FTX Creditor Returns Are Impressive, But Not For Everyone
Under The Radar: Bankruptcy News You May Have Missed
4 Things To Know Now About FTX's Chapter 11 Plan
FTX Creditor Returns Are Impressive, But Not For Everyone
The fact that former customers of defunct cryptocurrency exchange FTX will recover their full claims, plus interest, does not mean they are happy about it, showing that even the best-case outcome in an impossibly complicated bankruptcy can still leave creditors feeling bruised.
Under The Radar: Bankruptcy News You May Have Missed
A group of secured lenders to food giant Del Monte have asked Delaware's Chancery Court to find a liability management transaction was an event of default for an original loan, insurers are hoping two seasoned mediators will be able to iron out a long-running dispute with a bankrupt New York diocese, and lawyers for cancer patients say a bankrupt talc miner's Chapter 11 plan would result in uneven recoveries for personal injury claimants.
4 Things To Know Now About FTX's Chapter 11 Plan
This week, FTX Trading Ltd. won confirmation of its bankruptcy plan that clears a path for it to start repaying as much as $16.5 billion to creditors, including former customers who had cryptocurrency at the exchange when it unraveled in 2022 under the weight of founder Sam Bankman-Fried's fraud.
Expert Analysis
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Large Cap More
Electric car maker Fisker Inc. is set to exit Chapter 11 after a Delaware bankruptcy judge on Friday ruled that opt-out forms sent during plan voting showed creditor consent for third-party releases, but that ... (more story)
A Manhattan federal judge has denied a bid from former FTX executive Ryan Salame to further postpone the start of his 7½-year prison sentence, saying he had already benefited from "extremely generous" delays, ... (more story)
A Delaware bankruptcy judge Friday agreed to allow wheel manufacturer Accuride Corp. to tap into up to $20 million of a $103 million debtor-in-possession financing package from its lenders as an interim measur... (more story)
Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.
Attorneys representing a proposed class of users of the now-bankrupt cryptocurrency firm Voyager Digital Holdings will receive $1.3 million in fees after brokering the settlement of claims the company "aggress... (more story)
Johnson & Johnson's most-recent attempt to handle its legacy talc liability through bankruptcy will remain in the Lone Star State after a Texas judge ruled Thursday that he is able to handle the proceedings fa... (more story)
An attorney representing McElroy Deutsch Mulvaney & Carpenter LLP's former chief financial officer — who is behind bars on charges of stealing from the firm — has asked to be relieved as counsel in the firm's ... (more story)
Delaware firm Morris Nichols Arsht & Tunnell LLP announced Thursday that it had hired three attorneys who recently completed judicial clerkships.
Wheel manufacturer Accuride Corp. has filed for Chapter 11 protection in Delaware bankruptcy court with up to $1 billion of debt and an agreement to restructure its U.S. business, saying supply chain snarls an... (more story)
Electric-car manufacturer Fisker Inc. met strong resistance Wednesday as it argued for confirmation of its plan to liquidate through bankruptcy, with two federal agencies and a buyer of the company's vehicles ... (more story)
Mid Cap More
A Delaware bankruptcy judge Friday gave discount retailer Channel Control Merchants permission to use an affiliate of its majority shareholder to run the going-out-of-business sales in its Chapter 11 case.
A Connecticut state judge approved a $5 million judgment to resolve an unfair trade practices suit Attorney General William Tong brought against Vision Solar LLC.
Unsecured creditors of restaurant chain BurgerFi Inc. are challenging the terms of its post-bankruptcy financing package and some of the details of its planned asset sale, saying the provisions will unfairly l... (more story)
A New Jersey federal judge on Thursday ordered a retired Latham & Watkins LLP attorney to hand over communications between himself and two whistleblowers who tipped off the U.S. Securities and Exchange Commiss... (more story)
The parent of secondary market retail chain operator Channel Control Merchants on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with more than $76 million in debt and plans to close its... (more story)
Vaccine developer Gritstone bio Inc. filed for Chapter 11 protection in Delaware bankruptcy court Thursday with at least $100 million of debt, saying it was in discussions with a potential bidder for a sale of... (more story)
A California tax agency urged a New York federal court to toss a lawsuit by the FDIC seeking a $20.7 million tax refund on behalf of the shuttered Signature Bank, saying it's entitled to wait for a possible IR... (more story)
A Delaware bankruptcy judge on Thursday gave medical device sale and service business Avante Health Solutions permission to tap into $2.5 million in Chapter 11 financing and start down the road to a November s... (more story)
A New York bankruptcy judge has dismissed a claim the Roman Catholic Diocese of Rochester broke a contract with Continental Insurance when it backed out of a proposed $63.5 million settlement of sexual abuse c... (more story)
Trash-to-gas innovator Fulcrum BioEnergy Inc. received final approval Wednesday from a Delaware bankruptcy judge for a $5 million debtor-in-possession loan from Las Vegas-based data center operator Switch Ltd.... (more story)