Mid Cap
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August 29, 2024
3 Companies That Could Restructure In The 2nd Half Of 2024
With elevated borrowing rates and other macroeconomic headwinds lingering, struggling companies could end up resorting to drastic measures to deal with big debt burdens in the second half of 2024, including refinancings, liability management transactions or even bankruptcy.
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August 29, 2024
Bankruptcy Judge Allows Red Lobster To Reject 23 Leases
Troubled seafood chain Red Lobster gained a Florida bankruptcy judge's approval for its proposal to reject leases of an additional 23 restaurant locations slated to close at the end of the month.
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August 29, 2024
Del.'s Richards Layton Starts Arbitration, Mediation Practice
Richards Layton & Finger PA has announced the launch of an arbitration and mediation practice to bolster its alternative dispute resolution services to better serve its clients.
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August 28, 2024
Meet The Attorneys In World Of Beer's Ch. 11
Bar and restaurant chain World of Beer, which entered bankruptcy with about $30 million in debt, is chasing the possibility of confirming a Chapter 11 plan at record speed for the Florida bankruptcy district where it filed. To get it there, the debtor has assembled a team of lawyers in the Sunshine State from Shumaker Loop & Kendrick LLP and Fox Rothschild LLP.
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August 28, 2024
Fla. Bank City National Says Applebee's Franchisees Owe $8M
City National Bank of Florida sued a Louisiana-based Applebee's franchisee and three of its subsidiaries for $8.3 million, saying in a complaint filed Wednesday in Florida federal court that the companies defaulted on a federal COVID-19-era loan and then transferred control of their restaurants without consent.
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August 28, 2024
Pregnancy Tech Co. Nuvo Gets Interim OK For $10M DIP Loan
A Delaware bankruptcy judge said Wednesday she would give interim approval to a $10 million debtor-in-possession financing package for Nuvo Group USA Inc., the maker of a remote pregnancy monitoring band that filed for Chapter 11 on Aug. 22 with more than $12 million in secured debt.
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August 28, 2024
Calif. Debt Relief Firm Ran Criminal Enterprise, Judge Says
A California bankruptcy judge ruled Tuesday that the defunct Orange County debt relief law firm Litigation Practice Group operated a "criminal enterprise" and possibly a Ponzi scheme, a finding that representatives for the firm's court-appointed bankruptcy trustee say they will use to claw money back from investors.
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August 28, 2024
Justices Won't Revive Student Debt Relief Plan Right Now
The U.S. Supreme Court on Wednesday refused to reinstate President Joe Biden's latest student loan debt relief program, leaving the $475 billion plan on ice until the Eighth Circuit decides whether the administration has the authority to continue its new push to reduce student loan bills for millions of people.
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August 28, 2024
CRE Reset Heats Up As Lenders Take Fight To Guarantors
Remote work and high interest rates have dented commercial real estate values, but much of the fallout is yet to come. While the market waits for values to reset, some lenders are now turning to a strategy that indicates they are reaching their limit: pursuing guarantors.
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August 28, 2024
Judge Will OK Anne Fontaine Plan After Edits For Deals
A New York bankruptcy judge on Wednesday said she will approve the Chapter 11 plan of the U.S. subsidiary of renowned French luxury fashion house Anne Fontaine once the plan is updated to account for deals the company reached with creditors over the summer.
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August 27, 2024
Del. Judge Nixes Purdue Concerns In GigaMonster Ch. 11 Plan
A Delaware bankruptcy judge on Tuesday agreed to approve the Chapter 11 liquidation and wind-down plan of defunct internet service provider GigaMonster, finding the plan's third-party releases and overall creditor settlement were acceptable.
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August 27, 2024
Asbestos Claimants Tell 4th Circ. Bestwall Isn't Distressed
The official committee of asbestos claimants in the Chapter 11 case of Georgia-Pacific unit Bestwall told the Fourth Circuit that the company's bankruptcy should be tossed because commitments to fund asbestos liabilities by the parent mean the debtor isn't facing financial distress.
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August 27, 2024
Meet The Attys Guiding Crypto Miner Rhodium Through Ch. 11
Bitcoin mining group Rhodium Encore LLC has filed for Chapter 11 in Texas amid a lease dispute over a mining facility. Guiding Rhodium through its bankruptcy is a team of Quinn Emanuel Urquhart & Sullivan LLP attorneys who have represented clients in the crypto industry and beyond.
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August 27, 2024
Madison Ave. Condo Owners File New Ch. 11
The corporate owner of a luxury Manhattan condominium complex has filed for Chapter 11 in a New York bankruptcy court in what it says is an attempt to resolve the disputed bankruptcy filing of the partnership that owns the corporation.
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August 27, 2024
Tobacco Co-Op's $10M Insurance Suit Headed To Mediation
Tobacco grower cooperative U.S. Tobacco Cooperative Inc. will go into mediation with Axis Specialty Insurance Co. as part of a lawsuit brought by the grower alleging the insurer has refused to pay $10 million in excess coverage.
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August 27, 2024
Jackson Walker Is Trying To 'Revise History,' US Trustee Says
Jackson Walker LLP told a Houston judge Tuesday that the U.S. Trustee's Office "wants everyone to play by the rules except for [itself]" in a discovery dispute connected to a former Texas bankruptcy judge's secret relationship, as the bankruptcy watchdog simultaneously accused the firm of chasing down rumors to "revise history" through overbroad discovery requests.
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August 27, 2024
11th Circ. Affirms $700K Valuation For Bitcoin Mining Site
The Eleventh Circuit has agreed with a Georgia bankruptcy court's finding that a defunct company's bitcoin mining facility was worth more than $700,000, saying the lower court correctly valued the property using the most appropriate methodology.
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August 27, 2024
Top Bankruptcy Trends Of 2024: Midyear Report
The bankruptcy world has had a busy 2024 so far on a number of fronts, with Chapter 11 filings rising across a variety of industries.
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August 27, 2024
Disbarred Atty Tom Girardi Convicted Of Defrauding Clients
A California federal jury on Tuesday convicted disbarred attorney Tom Girardi on all four counts of wire fraud, finding that the former titan of the plaintiffs bar misappropriated $15 million of his clients' settlement funds.
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August 27, 2024
Latham Hires BigLaw Restructuring Vet From Gibson Dunn
Latham & Watkins LLP tapped Joe Zujkowski, a BigLaw veteran and former co-head of the domestic restructuring practice at O'Melveny & Myers LLP, as a partner in New York.
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August 26, 2024
Girardi Lied 'Over And Over,' Jury Told As Fraud Trial Wraps
A federal prosecutor told a California federal jury during closing arguments in Tom Girardi's criminal fraud trial Monday that the now-disbarred attorney lied to his clients "over and over and over again" in order to misappropriate millions of their settlement money as part of a yearslong Ponzi scheme.
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August 26, 2024
Pool Co. Secures $1.1M In Fees For False Ad Trial Win
A North Carolina federal judge has granted $1.1 million in fees for attorneys from McCarter & English LLP and Womble Bond Dickinson who represented a swimming pool salt system supplier in a trial against a competitor, finding the case qualifies as exceptional since the opposing company acted "unreasonably."
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August 26, 2024
Judge Won't Eject Trustee From Irish Developer's $942M Ch. 7
A Connecticut bankruptcy judge has denied a nearly two-and-a-half-year-old motion to remove a Chapter 7 trustee from an Irish developer's $942 million bankruptcy, saying the developer's appellate losses and a recent U.S. Supreme Court certiorari denial, ultimately favoring the trustee, left the motion finally ripe for a decision.
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August 26, 2024
Girardi Denies Fraud Charges, Alex Jones Biz Sale Proposed
Disbarred attorney Tom Girardi has denied stealing from any of his clients, asking a judge to toss wire fraud charges. Meanwhile, a court-appointed trustee in Alex Jones' bankruptcy has asked a Texas judge to authorize the liquidation and wind-down of Free Speech Systems. This is the week in bankruptcy.
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August 26, 2024
AI Staffing Co. Ch. 11 Releases Are 'Gratuitous,' Investors Say
Shareholders of Joonko Diversity Inc., a recruitment firm that uses artificial intelligence, have objected to the company's proposed Chapter 11 liquidation plan, saying the proposal includes releases of claims against directors and officers of the business who may be implicated in a fraud scheme, for which Joonko's ex-chief executive was recently indicted in federal court.