Bankruptcy

  • June 03, 2020

    Pharmacy Chain Says It Can Rep Class If Lead Is DQ'd

    A Midwest pharmacy chain said Tuesday that it's ready to fill in as head of a direct purchaser class accusing Actavis and Shire of illegally delaying the sale of a generic version of Shire's ADHD medication Intuniv if the pharmaceutical companies manage to decertify the class's current named plaintiff.

  • June 03, 2020

    Funding Questions, New Deadline Threaten Ravn Ch. 11 Sale

    Attorneys representing regional Alaskan air carrier Ravn Air Group told a Delaware bankruptcy judge Wednesday that unexpected costs and a reluctance from its lenders to cover those expenses, which were exacerbated by a deadline being extended, are threatening its proposed Chapter 11 sale.

  • June 03, 2020

    Purdue's Ch. 11 Claim Deadline Bumped 30 Days For Virus

    A New York bankruptcy judge Wednesday granted Purdue Pharma's COVID-19-inspired request to give its creditors an extra month to file their Chapter 11 claims against the company, rejecting calls for more time and no extension by two sets of states.

  • June 03, 2020

    Wash. Lodges 1st State Suit Over Tuna Price-Fixing

    Washington state sued StarKist, parent company Dongwon Industries and former Bumble Bee Foods CEO Christopher Lischewski on Tuesday, accusing them of taking part in a decadelong price-fixing scheme that caused U.S. canned tuna prices to rise despite decreasing demand.

  • June 03, 2020

    Investor Seeks To Delay AeroCentury's Board Meeting

    An investor in regional airline financial services business AeroCentury Corp. filed a Delaware Chancery Court suit seeking to delay its annual board meeting, asserting that notice was sent too late for "dissident" candidates to mount a campaign as the company's financial woes worsen.

  • June 03, 2020

    Car Parts Giant APC Latest Virus Victim To Stall In Ch. 11

    Automotive parts maker APC Automotive Technologies filed for Chapter 11 protection Wednesday in Delaware, saying the COVID-19 outbreak worsened an already strained cash situation for the company.

  • June 02, 2020

    Feds Press 3rd Circ. To Revive NJ Landfill Cleanup Suit

    The U.S. government urged the Third Circuit on Monday to hold a former landfill operator partially responsible for a contamination cleanup that cost the Environmental Protection Agency more than $100 million, arguing that a settlement the company struck with New Jersey regulators didn't preclude federal liability.

  • June 02, 2020

    Investment Firm Must Pay $29M To End SEC Suit

    A Massachusetts federal judge on Tuesday handed a win to the U.S. Securities and Exchange Commission, ordering a Nevada investment adviser and its founder to pay back nearly $29 million they allegedly gained by defrauding clients.

  • June 02, 2020

    PG&E Resolves Fire Victims' Ch. 11 Plan Objections

    PG&E Corp. and a committee representing victims of wildfires blamed on the utility told a California bankruptcy court Tuesday that they had resolved the committee's objections to PG&E's Chapter 11 plan, including a stock valuation question.

  • June 02, 2020

    Pot Co. Green Growth Gets OK To Start Insolvency Sale

    Beleaguered cannabis company Green Growth Brands will hit the auction block after a Canadian court on Tuesday cleared its asset sale plan and approved a stalking horse bid that would see creditors buy the company for an estimated $105 million.

  • June 02, 2020

    Libbey Glass Cleared To Tap Into $30M In New Ch. 11 Funds

    A Delaware judge on Tuesday gave glass tableware maker Libbey Glass Inc. the go-ahead to tap into $30 million in new post-petition financing in its Chapter 11 so the company can continue negotiating with creditors to restructure its roughly $500 million in debt.

  • June 02, 2020

    LASIK Vision Institute Owner Can Tap $5.7M In Ch. 11 Funds

    LASIK Vision Institute owner LVI Intermediate Holdings Inc. secured interim approval in Delaware for $5.7 million of a proposed $27.5 million in Chapter 11 debtor-in-possession financing during an initial hearing Tuesday on plans for a company restructuring and sale effort.

  • June 02, 2020

    Templar Energy Starts Ch. 11 With Interested Bidders

    Bankrupt oil and gas exploration company Templar Energy kicked off its Chapter 11 case Tuesday in Delaware with as many as nine indications of interest from potential buyers as it seeks to liquidate its assets.

  • June 02, 2020

    Cannabis Fund Buys Insolvent Canadian Grower For $10M

    A Canadian court on Tuesday approved the nearly $10 million sale of debt-ridden marijuana grower James E. Wagner Cultivation Corp. to a cannabis lender, in a deal the company said will prevent a bankruptcy.

  • June 02, 2020

    LSC Communications OK'd For DIP Loan, Executive Bonuses

    Commercial printing company LSC Communications got the nod from a New York bankruptcy judge Monday to accept $100 million in Chapter 11 financing and to pay up to $14 million in executive bonuses.

  • June 02, 2020

    6th Circ. Says 401(k) Funds Won't Go To Bankruptcy Debts

    An Ohio woman doesn't have to pay off her unsecured debts using her monthly tax-advantaged retirement plan contributions that she began withholding from her income before filing for Chapter 13 bankruptcy, the Sixth Circuit said in a split decision.

  • June 01, 2020

    Surety Firms Lose Bid To Block Fees In Cloud Peak Ch. 11

    A Delaware bankruptcy judge on Monday approved a request by coal mining company Cloud Peak Energy to pay $26 million in fees to its Chapter 11 professionals over objections by insurers insisting $280 million in surety bond claims should get equal priority.

  • June 01, 2020

    Discount Retailer Fred's Sees Ch. 11 Liquidation Plan OK'd

    A Delaware judge on Monday signed off on discount retailer Fred's Inc. Chapter 11 plan, clearing the way for distributions to be made to creditors using proceeds from asset sales, with unsecured creditors expected to see minimal recovery.

  • June 01, 2020

    Avenatti's Calif. Trial Pushed To December Over COVID-19

    A California federal judge on Monday delayed attorney Michael Avenatti's embezzlement trial by three months, setting a Dec. 8 criminal jury trial while acknowledging the ongoing COVID-19 health crisis makes it difficult to predict with any certainty if that date will stick.

  • June 01, 2020

    Supreme Court Allows $3B Madoff Clawback Ruling To Stand

    The U.S. Supreme Court on Monday declined to hear an appeal of a Second Circuit ruling that the trustee for Bernie Madoff's fraudulent investment firm can claw back billions in Ponzi scheme proceeds transferred from foreign Madoff feeder funds to other foreign parties.

  • June 01, 2020

    COVID-19 Sends Glassware Maker Libbey Into Bankruptcy

    Glass tableware maker Libbey Glass Inc. filed for Chapter 11 protection in Delaware on Monday with plans to restructure its roughly $500 million in debt, citing the COVID-19 outbreak's impact on the company's already existing liquidity strain.

  • June 01, 2020

    Lasik Vision Institute Hits Ch. 11 After COVID-19 Cash Crunch

    The Florida-based company that runs The Lasik Vision Institute and TLC Laser Eye Centers filed for Chapter 11 protection in Delaware, saying the coronavirus pandemic shutdown on nonessential medical services exacerbated an already-existing liquidity crunch and forced the company into bankruptcy.

  • June 01, 2020

    Templar Energy Hits Ch. 11 Over COVID-19 Impact On Oil Price

    Oklahoma-based oil and gas driller Templar Energy filed for Chapter 11 protection in Delaware Monday with a plan to liquidate its assets after reeling from oil and gas price disruptions prompted by the COVID-19 pandemic.

  • June 01, 2020

    High Court Upholds Puerto Rico Financial Oversight Board

    The U.S. Supreme Court on Monday unanimously ruled that members of Puerto Rico's Financial Oversight and Management Board do not require U.S. Senate approval because the board's handling of the island's $125 billion bankruptcy is limited to Puerto Rico's fiscal issues and it only exercises local, territorial authority.

  • May 29, 2020

    Neiman Marcus Ch. 11 Examiner Bid Dropped After Criticism

    A Neiman Marcus noteholder withdrew its request Friday for a probe of a pre-Chapter 11 transfer of $1 billion to the retailer's private equity owners, after a Texas bankruptcy judge criticized both the motion and the performance of a Neiman director on the stand.

Expert Analysis

  • Illinois Courts May Increasingly Embrace Equity Receiverships

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    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.

  • How 'Mothballed' Ch. 11 Cases Will Affect Vendors, Landlords

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    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.

  • Tenn. Hospital Bankruptcy May Be The First Of Many

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    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.

  • Opinion

    New Jersey's Plan For 2020 Law Grads Is Brilliant

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    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.

  • Managing E-Discovery Providers In Times Of Crisis

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    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.

  • Witness Preparation Tips For Your Next Video Deposition

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    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.

  • How To Mollify Auditor Doubts Over A Co.'s Viability

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    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.

  • Rebuttal

    In Defense Of Virtual Mediation

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    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.

  • A Call To Action For The Coming Insurance Litigation Siege

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    Anticipating an onslaught of insurance litigation over coronavirus business interruption claims, G. Andrew Lundberg at Burford Capital paints a picture of what cooperation could look like among lawyers, courts, legislatures, regulators, insurers and policyholders dealing with this once-in-a-generation stress on the nation's judicial resources.

  • How A Small Law Firm Adapts To Remote Work

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    Stay-at-home orders mean small firms like mine — six lawyers and 14 staff members — suddenly need to make rapid changes, but the initial shock has turned into excitement about this opportunity to improve old processes, says David Kwartler at Kwartler Manus.

  • Opinion

    Don't Just Delay The Bar Exam — Cancel It Forever

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    The bar exam tells us nothing about whether a law student will be a competent lawyer, and now that exams have been delayed due to COVID-19, it's a good time to reevaluate why we have it in the first place, says Brian Tannebaum at Bast Amron.

  • 8th Circ. Ruling Highlights Benefits Of Out-Of-Court Workouts

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    Out-of-court restructuring can be favorable to both distressed companies and creditors, and the Eighth Circuit bankruptcy appellate panel's recent decision in the case of Gas-Mart reassures parties that such workouts would be protected from 20/20 hindsight litigation, says attorney Richard Corbi.

  • Don't Forget Firm Culture When Adapting To Remote Work

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    While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

  • Pandemic May Spur Better Protection For Auto Supply Chains

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    In response to COVID-19's impact on the automotive market and supply chain, suppliers should quickly develop and implement risk management strategies focusing on business continuity, but may also need to rethink the entire supply chain model, from sourcing of raw materials to production of finished products, say attorneys at Squire Patton.

  • Lenders Must Prepare For Real Estate Bankruptcy Cramdowns

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    Due to the disruption COVID-19 is causing in real estate markets, lenders face the risk of borrowers filing for commercial real estate reorganization despite the objections of a dissenting class, but lenders have opportunities to block such actions, say Steve Lichtenfeld and Jeff Marwil at Proskauer.

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