Sears Holdings Corp. accomplished an early set of goals Monday shortly after announcing it had filed for bankruptcy to reshape its physical footprint and reduce a debt load of more than $11 billion, receiving court permission to access $300 million in new financing from its existing lenders.
Law360 Bankruptcy BANKRUPTCY

Tuesday, October 16, 2018 Follow Bankruptcy Law360

TOP NEWS

Sears Authorized To Tap DIP Loan In 1st Day Of Ch. 11

Sears Holdings Corp. accomplished an early set of goals Monday shortly after announcing it had filed for bankruptcy to reshape its physical footprint and reduce a debt load of more than $11 billion, receiving court permission to access $300 million in new financing from its existing lenders. Read full article »

Sears Files Ch. 11 In NY With Sale, Store Closing Plans

Hours away from a major default and facing pressure to liquidate, Sears Holdings Corp. took its long-struggling retail chain into bankruptcy court early Monday with more than $11 billion in debt and plans to sell assets. Read full article »

Nine West Creditors Ask To Sue Sycamore For LBO Losses

The unsecured creditors of Nine West Holdings Inc. on Saturday asked a New York bankruptcy court for permission to file more than $1 billion in claims against company owner Sycamore Partners for allegedly stripping the company’s assets and sending it into Chapter 11. Read full article »

IN-DEPTH

By the Numbers

Gender Disparity At The High Court: How Top Law Firms Measure Up

For the women at elite law firms, an enduring gender gap among advocates can create a high hurdle for their high court ambitions. Here, Law360 looks at the law firms where women score Supreme Court arguments, and where they don’t. (This article is part of a series examining the gender gap among high court advocates.) Read full article »

CHAPTER 11

Treasury Must Hand Over 60 More Docs In Auto Pension Suit

A D.C. federal judge on Monday ordered the U.S. Department of the Treasury to hand over 60 more documents related to the 2009 bailout of General Motors as part of a dispute between current and former salaried workers for Delphi Corp. and the Pension Benefit Guaranty Corp. over an alleged deal with GM that cut their pension fund. Read full article »

21st Century Oncology Gets Stipulated Dismissal of FCA Suit

The U.S. Department of Justice and a Florida whistleblower agreed Monday to drop their False Claims Act suit against bankrupt 21st Century Oncology Inc. over an allegedly dirty $2.5 billion contract linked to Florida Gov. Rick Scott, after a parallel adversary proceeding in Florida bankruptcy court was tossed in May. Read full article »

EXPERT ANALYSIS

Market Evidence Will Likely Be Key In Sears Bankruptcy

The Sears bankruptcy was filed early Monday, but the company's insolvency has been in plain view in the form of financial market evidence for a very long time. This case presents a prime example of the role such evidence can play for companies, their insiders, and outside advisers and auditors, says J.B. Heaton of the University of Chicago Law School. Read full article »

LEGAL INDUSTRY

Axinn Enters California With SF Office, Plans To Expand

Axinn Veltrop & Harkrider LLP announced Tuesday that it has launched a new office in San Francisco, bringing its antitrust and intellectual property capabilities to the West Coast and planning to lure talent to serve its major clients in the state. Read full article »

Q&A

A Chat With Allens Pricing Chief Pier D'Angelo

In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens. Read full article »

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LAW FIRMS

Akin Gump

Arnold & Porter

Axinn

Bartimus Frickleton

Bartlit Beck

Berger Singerman

Dechert

DelBello Donnellan

Gibson Dunn

Goldstein & Russell

Hogan Lovells

Jenner & Block

Jones Day

Kellogg Hansen

Kirkland & Ellis

Linklaters

Mayer Brown

Miller & Chevalier

Morgan Lewis

Munger Tolles

Proskauer Rose

Quinn Emanuel

Sidley Austin

Sullivan & Cromwell

Weil Gotshal

WilmerHale

COMPANIES

Bank of America Corporation

Dell Technologies Inc.

Deloitte Touche

Fairholme Capital Management LLC

General Motors

Google Inc.

Helmerich & Payne Inc.

Kirkland's, Inc.

Lazard Ltd.

M-III Partners LP

Major Lindsey & Africa

McKesson Corp.

NASDAQ OMX Group Inc.

S&P Global Inc.

Sears Holdings Corp.

Sycamore Partners Management LLC

Wells Fargo & Co.

Whirlpool Corporation

GOVERNMENT AGENCIES

Equal Employment Opportunity Commission

Pension Benefit Guaranty Corp.

Securities and Exchange Commission

U.S. Department of Justice

U.S. Department of the Treasury

U.S. Supreme Court

United States Bankruptcy Court for the Southern District of New York