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Catching Up With New Bankruptcy Case Action
Oregon whiskey producer House Spirits Distillery filed a Chapter 11 petition in Delaware, citing a post-COVID slump in alcohol demand and excess inventory. Customer loyalty platform Kognitiv also launched a Chapter 11 case in Delaware, reporting more than $10 million in liabilities and planning to sell its assets to a competitor. Meanwhile, fintech company Solid Financial Technologies sought bankruptcy protection following years of fraud allegations.
More Cos. Tap Debt Deals To Delay Costly Ch. 11s, Fitch Says
Businesses in financial distress are increasingly pursuing out-of-court debt deals to defer bankruptcy filings and give themselves a chance to improve their fortunes, as surging Chapter 11 costs make in-court restructuring unpalatable to lenders, according to a new report by Fitch Ratings.
End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
Catching Up With New Bankruptcy Case Action
Oregon whiskey producer House Spirits Distillery filed a Chapter 11 petition in Delaware, citing a post-COVID slump in alcohol demand and excess inventory. Customer loyalty platform Kognitiv also launched a Chapter 11 case in Delaware, reporting more than $10 million in liabilities and planning to sell its assets to a competitor. Meanwhile, fintech company Solid Financial Technologies sought bankruptcy protection following years of fraud allegations.
More Cos. Tap Debt Deals To Delay Costly Ch. 11s, Fitch Says
Businesses in financial distress are increasingly pursuing out-of-court debt deals to defer bankruptcy filings and give themselves a chance to improve their fortunes, as surging Chapter 11 costs make in-court restructuring unpalatable to lenders, according to a new report by Fitch Ratings.
End Of J&J Talc Unit's Ch. 11 Shows 'Texas Two-Step' Risks
The recent dismissal of Johnson & Johnson's third try to spin off its talc liability into a new entity with a "Texas two-step" shows that it remains a risky dance, particularly with the third-party claims releases at the heart of the strategy under increased scrutiny in a post-Purdue world.
Expert Analysis
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Large Cap More
Jazz Pharmaceuticals has agreed to pay $145 million to resolve antitrust litigation accusing it of working with its rival Hikma Pharmaceuticals to stave off generic competitors to Jazz's narcolepsy drug Xyrem,... (more story)
A Delaware bankruptcy judge has offered his views on how state, federal and bankruptcy laws impact billions of dollars in disputed claims as defunct trucking company Yellow Corp. looks to confirm a Chapter 11 ... (more story)
A Delaware bankruptcy judge said she would approve hardware store supplier True Value Co.'s Chapter 11 plan, which will distribute the proceeds of its $153 million sale to stalking horse bidder Do It Best.
The U.S. Trustee has given notice of a subpoena it filed for the trial testimony of former federal bankruptcy judge David Jones, after Jones said he hoped to avoid "live trial testimony" in the agency's pursui... (more story)
Greenberg Glusker LLP announced that an experienced attorney who most recently spent over two decades at recently closed Danning Gill Israel & Krasnoff LLP has joined the firm's bankruptcy practice as a Los An... (more story)
Clifford Chance LLP announced Tuesday that it has hired the former co-chair of Gibson Dunn & Crutcher LLP's corporate restructuring practice to co-lead its global restructuring and insolvency practice.
A Delaware bankruptcy judge said Monday that retail chain owner Franchise Group could retain exclusive control over its efforts to restructure, but she was considering pushing back the hearing on its proposed ... (more story)
A New York bankruptcy judge said Monday he will grant a Brazilian construction company known as OEC recognition of insolvency proceedings the firm launched in its home country once the debtor revises the langu... (more story)
A hearing to discuss whether disbarred attorney Tom Girardi should serve any sentence in prison or be committed to a care facility due to his dementia diagnosis was pushed back to May to accommodate scheduling for witnesses.
The U.S. Securities and Exchange Commission has dropped a Connecticut federal lawsuit alleging Silver Point Capital LP failed to establish policies to safeguard material nonpublic information, particularly fro... (more story)
Mid Cap More
The former operator of a now-bankrupt Iowa hospital is facing scrutiny over allegations the hospital suffered massive operating losses while paying some $9 million to the operator in fees in the years before i... (more story)
Philadelphia's University of the Arts received the Delaware bankruptcy court's approval Tuesday for its sale of an historic building, the seventh and final real estate sale in the defunct school's Chapter 7 case.
Warner Bros. has objected to the proposed Chapter 11 bidding procedures and debtor-in-possession financing of bankrupt Village Roadshow, asking the court to protect its rights to more than 90 films the parties... (more story)
The chief executive officer of a Philadelphia-area information technology staffing firm was charged with failing to collect and pay $2 million in trust fund taxes on behalf of his company and also perjuring hi... (more story)
Kognitiv, a customer loyalty and data company, has urged a Delaware bankruptcy judge to grant it permission by the end of this month to privately sell its assets to another loyalty platform for a bit more than... (more story)
A Texas bankruptcy judge on Tuesday approved a $185 million asset sale to settle a dispute between Rhodium Encore and its remaining landlord that will allow the bankrupt cryptocurrency miner to wipe out its de... (more story)
Oregon-based House Spirits Distillery LLC, which produces premium whiskey brand Westward Whiskey, has hired a team of lawyers from Pashman Stein Walder Hayden PC to assist it in navigating a streamlined Chapte... (more story)
Evolve Bank & Trust and Lineage Bank were hit with a consumer's proposed class action in Tennessee federal court accusing them of mismanaging their relationships with Synapse Financial, a now-bankrupt middlewa... (more story)
Oregon whiskey distillery House Spirits Distillery LLC has filed a streamlined Chapter 11 for businesses with small debt loads in Delaware, saying a post-COVID drop in alcohol demand mixed with a glut of inven... (more story)
An examiner appointed in the Chapter 11 case of bank parent Silvergate Capital Corporation has filed a report in Delaware bankruptcy court identifying some concerns with an independent investigation of potenti... (more story)