Mid Cap
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May 10, 2024
Baker Donelson Adds Bankruptcy Pro Amid High Demand
Firms are still scouting bankruptcy talent throughout the U.S., with Baker Donelson Bearman Caldwell & Berkowitz PC announcing Thursday that it has added a former Lugenbuhl Wheaton Peck Rankin & Hubbard attorney focused on bankruptcy and workout law.
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May 10, 2024
Casa Systems Strikes Deal For Ch. 11 Cash Collateral
Casa Systems Inc. said Friday it was ready to submit a cash collateral order for the Delaware bankruptcy court's approval, after the debtor, its unsecured creditors committee and an ad hoc group of secured lenders reached a settlement to use that cash under terms acceptable to all three parties.
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May 10, 2024
Toymaker KidKraft Files Ch. 11 With Plan To Sell Assets
Dallas toy company KidKraft Inc. filed for Chapter 11 protection in a Texas bankruptcy court Friday with more than $100 million in debt, blaming economic headwinds and saying it has a prepackaged sale plan.
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May 09, 2024
Syracuse Diocese Creditors Urge Contempt On Insurer Leaks
Unsecured creditors of the bankrupt Roman Catholic Diocese of Syracuse have asked a New York judge to hold insurers Interstate and an affiliate of Allianz in contempt for sharing confidential sex abuse survivors' claim information with third parties and failing to inform the debtor or the court.
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May 09, 2024
Judge Will OK Chicken Co.'s $7M Ch. 7 Sale
A Delaware bankruptcy judge on Thursday agreed to grant the liquidation trustee for a defunct poultry producer approval to sell the company's assets to a competitor for $7.1 million, overruling a limited objection from another company that holds a lien on one of the debtor's properties.
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May 09, 2024
Five Retailers That May Face Bankruptcy In 2024
Clothing stores, a discount retailer and a prominent fabrics business have already filed for bankruptcy protection this year, each struggling in their own way in the post-pandemic economy. Here are five more companies that may be at risk of filing for bankruptcy in 2024.
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May 09, 2024
Texas Court Urged To Keep Alive Judge Romance Suit
In a flurry of filings, a former shareholder in an engineering company has pushed a Texas federal court to reject bids to throw out his lawsuit over an ex-bankruptcy judge's secret relationship with a former Jackson Walker LLP attorney.
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May 09, 2024
Apnea Device Maker ProSomnus Gets OK For Ch. 11 Loan
A Delaware bankruptcy judge Thursday gave sleep apnea device maker ProSomnus interim permission to tap into $13 million in Chapter 11 financing to fund the company through what it says will be the end of its case in August.
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May 09, 2024
Sam Ash Music Hits Ch. 11, Plans To End 100-Year Retail Run
Sam Ash Music, a 100-year-old music instrument retailer, filed for Chapter 11 protection in New Jersey bankruptcy court with up to $500 million in debt and plans to close its 42 stores in the U.S., citing weakened sales as customers shifted to online shopping during the COVID-19 pandemic.
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May 08, 2024
Meet The Attys For Cybersecurity Firm Appgate's Ch. 11
A team of attorneys from Kirkland & Ellis LLP and Cole Schotz PC are representing technology firm Appgate Inc. in its Chapter 11 bankruptcy in Delaware, which began Monday roughly three years after its initial public offering backed by $1 billion in investments.
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May 08, 2024
Appgate To Get Interim OK To Tap $8M Of $18M DIP
A Delaware bankruptcy judge Wednesday agreed to give interim approval for technology firm Appgate Inc. to tap $8 million of its debtor-in-possession financing to fund its way through its prepackaged bankruptcy.
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May 08, 2024
NY AG Says $6M NRA Verdict Should Stand
A New York state court should not undo a jury's finding that the National Rifle Association allowed its officers to misappropriate $6.4 million of donor money, the state's attorney general has argued, saying trial evidence abundantly laid out evidence of misconduct and organizational failures.
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May 08, 2024
Bill To Undo SEC Crypto Accounting Bulletin Passes House
Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.
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May 08, 2024
Biotech Co. NanoString Seeks Vote On Updated Ch. 11 Plan
Seattle-based life sciences firm NanoString Technologies Inc. has asked a Delaware bankruptcy judge to let it send its amended Chapter 11 liquidation and wind down plan, which would use money from the $393 million sale of its business to repay nearly all creditors, out for a vote.
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May 08, 2024
Arbitration Costs Stymie Eletson Holdings Ch. 11 Fee Deal
A dispute over professional fee applications in the Chapter 11 case of shipping company Eletson Holdings was largely resolved Wednesday in a New York bankruptcy court, but questions about fees incurred by lawyers working on an arbitration action outside of bankruptcy kept a final resolution at bay.
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May 08, 2024
Hurricane Ads Suit Paused For Law Firm Amid Ch. 11 Case
In light of its recent bankruptcy filing, a Texas federal judge has paused class claims against a beleaguered Texas law firm accused of misconduct in soliciting clients in hurricane-related property damage cases, but the case remains active against a legal funding outfit and other defendants.
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May 08, 2024
Icon Aircraft Gets OK For June Auction After Shareholder Deal
A Delaware bankruptcy judge Wednesday gave final approval to Icon Aircraft's $9 million in Chapter 11 financing and a June asset auction after the light-sport aircraft maker said it had resolved objections by shareholders who say Icon may be headed for a sale to an insider.
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May 08, 2024
Sleep Apnea Co. Hits Ch. 11 Over $41.5M In Debt, Cash Woes
California-based ProSomnus, which produces devices to prevent sleep apnea, said a balance sheet heavy with more than $41.5 million in debt and difficulty in funding its continued operations forced it to file for Chapter 11 protections in Delaware.
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May 07, 2024
SEC Says Morrison Can't Save Terraform From Disgorgement
The U.S. Securities and Exchange Commission said bankrupt crypto firm Terraform Labs should remain on the hook for potentially $3.6 billion in disgorgement over its fraud trial loss, saying any claims that its unregistered transactions took place beyond the court's reach are undermined by the agency's congressional authority.
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May 07, 2024
Real Estate Co. Says Privilege, Immunity Don't Protect Trustee
A real estate company says a Chapter 7 trustee overseeing a Connecticut woman's personal bankruptcy cannot invoke the doctrine of qualified immunity or assert a litigation privilege to avoid being countersued for trying to stop a home sale the trustee considered fraudulent.
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May 07, 2024
Pear Therapeutics Ch. 11 Liquidation Plan Confirmed
A Delaware bankruptcy judge said at a hearing Tuesday that he would confirm the Chapter 11 liquidation plan for software-based medicine venture Pear Therapeutics after it sold most of its assets and reached a settlement with former employees.
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May 07, 2024
NYC Eatery Asks 2nd Circ. To Undo Revival Of Workers' Suit
A New York City restaurant operator urged the Second Circuit Tuesday to reject a lower court finding that its workers' federal wage claims may be cut from their class action but can also be reinstated if the appeals court were to vacate their state wage claims, insisting the decision is unfair.
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May 07, 2024
Battery Developer Ambri Can Tap $3.75M Of Ch. 11 Financing
Battery start up Ambri Inc. can access the first $3.75 million leg of a debtor-in-possession loan funded by its creditors, including firms owned by Bill Gates and hedge fund billionaire John Paulson, after a Delaware bankruptcy judge Tuesday agreed to interim approval but expressed skepticism over final terms of the DIP package.
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May 07, 2024
Gronk, Others To Pay $2.4M In Voyager Crypto Promoter Suit
Retired football star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill have agreed to collectively pay $2.4 million to settle allegations they helped promote failed cryptocurrency exchange Voyager Digital Holdings Inc.
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May 07, 2024
Judge Rips 2nd Circ.'s 'Erroneous' Ruling In Sears Lease Spat
A New York federal district judge ruled that Sears Holdings Corp.'s lease for the Mall of America in Minneapolis should be returned to the bankrupt retail chain's liquidating trustee, saying that the decision gives "scant comfort" as it removed from the books "an obviously outlier ruling" by the Second Circuit.