News & Analysis as of

Chapter 11 Special Purpose Acquisition Companies (SPACs)

Seward & Kissel LLP

Bad Idea Genes, Pension Plan (?), and Vertical Integration

Seward & Kissel LLP on

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

HaystackID

23andMe’s Court-Supervised Restructuring: Navigating Turbulent Financial Waters

HaystackID on

On March 23, 2025, 23andMe, a pioneer in the field of genetic testing and consumer healthcare, announced it had filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Missouri. The objective...more

Jones Day

Ability of Creditors' Committees to Prosecute Estate Claims Given a Boost in Delaware Bankruptcy Courts

Jones Day on

The practice of conferring "derivative standing" on official creditors' committees or individual creditors to assert claims on behalf of a bankruptcy estate in cases where the debtor or a bankruptcy trustee is unwilling or...more

Jones Day

The Year In Bankruptcy: 2023

Jones Day on

One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the "crypto winter" that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more

Seward & Kissel LLP

Union Jacked, Founders Keepers, Cold Comfort, and Little Appeal

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International Longshore and Warehouse Union files for bankruptcy | Reuters - The International Longshore and Warehouse Union (ILWU) has filed for a Chapter 11 bankruptcy protection to fend off long standing litigation...more

Woodruff Sawyer

SPAC Bankruptcies: Challenges and Practical Tips

Woodruff Sawyer on

In a recent poll of our SPAC Notebook audience, SPAC-related bankruptcies were the number one topic of interest. To delve into this timely subject, we spoke with two industry leaders—Stuart Brown, an insolvency,...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy and Restructuring Considerations for De-SPACed Companies

Distressed de-SPACed companies are increasingly turning to chapter 11 as a means of restructuring their debts and preserving going-concern value. Many de-SPAC mergers in 2020 and 2021 involved pre-revenue or...more

Skadden, Arps, Slate, Meagher & Flom LLP

As SPAC Boom Subsides, Some De-SPACed Companies Seek Chapter 11 Protection

The contraction of the market for special purpose acquisition companies (SPACs) and the recent challenges de-SPACed companies have encountered have attracted considerable press attention. The stocks of many de-SPACed...more

Skadden, Arps, Slate, Meagher & Flom LLP

Insights – April 2023 | Insights

This edition of Skadden’s quarterly Insights looks at the rising number of de-SPACed companies seeking Chapter 11 protection, the growth of a market designed to assume legacy liabilities, an effort to establish...more

Seward & Kissel LLP

Rescue Binancing, Bankman-Fraud? New Cases on the Block

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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

Seward & Kissel LLP

J&J Battle Continues in Third Circuit; Not the Last Mile; Infowars Conflicts; and GTT Heads for the Exit?

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...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

Robins Kaplan LLP

Fed Gets Bold, Raises Rates .75% In Bid to Tame Inflation

Robins Kaplan LLP on

Wednesday was Fed decision day, and the central bankers didn’t disappoint. Chair Powell and crew went BIG, opting for a 75 bps rate hike—the Fed’s largest single-day move since 1994—in an effort to convey the seriousness with...more

Fox Rothschild LLP

Winter Of Despair Followed By . . . A Spring Of Hope?

Fox Rothschild LLP on

Charles Dicken’s A Tale of Two Cities famously opens with “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of...more

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