americas Inc. received court approval Monday from a Delaware bankruptcy judge for its Chapter 11 plan of liquidation centered on an earlier global settlement with creditors.

  • July 20, 2020

    Pandemic Shunts Oil And Gas Storage Tank Biz Into Ch. 11

    Oil and gas storage tank business Permian Tank & Manufacturing Inc. hit Chapter 11 in Delaware, citing the decline in oil and gas prices connected to the COVID-19 pandemic as a primary reason for its trip into bankruptcy as it seeks to sell its assets.

  • July 20, 2020

    COVID-19 Pushes Fracking Biz BJ Services To Ch. 11

    Fracking company BJ Services filed for Chapter 11 protection in Texas bankruptcy court on Monday with over $500 million in assets and liabilities, citing volatility in energy markets and COVID-19's effect on demand.

  • July 20, 2020

    Briggs & Stratton Hits Ch. 11 With $550M Sale Offer From KPS

    Gasoline engine maker Briggs & Stratton filed for Chapter 11 in a Missouri bankruptcy court Monday, hobbled by the COVID-19 pandemic and carrying over a billion dollars in debt with a $550 million stalking horse bid from private equity firm KPS Capital Partners.

  • July 17, 2020

    GenCanna Bankruptcy Control Fight Heads To 6th Circ.

    A fight over the control of hemp company GenCanna is heading before a Sixth Circuit's bankruptcy appellate panel right as the company is looking to wrap up its Chapter 11 case.

  • July 17, 2020

    Pyxus Urges Del. Judge To Nix Equity Panel In Del. Ch. 11

    Attorneys for bankrupt global tobacco supplier Pyxus International and its creditors urged a Delaware bankruptcy judge late Friday to reject stockholder calls for an equity committee voice in the $1 billion case, arguing that higher-priority claims and secured debt will leave nothing for last-in-line shares.

  • July 17, 2020

    GNC Creditors Say Ch. 11 Sale Process Moving Too Quickly

    Holders of unsecured notes in the Chapter 11 case of vitamin and supplement retailer GNC Holdings Inc. objected Friday to the proposed bidding procedures submitted by the debtor, arguing that the procedures rush the sale process to the detriment of unsecured creditors.

  • July 17, 2020

    Comcar Nixes Ch. 11 Subsidiary Sale Over Truck Lien Issues

    Trucking company Comcar Industries Inc. terminated a proposed Chapter 11 sale of its concrete transportation business unit Friday, telling a Delaware bankruptcy judge that questions about liens on the unit's trucks were now in doubt.

  • July 17, 2020

    4 Considerations For CMBS Loans As Default Rates Soar

    As 90-day forbearance periods on mortgage payments are ending amid the continued COVID-19 pandemic, more commercial mortgage-backed securities borrowers are defaulting on their loans, and experts say keeping a few points in mind can go a long way as borrowers and servicers try to find the best way forward.

  • July 17, 2020

    BoA Faces Class Suit Alleging It Botched Bankruptcy Reports

    A Bank of America NA consumer has filed a proposed class action over claims the bank inaccurately listed him as having filed for bankruptcy and refused to correct his credit report.

  • July 17, 2020

    Rise In Ch. 11 Cases Echoes 2008 Financial Crisis

    A 26% increase in Chapter 11 filings so far in 2020 as compared to last year can largely be blamed on the effects of COVID-19, and restructuring professionals say the spike is mirroring trends seen at the beginning of the 2008 financial crisis.

  • July 17, 2020

    Oil & Gas Driller Bruin Hits Ch. 11 With $840M Debt Swap Plan

    Bruin E&P Partners LLC on Friday became the latest oil and gas driller to seek Chapter 11 refuge from swings in the energy market, filing a prepackaged plan to swap $840 million in debt for equity with a Texas bankruptcy judge.

  • July 16, 2020

    Purdue Asks Court To Say No To New Classes In Ch. 11 Case

    Purdue Pharma asked a New York bankruptcy judge Thursday to reject requests to allow five claims by classes of alleged opioid victims in its Chapter 11 case, saying adding new classes would be an unnecessary, last-minute complication.

  • July 16, 2020

    Templar Energy's Ch. 11 Plan OK'd Alongside $91M Asset Sale

    Oil and gas driller Templar Energy LLC received court approval Thursday from a Delaware bankruptcy judge for its prepackaged Chapter 11 plan that is centered around an asset sale that brought in $91 million.

  • July 16, 2020

    Frontier Wins OK For An Additional $25M In Exec Bonuses

    A New York bankruptcy judge on Thursday approved another $25 million in bonuses for Frontier Communications Corp. executives two months after approving $38 million in payments for a different group of executives at the cable provider.

  • July 16, 2020

    Energy Finance Co. Says Gas Biz Misused Its $4.4M

    An oil and gas financing company says a Houston-area exploration and production business fraudulently convinced it to hand over $4.4 million for an oil venture but instead siphoned off the funds into a subsidiary that then filed for bankruptcy to avoid blame.

  • July 16, 2020

    Borden Ch. 11 Deal Will Smooth Path To $300M Sale Closing

    Milk producer Borden Dairy Co. received approval Thursday from a Delaware bankruptcy judge for a global settlement that will resolve two outstanding issues and allow its $300 million asset sale to close by a Monday deadline.

Expert Analysis

  • Best Practices For A Paperless Law Practice

    Author Photo

    A significant challenge in practicing law remotely is the use and handling of documents without paper, because common digital tools such as email or even secure file transfer applications are problematic, say attorneys at Baker McKenzie.

  • A Faster, Cheaper, More Efficient Way To Restructure

    Author Photo

    The sudden and substantial loss of revenues due to the pandemic should cause companies in financial distress to thoroughly explore the possibility of out-of-court restructuring in an effort to find a quicker and less expensive alternative to Chapter 11, say Kurt Mayr and David Lawton at Morgan Lewis.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

    Author Photo

    The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.

  • Financial Strategies For Oil And Gas Cos. During The Slump

    Author Photo

    After the dramatic recent decline in oil and gas prices, industry participants and investors must look to history for strategies to address higher costs of capital, valuation challenges, increasing financial distress, potential bankruptcies and the prospect of contract disputes, say consultants at Cornerstone Research.

  • NY Buyers Should Beware Tainted Claims After Ch. 11 Ruling

    Author Photo

    A New York bankruptcy judge's recent opinion in Firestone Diamond represents a comprehensive treatment of the Bankruptcy Code Section 502(d) disallowance taint and decisively rejects, for the first time in the Southern District of New York, the long-standing and widely criticized Enron holding, say attorneys at Cadwalader.

  • How Lawyers Can Network Better, Virtually And In Person

    Author Photo

    The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.

  • Practical Tips For Presenting Your Case To Litigation Funders

    Author Photo

    One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.

  • Ohio Tax Talk: Unemployment Ruling May Offer M&A Savings

    Author Photo

    The Ohio Supreme Court's recent decision in Delphi Automotive v. Ohio Department of Job and Family Services sets an acquirer-friendly precedent for unemployment tax rates in mergers, acquisitions and reorganizations, which could be especially important in the wake of pandemic-related layoffs, say Jeremy Hayden and Christopher Tassone of Frost Brown.

  • Avoiding Inadvertent Privilege Waivers In E-Communications

    Author Photo

    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • How Energy Co. Buyers Can Limit Environmental Liability Risk

    Author Photo

    As potential buyers look to purchase assets of energy companies driven into bankruptcy by the coronavirus pandemic, there are a number of precautionary steps they should take to reduce the risk of liability for the seller's environmental obligations, say Jacob Hollinger and Darren Azman of McDermott.

  • Opinion

    Don't Cancel Your Summer Associate Programs

    Author Photo

    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • A Bankruptcy Probe Primer For White Collar Attorneys

    Author Photo

    As white collar attorneys are increasingly asked to assist with bankruptcy-related investigations by unsecured creditors due to the current economic environment, they should follow best practices concerning discovery, appointment of independent board members, and malpractice claims, say attorneys at Lowenstein Sandler.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

    Author Photo

    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Steps Borrowers In Commercial Real Estate Must Take Now

    Author Photo

    Many lenders accommodated commercial real estate investors and borrowers with short, multimonth payment deferrals amid the COVID-19 crisis, but these grace periods will end well before the fallout of the pandemic will, and the bank will come knocking, says Katherine Amador at Berger Singerman.

  • Leaving The Tort System Behind Via Corporate Risk Transfer

    Author Photo

    With an increasingly litigious tort environment for corporate defendants, companies holding legacy liabilities would do well to investigate a capital markets solution for transferring their risks, say Mark Hemmann at FARA LLC and Peter Kelso at Roux Associates.

Can't find the article you're looking for? Click here to search the Bankruptcy archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!