Bankruptcy

Skadden and Paul Weiss head up $3bn CIT rescue deal

By Legal Week | July 21, 2009

Skadden Arps Slate Meagher & Flom and Paul Weiss Rifkind Wharton & Garrison have taken lead roles in ailing financial services firm CIT Group's negotiations to stave off bankruptcy, reports The Am Law Daily. Under the terms of the proposal, approved late Sunday (19 July), CIT will receive $3bn (£1.8bn) from some of its largest bondholders. The loan, which has a two-and-a-half year maturity and a relatively high interest rate, is expected to give CIT some breathing room as it embarks on a global restructuring.

1 minute read

Linklaters boosts German insolvency with CC heavyweight

By Legal Week | July 16, 2009

Linklaters has moved to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters today (16 July) announced the appointment of Kolja von Bismarck, who will join the magic circle law firm's Frankfurt arm.

1 minute read

International Edition

Linklaters boosts German insolvency with CC heavyweight

By Legal Week | July 16, 2009

Linklaters has moved to substantially bolster its German restructuring practice after recruiting Clifford Chance's (CC's) best-known local insolvency lawyer. Linklaters today (16 July) announced the appointment of Kolja von Bismarck, who will join the magic circle law firm's Frankfurt arm.

1 minute read

Latham takes lead on restructuring of Tiger Tiger owner

By Legal Week | July 2, 2009

Latham & Watkins has advised bar and club operator Novus Leisure on the financial restructuring of its business. Novus, whose brands include Tiger Tiger, has significantly reduced its debt in a debt for equity swap that has seen Barclays Ventures and the Royal Bank of Scotland become majority shareholders while private equity firm Cognetas is reduced to a minority stakeholder. Barclays has also committed to invest £20m to expand the business.

1 minute read

Germany and Austria

By Legal Week | July 2, 2009

Hengeler Mueller and Gibson Dunn look at major developments in Germany

1 minute read

Germany and Austria: Muddied waters

By Legal Week | July 2, 2009

It is common knowledge among professionals active in the German restructuring market that the country's insolvency law is characterised by stringent insolvency filing obligations triggered not only by illiquidity, but also over-indebtedness. This sets Germany apart from other European jurisdictions and often strongly influences transaction structuring and timing.

1 minute read

DWF lands Portakabin role as Cobbetts misses out

By Legal Week | July 1, 2009

DWF has been appointed as sole debt recovery adviser to construction company Portakabin Group, with the appointment coming at the expense of Cobbetts. The mandate will see DWF advising on all work such as debt collection, bankruptcy petitions and winding-up orders.

1 minute read

Germany and Austria: Muddied waters

By Legal Week | June 25, 2009

It is common knowledge among professionals active in the German restructuring market that the country's insolvency law is characterised by stringent insolvency filing obligations triggered not only by illiquidity, but also over-indebtedness. This sets Germany apart from other European jurisdictions and often strongly influences transaction structuring and timing.

1 minute read

Dentons scores Deloitte role on Setanta collapse

By Legal Week | June 24, 2009

Denton Wilde Sapte has been appointed to advise administrator Deloitte on the collapse of sports broadcaster Setanta. The City firm is fielding a team led by head of restructuring and insolvency Mark Andrews and fellow partner Nigel Barnett, working alongside corporate partner Jeremy Cohen and a team of associates.

1 minute read

International Edition

Dentons scores Deloitte role on Setanta collapse

By Legal Week | June 24, 2009

Denton Wilde Sapte has been appointed to advise administrator Deloitte on the collapse of sports broadcaster Setanta. The City firm is fielding a team led by head of restructuring and insolvency Mark Andrews and fellow partner Nigel Barnett, working alongside corporate partner Jeremy Cohen and a team of associates.

1 minute read

Daily Business Review

It Could Be Worse, Right? An Educational Pep Talk for Creditors Attorneys in Subchapter V Cases

By Alan R. Rosenberg | December 22, 2021

Dear creditors attorneys: After nearly two years of dealing with Subchapter V of Chapter 11 of the Bankruptcy Code (Subchapter V), I know your spirits are down. It's been a frustrating road for you, and I get it.

6 minute read

Law.com

All Eyes Are on J&J's Talc Bankruptcy in 2022: The Morning Minute

By Zack Needles | December 22, 2021

The news and analysis you need to start your day.

5 minute read

Law.com

In Mass Torts, All Eyes Are on Talc Bankruptcy in 2022

By Amanda Bronstad | December 21, 2021

Lawyers for talc claimants have moved to dismiss the Chapter 11 case, filed by LTL Management, a newly created subsidiary of Johnson & Johnson, to resolve more than 38,000 lawsuits alleging that its talcum powder products cause ovarian cancer or mesothelioma.

9 minute read

Delaware Business Court Insider

'Fundamental Challenge': All Eyes Are on Talc Bankruptcy in 2022

By Amanda Bronstad | December 21, 2021

Lawyers for talc claimants have moved to dismiss the Chapter 11 case, filed by LTL Management, a newly created subsidiary of Johnson & Johnson, to resolve more than 38,000 lawsuits alleging that its talcum powder products cause ovarian cancer or mesothelioma.

9 minute read

Delaware Law Weekly

'Going to Be Plan A': All Eyes Are on Talc Bankruptcy in 2022

By Amanda Bronstad | December 21, 2021

Lawyers for talc claimants have moved to dismiss the Chapter 11 case, filed by LTL Management, a newly created subsidiary of Johnson & Johnson, to resolve more than 38,000 lawsuits alleging that its talcum powder products cause ovarian cancer or mesothelioma.

9 minute read

New York Law Journal

Restructuring Plans of IT Companies Confirmed

By Edward E. Neiger | December 20, 2021

In this issue of his Bankruptcy Update, Edward E. Neiger focuses on recent successful restructurings of information technology companies Riverbed Technology and GTT Communications.

4 minute read

Delaware Business Court Insider

Purdue Pharma Bankruptcy Deal Could Tee Up SCOTUS Review of Liability Releases

By Avalon Zoppo Michael Marciano | December 19, 2021

Delaware, Connecticut, California, the District of Columbia, Maryland, Oregon, Rhode Island, Vermont, and Washington appealed the controversial bankruptcy court decision that sought to extinguish Connecticut's claims against both Purdue and the non-bankrupt Sackler family. The plan sought to grant lifetime immunity to the Sackler family for civil opioid-related claims.

6 minute read

National Law Journal

Rejection of Purdue Pharma Bankruptcy Deal Could Tee Up SCOTUS Review of Liability Releases

By Avalon Zoppo | December 17, 2021

"The decision may embolden other judges who have had concerns about non-debtor releases but are typically told, playground style, 'but everyone is doing it,'" said law professor Melissa Jacoby.

5 minute read

New York Law Journal

New York Judge's Rejection of Purdue Pharma Bankruptcy Deal Could Tee Up SCOTUS Review of Liability Releases

By Avalon Zoppo | December 17, 2021

The holding isn't legally binding in other cases but may sway judges who already had reservations about such releases to reject them, or require more work to justify them, one law professor said.

5 minute read

New York Law Journal

Manhattan Federal Judge Rejects $4.3B Purdue Pharma Bankruptcy Deal

By Jane Wester | December 16, 2021

The ruling approving the settlement from the U.S. Bankruptcy Court was appealed by the U.S. Department of Justice and eight states, among others.

3 minute read