Crypto-friendly lender Silvergate collapses | CNBC -
Silvergate, a Crypto focused lender, announced it will wind down its operations and voluntarily liquidate the bank. This announcement comes a week after Silvergate...more
3/13/2023
/ Banking Sector ,
Banks ,
Borrowers ,
Chapter 11 ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Insolvency ,
Lenders ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities ,
Wage and Hour
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
SEC files objection to Binance.US bid for Voyager assets | Cointelegraph -
The SEC has confirmed that they are objecting Binance.US’ move to acquire over $1B in assets belonging to the now defunct cryptocurrency lending...more
Judge indicates intention to dismiss J&J talc unit bankruptcy | Reuters -
Bankruptcy Judge Michael Kaplan said this week that he intends to dismiss the bankruptcy case filed by Johnson & Johnson's subsidiary, LTL...more
$55B CLO/ Loan Facilities Represented several financial institutions in connection with CLOs (including middle-market CLOs), multi-currency loan facilities and warehouse transactions, as well as redemptions, re-pricings,...more
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
U.S. Court Rejects J&J Bankruptcy Strategy for Thousands of Talc Lawsuits | Reuters -
This week, the U.S. Court of Appeals for the Third Circuit dismissed a Chapter 11 filing by a recently created J&J subsidiary to address...more
U.S. Mattress Maker Serta Simmons Files for Bankruptcy Protection | Reuters -
Serta Simmons Bedding, one of America’s largest bedding companies by market share, has filed for Chapter 11 bankruptcy this week with the U.S....more
Bed Bath & Beyond Shares Plummet After Company Warns of Potential Bankruptcy | CNBC On Thursday, Bed Bath & Beyond warned the public of a potential bankruptcy, sending the company’s shares into a 25% plummet. The retailer has...more
Failed Crypto Exchange FTX Has Recovered $5 Billion, Attorney Says | Reuters Bankrupt -
FTX has located over $5 billion of cash, liquid cryptocurrency, and liquid investment securities, which does not include another $425...more
Party City Files for Chapter 11 Bankruptcy Protection | Reuters -
Party City filed for Chapter 11 bankruptcy on Tuesday, signaling the latest retailer to seek bankruptcy protection as high inflation has affected consumer...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
Juul Prepares to Seek Financing for Potential Bankruptcy Process | The Wall Street Journal -
Juul Labs Inc. has begun discussions with lenders for financing that could assist the company through a potential Chapter 11...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
In a long-anticipated decision, on September 8, 2022, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) vacated the judgment of the Southern District of New York (the “District Court”) in, In re...more
Endo Files for Bankruptcy as U.S. Opioid Litigation Drags | Reuters -
Endo International Plc filed for bankruptcy this week, becoming the latest pharmaceutical company to file in the wake of opioid lawsuits. Endo reached a...more
Revlon Shareholders Seek Official Representation in Bankruptcy Case | Reuters -
A group of Revlon shareholders asked a bankruptcy judge to appoint an official committee to represent them, as the group feels that their...more
Below is our initial take on recent bankruptcy-related developments:
Revlon Gets Court Approval For $1.4 Billion Bankruptcy Loan | Reuters After an objection by creditors claiming that the $1.4 billion loan could be an...more
Until yesterday, only one significant cryptoasset player had filed for bankruptcy protection in the U.S., which was Cred, Inc. in 2020. The Cred case, however, was precipitated more by fraud than any systemic issues related...more
Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times -
As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more
6/27/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Reform ,
Biden Administration ,
Chapter 11 ,
Citibank ,
Commercial Bankruptcy ,
Creditors ,
Debt Restructuring ,
Debtors ,
New Legislation ,
Retail Market ,
Revlon
Below is our initial take on recent bankruptcy-related developments: Celsius Networks, a crypto lending platform that has marketed itself as an alternative to the traditional banking model, does not offer its users any...more
6/17/2022
/ Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Creditors ,
Debtors ,
Electric Vehicles ,
Johnson & Johnson ,
Lenders ,
Reorganizations ,
Revlon
In a long-anticipated decision, on June 6, 2022, the Supreme Court unanimously struck down a 2017 increase in U.S. Trustee fees as unconstitutional. The Court held that the increase was a violation of the Constitution’s...more
Key bankruptcy issues, including the propriety of third-party releases and the so-called "Texas Two-Step," as well as determination of proper case venue, have recently drawn the attention of mainstream media, the public at...more