Large Cap
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March 18, 2025
Gibson Dunn Adds Capital Markets Partner In New York
Gibson Dunn & Crutcher LLP has added a partner from Latham & Watkins LLP in New York, strengthening its capital markets practice group and expanding its expertise in high-yield debt, private credit and restructuring transactions.
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March 18, 2025
Career Kramer Levin Atty Moves To Pryor Cashman In NY
Pryor Cashman LLP's new bankruptcy lateral, Joseph A. Shifer, invoked the words of journalist H. L. Mencken when explaining in an interview on Tuesday why he'd stuck with working on creditors' rights issues for more than 17 years: to him, the practice is "the life of kings," he told Law360 Pulse.
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March 17, 2025
Private Equity Billionaire Greenlighted As Pentagon's No. 2
Private equity billionaire Stephen Feinberg was confirmed as deputy defense secretary on Friday by a 59-40 vote in the U.S. Senate.
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March 17, 2025
Jazz Inks Insurer Class Deal As Xyrem Antitrust Trial Nears
Jazz Pharmaceuticals and a certified insurer class told a California federal judge Monday that they have reached a settlement-in-principle in antitrust litigation accusing Jazz of working with pharma rival Hikma to block generic competitors to Jazz's narcolepsy drug, while two opt-out insurer plaintiffs and defendant Hikma have not reached any deals ahead of a May trial.
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March 17, 2025
Yale Unit Questions Prospect Medical's Ch. 11 Sale Plan
Yale New Haven Health Services Corp. is questioning whether bankrupt hospital owner Prospect Medical Holdings Inc.'s attempt to sell its three Connecticut facilities through a Texas Chapter 11 proceeding will affect Yale New Haven's rights under a $435 million asset purchase agreement covering the same properties.
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March 17, 2025
GOL Linhas Heading For May Hearing On Ch. 11 Plan
A New York bankruptcy judge Monday put GOL Linhas on a path for a May hearing on its Chapter 11 plan after overruling noteholder and U.S. Trustee's Office objections to the plan disclosure the Brazilian airline was seeking to send to its creditors.
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March 17, 2025
Brazilian Construction Giant Files Ch. 15 Case In NY
Odebrecht Engenharia E Construo SA, a Brazilian construction conglomerate, has filed for Chapter 15 protection in New York along with several affiliates seeking recognition of an insolvency case pending in São Paulo.
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March 17, 2025
US Trustee Leader Ousted, Eletson's Ex-Owners Face Fines
The reported removal of the director of the U.S. Department of Justice's bankruptcy watchdog program has thrown the historically apolitical office into broader waves of upheaval, a bankruptcy judge has said he would impose a daily fine on the former owners of Eletson, and another bankruptcy judge detailed why he overruled objections in Spirit Airlines' Chapter 11 plan. This is the week in bankruptcy.
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March 17, 2025
Yellow Corp. Creditors Threaten To File Competing Ch. 11 Plan
The official committee of unsecured creditors for troubled trucking company Yellow Corp. told a Delaware bankruptcy judge Monday the group would push its own version of a Chapter 11 proposal if the debtor cannot reach a global settlement with its creditors.
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March 17, 2025
Forever 21 Hits Ch. 11 Again With $1.6B Of Debt, Sale Plan
Fashion retailer Forever 21's U.S. operator has filed for Chapter 11 protection in Delaware bankruptcy court with $1.58 billion of funded debt and plans to wind down operations at its 354 U.S. stores if it fails to find a last-minute buyer for the business.
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March 14, 2025
Reed Smith To Fight Removal In $102M Shipping Award Suit
A New York federal judge has paused his order removing Reed Smith LLP as counsel for the former owners of reorganized international shipping group Eletson Holdings in litigation over a $102 million arbitral award while the BigLaw firm appeals the decision to the Second Circuit.
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March 14, 2025
Under The Radar: Bankruptcy News You May Have Missed
Avon's international unit asked a bankruptcy judge to extend the window during which only it can propose a Chapter 11 plan, consulting firm Azzur Group Holdings asked the Delaware bankruptcy court to approve its Chapter 11 plan disclosures and allow it to hold a vote, and Philadelphia's University of the Arts proposed selling a property for nearly $7 million. These are some of the bankruptcy stories you may have missed in the last week.
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March 14, 2025
Three Arrows Beats FTX To Get $1.5B Bankruptcy Claim
The liquidators of failed cryptocurrency hedge fund Three Arrows Capital have prevailed in a dispute with FTX Trading Ltd. over the allowance of a $1.53 billion bankruptcy claim, with a Delaware judge deciding to grant Three Arrows' bid to change its original claim despite FTX asserting that the move was made in bad faith.
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March 14, 2025
Mitel Networks' 5-Year Journey Into Bankruptcy
Business telecommunications company Mitel Networks hit bankruptcy earlier this month after a societal shift in working conditions began five years prior with the onset of the COVID-19 pandemic, according to its court filings.
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March 14, 2025
Wellpath Gets OK For Vote On Ch. 11 Reorganization Plan
A Texas bankruptcy judge on Friday gave prison healthcare business Wellpath permission to go ahead with a vote on its Chapter 11 plan after a claimants' committee said it would reserve objections for the plan confirmation hearing.
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March 14, 2025
Taxation With Representation: Davis Polk, Paul Weiss
In this week's Taxation With Representation, Mallinckrodt PLC and Endo Inc. combine, Rocket Cos. buys Redfin, and Endo divests its international pharmaceuticals business to Knight Therapeutics Inc.
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March 13, 2025
Judge To Weigh Doc Release In San Francisco Diocese Ch. 11
A California bankruptcy judge on Thursday said he wouldn't immediately decide whether to make public two documents the creditors committee in the Roman Catholic Archdiocese of San Francisco's Chapter 11 case wants to allow the public to see.
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March 13, 2025
Judge Won't Toss $35M Ch. 11 Bank Fee Clawback Lawsuit
A Delaware bankruptcy judge has denied a summary judgment bid to dismiss a lawsuit alleging that an $1.8 billion loan set medical testing company Millennium Laboratories on course for its 2015 Chapter 11.
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March 13, 2025
Bankruptcy Watchdog Ouster Crosses Into Uncharted Waters
The recent removal of the head of the U.S. Trustee's Office may be sending the previously nonpolitical bankruptcy watchdog into unknown territory, causing concerns in the legal space.
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March 13, 2025
Sandy Hook Families Oppose Revived Infowars Sale Bid
Families of the victims of the 2012 Sandy Hook Elementary School shooting have urged a Texas bankruptcy judge to block an Alex Jones-affiliated company's revived bid to buy his Infowars platform, saying it will cause delays in the more than three-year-old related bankruptcy cases.
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March 13, 2025
6 Firms Steer $6.7B Mallinckrodt, Endo Pharma Merger
Six law firms are guiding a $6.7 billion merger between Ireland's Mallinckrodt PLC and Pennsylvania-based Endo Inc. on a deal announced Thursday that the companies said will create a global pharmaceutical industry leader with projected 2025 revenues of $3.6 billion.
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March 13, 2025
Senate Stablecoin Bill Advances With Democrats Divided
The Republican-led U.S. Senate Banking Committee advanced its stablecoin framework Thursday with the help of Democrats who broke from ranking member Sen. Elizabeth Warren's opposition, while a separate bill on what is being called debanking passed along party lines.
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March 13, 2025
Alex Jones' Sandy Hook Atty Suspended Over Info Release
Former Alex Jones attorney Norm Pattis will be suspended from practicing law for two weeks, a Connecticut judge has ruled, capping a three-year ethics saga that started when Pattis asked an associate to send Sandy Hook families' medical records to the Infowars host's Texas bankruptcy lawyer.
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March 12, 2025
Spirit Airlines Release Ruling Is Another Boost For Opt-Outs
A New York bankruptcy judge's decision last week to approve a contentious form of third-party release in Spirit Airlines' Chapter 11 case signals that courts are increasingly comfortable finding that a creditor's silence can be used to establish their consent, an issue hotly debated in the months since the U.S. Supreme Court's Purdue Pharma ruling.
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March 12, 2025
Mo. Court Finds Exclusion Bars Mallinckrodt Opioid Coverage
A group of insurers have no coverage obligations under certain policies issued to drugmaker Mallinckrodt as a trust created from the company's first bankruptcy seeks to resolve underlying opioid claims with the help of insurance benefits, a Missouri state court ruled, finding a "your products" exclusion applicable.
Expert Analysis
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Why Delaware ABCs Are No Longer As Easy As 1-2-3
In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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SVB Bankruptcy Case Raises Asset Control Questions
The initial disputes in Silicon Valley Bank's bankruptcy case between the Federal Deposit Insurance Corp. and the debtor over tax refunds and deposits are likely to signal the rekindling of old battles for limited assets last fought during the Great Recession, say Jeffrey Rothleder and Maura McIntyre at Squire Patton.