Mid Cap
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January 08, 2025
Canadian Payment Systems Co. Hits Ch. 15 As It Seeks Buyer
Vancouver-based Felix Payment Systems Ltd. has filed a Chapter 15 petition in North Carolina with CA$19 million ($13.2 million) in liabilities, saying it needs to shield its assets from creditors as it moves to restructure through Canadian insolvency proceedings.
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January 08, 2025
AmeriFirst Heads Back To Ch. 11 Mediation With Creditors
Bankrupt mortgage service provider AmeriFirst Financial Inc. is heading back into mediation with unsecured creditors after a Delaware judge said Wednesday that a resolution is needed in the stagnant Chapter 11 proceedings.
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January 08, 2025
Catching Up With New Bankruptcy Case Action
Satellite and spectrum firm Ligado Networks filed in Delaware with $8.6 billion in debt. Regional airline Silver Airways LLC entered bankruptcy with plans to restructure by early 2025. A New York City waterfront condominium owner cited $70 million in liabilities, while a Long Island nursing home with $58 million in debt blamed its filing on litigation by New York Attorney General Letitia James.
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January 08, 2025
Auto Financing Co. Vroom's Equity Swap Ch. 11 Plan Gets OK
A Texas bankruptcy judge on Wednesday approved automotive financing and analytics company Vroom Inc.'s Chapter 11 plan to convert $290.5 million of debt into equity, overruling an objection to the deal from the U.S. Department of Justice's bankruptcy watchdog and allowing Vroom to continue operating.
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January 08, 2025
NY Personal Injury Law Firm Hits Ch. 11 With $9M Debt
Personal injury firm Munawar Law Group PLLC filed for Chapter 11 in New York with almost $9 million in debt, including a disputed claim from a Florida investment firm worth roughly $6.3 million.
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January 07, 2025
Sterilization Co. Can Access Full $7.5 DIP In Ch. 11
A Texas bankruptcy judge on Tuesday gave final approval for sterilization company Cosmed Group Inc. to tap into $7.5 million in debtor-in-possession financing, along with a number of second-day motions.
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January 07, 2025
Commercial Ch. 11s Surged 20% In 2024 As Inflation Stung
Commercial Chapter 11s increased 20% in 2024, leading a broader 14% incline in all new bankruptcies as the rate of filings looks set to return to higher prepandemic figures, according to new data.
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January 07, 2025
Ideanomics Can Move Forward With Ch. 11 Sale Process
Bankrupt electric-vehicle technology company Ideanomics Inc. resolved objections to its Chapter 11 loan package and sale process proposals on Tuesday, receiving approval for both measures from a Delaware bankruptcy judge who expressed concerns about the priority of bid protections for a stalking-horse bidder.
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January 07, 2025
Quinn Emanuel Says NAFTA Case Irrelevant In DQ Bid
A Mexican oil company and its subsidiaries cannot add "undisputedly irrelevant" supplementary information about former counsel Quinn Emanuel amid a disqualification bid, the law firm has told a Miami federal court, arguing that the requested documents, including the dismissal of a NAFTA arbitration Quinn Emanuel brought against Mexico, are either unrelated to the underlying litigation or duplicative.
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January 07, 2025
NJ Hospital Chain Seeks $17M More In Ch. 11 Funding
New Jersey hospital operator CarePoint Health asked a Delaware bankruptcy judge Tuesday for permission to borrow an additional $17 million in Chapter 11 financing as the company finalizes a restructuring plan.
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January 07, 2025
Lowenstein Sandler Elects 5-Atty Partner Class For 2025
Lowenstein Sandler LLP announced a class of five new partners for 2025 this week, drawing on attorneys working from New York and New Jersey and bringing expertise in tax law, environmental law, white collar defense and more.
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January 07, 2025
NYC Condo Owner Hits Ch. 11 With More Than $70M Debt
The owner of 105 unsold New York City waterfront condominium units has filed for Chapter 11 protection with more than $70 million in liabilities.
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January 07, 2025
CFPB Adopts Rule To Take Medical Debt Off Credit Reports
The Consumer Financial Protection Bureau moved ahead Tuesday with plans to restrict the use of medical debt information in credit scoring and lending, finalizing a rule that it said will take an estimated $49 billion in unpaid medical bills off consumers' credit reports.
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January 06, 2025
Dentons Adds Ex-Skadden Bankruptcy Pro In Calif.
Global law firm Dentons is beefing up its restructuring, insolvency and bankruptcy practice with a new Los Angeles partner who spent more than two decades at Skadden, most recently as Skadden's head for corporate restructuring practice in the western United States.
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January 06, 2025
Meet The Attorneys for The Container Store's Ch. 11 Case
Home storage solution retailer The Container Store filed for bankruptcy last month with $836 million in debt after failing to find an out-of-court purchaser for its business, and a team of attorneys from Hunton Andrews Kurth LLP and Latham & Watkins LLP is shepherding the company through a proposed debt-for-equity reorganization transaction.
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January 06, 2025
Silver Airways Seeks DIP Lender, Asset Buyer In Ch. 11
A Florida bankruptcy judge on Monday granted Silver Airways LLC permission to use cash collateral, and approved a slew of other customary first-day reliefs, to get by as it tries to secure a debtor-in-possession loan and an asset sale.
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January 06, 2025
Mich. Residents Say Solar Investors Can't Arbitrate Fraud Suit
Michigan residents who allege Florida investment firms funded a company that duped them into buying defective solar panels have urged a federal judge to deny the firms' bid to arbitrate or dismiss the claims, saying the court has already rejected the investors' arguments.
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January 06, 2025
Canadian Trucking Co. Halts Sale After Mitsubishi Objects
Pride Group Holdings Inc. told a Delaware bankruptcy judge Monday that the Canadian trucking company will no longer pursue a sale of shares in an affiliated entity that owns a Florida property, after a financial services provider backed by Mitsubishi objected to the sale.
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January 06, 2025
Giuliani Held In Contempt In $148M Defamation Row
A New York federal judge on Monday found Rudy Giuliani in contempt of court for failing to turn over evidence to two former Georgia election workers seeking to collect on a $148 million defamation judgment they secured against the former attorney to President-elect Donald Trump.
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January 06, 2025
Giuliani's Held In Contempt, Terraform Founder Denies Fraud
A Manhattan federal judge held Rudy Giuliani in contempt over a $148 million defamation judgment, after the former New York City mayor cited memory lapses during questioning about the case. Terraform Labs founder Do Kwon was arraigned in New York and denied orchestrating a $40 billion fraud, with a follow-up hearing scheduled for Jan. 8. Celsius Network appealed a Delaware bankruptcy judge's decision to deny its amended $444.6 million claim against FTX.
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January 06, 2025
Akoustis Says Ch. 11 Plan Handles IP Injunction Concerns
Radio frequency filter venture Akoustis Technologies Inc. has accused judgment creditor Qorvo Inc. of seeking to scuttle Akoustis' Chapter 11 stalking-horse sale in Delaware for competitive reasons beyond Qorvo's $38 million patent infringement judgment.
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January 06, 2025
US Trustee Opposes Fees For Plastic Co. Stalking Horse
The Office of the U.S. Trustee has objected to the bidding procedures in the bankruptcy of Plastic Suppliers Inc., arguing that the breakup fee isn't justified in the $13 million stalking-horse bid from Aluf Plastics.
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January 06, 2025
Press Release Distributor News Direct Hits Ch. 11 In Conn.
A corporate press release distributor filed for Chapter 11 bankruptcy protection in Connecticut with less than $50,000 in assets and over $5 million in liabilities.
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January 06, 2025
Girard Sharp Launches Into New Year With New Leadership
San Francisco-based Girard Sharp has kicked off the new year with a major leadership change, announcing Monday that Daniel C. Girard had stepped down as managing partner of the prominent plaintiffs complex litigation boutique he founded in 1995 and that longtime partner Dena C. Sharp was taking the reins.
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January 06, 2025
Pa. Coal Co. Hits Ch. 11 With Up To $50M In Debt, Sale Plans
Corsa Coal Corp., which operates coal mines in Pennsylvania and Maryland, filed for bankruptcy Monday saying it planned to sell itself in Chapter 11 after it wasn't able to secure a U.S. Department of Agriculture-backed loan fast enough to refinance some $16.3 million of debt.