Maverick Gaming, which owns 5 Nevada casinos, files for bankruptcy | The Nevada Independent -
The Washington-based casino and card-room operator filed for Chapter 11 bankruptcy in the Southern District of Texas on Monday....more
Regeneron declines to make higher bid for 23andMe after Wojcicki's $305 million offer | Reuters -
23andMe founder Anne Wojcicki’s bid, submitted through a nonprofit she controls, remains unchallenged, setting her up to...more
23andMe files for bankruptcy, Anne Wojcicki steps down as CEO | CNBC -
Genetic testing company 23andMe filed for Chapter 11 bankruptcy protection in Missouri federal court. Anne Wojcicki, co-founder and CEO, has resigned...more
3/31/2025
/ Agribusiness ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Data Breach ,
Debtors ,
Debtors-in-Possession ,
Genetic Testing ,
Personally Identifiable Information ,
Special Purpose Acquisition Companies (SPACs) ,
Technology Sector ,
Unsecured Debt
Purdue Pharma files new bankruptcy plan for $7.4 billion opioid settlement | CNN -
Purdue Pharma filed another chapter 11 reorganization plan aiming to implement $7.4 billion in opioid settlements....more
Spirit Airlines recently emerged from Chapter 11 bankruptcy and announced it plans to rebrand itself as a premium airline. S&K Take: The Spirit case was obviously a significant undertaking, and the plan was confirmed by Judge...more
Dolan’s MSG Networks nears bankruptcy as cord-cutting surges | Front Office Sports -
MSG Networks, the Dolan-controlled regional sports networks, face imminent bankruptcy because of $804 million in debt that is currently...more
3/10/2025
/ Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debt Restructuring ,
Debtors ,
Healthcare ,
Insurance Industry ,
Johnson & Johnson ,
Reorganizations ,
Sports
Purdue's new Ch. 11 plan sidesteps nonconsensual releases | Law360 -
Mediators in the Purdue Pharma bankruptcy case reported that the revised settlement no longer includes nonconsensual third-party releases....more
3/3/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Insolvency ,
Liquidation ,
Mediation ,
Settlement ,
Settlement Agreements
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
5th Circuit rejects Serta Simmons' controversial 2020 debt deal | Reuters -
The 5th U.S. Circuit Court of Appeals ruled Tuesday that mattress maker Serta Simmons did not treat its lenders equally in a controversial 2020...more
US Trustee Wants To Pump Brakes On Spirit Airlines Ch. 11 | Law360 -
The U.S. Trustee has objected to Spirit Airlines' rapid bankruptcy proceedings, arguing that the case is too complex for a rushed timeline. The trustee...more
Tupperware cancels auction, agrees to lender takeover | Reuters -
On Tuesday, bankrupt Tupperware Brands concurred to sell its company for $23.5 million in and over $63 million in debt relief to a group of lenders,...more
FTX Dotcom creditors vote massively in favor of reorganizing plan | Coindesk -
Creditor approval has been secured for a reorganization plan of the former crypto exchange, FTX. The plan is set to be presented to the...more
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
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
Blink Fitness files for Chapter 11 bankruptcy | Bloomberg -
Blink Fitness, a gym chain owned by Equinox, filed for Chapter 11 bankruptcy protection in Delaware, citing assets and liabilities each ranging from $100 million...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
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
Red Lobster Files for Bankruptcy, but Restaurants Will Stay Open | NBC News -
The largest seafood chain in the U.S. Red Lobster has filed for voluntary bankruptcy in Florida, but it plans to keep its restaurants open. The...more
Collapsed FTX says it can pay most creditors back in full | CNN Business -
On Tuesday, collapsed cryptocurrency exchange FTX unveiled its reorganization plan and stated it has recovered adequate funds to pay the majority...more
J&J Offers $6.5 Billion for Talc Lawsuits Ahead of Third Bankruptcy Filing | WSJ -
Healthcare giant Johnson & Johnson has offered a settlement pool of nearly $6.5 billion to resolve tens of thousands of talc-related...more
Express files for bankruptcy; closing more than 100 stores | CNN -
Fashion retailer Express Inc. has officially filed for bankruptcy with the bankruptcy court in Delaware. In a release on Monday, the company said it also...more
Retailer 99 Cents Only Files for Bankruptcy, Plans to Shut Down | Reuters -
Budget retailer 99 Cents Only filed for Chapter 11 bankruptcy protection in Wilmington, Delaware, and stated that it plans to shut down all of its...more
4/15/2024
/ Appeals ,
Catholic Diocese ,
Chapter 11 ,
Commercial Bankruptcy ,
Convictions ,
Crypto Exchanges ,
Debtors ,
Fraud ,
Liquidation ,
Price Inflation ,
Sexual Abuse
Editor’s Note: Hat tip to the Creditors Rights Coalition for reaching out after last week’s blog to inform yours truly that the “judge shopping” concerns of creditor advocates extend beyond just the S.D. of Texas, and that a...more