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News and information on bankruptcy and bankruptcy law
By Seth Kleinman, Sean Daly and Darren Smolarski | August 30, 2023
Lenders holding a majority of loans in a syndicated debt instrument notched another win in the non-pro rata refinancing wars when the U.S. Bankruptcy Court for the Southern District of Texas issued an opinion approving confirmation of the Chapter 11 plan of Serta Simmons Bedding and its affiliated debtors.
9 minute read
By Amanda O'Brien | August 29, 2023
The largest of the firm's liabilities is attributed to Virage SPV, which sued Sacks Weston earlier this year for allegedly breaching a nearly $6 million loan agreement and defaulting on the loan.
2 minute read
By Amanda Bronstad | August 29, 2023
The settlement, announced on Tuesday, resolves 240,000 lawsuits in multidistrict litigation in the Southern District of Florida and thousands more cases in Minnesota state courts.
3 minute read
By Dan Packel | August 29, 2023
"While the meteoric rise and fall of LeClairRyan PLLC may have been extraordinary, LeClair's personal avarice does not translate into a circumstance worthy of vacating this court's opinion," the judge wrote.
3 minute read
By Dan Roe | August 25, 2023
Lawyers representing GWG Holdings contended with a board that quit mid-bankruptcy and 27,000 secured creditors, including many who alleged fraud or sued the company.
6 minute read
Delaware Business Court Insider
By Ellen Bardash | August 23, 2023
Sullivan & Cromwell partner Brian Glueckstein said the sheer volume of claims involved in the case—around nine million in total—makes it a candidate for keeping smaller settlements moving without court oversight as a way of avoiding spending more time and money than necessary.
4 minute read
By Ellen Bardash | August 23, 2023
Sullivan & Cromwell partner Brian Glueckstein said the sheer volume of claims involved in the case—around nine million in total—makes it a candidate for keeping smaller settlements moving without court oversight as a way of avoiding spending more time and money than necessary.
4 minute read
By Corinne Ball | August 23, 2023
In her Distressed Mergers and Acquisitions column, Corinne Ball discusses 'In re Serta Simmons Bedding,' where, "ruling on the validity of the PET, the court addressed the role of equity, as well as the covenant of good faith and fair dealing, emphasizing that lender versus lender warfare is a "winner-take-all battle."
15 minute read
By Chris O'Malley | August 21, 2023
After guiding the manufacturer through bankruptcy, Jonathan Leiken is passing the legal reins to veteran Diebold attorney Elizabeth "Lisa" Radigan, whom he called "brilliant, caring and a wise teacher of the law."
3 minute read
By Amanda Bronstad | August 18, 2023
Lead attorneys in the talc multidistrict litigation, vowing to "proceed with alacrity," already have proposed a bellwether trial plan, which Johnson & Johnson opposed this week.
5 minute read
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