Bankruptcy

  • July 13, 2020

    Zohar Can Continue Ch. 11 Sale Plans Despite End Of Stay

    A Delaware federal judge on Monday upheld a September bankruptcy court decision that the sale of the Zohar Funds portfolio companies must continue despite the end of the stay of litigation between the funds and founder Lynn Tilton.

  • July 13, 2020

    Flooring Co. Congoleum Returns To Ch. 11 In NJ After Decade

    Flooring maker Congoleum Corp. Monday returned to Chapter 11 in New Jersey bankruptcy court after 10 years, claiming more than $100 million in liabilities.

  • July 13, 2020

    VidAngel Asks 9th Circ. To Nix Block On Streaming Service

    VidAngel Inc. has asked the Ninth Circuit to upend a California federal judge's "astoundingly vague and overbroad" order that blocked VidAngel from playing sanitized versions of movies by Walt Disney and other studios that sued the family-friendly streaming service into bankruptcy.

  • July 13, 2020

    The Sharpest Dissents From The Supreme Court Term

    The majority of this term’s dissents came from the court’s right-leaning justices, and many of their sharpest critiques stemmed from suits over Trump administration policies. Here, Law360 looks at some of the fieriest.

  • July 13, 2020

    Weinstein Accusers Call $19M Class Deal 'A Cruel Hoax'

    Several of Harvey Weinstein's accusers have lodged their opposition to the proposed $18.9 million settlement the Hollywood producer and convicted rapist reached to end a putative class action in New York alleging he sexually abused dozens of women, on Monday calling the deal "a cruel hoax" that would benefit Weinstein more than his accusers.

  • July 13, 2020

    Pot Co. IAnthus Aims To Trim $169M Debt Amid Investor Suits

    Embattled cannabis company iAnthus Capital Holdings Inc. unveiled a restructuring support deal Monday that would wipe out nearly $70 million in debt and resolve a creditor lawsuit in Canadian court as the company looks to fend off litigation over its financing practices. 

  • July 13, 2020

    Hedge Fund's Bid For McClatchy Heads To Judge Next Week

    Hedge fund Chatham Asset Management's bid for McClatchy Co. will go before a New York bankruptcy judge for approval before the end of July, the newspaper chain has announced.

  • July 13, 2020

    The Funniest Moments Of The Supreme Court's Term

    Justice Stephen Breyer conjured up a baffling hypothetical involving a Roman emperor, Chief Justice John Roberts stepped up his game on popular slang, and a toilet flushed loudly as a Latham & Watkins lawyer discussed constitutional rights. Here, Law360 highlights the most mirthful moments from this past term's U.S. Supreme Court arguments.

  • July 13, 2020

    The Chattiest Justice Of The Term Is ...

    One justice again stood out as the chattiest member of the Supreme Court this term. But that jurist's talk was tempered when the coronavirus pandemic forced the court to close its doors and conduct remote oral arguments, which were livestreamed for the first time in history.

  • July 13, 2020

    NY&Co. Parent Hits Ch. 11 With Store Closings To Follow

    The corporate parent of New York & Co. and other apparel brands hit Chapter 11 in New Jersey Bankruptcy Court on Monday with plans to close a significant portion of its stores as it struggles with nearly $450 million in debt, marking the latest retail dress-down compounded by the COVID-19 pandemic.

  • July 13, 2020

    Fracking Support Co. Hi-Crush Hits Ch. 11 To Cut $450M Debt

    Hi-Crush Inc., which provides logistics support to natural gas drillers in the fracking space, filed for Chapter 11 protection late Sunday in Texas with an eye toward slashing $450 million of note debt in the next 90 days.

  • July 10, 2020

    The Majority Of One: How Roberts Is Shaping The Court

    The 2019 term has removed all doubt: Chief Justice John Roberts Jr. is the power broker on the U.S. Supreme Court. But unlike past swing justices, the nation's top jurist puts the reputation of the court before his own conservative instincts and is willing to compromise when he needs to.

  • July 10, 2020

    Sur La Table Gets OK For Quick Road To Ch. 11 Auction

    A New Jersey bankruptcy judge on Friday gave his nod to Sur La Table's request for a quick auction timeline in its Chapter 11 case, noting the extensive effort the Seattle-based kitchenware retailer undertook to secure a $61 million stalking horse bid from Fortress Investment Group.

  • July 10, 2020

    Judge 'Taken Aback' By Vivus Equity Tradeoff In Ch. 11

    A Delaware bankruptcy judge said Friday that she was "taken aback" by conditions set by biopharmaceutical company Vivus Inc. for payments to otherwise wiped out stockholders in a prepackaged $235 million Chapter 11 restructuring, but she took no action on the provision at an initial case hearing.

  • July 10, 2020

    Breaking Down The Vote: The High Court Term In Review

    A docket packed with divisive cases. Experiments in remote oral arguments. Defining moments for the court’s new swing justice. Here, Law360 takes a data dive into the numbers behind this historic court term, when the unexpected reigned supreme.

  • July 10, 2020

    The Firms That Won Big At The Supreme Court

    Supreme Court oral arguments are always a high wire act. This term, a global pandemic, a docket of hot-button cases and an experiment with remote technology took the challenge to new heights. Here’s a look at the law firms that argued the most, and how they fared.

  • July 10, 2020

    Bid To Prioritize Sex Bias Claims Fails In John Varvatos Ch. 11

    A Delaware judge on Friday tossed a suit filed in John Varvatos Enterprises Inc.'s Chapter 11 by an employee class looking to elevate claims related to a $3.5 million sex discrimination case victory earlier this year over those of another creditor.

  • July 10, 2020

    Brooks Brothers OK'd For Bigger, Better Ch. 11 Loan

    Men's clothing retailer Brooks Brothers Group Inc. told a Delaware bankruptcy judge at the outset of its case Friday that it obtained a new Chapter 11 loan that provides $5 million more in financing than previously contemplated and does so on better credit terms.

  • July 10, 2020

    Cozen Snags Calif. Real Estate Partner From Sidley Austin

    Cozen O'Connor has poached a partner from Sidley Austin in a move that expands the firm's real estate bench in Santa Monica, California, Cozen announced earlier this month.

  • July 10, 2020

    COVID-19 Closings Send Retailer Muji USA Into Ch. 11

    The American unit of Japanese home goods retailer Muji sought Chapter 11 protection in Delaware early Friday, burdened by COVID-19-related store closings and reporting more than $50 million in overall debt.

  • July 10, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen the U.S. Securities and Exchange Commission seek disclosure against a tech entrepreneur, a Bank of America Merrill Lynch employee target his employer in a new round of litigation, and business consulting giant Turner & Townsend sue in connection with the U.K.'s major rail project. Here, Law360 looks at those and other new claims in the U.K.

  • July 09, 2020

    LATAM Brasil Follows Parent Into Ch. 11 Citing Virus Fallout

    LATAM Airlines Brasil filed a voluntary Chapter 11 plan in New York bankruptcy court Thursday, following its South American airline parent LATAM Airlines Group SA, which recently buckled under the weight of debt due to massive losses sparked by the COVID-19 pandemic.

  • July 09, 2020

    FERC, PG&E Clash On How To End Ch. 11 Power Deal Fight

    The Federal Energy Regulatory Commission and Pacific Gas & Electric Co. on Wednesday agreed that the utility's recent Chapter 11 exit moots a turf war over power contract rejection in bankruptcy, but split over whether the Ninth Circuit should toss FERC's original claim that it had jurisdiction.

  • July 09, 2020

    Weinstein Co. Floats $47M Ch. 11 Deal For Victims, Creditors

    Attorneys for Harvey Weinstein's bankrupt former studio outlined a tentative $46.8 million agreement Thursday to settle victim and bankruptcy creditor claims against the convicted sexual predator in Delaware bankruptcy court and New York federal court.

  • July 09, 2020

    Coronavirus Q&A: Kelley Kronenberg's Litigation Leader

    In this edition of Coronavirus Q&A, one of Kelley Kronenberg's litigation leaders discusses what may happen to real estate owners as 90-day forbearance periods on mortgage payments expire and says an uptick in bankruptcies is likely.

Expert Analysis

  • Remote Investigations May Streamline Path To Asset Recovery

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    Creditors seeking to enforce judgments and arbitration awards across borders have benefited from lengthened civil litigation timelines as well as from the unique opportunities in intelligence gathering made possible by the widespread shift to remote business function, say Daniel Pascucci and Joseph Dunn at Mintz.

  • Making Law Firm Panels Work For The Cost-Conscious GC

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    General counsel may be tempted to resort to matter-level requests for proposals in the wake of the COVID-19 economic crisis, but alternatively, a singular, global RFP process — to select a panel of law firms for all legal needs — can reduce legal spend while fostering long-term relationships, say Vivek Hatti, formerly at Avis Budget Group, and Jaron Luttich at Element Standard.

  • Considerations For Gov't Contractors In Bankruptcy: Part 1

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    Government contractors seeking relief from coronavirus-related losses through restructuring or reorganization must think strategically about how standard provisions of the Federal Acquisition Regulation, the Anti-Assignment Act and other unique rules affect their rights in bankruptcy, say Steven Diamond and Thomas Pettit at Arnold & Porter.

  • Distressed Debt Tax Opportunities For Foreign Investors

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    Foreign investors can earn tax-free interest income on distressed debt issued by U.S. companies, as long as they steer clear of income classification pitfalls, says Seth Entin at Holland & Knight.

  • Pandemic Presents Teamwork Test For Law Firms

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    To ensure smooth operations during these uncertain times, all members of the law firm team — leaders and partners, diversity and talent professionals, associates and other staff members — need to commit to their unique roles and intensify support for colleagues, says Manar Morales, president and CEO at the Diversity & Flexibility Alliance.

  • 8 Tips For Retaining An Expert During COVID-19 And Beyond

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    Caroline Crump at Exponent and Natalie Baker Reis at Medical Research Consultants outline some strategies for creating a successful attorney-expert team, including unique considerations for pandemic-related closures and economic uncertainties.

  • Debtors Should Seek Privacy Oversight Before Data Sales

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    As COVID-19 prompts an increase in bankruptcies, debtors should consider appointing a consumer privacy ombudsman to safeguard user data and obtain the required court approval for an asset sale, say attorneys at Ice Miller.

  • What It's Like To Move From Army JAG To BigLaw

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    Lawyers who have served in the U.S. Army's Judge Advocate General's Corps can provide tremendous value to law firms, but the transition to firm life has its challenges, says former JAG attorney Vinnie Lichvar, now at Snell & Wilmer.

  • Tips For Managing Relationships With Distressed Companies

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    Taking a proactive approach is the best tactic if a business counterparty, such as a vendor or customer, is suffering financial distress and contemplating filing for bankruptcy — as many are in the wake of the pandemic, say attorneys at Squire Patton.

  • How Law Firms Can Maximize COVID-19 Insurance Coverage

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    Law firms struggling due to the pandemic should identify relevant insurance policies and provisions, be mindful of notice requirements that could interfere with coverage, and push back against policy exclusions, say Robin Cohen and James Smith at McKool Smith.

  • Potential Silver Linings In European Leveraged Loan Defaults

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    Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals, but the recent economic turmoil due to the pandemic could create opportunities for distressed investors to return to the market, say attorneys at Orrick.

  • Virtual Caucuses Can Improve The Mediation Process

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    Both during the current crisis and in the future, integrating virtual, private caucuses between the mediator and each party into the mediation timetable would create an overall superior process, says mediator Marc Isserles at JAMS.

  • Emerging Trends From Bankruptcy Rulings On PPP Access

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    Barred from the Paycheck Protection Program without a compelling justification, employers in bankruptcy are turning to the courts for temporary relief and the resulting decisions are showing some broad similarities, say attorneys at Thompson Hine.

  • 2 Bankruptcies Provide Template For Embattled Retailers

    Excerpt from Lexis Practice Advisor
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    Distressed retailers unable to resort to traditional liquidation strategies due to the pandemic can look to novel arguments Modell's and Pier 1 recently employed in their bankruptcy proceedings that allowed them to obtain extraordinary suspensions, say Heike Vogel and Eric Horn at A.Y. Strauss.

  • Bankruptcy Rulings May Help Debtors Qualify For PPP Loans

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    Despite the Paycheck Protection Program's bankruptcy barrier and a new rule from the Small Business Administration that explicitly limits debtor requests, a recent spate of Bankruptcy Court decisions — starting with the Hidalgo case — may pave the way for successful loan applications, say Shane Ramsey and John Baxter at Nelson Mullins.

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