Catching Up With New Bankruptcy Case Action
From Forever 21 to several international businesses, here are some of the debtors in the latest new bankruptcy cases.
Forever 21 Couldn't Keep Up With Faster-Fashion Foes
Forever 21's return to bankruptcy this week follows years of struggles to compete with foreign fast-fashion companies with rapid production schedules and primarily online presences that exposed existential weaknesses in the Los Angeles-based retailer's business, observers told Law360.
US Trustee Leader Ousted, Eletson's Ex-Owners Face Fines
The reported removal of the director of the U.S. Department of Justice's bankruptcy watchdog program has thrown the historically apolitical office into broader waves of upheaval, a bankruptcy judge has said he would impose a daily fine on the former owners of Eletson, and another bankruptcy judge detailed why he overruled objections in Spirit Airlines' Chapter 11 plan. This is the week in bankruptcy.
Catching Up With New Bankruptcy Case Action
From Forever 21 to several international businesses, here are some of the debtors in the latest new bankruptcy cases.
Forever 21 Couldn't Keep Up With Faster-Fashion Foes
Forever 21's return to bankruptcy this week follows years of struggles to compete with foreign fast-fashion companies with rapid production schedules and primarily online presences that exposed existential weaknesses in the Los Angeles-based retailer's business, observers told Law360.
US Trustee Leader Ousted, Eletson's Ex-Owners Face Fines
The reported removal of the director of the U.S. Department of Justice's bankruptcy watchdog program has thrown the historically apolitical office into broader waves of upheaval, a bankruptcy judge has said he would impose a daily fine on the former owners of Eletson, and another bankruptcy judge detailed why he overruled objections in Spirit Airlines' Chapter 11 plan. This is the week in bankruptcy.
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Large Cap More
Bankrupt OxyContin maker Purdue Pharma LP filed a new Chapter 11 plan in a New York bankruptcy court, including a $6.5 billion payment from members of the Sackler family who own the company and $900 million fr... (more story)
A Texas bankruptcy judge on Tuesday sent Zips Car Wash LLC's Chapter 11 plan out for an April creditor vote with a settlement that could bring up to $5 million in recoveries for unsecured creditors.
A Manhattan federal judge sentenced a real estate investor and former owner of a Florida waterfront shopping complex to five years in prison Tuesday following a fraud conviction in connection with manipulating... (more story)
Fast-fashion retailer Forever 21 on Tuesday secured a Delaware bankruptcy judge's approval for motions that put it on track to close more than 300 stores and emerge from its second Chapter 11 in June.
Truck Insurance Exchanged told a panel of Fourth Circuit judges Tuesday that the confirmed Chapter 11 plan of Kaiser Gypsum Co. should be overturned as a bad faith filing because it doesn't impose simple measu... (more story)
Gibson Dunn & Crutcher LLP has added a partner from Latham & Watkins LLP in New York, strengthening its capital markets practice group and expanding its expertise in high-yield debt, private credit and restruc... (more story)
Pryor Cashman LLP's new bankruptcy lateral, Joseph A. Shifer, invoked the words of journalist H. L. Mencken when explaining in an interview on Tuesday why he'd stuck with working on creditors' rights issues fo... (more story)
Private equity billionaire Stephen Feinberg was confirmed as deputy defense secretary on Friday by a 59-40 vote in the U.S. Senate.
Jazz Pharmaceuticals and a certified insurer class told a California federal judge Monday that they have reached a settlement-in-principle in antitrust litigation accusing Jazz of working with pharma rival Hik... (more story)
Yale New Haven Health Services Corp. is questioning whether bankrupt hospital owner Prospect Medical Holdings Inc.'s attempt to sell its three Connecticut facilities through a Texas Chapter 11 proceeding will ... (more story)
Mid Cap More
A Delaware bankruptcy judge on Tuesday wouldn't grant interim approval for Village Roadshow, the producer of major films like "The Matrix," to access part of a $12.7 million Chapter 11 financing package from i... (more story)
The bankruptcy trustee of failed fuel distributor Mountain Express Oil Co. has filed a second lawsuit over the Georgia company's alleged financial mismanagement, accusing its former top executives of using a h... (more story)
A small chain of home healthcare providers have lost their Subchapter V status in bankruptcy after a Texas judge ruled that they incorrectly excluded priority unsecured wage claims in their debt calculations t... (more story)
Cannabis vaping technology and service provider The Blinc Group Inc. filed for Chapter 7 in a New York bankruptcy court, citing at least $1 million in liabilities.
A Delaware bankruptcy judge on Monday said she would recognize the Canadian insolvency proceedings of accounting and financial services firm Bench Accounting Inc. as it moves to restructure over $50 million in... (more story)
Austrian biotechnology firm BIA has filed for Chapter 15 protection in Delaware to recover assets in the U.S., alleging an executive fraudulently transferred roughly $22 million in company funds and left it insolvent.
Recycling company Brightmark LLC has put certain units into bankruptcy in Delaware in order to keep its Indiana plastics processing center operational as it pursues a sale.
Film production company Village Roadshow filed Chapter 11 in Delaware on Monday, listing about $390 million of debt and blaming a fight with production partner Warner Bros. over the release of a 2021 sequel to... (more story)
A Texas federal judge shot down an alleged attempt by the former CEO of bankrupt conservative-centered fintech startup GloriFi to preserve the ability to sue investors like Ken Griffin's Citadel LLC and Vivek ... (more story)
A New Jersey hospital operator finished a three-day confirmation hearing in Delaware on Friday over its Chapter 11 plan to hand control of its medical facilities to one of its creditors.