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.
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.
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.
By the Numbers
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.)
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.
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.
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.
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.
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.