An adviser to the European Union's top court proposed a test Thursday under the bloc's prudential regime for insurers that would allow bankruptcy litigation stays required in one country to be applied in other jurisdictions under certain conditions.
California-based energy company California Resources Corp. filed for Chapter 11 protection in Texas bankruptcy court with over $6 billion in debt, saying current market pressures from the COVID-19 pandemic have forced it into restructuring.
LATAM Airlines Group clashed with creditors Wednesday as it told a New York bankruptcy judge that a "modest" $9.75 million breakup fee is needed to secure a $1.3 billion debtor-in-possession financing package.
Bankrupt retailer J.C. Penney announced a 1,000-employee reduction in its workforce Wednesday, the latest development in a nearly 850-store restructuring strategy launched with the company's retreat into Chapter 11 on May 15 in Texas bankruptcy court.
A Delaware bankruptcy judge on Wednesday approved West Coast sushi chain Sustainable Restaurant Holdings' $2 million asset sale bankruptcy plan, over the objections of the company's recently fired CEO.
Retailer Bluestem Brands Inc. on Wednesday received a Delaware bankruptcy judge's approval for documents describing its proposed Chapter 11 plan, but the judge ruled that the plan's exculpation provisions were too broad and should be amended.
A New Jersey bankruptcy judge on Wednesday gave the parent company of New York & Co. and other apparel brands the green light to commence going-out-of-business sales this week after company counsel predicted an "orderly liquidation" as the retailer's Chapter 11 case proceeds.
Specialty gift and stationery store The Paper Store filed for Chapter 11 protection in Massachusetts, saying the COVID-19 pandemic had pushed its promising business into bankruptcy.
A proposed shareholder class announced a settlement with Insys Therapeutics' former CEO in Arizona federal court Tuesday, which would resolve securities fraud claims over the company's alleged kickbacks to doctors who prescribed an addictive opioid spray.
Oilfield services provider Calfrac Well Services Corp. filed a Chapter 15 petition in Texas bankruptcy court Tuesday, a day after it commenced a Canadian insolvency proceeding as a way to deleverage its balance sheet amid the COVID-19 pandemic and what it characterized as a global energy price war.
Flooring manufacturer Congoleum Corp. told a New Jersey bankruptcy judge that it has a $28 million stalking horse credit bid from a noteholder group in hand as it enters Chapter 11.
Three prominent U.S. Supreme Court litigators speak on why the court’s bar continues to have a diversity problem – and how it might be fixed.
Remote arguments. Gorsuch siding with liberals on LGBTQ rights. A mysterious flush. It's been a surprising year at the high court, and Law360's The Term podcast team shares four big takeaways.
Already facing a revolt from landlords who haven't been paid for months, bankrupt 24 Hour Fitness Worldwide Inc. confronted court questions about new risks of insolvency Tuesday after the return of COVID-19 business shutdowns in California jeopardized the debtor's Delaware Chapter 11 budget and delayed action on a $250 million case loan.
The U.S. Supreme Court saw a drop in narrowly divided rulings and more than a few unusual alliances among the justices in a term packed with contentious cases on abortion, immigration, LGBTQ rights and agency authority.
A Delaware judge on Tuesday gave the American unit of Japanese home goods retailer Muji the go-ahead to tap into a $22 million post-petition loan in its Chapter 11 as the company moves forward with plans to restructure nearly $73 million in debt.
An Oregon farm has once again filed counterclaims in a dispute with a now-bankrupt Kentucky CBD producer over $44 million in allegedly worthless hemp seeds, after the producer amended its complaint to include the farm's owner.
Bracewell LLP has brought on a former Baker Botts LLP partner experienced in advising companies on transactional tax matters to the firm's tax practice in Washington, D.C.
The unsecured creditors of LATAM Airlines Group are asking a New York bankruptcy judge to reject a request by the airline to accept $900 million in debtor-in-possession financing from a group of shareholders, calling it a giveaway to an insider group.
European fitness company RSG Group, led by Dentons, said Tuesday it is buying Dykema-steered Gold's Gym out of pandemic-induced bankruptcy for roughly $100 million, a move that RSG Group expects will expand its footprint in the U.S. and overseas.
The number of female lawyers arguing before the U.S. Supreme Court hit a new low this year. Can the pipeline to these coveted oral argument slots be fixed?
A Manhattan federal judge on Tuesday abruptly rejected a proposed settlement and class certification bid in a sex abuse lawsuit against disgraced Hollywood producer and convicted rapist Harvey Weinstein, deriding the deal as "phony" and the class as nonexistent.
Test how closely you were paying attention to the explosive 2019-2020 Supreme Court term.
Boies Schiller Flexner LLP has added the former head of derivatives bankruptcy strategy at Lehman Brothers Holdings and the former executive director of distressed special situations at Nomura International PLC to its New York and London offices, respectively, the firm announced Monday.
UBS told a New York federal judge that energy holding company Greka Integrated Inc. owes it an additional $54 million in interest, fees and costs after the bank's early victory in its suit over Greka's failure to repay $100 million in loans.
Companies seeking bankruptcy relief in the wake of the coronavirus pandemic should be aware of crucial aspects of the employee and debtor-employer relationship that are critical to a smooth transition into Chapter 11 and a chance at successful reorganization, say attorneys at Squire Patton.
The recent debtor-in-possession order in the Rudy's Barbershop case pending in Delaware Bankruptcy Court eliminated defenses to creditor challenge rights and amended the limited liability company agreements, providing one novel solution to the issue of early derivative claims in alternative entity bankruptcies, says Robert Weber of Chipman Brown.
During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.
Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.
Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.
Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.
A tsunami of bankruptcy filings due to the economic effects of the coronavirus may not be a bad thing, as it could provide the only way for some struggling companies to stay alive — a minimalist, deep hibernation mode where they can await rescue, says Joseph Moldovan at Morrison Cohen.
When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.
For professors, trainers, lawyers, students and businesses grappling with the unexpected challenges of distance learning, trial attorney and teacher James Wagstaffe offers best practices for real-time online instruction.
Mortgage defaults and losses resulting from COVID-19 should be more limited than during the Great Recession, but nonetheless litigation may arise over mortgage servicing and origination practices, say members of Analysis Group.
While prosecutors have rarely pursued criminal bankruptcy fraud allegations against companies and executives, investigations invariably follow the money in pursuit of alleged fraud and thus bankruptcy is a natural area of focus in a financial crisis, say attorneys at Gibson Dunn.
There may be precious little notice before the legal community ramps up, so it's important to have return-to-work plans that address the unique challenges law firms will face in bringing employees back to offices, say attorneys Daniel Gerber, Barbara O'Connell and Richard Tucker.
Determining an intellectual property asset's value in light of the pandemic using a market, income or cost approach can help companies faced with a restructuring, sale or licensing situation, say Ryan Herrington and Jeffrey Kersey at FTI Consulting.
Companies holding even one government contract may be able to use the unique rules of government contracting to their advantage when seeking bankruptcy protections, but should proceed cautiously if they plan to seek relief under the Contracts Disputes Act, say Steven Diamond and Thomas Pettit at Arnold & Porter.
To help prepare my students to navigate local practice, I wrote a set of rules for the classroom that mimics those they might encounter from a local judge or court, says Michael Zuckerman at Northwestern Pritzker School of Law.