Large Cap
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October 21, 2024
Keeping Track Of The Catholic Diocese Bankruptcy Cases
The Archdiocese of Los Angeles agreed last week to pay $880 million to resolve more than 1,300 claims of child sexual abuse in a deal that was noteworthy both for its size and for how it was achieved: without bankruptcy.
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October 21, 2024
Purdue Opioid Victims Group Backs Creditors In Litigation Bid
A group of more than 60,000 victims is backing creditors of Purdue Pharma LP in their efforts to potentially sue members of the Sackler family who own the bankrupt opioid maker, and has also warned against protracted legal battles if current mediation efforts fail.
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October 21, 2024
Giuliani Tries To Nix Dominion Suit, FTX Exec Seeks Leniency
Colorado judges are skeptical of Rudy Giuliani's attempt to throw out a defamation lawsuit from a former Dominion Voting Systems executive amid ongoing bankruptcy proceedings, the former head of engineering at FTX is fighting for leniency from a Manhattan federal judge, and a former bankruptcy judge is challenging a subpoena for banking records in an investigation over a secret relationship. This is the week in bankruptcy.
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October 21, 2024
Clifford Chance Continues NY Growth With O'Melveny Duo
Clifford Chance LLP is continuing its growth in New York, announcing on Monday the hiring of two former O'Melveny & Myers LLP attorneys to its private equity practice, as well as the firm's restructuring and insolvency group.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
Under The Radar: Bankruptcy News You May Have Missed
Johnson & Johnson, Imerys Talc, Cyprus Mines, Takeoff Technologies and SunPower Corp. all fielded objections to their Chapter 11 bankruptcies, from their creditors' committees or the Office of the U.S. Trustee or both, with the U.S. Trustee largely raising concerns about overbroad releases.
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October 18, 2024
Chancery Calls For Status Quo Order In Del Monte Loan Suit
A Delaware vice chancellor has given the nod for a hold-the-status quo order sought by a collateral agent accusing Del Monte Foods Inc. officials of carrying out a corporate restructuring and "lien-stripping" said to have jeopardized lender claims under a $725 million term loan agreement.
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October 18, 2024
Bally Sports Owner Gets OK For FanDuel Rebrand
Bally Sports Networks will be rebranded as FanDuel Sports Networks after a Texas bankruptcy judge approved an agreement between Diamond Sports Group and the betting platform.
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October 18, 2024
More Than Just Superheroes: Marvel Inked Ch. 11 Legacy
The nearly three-decade-old bankruptcy and reorganization of comic book giant Marvel produced a company that has become a major force in Hollywood, but it also led to an enduring legal precedent on conflict-of-interest standards for bankruptcy professionals that is still cited today.
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October 18, 2024
SunPower Corp. Gets OK For Chapter 11 Plan
A Delaware bankruptcy judge Friday approved residential solar technology company SunPower Corp.'s plans to distribute the proceeds of its asset sales to the creditors in its Chapter 11 case after hearing all objections had been resolved or put off.
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October 18, 2024
Judge Won't Delay Pitney Bowes Spinoff's Ch. 11 Timeline
A Texas bankruptcy judge on Friday said he will not push back a Chapter 11 plan confirmation for the former e-commerce unit of shipping group Pitney Bowes in order to buy the creditors' committee more time for contract analysis, keeping a mid-November hearing in place.
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October 18, 2024
Judge Denies SmileDirect Trustee's Litigation Funding Ask
A Texas bankruptcy judge on Friday denied a request from the Chapter 7 trustee overseeing SmileDirectClub's liquidation to fund litigation against company insiders by giving the trustee's special litigation attorneys liens on any money they recover, saying a debtor-in-possession funding order precluded such an arrangement.
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October 18, 2024
Sweden's Intrum Plans To File For Bankruptcy In The US
Swedish debt collector Intrum said Friday that it plans to file for Chapter 11 protection in the U.S. along with a reorganization in its home country with eyes set on refinancing $4.9 billion in debt with a lock-up agreement with creditors.
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October 17, 2024
Atty's 'Groundhog Day' Motion Trims Ex-Girardi Client's Suit
A California state judge on Thursday trimmed a family's $1.8 million malpractice lawsuit against an attorney that represented it in recovering millions lost in Girardi Keese's embezzlement scandal, calling a bid to nix one of the suit's claims a "Groundhog Day" motion because she already granted a similar one from the attorney's firm.
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October 17, 2024
Meet The Skadden Attorneys Behind True Value's Ch. 11
Hardware store supplier True Value Co., limping from the vicissitudes of the COVID-19 pandemic and an increasingly short leash from lenders, has hired lawyers from Skadden Arps Slate Meagher & Flom LLP to help see it through Chapter 11.
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October 17, 2024
Colorado Judges Doubt Giuliani Shielded For 2020 Lies
Colorado appellate judges appeared skeptical Thursday of Rudy Giuliani's bid to escape a defamation lawsuit by a former executive for Dominion Voting Systems, noting that they already found Giuliani's statements weren't protected in a related appeal.
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October 17, 2024
FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison
The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.
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October 17, 2024
A&O Shearman Taps Governance Veteran To Co-Lead Practice
A&O Shearman said Thursday that it has tapped a longtime partner to co-head the firm's compensation, employment, pensions and governance practice, bringing it under the joint leadership of alum from each of its two legacy firms after the merger between New York-based Shearman & Sterling and London-based legacy firm Allen & Overy became official last May.
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October 17, 2024
Boy Scouts Ch. 11 Runs Up $295M Professional Fee Bill In Q3
Boy Scouts of America has filed a post-confirmation report in its Chapter 11 case, reporting it has incurred $295 million in professional fees in the third quarter ending Sept. 30.
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October 16, 2024
True Value Hammered By Economy, Lenders' Tight Screws
The pull-forward effect of the COVID-19 pandemic claimed another victim when hardware wholesaler True Value Company LLC filed for bankruptcy on Monday, succumbing to the lull in demand for new drills, drywall and drains now that Americans have finished the home improvement projects that consumed them in the early days of that time.
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October 16, 2024
Profs Urge 3rd Circ. To Rethink Reopening Shipbuilder Ch. 11
A group of law professors have asked the Third Circuit to grant shipbuilder Bath Iron Works' request for a rehearing on its bid to reopen the Chapter 11 case of its former affiliate in order to allocate responsibility for a number of environmental remediation costs, saying it is of "central importance" a bankruptcy court and not a civil court adjudicate the issue.
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October 16, 2024
True Value Strikes Bridge Deal To Fund Ch. 11 Case With Cash
Hardware store supplier True Value Co. is "laser focused" on closing a $153 million sale, attorneys for the company Wednesday told a Delaware bankruptcy judge who agreed to approve a two-week deal the debtor struck with a lender to use cash on hand to fund the Chapter 11 case.
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October 16, 2024
Bally Sports Owner Seeks Court Approval Of FanDuel Rebrand
The parent company of Bally Sports-branded regional sports networks has asked a Texas bankruptcy judge for permission to change naming rights partners, revealing it has a short-term deal in which fantasy sports and betting platform FanDuel would take over the sponsorship agreement.
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October 16, 2024
Catching Up With New Bankruptcy Case Action
Several companies including True Value, Accuride and Jordan Health filed for Chapter 11 bankruptcy over the past week, citing financial strains from inflation, supply-chain issues and market changes.
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October 16, 2024
Brazilian Electricity Biz Seeks US Ch. 15 Recognition
Light SA, parent to a major Brazilian electrical utility, has asked a Texas bankruptcy judge to grant U.S. recognition of its foreign insolvency proceedings, saying a Brazilian court had approved a restructuring plan for the company to deal with roughly $2 billion in debt that has high creditor support.