Large Cap

  • April 26, 2024

    Republic First Bank Fails In Biggest Bust Since 2023 Turmoil

    Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.

  • April 26, 2024

    Invitae Defends Its Ch. 11 Hire Of Kirkland Against DQ Bid

    Bankrupt genetic-testing company Invitae Corporation has told a New Jersey bankruptcy judge that attempts to disqualify Kirkland & Ellis LLP as its bankruptcy counsel are baseless and no conflicts exist for the firm due to its representation of a creditor in other legal matters.

  • April 26, 2024

    3% Stalking Horse Breakup Fee Ok'd In Eye Care Ch. 11

    A Texas bankruptcy judge has approved protections for optometry software company Eye Care Leaders Portfolio Holdings LLC's stalking horse bidder, allowing the company to pay private equity firm Create Capital a 3% breakup fee on its $11 million offer.

  • April 25, 2024

    McDermott Judge U-Turns, Says Some Investors Deserve Cert.

    A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.

  • April 25, 2024

    Joann Fabric Wins Confirmation Of Prepackaged Ch. 11 Plan

    Joann Inc., parent company of retailer Joann Fabric and Crafts, received a Delaware judge's approval of its prepackaged Chapter 11 plan Thursday that will lighten its debt load by $505 million.

  • April 25, 2024

    3rd Circ. Lets Mallinckrodt Off Sanofi's Royalty Hook

    A Third Circuit panel said Thursday that Mallinckrodt PLC's Chapter 11 bankruptcy could sever its obligation to pay Sanofi-Aventis US LLC royalties on sales of an autoimmune disease drug, finding that Sanofi's contract to sell Mallinckrodt the rights to the drug created a claim ripe to be extinguished.

  • April 25, 2024

    DOJ Still Owes Victims After $139M Nassar Settlement

    The federal government's $139 million settlement for victims of convicted sexual abuser Larry Nassar goes a long way toward holding the FBI responsible for its egregious mishandling of the victims' allegations, but gives no assurance that such complaints in the future will be handled properly, legal experts say.

  • April 25, 2024

    Express Inc. Bankruptcy Tests Once And Future Mall 'Darling'

    Just before the COVID-19 pandemic, Express Inc. made a fateful decision to invest more in its retail clothing stores despite dwindling profits as consumers increasingly embraced online shopping. That left the company ill-prepared for the e-commerce boom to come in 2020 — and set it on a path that culminated in its bankruptcy filing this week.

  • April 25, 2024

    Labcorp Makes $239M Bid In Invitae's Ch. 11 Auction

    SoftBank-backed genetic testing company Invitae has informed a New Jersey bankruptcy judge that its asset sale auction resulted in a successful $239 million cash bid, along with other noncash considerations, from laboratory services giant Labcorp.

  • April 24, 2024

    Jury Must Decide Law Firms' Fee Dispute Over Nassar Suits

    A jury will need to decipher the terms of an agreement in a fee dispute between Andrus Wagstaff PC and Lipton Law Center PC for joint representation of the survivors of former USA Gymnastics doctor Larry Nassar, a Michigan federal judge ruled Wednesday, partially rejecting Andrus Wagstaff's summary judgment bid.

  • April 24, 2024

    Kwok Jurors To Be Anonymous Amid Harassment Concerns

    Jurors who will decide the criminal fraud and racketeering case against exiled Chinese billionaire Ho Wan Kwok will be anonymous and partially sequestered, a New York federal judge said on Wednesday, ruing that if their identities are revealed they could face the same harassment that befell Kwok's bankruptcy trustee.

  • April 24, 2024

    Nuclear Fuel Co. Investor Sues Over Hair-Trigger 'Poison Pill'

    A Centrus Energy Corp. stockholder on Wednesday hit the company, as well as current and former directors, with a proposed class action in Delaware Chancery Court, challenging allegedly hair-trigger shareholder rights "poison pill" restrictions that activate anti-takeover measures based on a relatively low share ownership percentage.

  • April 24, 2024

    Meet The Team Guiding Retailer Express Inc. Through Ch. 11

    Fashion retailer Express Inc. filed for Chapter 11 protection Monday in Delaware with more than $1 billion in debt, saying it has an offer from a group of buyers for the majority of its assets, including its stores.

  • April 24, 2024

    Noteholders Say Chilean Telecom Lacks US Ties For Ch. 11

    A group of WOM SA noteholders asked a Delaware bankruptcy judge to dismiss the Chilean cellphone network operator's Chapter 11 case, saying the company has no connections with the United States and courts here don't have jurisdiction over the company's assets.

  • April 24, 2024

    Oligarch's Family Can't Nix €1.5B Bankruptcy Bid

    The widow and a daughter of the late Russian cement oligarch Oleg Bourlakov stumbled in their global legal battle with relatives over his fortune after a London judge declined to stop €1.48 billion ($1.59 billion) bankruptcy proceedings in St. Petersburg.

  • April 24, 2024

    7th Circ. Revives Suit Over Paper Co.'s ESOP Valuation

    The Seventh Circuit reopened a suit claiming executives at a defunct paper company and financial advisers overvalued the business to persuade workers to put retirement savings into an employee stock ownership plan, saying a lower court viewed the allegations too narrowly when it tossed the case.

  • April 23, 2024

    WeWork Urged To Add Info Ahead Of Ch. 11 Plan Doc Hearing

    Bankrupt flexible office space company WeWork Inc. will present its Chapter 11 plan disclosure statement for court approval April 29 in New Jersey, but a judge there urged the debtor to add significant information to the document ahead of that hearing, which the court scheduled on shortened notice.

  • April 23, 2024

    Del. Atty Tapped To Probe Oakland Diocese's Ch. 11 Fees

    A California bankruptcy judge Tuesday gave his blessing to appoint a fee examiner in the Chapter 11 bankruptcy of the Roman Catholic Diocese of Oakland despite his initial trepidation over hiring a Delaware lawyer with potential connections to the lawyers whose bills will be under the microscope.

  • April 23, 2024

    Retailer Express Inc. Gets OK To Tap $35M In DIP Financing

    A Delaware bankruptcy judge on Tuesday said she would approve Express Inc.'s request to borrow $35 million in debtor-in-possession financing and to roll up other debt so that the apparel retailer can stay afloat during its Chapter 11 proceedings and a planned sale of assets.

  • April 23, 2024

    ABI Names Christopher Ward President, Elects New Directors

    Christopher A. Ward of Polsinelli LLP will lead the American Bankruptcy Institute as president for a one-year term, the organization said Tuesday, and U.S. Bankruptcy Judge Bruce Harwood will succeed him next April.

  • April 23, 2024

    DOJ Unveils $139M Deal For Larry Nassar Victims

    The U.S. Department of Justice will pay $138.7 million to settle 139 tort claims accusing the Federal Bureau of Investigation of not doing enough to stop the sprawling, decades-long sexual abuse of hundreds of victims at the hands of USA Gymnastics physician Larry Nassar, according to a Tuesday announcement.

  • April 22, 2024

    Alex Jones' InfoWars To Have Key Ch. 11 Plan Hearing In June

    A Texas bankruptcy judge on Monday rescheduled to June 14 a key hearing on how the court should handle Alex Jones' media company Free Speech Systems LLC's Chapter 11, adding that he plans to keep the separate but interwoven bankruptcies of Jones and his company moving forward.

  • April 22, 2024

    Subchapter V Report, Express Hits Ch. 11, NY Diocese Fallout

    The American Bankruptcy Institute held its annual spring meeting last week, where a task force on Subchapter V presented its report and recommendations on small-business bankruptcy filings, and clothing retailer Express Inc. landed in Chapter 11 with more than $1 billion in debt.

  • April 22, 2024

    Endo Creditor Trust Asks For $50M In Litigation Financing

    The committee of unsecured creditors in the Chapter 11 case of pharmaceutical company Endo International asked a New York bankruptcy judge Monday for permission to enter into a $50 million secondary financing facility to help the creditor trust created under the company's bankruptcy plan pursue litigation and settlements of potential claims.

  • April 22, 2024

    Ebix Can Use Proceeds Of $386M Sale To Pay Down Debt

    A Texas bankruptcy judge on Monday agreed to grant insurance software provider Ebix's request to tap a portion of the $386 million sale of its North American life and annuity assets to repay its prepetition lenders' secured claims.

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