Bankrupt drug research and development company Inotiv Inc. has tapped a team of lawyers from Hunton Andrews Kurth LLP and Ropes & Gray LLP to see it through a Chapter 11 it began with nearly $489 million in debt and support from most of its creditors for a reorganization plan.
A U.S. Supreme Court ruling Thursday that rejected the Fifth Circuit's "overly rigid" judicial estoppel rule gives lower courts more latitude to decide whether a debtor's failure to disclose a claim in bankruptcy was a mistake, but it leaves open numerous questions about the duties of consumer debtors, experts told Law360.
One bankrupt life sciences firm sought sanctions against an investor and the U.S. trustee sought to liquidate another one, while a medical transport company fought an attorney fee bid and creditors blasted the liquidation plan proposed for a Nevada mining company.