Large Cap

  • May 24, 2024

    Rite Aid Given Until Tuesday To File Ch. 11 Schedule

    A New Jersey bankruptcy judge on Friday instructed Rite Aid to file a proposed schedule for its Chapter 11 plan confirmation process by Tuesday, after Johnson & Johnson accused the pharmacy business of dragging its feet in responding to an objection to its reorganization plan.

  • May 24, 2024

    Healthcare REIT Nabs $800M Despite Tenant Turbulence

    Medical Properties Trust Inc. announced Friday that the real estate investment trust has secured a £631 million ($804 million) financing from a group of investors led by real estate investment firm Song Capital, in a deal led by Goodwin Procter LLP and Slaughter and May.

  • May 24, 2024

    Biden Urges 1st Circ. To Find Debt Cap Challenge Moot

    The Biden administration has asked the First Circuit to affirm a finding that a government workers' union lacks standing to challenge the constitutionality of the debt ceiling and that its case was further rendered moot by the passage of a deal to suspend the spending limit until January.

  • May 23, 2024

    ConvergeOne Defeats 'Law Review Article' Objection To Reorg

    Information technology company ConvergeOne won a Texas bankruptcy judge's blessing Thursday to cut more than $1 billion of debt under a reorganization deal that a group of senior lenders said would unlawfully advantage rival creditors.

  • May 23, 2024

    FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation

    The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.

  • May 23, 2024

    99 Cents Only Gets OK To Sell Stores For $170M In Ch. 11

    Discount retail chain 99 Cents Only on Thursday got the green light of a Delaware bankruptcy judge to sell off 44 lots of its assets for a combined price of $170 million as it moves towards a wind-down.

  • May 23, 2024

    Dynata Gets Initial OK For Ch. 11 Loan, July Plan Hearing

    Data provider and market research company Dynata Thursday received interim approval from a Delaware bankruptcy judge to tap into $31.5 million in Chapter 11 financing, a step company counsel says sets it on the road to emerge from bankruptcy by early July.

  • May 23, 2024

    Ex-Judge Pushed False Narrative On Atty Romance, Firm Says

    U.S. Bankruptcy Judge David R. Jones of Texas, who resigned last year after his secret relationship with a Jackson Walker LLP partner was revealed, attempted to head off rumors about the relationship by asking the firm to file a false, partial disclosure in 2022, the firm alleged.

  • May 23, 2024

    J&J Loses Expedited Bid For Beasley Allen Docs In Talc MDL

    Johnson & Johnson has lost its bid in New Jersey federal court to have the Beasley Allen Law Firm quickly produce documents related to what J&J said seems to be an "intentional effort" by the firm to "bias the vote" against a proposed $6.5 billion reorganization plan for its talc subsidiary.

  • May 23, 2024

    Alex Jones Atty Escapes Suspension, For Now

    The Connecticut Appellate Court on Thursday threw out the six-month suspension of Norm Pattis, the lead attorney in Infowars host Alex Jones' Sandy Hook Elementary School defamation trial, ordering new proceedings against the attorney for supervising the transmission of the victims' confidential records to other Jones lawyers.

  • May 22, 2024

    Cancer Patients Target J&J Talc Unit's Asset Shuffles

    Cancer patients who have sued Johnson & Johnson alleging that its talcum powder caused their illness alleged Wednesday that the company has tried to intentionally prevent tort victims from getting their day in court through a scheme of fraudulent corporate transactions.

  • May 22, 2024

    1st Circ. Affirms UBS Win In Puerto Rico Pension Fight

    The First Circuit said public pensioners in Puerto Rico can't advance their claims that UBS Financial Services illegally underwrote $3 billion in bonds, ruling that the island's financial restructuring plan transferred the right to those claims to a special committee.

  • May 22, 2024

    Eye Care Gets Nod On Ch. 11 Sale With Improved Price

    Optometry software maker Eye Care Leaders received a Texas bankruptcy court's approval Wednesday to sell its assets to its debtor-in-possession financing lender at a higher purchase price of $14.5 million.

  • May 22, 2024

    Exxon Contractor Offered June 1 Ch. 11 Mediation Start Day

    A Texas bankruptcy judge on Wednesday told the general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy that its Chapter 11 case could go before another judge it had requested for mediation at the start of June, if that satisfied all involved.

  • May 22, 2024

    Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt

    Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.

  • May 21, 2024

    Full 5th Circ. Urged To Rethink Blocking Student Loan Rule

    The U.S. Department of Education has asked the full Fifth Circuit to reconsider a recent preliminary injunction a three-judge panel ordered blocking changes to a program providing student loan forgiveness to borrowers defrauded by higher education institutions. It said the panel wrongly held that the department doesn't have the authority to determine whether a borrower has a valid defense to repayment.

  • May 21, 2024

    Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive

    The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.

  • May 21, 2024

    Talc Biz Barretts Gets New $30M DIP Loan From Parent Co.

    Barretts Minerals, a company that mines talc, received a Texas bankruptcy court's approval Tuesday to tap $30 million in emergency debtor-in-possession financing from a subsidiary of its nondebtor parent company, after an asset sale generated less money than expected.

  • May 21, 2024

    Yellow Corp. Seeks Ch. 11 Plan Extension After $2B In Sales

    Bankrupt trucking firm Yellow Corp. has asked a Delaware judge to extend the period during which it has the exclusive right to file a Chapter 11 plan for the third time, touting its nearly $2 billion in real estate sales that it says have allowed it to pay off its secured debts.

  • May 21, 2024

    Ex-Director For Byju's Alpha In Contempt Over Missing $533M

    A Delaware bankruptcy judge on Tuesday held in contempt a former executive for the insolvent U.S. affiliate of Indian education technology giant Byju's, finding he had been disingenuous about his attempts to track down an alleged $533 million fraudulent transfer.

  • May 21, 2024

    Alex Jones Judge Sets Day Of Reckoning For Ch. 11 Case

    Saying that something has to happen in the bankruptcy case of right-wing radio firebrand Alex Jones, the Texas judge overseeing the case reiterated his position that Jones' Chapter 11 plan will be confirmed at a June 14 hearing or the case will be dismissed or converted to a liquidation.

  • May 21, 2024

    Cano Judge Agrees To OK Ch. 11 Plan Disclosure Statement

    A Delaware bankruptcy judge agreed on Tuesday to sign off on Miami-based primary healthcare group Cano Health Inc.'s Chapter 11 disclosure statement for purposes of soliciting creditor votes once the debtor files a revised proposed order that bakes in language that garnered support from unsecured creditors.

  • May 21, 2024

    Strategic Hiring Was The New Normal For BigLaw In 2023

    The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.

  • May 21, 2024

    The Law360 400: Tracking The Largest US Law Firms

    The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.

  • May 21, 2024

    Contractor For Exxon, QatarEnergy LNG Venture Hits Ch. 11

    The general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy filed for Chapter 11 protection in Texas bankruptcy court Tuesday with more than $1 billion of debt, saying it intends to use the court process to back out of the Texas venture.

Expert Analysis

  • 11th Circ. Ruling May Foreshadow Ch. 15 Clashes

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    The Eleventh Circuit's recent decision in In re: Talal Qais Abdulmunem Al Zawawi has introduced a split from the Second Circuit regarding whether debtors in foreign proceedings must have a domicile, calling attention to the understudied nature of Chapter 15 of the Bankruptcy Code, say attorneys at Cleary.

  • Bankruptcy Courts Have Contempt Power, Del. Case Reminds

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    A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.

  • What Lies Behind Diverging US And UK Insolvency Trends

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    Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.

  • E-Discovery Quarterly: Recent Rulings On Text Message Data

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    Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.

  • How Banks Can Preserve Value Amid Corporate Default Surge

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    Amid a busy time for corporate bankruptcies, banks need a nuanced understanding of contractual rights, regulatory frameworks and evolving legal developments to protect and preserve their rights and interests, say attorneys at Phelps Dunbar.

  • Key Priorities In FDIC Report On Resolving Big Bank Failures

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    The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.

  • The Art Of Asking: Leveraging Your Contacts For Referrals

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    Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.

  • Ch. 11 Case Shows Why Plan Acceptance Procedures Are Key

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    Sunland Medical's recent liquidation plan proposal is an important example of how top-notch judges and attorneys propose and analyze complex issues during the confirmation process, and the bankruptcy court was forward-thinking to consider the implications of such proposed treatment in the face of the Bankruptcy Code, says Kyle Arendsen at Squire Patton.

  • Risks Of Rejecting Hotel Mgmt. Agreements Via Bankruptcy

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    In recent years, hotel owners have paid a high price when they attempted to use bankruptcy proceedings to prematurely terminate their hotel management agreements, highlighting that other options may be preferable, say attorneys at Jenner & Block.

  • NC Rulings Show Bankruptcy Isn't Only For Insolvent Debtors

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    Two recent rulings from a North Carolina bankruptcy court show that lack of financial distress is not a requirement for bankruptcy protection, particularly in the Fourth Circuit, but these types of cases can still be dismissed for other reasons, say Stuart Gordon and Alexandria Vath at Rivkin Radler.

  • What Bankruptcy Deadline Appeal May Mean For Claimants

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    If the Third Circuit reverses a recent appeal made in In re: Promise Healthcare, litigation claimants within the circuit will not be able to rely on the proof of claim process to preserve the claim — but if the court affirms, the U.S. Supreme Court may need to step in to resolve the circuit split on this issue, say attorneys at DLA Piper.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • Wesco Ch. 11 Ruling Marks Shift In Uptier Claim Treatment

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    A Texas bankruptcy court’s recent decision in In re: Wesco Aircraft Holdings leaves nonparticipating creditors with a road map to litigate to judgment non-pro rata liability management transactions, and foreshadows that bankruptcy courts may no longer be a friendly forum for these types of claims, say attorneys at Ropes & Gray.