AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.
Industry News
WeWork's bankruptcy warning to not impact India unit
August 9, 2023 (Reuters)
WeWork's (WE.N) warning of a bankruptcy risk would not have an impact on its India unit, regional CEO Karan Virwani said on Wednesday.
Montana clinic files for bankruptcy following $6 million judgment over false asbestos claims
August 9, 2023 (Atlanta Journal-Constitution)
A health clinic in a Montana town plagued by deadly asbestos contamination has filed for bankruptcy protection after a judge ordered it to pay the government almost $6 million in penalties and damages for submitting false medical claims.
Electric bus maker Proterra files for Chapter 11 bankruptcy protection
August 9, 2023 (WRC-TV)
Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.
Sorrento Therapeutics, Inc. Announces Auction for Sale of Scilex Securities and Bankruptcy Court Approval of Stalking Horse Bid
August 8, 2023 (WGNO-TV)
Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento" or "the Debtor"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, today announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") entered an order approving a $105 million "stalking horse" bid for substantially all of the Debtors' common stock, preferred stock, and warrants (in each case) in Scilex Holding Company ("Scilex" and the "Scilex Stock") to Oramed Pharmaceuticals, Inc. ("Oramed").
US trucking firm Yellow files for bankruptcy
August 7, 2023 (Yahoo! News)
Shares of U.S. trucking firm Yellow ended down 30% on Monday, after the nearly 100-year-old company filed for Chapter 11 bankruptcy protection, accusing the Teamsters Union of "driving it out of business," and sparking an angry response from the labor group over the company's financial management.
Christmas Tree Shops announces ‘last day’ of business at all remaining locations
August 4, 2023 (WXIN-TV)
It’s beginning to look a lot like the Christmas Tree Shops are finally going to disappear. The remaining locations of the retail chain are scheduled to close after August 12, according to a message posted to the company’s website.
An eastern North Carolina hospital closes, files for bankruptcy
August 4, 2023 (WGHP-TV)
Martin General Hospital is filing for bankruptcy and has closed, suspending operations effective immediately, the hospital said in a media release on Thursday.
