Large Cap
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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.
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October 31, 2024
Terraform Ch. 11 Trust Gets OK For $45M Crypto Deal
A bankruptcy judge in Delaware has approved a settlement among the wind-down trust created through the Chapter 11 plan of defunct cryptocurrency firm Terraform Labs, the company's co-founder, the Luna Foundation Group and Avalanche Inc. that will see the trust receive $45.5 million in cash in exchange for 1.9 million digital tokens.
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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.
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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.
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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.
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October 30, 2024
Mallinckrodt Trustee Inks Deal To Shrink Drug Price Claims
The trustee overseeing a pool of funds to pay creditors of Mallinckrodt plc has reached a deal to slash more than $331 billion of purported claims from insurers down to $6.7 million in the drugmaker's first bankruptcy case.
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October 30, 2024
Conn's Seeks Hearing Next Week On Ch. 11 Asset Sale
Counsel for retail chain Conn's told a Texas bankruptcy judge Wednesday that no one has beaten the $360 million baseline bid for its assets from debt collector Jefferson Capital Systems and asked for a hearing to approve the sale next week.
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October 30, 2024
Judge Orders NY Diocese To Hash Out Ch. 11 Insurer Deal
Long Island's Roman Catholic diocese must meet with its insurers Thursday to sort out the remaining details of their settlement, a New York bankruptcy judge said Wednesday, making clear he expected urgent work to ensure the church has a Chapter 11 plan in place before next year.
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October 30, 2024
Whittaker Files Ch. 11 Plan Amid Dispute With Talc Claimants
Bankrupt talc supplier Whittaker Clark & Daniels Inc. presented a Chapter 11 plan Monday that would be funded by a proposed $535 million settlement with its successors, but a dispute with the official committee of talc claimants could derail the plan.
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October 30, 2024
Ex-LNG Contractor Not Entitled To Insurance Proceeds
A Texas bankruptcy judge has told a former contractor at a liquid natural gas facility project it is not entitled to insurance recoveries or fund distributions from the joint venture it entered Chapter 11 to exit.
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October 30, 2024
J&J Talc Unit's Ch. 11 Headed For January Confirmation
A Texas bankruptcy judge approved a case management order Wednesday that puts the Chapter 11 proceedings of Johnson & Johnson's talc unit on track for January hearings over a prepackaged plan that will address thousands of ovarian cancer claims tied to the company's products.
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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.
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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.
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October 30, 2024
MVP: Kirkland's Steven Serajeddini
Steven N. Serajeddini, a restructuring partner at Kirkland & Ellis LLP, has kept busy over the last year handling some of the largest and most complex bankruptcy cases in the country, including the sprawling insolvencies of flexible workspace provider WeWork Inc. and cancer healthcare company GenesisCare, earning him a spot as one of the 2024 Law360 Bankruptcy MVPs.
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October 29, 2024
Alameda Research Wants Crypto Exchange To Return $50M
Alameda Research, the crypto trading affiliate of the bankrupt FTX digital asset empire, has sued the operators of KuCoin cryptocurrency exchange in Delaware bankruptcy court seeking the return of $50 million of assets that continue to be held on the platform despite the debtors' requests.
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October 29, 2024
Talc Miners Say They've Worked Out Kinks In Ch. 11 Plans
A pair of talc producers on Tuesday presented a Delaware bankruptcy judge with a revised Chapter 11 plan and disclosure statement they say will hopefully answer the concerns and objections raised by the judge, talc injury claimants and insurance carriers.
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October 29, 2024
Catching Up With New Bankruptcy Case Action
Several companies filed for bankruptcy this past week, grappling with litigation, unforeseen events such as the loss of a key investor, and continued financial challenges stemming from the COVID-19 pandemic and persistent macroeconomic pressures, including high inflation.
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October 29, 2024
Republic First Bank Discriminated Before It Failed, NJ Says
New Jersey authorities said Tuesday that they have concluded that the former Republic First Bank redlined local communities of color in the state in the years before it failed, findings they have taken up with the bank's receiver, the Federal Deposit Insurance Corp.
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October 29, 2024
Baseball Bat Cos. Reach Deal To End Fla. Trademark Battle
A baseball bat company owned by ex-MLB player Yoenis Céspedes has settled an intellectual property lawsuit against several businesses over baseball bats, months after a Florida federal judge handed the former New York Mets outfielder's business a preliminary injunction in the case.
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October 29, 2024
Tupperware Cleared For Quick $87M Ch. 11 Sale To Lenders
Bankrupt food storage product maker Tupperware Inc. received approval Tuesday for an $87.3 million sale of its assets to a group of secured lenders, with a Delaware bankruptcy judge saying the unusual circumstances justified the rapid consideration of the deal.
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October 29, 2024
Purdue Creditors Can Sue Sacklers For $11.5B
Creditors of bankrupt OxyContin maker Purdue Pharma LP will get the right to sue the company's owners — certain members of the Sackler family — and others for $11.5 billion, should they choose to do so, a New York judge said on Tuesday.
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October 29, 2024
Fuel Refiner Vertex Gets Final OK On Ch. 11 Funding Use
A Texas bankruptcy judge on Tuesday granted Vertex Energy final approval to use the rest of its $280 million in Chapter 11 funding after the debtor told the court it had negotiated a proposal that faced no objections.
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October 29, 2024
Kirkland Partner Appointed US Bankruptcy Judge In Chicago
Michael B. Slade, a Kirkland & Ellis LLP litigation partner with restructuring experience assisting debtors like Yellow Corp., will join Illinois' bankruptcy bench in late November, the Seventh Circuit's chief judge announced.
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October 29, 2024
MVP: Latham's George Davis
George Davis, global chair of Latham & Watkins LLP's restructuring and special situations practice, negotiated successful prepackaged Chapter 11 plans for Joann Inc. and Audacy and helped Mallinckrodt navigate two bankruptcy cases tied to opioid litigation, earning him a spot as one of the 2024 Law360 Bankruptcy MVPs.
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October 28, 2024
Judge Hopes To Avoid Vote Issue Repeat In Talc Ch. 11 Plan
A Delaware bankruptcy judge on Monday told a pair of talc producers that the proposed creditor voting procedures on their joint Chapter 11 plans will need some work to avoid a repeat of the voting problems that derailed a previous attempt to settle asbestos injury claims.