Mid Cap
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January 29, 2025
JCPenney Says Jackson Walker Owes $1M For Judge's Affair
Jackson Walker LLP should have to return the more than $1 million paid to it by J.C. Penney given the firm's failure to disclose that one of its partners had a romantic relationship with the judge who had overseen the retailer's bankruptcy, the retailer's estate says in a new lawsuit in Texas federal court.
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January 29, 2025
Bankrupt MMA Law Seeks Hurricane Case Fees From 2 Firms
Bankrupt firm MMA Law has filed adversary suits against two law firms in Texas bankruptcy court seeking to recover fees related to work done on behalf of hurricane victim clients that it says belong to its bankruptcy estate.
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January 29, 2025
3rd Circ. Skeptical Of Philly Firm's Ch. 7 Case Fee Quest
The Third Circuit on Wednesday seemed skeptical that Spector Gaden Rosen Vinci PC properly informed a bankruptcy court of the billing and services provided to a couple in a Chapter 7 case in which a judge sanctioned the firm for violating disclosure rules, a matter that left one appeals judge "shocked" at the Philadelphia firm's alleged shortfall.
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January 29, 2025
Meet The Attys Guiding Biora's Ch. 11
Clinical-stage biotechnology company Biora has hired a team of lawyers from McDermott Will & Emery LLP to see it through its Chapter 11, which the debtor started to address funded debt obligations and sell assets to finance its ongoing clinical development.
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January 29, 2025
Bankruptcy Group Of The Year: Sullivan & Cromwell
Sullivan & Cromwell LLP in 2024 carried two complex, crisis-driven Chapter 11s across the bankruptcy finish line, confirming plans for defunct crypto exchange FTX and the former operator of Silicon Valley Bank, earning it a spot as one of the 2024 Law360 Bankruptcy Groups of the Year.
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January 29, 2025
Lowenstein Sandler Hit With Malpractice Suit From Dispensary
A cannabis dispensary facing a lawsuit from Lowenstein Sandler LLP for unpaid legal fees has fired back with a malpractice suit against the firm, alleging its attorneys helped the dispensary's former CEO in an attempted hostile takeover of the company.
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January 29, 2025
Katten Real Estate Leaders Suggest Prenegotiated Bankruptcy
Bankruptcy protection is usually a last resort for commercial real estate borrowers. But for a large distressed asset in a high-tax district, a prepackaged bankruptcy is a no-brainer, according to Katten partners Scott M. Vetri and Timothy G. Little. Here's how it would work.
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January 29, 2025
Milbank Adds Ex-Skadden Financial Restructuring Pro In NY
Milbank LLP has added a corporate restructuring attorney previously with Skadden Arps Slate Meagher & Flom LLP as a partner in its New York office, the firm has announced.
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January 29, 2025
Reed Smith Fee App Held For Eletson Probe
A New York bankruptcy judge Wednesday agreed to delay a hearing on Reed Smith's fees in the Eletson Holdings bankruptcy case while the reorganized debtor probes Reed Smith's alleged past ties with Eletson executives.
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January 29, 2025
Packaging Co. Plastic Suppliers Gets Initial OK For $16M Sale
A New Jersey bankruptcy judge on Wednesday conditionally approved packaging company Plastic Suppliers Inc.'s bid to sell its business for $16.4 million, saying a competitive auction proved the deal process had been conducted fairly.
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January 28, 2025
Jury Clears LED Distributor Of Korean Co.'s Fraud Claims
A California federal jury returned a verdict Tuesday clearing the head of a now-defunct LED screen distribution company of allegations that he lied to his Korean manufacturing partner about efforts to repay millions of dollars worth of mounting debts.
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January 28, 2025
Dubai Co. Begins Condo Project At Surfside Collapse Site
Dubai-based developer DAMAC International said Tuesday it plans to build its first U.S. real estate project in the town of Surfside, Florida, at the site where the 12-story Champlain Towers South condominium collapsed in June 2021, resulting in the deaths of 98 people.
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January 28, 2025
Solar Biotech Gets OK For Failed Bidder Breakup Fee
A Delaware bankruptcy judge on Tuesday gave biotechnology firm Solar Biotech permission to pay a $456,000 breakup fee to the unsuccessful bidder in its Chapter 11 auction, saying the baseline offer provided a benefit to the estate.
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January 28, 2025
Catching Up With New Bankruptcy Case Action
New York-based lithium-ion battery maker iM3NY filed for bankruptcy in Delaware, saying it was burdened by $136 million in debt after failing to secure funding for its production plant. Books Inc., a 174-year-old independent bookstore operator in the San Francisco Bay Area, is seeking Chapter 11 protection with $5.2 million in liabilities, and has blamed pandemic-related declines in in-store shopping for its financial woes.
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January 28, 2025
Corsa Coal Sale Date, Use Of Morgan Stanley Account OK'd
Bankrupt coal miner Corsa Coal Corp. won court approval on Tuesday to extend its asset sale process by two weeks, after assuring the court its debtor-in-possession financing will last long enough to fund the Chapter 11 case until a transaction can close in March.
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January 28, 2025
Healthcare Ch. 11s Stay High Amid Costs Surge, Labor Woes
Healthcare sector bankruptcy filings reached their second-highest level in six years in 2024, with 57 companies seeking Chapter 11 protection as rising costs and sluggish reimbursement rates continued to ripple through the industry, according to a new report by restructuring advisory firm Gibbins Advisors.
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January 28, 2025
Creditors Can Join Nostrum Sale Talks, Ch. 11 Judge Rules
A bankruptcy judge on Tuesday approved a bid from the official committee of unsecured creditors in drugmaker Nostrum Laboratories Inc.'s Chapter 11 case to help investment bank Raymond James find a buyer for the debtor's assets.
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January 28, 2025
Bankruptcy Group Of The Year: Brown Rudnick
Brown Rudnick LLP's bankruptcy group helped secure a full recovery for BlockFi customers and persuaded a New Jersey bankruptcy judge to grant Chapter 15 recognition to a decentralized autonomous organization for the first time ever, earning it a spot among the 2024 Law360 Bankruptcy Groups of the Year.
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January 28, 2025
NY Battery Startup Hits Ch. 11 With $136M Debt, Sale Plans
Electric vehicle and renewable energy storage lithium-ion battery maker iM3NY filed for bankruptcy protection in Delaware, reporting around $136 million in debt after it wasn't able to drum up new funding for a battery production plant in New York.
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January 27, 2025
Purdue Nears Ch. 11 Deal, Yellow Corp. Fends Off WARN Suit
From a looming settlement in the Purdue bankruptcy to a pair of retailers overcoming objections to their Chapter 11 plans, here are some of the biggest bankruptcy news from the past week.
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January 27, 2025
Investor Accuses 'Chicken Soup' Parent Of Mismanagement
A corporate investor in Chicken Soup for the Soul Holdings LLC has accused the publishing company, which has released popular self-help books for decades, of mismanagement leading up to a subsidiary's Chapter 7 liquidation, saying the company didn't provide proper financial information requested by the investor.
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January 27, 2025
Kal Freight Lenders Want Ch. 11 Examiner For Fraud Claims
Creditors of California-based trucking company Kal Freight Inc. asked a Texas bankruptcy judge to appoint an independent examiner to investigate allegations of prepetition fraud and mismanagement made against the company and its owner.
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January 27, 2025
California's Oldest Indy Bookstore Gets Ch. 11 Lifeline
A California bankruptcy judge on Monday gave the Golden State's oldest independent bookstore chain, Books Inc., approval on a raft of first-day motions to ease its navigation through a Chapter 11 case the company launched to address burdensome rent and lower profits in the wake of the COVID-19 pandemic.
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January 27, 2025
174-Year-Old Bookstore Says Its Story Won't End On Ch. 11
Changes in customer buying patterns following the COVID-19 pandemic have led Books Inc., the Bay Area's oldest independent bookstore operator, to enter Chapter 11 with plans to close its Berkeley location early next month while continuing to operate 10 other shops in and around San Francisco.
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January 24, 2025
Under The Radar: Bankruptcy News You May Have Missed
The daughter of bankrupt Chinese exile Miles Guo is fighting a contempt bid brought by the Chapter 11 trustee of her father's estate. Brazilian airline Gol Linhas and Spirit Airlines are seeking to implement third-party releases in their respective Chapter 11 plans. And bankrupt financial technology company Synapse appears to be the subject of a grand jury investigation.