Spirit Airlines rejects Frontier's bid, aims to exit bankruptcy in first quarter | Reuters -
On Wednesday, low-cost carrier Spirit Airlines denied a bid of about $2.16 billion from rival Frontier Group as it was not...more
2/3/2025
/ Acquisitions ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Mergers ,
WARN Act
Purdue Pharma and owners to pay $7.4 billion in settlement of lawsuits over the toll of OxyContin -
On Thursday, Purdue Pharma and members of the Sackler family who own the company agreed to pay up to $7.4 billion to...more
1/27/2025
/ Bankruptcy Court ,
Commercial Bankruptcy ,
Consent ,
Corporate Governance ,
Corporate Misconduct ,
Creditors ,
Debtors ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FDIC ,
Fiduciary Duty ,
Gross Negligence ,
Opioid ,
Settlement
On December 31, 2024, the Fifth Circuit Court of Appeals overturned the Bankruptcy Court for the Southern District of Texas’ (the “Bankruptcy Court”) decision that the exchange by certain lenders of Serta Simmons Bedding, LLC...more
1/24/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Credit Agreements ,
Creditors ,
Debt Restructuring ,
Debtors ,
Lenders ,
Loans ,
Reorganizations ,
Reversal
Purdue's Sackler family offers to increase contribution in new opioid settlement, WSJ reports | Reuters -
The Sackler family, owners of Purdue Pharma, is offering to increase their contribution to the opioid lawsuit...more
1/20/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Debtors ,
Liquidation ,
Mediation ,
Settlement ,
Stays
J&J talc opponents decry bankruptcy as "deja vu all over again" | Reuters -
Johnson & Johnson's latest bankruptcy attempt faced immediate opposition from cancer victims' attorneys. They argued that the bankruptcy was a...more
9/30/2024
/ Bankruptcy Court ,
Commercial Bankruptcy ,
Debtors ,
Disciplinary Proceedings ,
Duty to Disclose ,
Ethics ,
Johnson & Johnson ,
Lenders ,
Motion to Dismiss ,
Purdue Pharma ,
SCOTUS ,
Settlement
Bankruptcy court clarifies Yellow Corp. owes pensions | WSJ -
A Del. bankruptcy court stated Yellow Corp. is liable for some portion of the $6.5 billion in withdrawal liability claims, but the exact amount to be paid is...more
Celsius pushes back on FTX customer payback plan | Bloomberg Law -
The Celsius administrator and liquidators of Three Arrows Capital objected to FTX's Chapter 11 plan, arguing it aims to compensate people who had accounts...more
US Senate bill aims to curb Texas Two-Step bankruptcies | Reuters -
On Tuesday, U.S. Senators introduced a bipartisan bill intended to discourage the Texas Two-Step. The bill aims to deter financially healthy companies...more
Supreme Court Blocks Purdue Pharma Opioid Settlement, Threatening Billions Of Dollars For Victims | NBC News -
On Thursday, the Supreme Court rejected the nonconsensual non-debtor releases in the Purdue Pharma plan,...more
Below is our initial take on recent bankruptcy-related developments:
Yellow’s Shareholders Get Desired Ruling in Delaware Bankruptcy Court -
On Monday, a Delaware bankruptcy court granted Yellow Corp. a 90-day...more
Company's PO Box Allows it to File for Bankruptcy in Texas, Judge Rules | Reuters -
On Monday, U.S. Bankruptcy Judge Christopher Lopez in Houston, Texas, ruled that pharmaceutical company Sorrento Therapeutics may continue...more
Latham, Jackson Walker Avoid Sanctions Over Bankruptcy Forum Shopping Dispute | Reuters -
In a court hearing on Monday, U.S. Bankruptcy Judge Christopher Lopez in Houston ruled that law firms Latham & Watkins and Jackson...more
Terraform Labs declares bankruptcy in Delaware | CoinDesk -
Terraform Labs Pte., the embattled Singapore crypto firm, has filed for a voluntary petition in Delaware for Chapter 11 bankruptcy. Terraform’s bankruptcy comes...more
Celsius files intent to claw back certain pre-bankruptcy withdrawals| CoinTelegraph -
On January 9, Celsius bankruptcy administrators notified creditors that account holders who took out more than $100,000 in the 90 days...more
US Supreme Court torn over Purdue bankruptcy suit| Reuters -
On Monday, U.S. Supreme Court justices grappled with whether to affirm OxyContin producer Purdue Pharma’s bankruptcy plan.
S&K Take: Really couldn’t lead...more
Prison healthcare company restarts mediation after bankruptcy Judge Jones quits| Reuters -
On Tuesday, Tehum Care Services, a prison healthcare company, was granted court approval to continue with a new mediator who will...more
WeWork urges landlords to negotiate in bankruptcy| Reuters -
On Wednesday, WeWork, the bankrupt shared office space provider, asked for its landlords to make compromises on their leases through its first appearance in the...more
WeWork plans bankruptcy filing as soon as next week, report says, in startling reversal from its heady days as a tech industry superstar| Fortune -
The Wall Street Journal reported on Tuesday that WeWork plans to file for...more
Bankruptcy court refuses to dismiss marijuana industry debtor Chapter 11 case| Reuters -
The U.S. Bankruptcy Court for the Central District of California has refused a motion to dismiss the Chapter 11 Bankruptcy case for...more
10/16/2023
/ Attorney's Fees ,
Bankruptcy Court ,
Bankruptcy Plans ,
Chapter 11 ,
Controlled Substances Act ,
Cryptocurrency ,
Marijuana Related Businesses ,
Mediation ,
Opioid ,
Restructuring ,
Settlement
Georgia-Pacific may maintain bankruptcy pause on lawsuits, court rules | Reuters -
The 4th U.S. Circuit Court of Appeals recently ruled to extend Georgia-Pacific’s protection against lawsuits while its subsidiary...more
US mattress maker Serta Simmons receives Chapter 11 plan approval | Reuters -
Serta Simmons Bedding’s recent Chapter 11 reorganization plan was recently approved by a U.S. bankruptcy court, supporting the company’s goal of...more
Below is our initial take on recent bankruptcy-related developments:
Silvergate reported a $1 billion loss for the fourth quarter and said it is unable to meet an extended March 16 deadline for submitting its annual...more
3/6/2023
/ Annual Reports ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Criminal Prosecution ,
Cryptocurrency ,
Debtors ,
FDIC ,
Fraud ,
Investors ,
Misappropriation ,
Trading Platforms
Bed Bath & Beyond is closing 149 more stores | CNN -
Bed Bath & Beyond has expanded its list of additional stores they expect to close, from 87 to 149. In total the company is reducing its store count from 760 to about...more
BlockFi Inc. and eight of its affiliates (collectively, the “Debtors”) filed the most recent crypto-related chapter 11 this past Monday, November 28, 2022, in the U.S. Bankruptcy Court for the District of New Jersey (the...more
...S&K Take: The big-ticket item in this week’s installment of What’s News. The Third Circuit is considering the viability of the Texas Two-Step strategy. This is the decision that everyone will have their eyes on, as it will...more