Bankruptcy

  • November 04, 2024

    Del. Judge To Approve Avante Ch. 11 Financing

    A Delaware bankruptcy judge Monday agreed to approve debtor-in-possession financing for Jordan Health, the corporate parent of medical equipment service provider Avante Health, after the debtor and DIP lender struck a deal with the official committee of unsecured creditors.

  • November 04, 2024

    Judge Says She'll Likely Send Talc Ch. 11 Plan Out For Vote

    A Delaware bankruptcy judge said Monday she will likely give a pair of talc producers permission to send their Chapter 11 plans out for a creditor vote, saying she was satisfied with the changes made since last week.

  • November 04, 2024

    Long Island Diocese Can Use Ch. 11 Plan Disclosures

    The Roman Catholic diocese that covers New York's Long Island received bankruptcy court approval Monday for a Chapter 11 plan disclosure statement that now includes the final terms of a proposed settlement with a group of its insurers.

  • November 04, 2024

    Vitamin Shoppe Owner Hits Ch. 11 After Take-Private Deal

    The owner of the Vitamin Shoppe retail chain and other franchised businesses has filed for Chapter 11 protection in Delaware listing more than $1 billion in secured debt, about a year after the company went private with the intent of reducing its operating expenses.

  • November 04, 2024

    NJ Health System Hits Ch. 11 With Plans To Restructure Debt

    A New Jersey nonprofit that operates three hospitals filed for Chapter 11 in Delaware, saying it faced increased operating costs after COVID-19 and hopes to restructure its debt.

  • November 04, 2024

    TGI Fridays Restaurant Chain Hits Ch. 11, Blaming Pandemic

    Casual dining chain TGI Fridays Inc. filed for Chapter 11 protection in Texas with nearly $151 million in debt, blaming the COVID-19 pandemic and its capital structure and planning a sale within two months.

  • November 01, 2024

    Real Estate Recap: Election Expectations, EB-5, $50B PE Bet

    Catch up on this past week's key developments by state from Law360 Real Estate Authority — including perspectives from real estate leaders ahead of Tuesday's election, takeaways from the Advanced EB-5 Industry Conference in Miami, and two private equity firms' $50 billion bet on data center and energy generation projects.

  • November 01, 2024

    Manufacturer Says Atty Turned Tiff Into 'Slow Motion Disaster'

    A Colorado electronics manufacturer says a law firm turned a minor dispute into a "slow motion disaster," resulting in a $1 million bill that threatens to sink the business, filing a malpractice suit one day before seeking bankruptcy protections.

  • November 01, 2024

    Fracking Services Co. Nitro Gets OK For $3M Equipment Sale

    Oil and gas fracking services provider Nitro Fluids LLC received approval Friday for a $3.25 million sale of some of its assets to stalking-horse bidder KLX Energy Services LLC.

  • November 01, 2024

    Big Lots Says $760M Bid Wins In Ch. 11 Auction

    Discount retailer Big Lots got approval from a Delaware bankruptcy judge to sell off nearly three-dozen store leases the day after it said it had received no offers to beat a $760 million bid for the business as a whole.

  • November 01, 2024

    Jackson Walker Rips Trustee's Judge Romance Fee Clawback

    The U.S. Trustee's Office is exceeding its authority as a "watchdog" in seeking to claw back money paid to Jackson Walker LLP in bankruptcy cases because the judge presiding over those cases was having a secret relationship with a firm partner, the firm told a Texas federal bankruptcy court.

  • November 01, 2024

    MVP: Sullivan & Cromwell's Andy Dietderich

    Sullivan & Cromwell LLP's Andy Dietderich led the legal team that represented FTX Trading Ltd. in its $16 billion Chapter 11 reorganization — from its precipitous bankruptcy filing to the recent successful confirmation hearing — and shepherded fire-suppression company Kidde-Fenwal Inc. through the first bankruptcy stemming from mass tort claims related to PFAS chemicals, earning him a spot among the 2024 Law360 Bankruptcy MVPs.

  • November 01, 2024

    Buca Di Beppo Gets OK On $27M Sale To Main Street Capital

    A Texas bankruptcy judge on Friday approved Buca di Beppo's sale to lender Main Street Capital Corp. after overruling an objection by the Italian restaurant chain's creditors, allowing the company to continue operating and preserve about 3,000 jobs.

  • October 31, 2024

    3rd Circ. Preview: Boy Scouts' Ch. 11 Plan Row Tops Nov.

    The future of the Boy Scouts of America's Chapter 11 bankruptcy plan is set to be determined by the Third Circuit this month, with the court poised to consider whether recent U.S. Supreme Court precedent on bankruptcies and settlements allows the reopening of the plan.

  • October 31, 2024

    Purdue Gets More Time For Deal, 'Substantial' Progress Made

    Bankrupt OxyContin maker Purdue Pharma LP on Thursday won more time to continue mediating a new settlement with its owners — certain members of the Sackler family — and reported that it is nearing a deal, in a bid to avoid having one of the most complex Chapter 11 cases in U.S. history tumble into a litigation free-for-all.

  • October 31, 2024

    True Value Hammers Out Deal To Fund Ch. 11, Speed Up Sale

    After days of negotiating, bankrupt hardware store supplier True Value Thursday reached a deal with its lenders to avoid liquidation, fund its reorganization and move up a Chapter 11 sale, with member-owned hardware brand Do It Best Corp. lined up as a stalking-horse bidder.

  • October 31, 2024

    Judge Upholds Sanctions Against Ex-Stimwave CEO

    A Delaware federal judge has upheld a decision by the bankruptcy judge overseeing the Chapter 11 case of medical device maker Stimwave Technologies to screen the filings of the company's ex-CEO and two of her relatives.

  • October 31, 2024

    Conn. Firm Beats Ex-Client's Negligence, Conversion Claims

    Connecticut law firm Evans & Lewis PC and partner Douglas J. Lewis have prevailed in a professional negligence lawsuit in state court alleging that their incompetence caused a former client's home to go into foreclosure and that they pocketed a $1,500 fee for services that they didn't provide.

  • October 31, 2024

    The 2024 Law360 Pulse Leaderboard

    Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.

  • October 31, 2024

    Firms' Hiring Strategies Are Evolving In Fight For Top Spot

    Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.

  • October 31, 2024

    MVP: Fried Frank's Rachel C. Strickland

    Rachel C. Strickland, partner and global chair of the restructuring department at Fried Frank Harris Shriver & Jacobson LLP, represented two Georgia election workers in a bankruptcy lawsuit against Rudolph W. Giuliani and advised NanoString Technologies Inc. on its asset sale, earning her a spot as one of the 2024 Law360 Bankruptcy MVPs.

  • October 30, 2024

    Calif. Panel Axes $10.6M Abex Asbestos Verdict

    A California appellate panel has thrown out a $10.6 million asbestos verdict against Pneumo Abex LLC and ordered a new trial, finding that the trial court erred in granting a directed verdict that rejected the now-bankrupt braking lining manufacturer's sophisticated user defense.

  • October 30, 2024

    Equifax Doesn't Report Ch. 7 Discharges, Suit Says

    Credit reporting bureau Equifax was recently hit with a proposed class action accusing it of failing to note discharged debts when debtors converted their bankruptcy cases from Chapter 13 to Chapter 7.

  • October 30, 2024

    American Tire Floats Ch. 11 Sale Plan To Wrap Up In December

    Bankrupt tire and wheel seller American Tire Distributors Inc. proposed a Chapter 11 bid and sale process that it intends to wrap up by the end of December, with a group of secured lenders serving as a stalking horse.

  • October 30, 2024

    FTX Witness Who Saw Bankman-Fried's 'Evil' Avoids Prison

    A Manhattan federal judge allowed FTX's former chief engineer to avoid prison Wednesday, crediting his trial testimony against the crypto exchange's founder Sam Bankman-Fried, his ongoing cooperation and his relatively small role in the $11.2 billion fraud.

Expert Analysis

  • What Rescheduling Could Mean For Cannabis Bankruptcies

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    Bankruptcy courts have historically been closed for cannabis-related businesses, but recent case law coupled with a possible reclassification of cannabis provides cautious optimism, say attorneys at Duane Morris.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • Bankruptcy Ruling Stresses Value Of Client Communication

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    A recent Illinois bankruptcy ruling, which found that attorneys violated their ethical obligations by failing to return their client’s phone calls, serves as a strong reminder that counsel should promptly respond to their clients and ensure they know what’s required by local rules, say Maxwell Weiss and Daniel Lowenthal at Patterson Belknap.

  • How Fieldwood Ch. 11 Ruling Bolsters Section 363 Confidence

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    The Fifth Circuit’s recent ruling in Fieldwood Energy’s Chapter 11 cases, which clarified that challenges to integral aspects of a bankruptcy sale are statutorily moot under Section 363(m) of the U.S. Bankruptcy Code, should bolster the confidence of prospective purchasers in these sales, say attorneys at V&E.

  • 5 Issues To Consider When Liquidating Through An ABC

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    Assignments for the benefit of creditors continue to grow in popularity as a tool for an orderly wind-down, and companies should be considering a number of issues before effectuating the assignment, including in which state it should occur, obtaining tail coverage and preparing a board creditor mailing list, says Evelyn Meltzer at Troutman Pepper.

  • Opinion

    Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • Series

    Riding My Peloton Bike Makes Me A Better Lawyer

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    Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.

  • Rebuttal

    High Court Should Maintain Insurer Neutrality In Bankruptcy

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    While a recent Law360 guest article argues that the U.S. Supreme Court should endorse insurer standing in Truck Insurance Exchange v. Kaiser Gypsum, doing so would create a playground for mischief and delay, and the high court should instead uphold insurance neutrality, say attorneys at Lowenstein Sandler.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Wesco Ch. 11 Ruling Marks Shift In Uptier Claim Treatment

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    A Texas bankruptcy court’s recent decision in In re: Wesco Aircraft Holdings leaves nonparticipating creditors with a road map to litigate to judgment non-pro rata liability management transactions, and foreshadows that bankruptcy courts may no longer be a friendly forum for these types of claims, say attorneys at Ropes & Gray.

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • Fintech 'Prenups': Planning For A Card Program Breakup

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    After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.

  • Opinion

    Insurance Industry Asbestos Reserve Estimates Are Unreliable

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    Insurance regulators rely on industry self-reporting in approving insurance company reorganizations, but AM Best data reveals that actuarial and audit estimates have been setting perniciously low levels of loss reserves for asbestos liabilities and thus should be treated with deep skepticism, says Jonathan Terrell at KCIC.

  • 2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion

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    The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.

  • Wildfire Challenges For Utility Investors: Regs And Financing

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    For investors in public utilities, wildfire liability considerations include not only regulatory complexities, but also bankruptcy claims resolution, financing judgments and settlements, and how to leverage organizational structures to maximize investment protections, say David Botter and Lisa Schweitzer at Cleary.

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