Mid Cap

  • April 22, 2024

    Subchapter V Task Force, U.S. Trustee Stars Of ABI Meeting

    A report that recommended keeping Subchapter V debt limits at the $7.5 million mark was unveiled during the American Bankruptcy Institute's annual spring meeting, which also included a rundown of priorities from the U.S. Trustee Program and an array of panels on topics ranging from debtor-in-possession financing to artificial intelligence.

  • April 22, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.

  • April 22, 2024

    SEC Says Terraform, Founder Owe $5.3B After Fraud Verdict

    The U.S. Securities and Exchange Commission has asked a Manhattan federal judge to order bankrupt cryptocurrency exchange Terraform Labs and its founder to pay roughly $5.3 billion, weeks after a jury found them liable for a massive fraud.

  • April 22, 2024

    Ex-Axiom Ince Chief Faces Bankruptcy Petition

    The former head of collapsed Axiom Ince Ltd. is facing a bankruptcy petition after being accused of misappropriating almost £65 million ($80.3 million) to fund the acquisition of Ince Group PLC and property purchases.

  • April 22, 2024

    MediaMath Ch. 11 Case Dismissed After $22M Asset Sale

    A Delaware bankruptcy judge has agreed to a structured dismissal of ad tech company MediaMath Holdings Inc.'s Chapter 11 case after the company's $22 million sale of its assets left it nothing remaining to reorganize.

  • April 19, 2024

    Casino SPAC Can Return Money, Not Shares, Chancery Rules

    Stockholders in a blank-check company that failed to merge with a Philippines-based casino are entitled to a distribution from $37.5 million sitting in trust, but the company may not redeem any shares until an investor's Delaware lawsuit plays out, a Chancery Court vice chancellor said Friday.

  • April 19, 2024

    Casa Systems Won't Take $18M Rival Bid For Telecom Assets

    Troubled communications equipment supplier Casa Systems told a Delaware bankruptcy judge Friday it received a new offer for its cloud and radio access network unit that would fetch more cash than a previously proposed transaction, but insisted on skipping a Chapter 11 auction, arguing the existing bidder brings less closing risks.

  • April 19, 2024

    Life Sciences Biz NanoString Gets OK For $393M Ch. 11 Sale

    Insolvent biotech company NanoString can be sold to scientific instrument maker Bruker Corp., a Delaware bankruptcy judge ruled Friday, after the buyer clinched the winning bid during a 14-hour Chapter 11 auction.

  • April 19, 2024

    Bankruptcy Sets Stage For Big Healthcare Buying Frenzy

    The recent surge of healthcare bankruptcy cases has created an environment where Chapter 11's unique rules make it a prime vessel for larger enterprises to gobble up the foundering healthcare businesses of a post-pandemic world, experts say.

  • April 19, 2024

    Bankruptcy Bill Seeks To Aid Sex Abuse Victims

    A bill introduced in the U.S. House of Representatives would help sexual abuse victims by limiting the ability of their abusers to shield themselves by filing for bankruptcy, according to the bipartisan pair backing the proposed legislation.

  • April 19, 2024

    US Trustee Balks At 22% Rate On Petersen Health DIP Loan

    The U.S. Trustee's Office objected Friday to senior living company Petersen Health Care's proposed bankruptcy financing, telling a Delaware judge that the combined 22% interest rate on the $45 million debtor-in-possession loan is "above market."

  • April 19, 2024

    US Trustee Balks At Releases In EV Charging Co.'s Ch. 11 Plan

    The U.S. Trustee's Office on Friday objected to electric-vehicle charging company Charge Enterprises Inc.'s proposed Chapter 11 plan, telling a Delaware bankruptcy court it contains an "impermissibly broad" exculpation provision and the debtor should provide more factual information to support the release plan. 

  • April 19, 2024

    Quinn Emanuel Faces Class Action Over Fla. Fee Agreements

    The wife of luxury home developer Nir Meir, who was charged with falsifying records and defrauding investors, is hoping to avoid paying more than $360,000 in attorney fees to Quinn Emanuel Urquhart & Sullivan LLP in a proposed class action, saying her husband forged her signature on a fee agreement with the firm.

  • April 19, 2024

    9 Ex-Ingram LLP Attorneys Join Tarter Krinsky In New York

    Tarter Krinsky & Drogin LLP announced that nine attorneys from the now-defunct firm Ingram LLP joined its New York office, expanding the firm's litigation, real estate, and landlord and tenant practice groups.

  • April 19, 2024

    Tex-Mex Chain Tijuana Flats' New Owner Puts It In Ch. 11

    Fast-casual Tex-Mex dining chain Tijuana Flats said Friday it has changed ownership and filed for Chapter 11 protection in Florida bankruptcy court with more than $10 million in debt.

  • April 19, 2024

    Small Business Ch. 11 Is Cheaper, More Efficient, Report Finds

    Small businesses that seek protection under a new subchapter of the U.S. Bankruptcy Code spend less money on their cases and approve reorganization plans both more often and more quickly, according to an American Bankruptcy Institute report released on Friday.

  • April 18, 2024

    Giuliani Wants To Hire Longtime Friend To Help With Ch. 11

    Former New York City Mayor Rudy Giuliani asked a New York bankruptcy judge to hire his friend of 50-some years and former White & Case LLP partner Kenneth Caruso as a special litigation counsel for the $148 million defamation suit he is facing from two Georgia election workers. 

  • April 18, 2024

    Careismatic Plans $782M Debt Equity Swap In Ch.11

    A New Jersey bankruptcy judge on Thursday approved the disclosure statement of medical scrubs distributor Careismatic Brands LLC, which outlined a plan to wipe out $782 million in secured debt and reflected an overall settlement earlier that day with multiple secured and unsecured creditor groups.

  • April 18, 2024

    Senate Bill Would Extend Small Biz Ch. 11 Debt Cap Increase

    A bipartisan group of U.S. senators are pushing new legislation that would prevent the current $7.5 million debt eligibility cap for Subchapter V bankruptcies, a simplified Chapter 11 process for small businesses and individuals, from reverting to the previous limit of $2.7 million in June.

  • April 18, 2024

    Judicial Ethics, Subchapter V Recs On Tap For ABI Meeting

    Restructuring professionals are gathering this week in Washington, D.C., for the annual spring meeting of the American Bankruptcy Institute, where they will hear about issues ranging from trends in debtor-in-possession financing to the impact of artificial intelligence on bankruptcy proceedings.

  • April 18, 2024

    Meet The Attorneys In Oberweis Dairy's Ch. 11

    Attorneys from Adelman & Gettleman Ltd. are representing Oberweis Dairy, a popular Illinois-based ice cream and dairy producer, as it seeks to deal with nearly $22 million in debt with an asset sale in Chapter 11.

  • April 18, 2024

    5th Circ. Says Subchapter V Limits Apply To Businesses

    The Fifth Circuit has ruled that corporations are subject to the same restrictions on what debts they can have discharged through Subchapter V of the Bankruptcy Code's Chapter 11 as individuals using the streamlined insolvency process, countermanding a bankruptcy court's finding that the limitations didn't apply to a janitorial services provider.

  • April 18, 2024

    Bank Wants To Exit Suit Over $100M Of Special Needs Trusts

    American Momentum Bank has for the second time asked a Florida federal judge to let it get out of a lawsuit from the parents of a disabled child claiming it abetted a predatory scheme to misappropriate more than $100 million of special needs trust assets, saying the parents failed to show what role the bank played in the alleged misdeeds. 

  • April 18, 2024

    Bankrupt Oberweis Dairy Receives $20M Stalking Horse Bid

    Oberweis Dairy Inc. has received a $20 million stalking horse bid for its assets and hopes to attract other potential buyers, its attorneys said at a bankruptcy hearing Thursday in Chicago, where it also received interim approval of a $1 million debtor-in-possession loan from its senior prepetition lender.

  • April 18, 2024

    J. Singer Law Group Adds New Bankruptcy Of Counsel

    J. Singer Law Group PLLC has announced it hired bankruptcy attorney Ira Reid as the firm's new of counsel who will focus on its Chapter 11 bankruptcy practice.

Can't find the article you're looking for? Click here to search the Bankruptcy Authority Mid Cap archive.