Large Cap
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November 18, 2024
Backup Bidder For Jones' Infowars Wants The Onion Bid DQ'd
The Alex Jones-affiliated backup Chapter 7 auction bidder for Jones' right-wing website Infowars asked a Texas bankruptcy judge Monday to disqualify the winning bid from The Onion, a satirical news website, arguing that the bid did not follow the auction procedures.
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November 18, 2024
Prison Health Co. Wellpath Gets OK For December Auction
A Texas bankruptcy judge said he would approve the bidding procedures for the assets of prison healthcare provider Wellpath and set a December auction for its behavioral health division, Recovery Solutions.
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November 18, 2024
Swedish Debt Collector Defends Prepackaged Ch. 11 In Texas
A Stockholm-based debt collection service provider told a Texas bankruptcy court Monday that a two-prong restructuring plan the company proposed is the only way to fairly address upcoming debt maturities and reorganize its business.
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November 18, 2024
The Onion Wants To Buy Infowars, Diamond Sports' Plan OK'd
Satirical news outlet The Onion emerged as the winner of a Chapter 7 auction for Alex Jones' Infowars show, Diamond Sports clinched a Chapter 11 plan approval and new bankruptcy filings by both businesses and consumers have grown by 16% over the past year.
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November 18, 2024
Judge Will OK $88M Insurance Deal For Long Island Diocese
A New York bankruptcy judge on Monday approved an $88 million insurance settlement for Long Island's Roman Catholic diocese after being assured that sexual abuse claimants who pass up a payout from the diocese's Chapter 11 plan can pursue insurance claims on their own.
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November 18, 2024
Judge Approves Vertex Energy's Ch. 11 Plan Disclosures
A Texas bankruptcy judge Monday approved the disclosure statement for fuel refiner Vertex Energy's Chapter 11 plan, which could pave a path for recovery to unsecured creditors after a global settlement was reached with the creditor's committee and lender groups.
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November 18, 2024
Brazil's Unigel Seeks Ch. 15 Nod For $810M Restructuring
Several units of Brazilian petrochemical producer Unigel Group have urged a New York bankruptcy court to recognize their overseas bankruptcy plans to address roughly $810 million of debt, saying factors including the war in Ukraine and inflation have hampered the companies' liquidity.
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November 18, 2024
Proskauer Atty Is Part Of 'Rich' Harvard Football Tradition
Proskauer bankruptcy partner and longtime Harvard football public address announcer Chad Dale had no experience when he became the voice of the football program 33 years ago, but he followed in his late grandfather's footsteps and received an influential endorsement for the gig from his grieving grandmother.
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November 18, 2024
Health Care Co. CareMax Hits Ch. 11 With Plans To Sell Assets
Medical services company CareMax Inc. has filed for Chapter 11 protection in Texas bankruptcy court, listing $422.6 million of funded debt and disclosing plans to sell its assets during the case.
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November 18, 2024
Spirit Airlines Files For Ch. 11 With Equity-Swap Plan
Budget air carrier Spirit Airlines filed for Chapter 11 protection in a New York bankruptcy court Monday with $3.6 billion in funded debt and a preapproved equity swap restructuring plan.
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November 15, 2024
Real Estate Recap: Industry Leaders Weigh In
Catch up on this past week's key developments by state from Law360 Real Estate Authority — including President-elect Donald Trump's industry pick for Middle East special envoy, a playbook on commercial real estate distress from BigLaw leaders and one KKR exec's optimism for the end of a two-year real estate slump.
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November 15, 2024
Under The Radar: Bankruptcy News You May Have Missed
A New York bankruptcy judge denied retail creditors to Celsius Network discovery into the crypto lender's bankruptcy plan administration, Johnson & Johnson's talc unit bit back at efforts to dismiss its Chapter 11 case, and the Archdiocese of New Orleans established non-monetary child protections with its unsecured creditors. Here are some bankruptcy stories that may have slipped past you this week.
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November 15, 2024
Meet The Attys Guiding Alex Jones Through Chapter 7
As right-wing media fabulist Alex Jones awaits the final outcome of an auction for his InfoWars website, he's being led through Chapter 7 by a team of attorneys from Elliott Thomason & Gibson LLP and Jordan & Ortiz PC.
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November 15, 2024
Swedish Debt Collector Intrum Files Prepack Ch. 11 In Texas
Swedish debt collector Intrum filed its pre-announced, prepackaged Chapter 11 in a Texas bankruptcy court Friday, saying it had secured creditor approval to restructure $4.9 billion in debt.
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November 15, 2024
Property Plays: Franchise Group, Kushner, Astrodome
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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November 15, 2024
Girardi Seeks Sentencing Delay Amid Atty's Departure
Disbarred attorney Tom Girardi is asking a California federal judge for more time before his sentencing date because a key member of his legal team is leaving the Federal Public Defender's Office on Monday.
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November 15, 2024
Ex-McElroy Deutsch Exec Says Firm Has No Claim On House
The former McElroy Deutsch Mulvaney & Carpenter LLP business development director whose husband pled guilty to stealing millions from the firm has argued that the time has come for the court to toss an attempt by the firm to put her house in a constructive trust.
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November 15, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Ocado file an intellectual property claim against an African fruit and vegetable importer, a claim filed against a Swiss bank founded by Indian billionaire Srichand Parmanand Hinduja and 300 individuals sue travel company TUI. Here, Law360 looks at these and other new claims in the U.K.
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November 15, 2024
Ex-Freshfields Partner Suspended Over Inappropriate Conduct
A former partner with Freshfields will face a two-year suspension and a costs bill of £66,000 ($83,500), the profession's disciplinary tribunal has ruled after finding that he had engaged in "inappropriate and unwanted conduct" while employed at the firm.
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November 14, 2024
MDL Counsel Present Deal With FTX Estate To Fla. Court
Counsel for plaintiffs in the multidistrict litigation over the collapse of cryptocurrency trading platform FTX Trading Ltd. told a Florida federal judge Thursday that they have reached a deal with the FTX estate in bankruptcy.
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November 14, 2024
Maryland Seeks To Undo Litigation Pause In Purdue Appeal
The state of Maryland argued in New York federal court Thursday that it should be allowed to pursue claims against the Sackler family members who own bankrupt OxyContin maker Purdue Pharma LP, and that a temporary injunction currently blocking a flood of litigation should be thrown out.
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November 14, 2024
Inflation, Election Anxiety Drove Bankruptcy Hike, Experts Say
Bankruptcy filings for both businesses and consumers have risen by 16% over the past year, with factors such as inflation, residual impacts of high interest rates, the COVID-19 pandemic, and macroeconomic uncertainties in the run-up to a contentious presidential election as key drivers, restructuring experts told Law360.
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November 14, 2024
Judge Pondering 3rd-Party Releases In LaVie Ch. 11 Plan
A Georgia bankruptcy judge on Thursday said he will have to consider arguments on whether third-party claim releases in skilled nursing facility operator LaVie Care Centers' Chapter 11 plan are truly consensual before he allows the restructuring to go forward.
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November 14, 2024
Meet The Attorneys In Wellpath's Ch. 11 Case
Prison healthcare provider Wellpath Holdings has called on attorneys from McDermott Will & Emery LLP to help guide its Chapter 11 case as the company angles to trim $500 million from its more than $644 million in funded debt by selling off its behavioral health arm.
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November 14, 2024
Tehum Care Gets OK To Take Votes On Ch. 11 Plan
Prison healthcare provider Tehum Care Services will begin soliciting votes on a Chapter 11 plan crafted by the company and committees for creditors and tort claimants after securing a Texas bankruptcy judge's approval of a disclosure statement tied to the plan.
Expert Analysis
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.