News and information on bankruptcy and bankruptcy law
By Elizabeth M. Aboulafia | June 12, 2017
Elizabeth Aboulafia of Cullen and Dykman writes: When general contractors who perform work on construction projects subject to the New York Lien Law file for bankruptcy protection, subcontractors and suppliers that take advantage of the provisions of Article 3-A of the New York Lien Law can maximize recoveries on their claims against the debtor/contractor and utilize the tools available through the bankruptcy process to obtain greater negotiating leverage and oversight over the debtor/contractor's operations.
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By Leslie A. Berkoff and Krista L. Kulp | June 12, 2017
Leslie A. Berkoff and Krista L. Kulp of Moritt Hock & Hamroff write: The power of bankruptcy courts to adjudicate Medicare provider agreements has been addressed by several circuit courts in recent years. Given the distressed nature of the health care industry and the continued bankruptcy filings by health care providers, this issue has become more prominent. However, several circuit courts determined that bankruptcy courts lack jurisdiction to adjudicate these issues; and, recently, the First Circuit took an unusual approach.
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By Meghan Tribe | June 9, 2017
The choppy seas of the restaurant industry have swamped another eatery in Joe's Crab Shack, whose Houston-based parent company owes nearly $220,000 to a pair of high-powered, Atlanta-based labor and employment firms. Ignite Restaurant Group Inc., owner of the popular seafood establishment and casual dining chain Brick House Tavern + Tap, filed for bankruptcy in Houston on June 6.
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By Meghan Tribe and Brian Baxter | June 8, 2017
Weil, Gotshal & Manges, a firm familiar with high-profile bankruptcy engagements, took on a Chapter 7 case this week for The Pearl Theatre Co., a longtime off Broadway acting troupe in New York City. But Weil also scored a more lucrative assignment for an oil services company.
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By Andrew C. Kassner and Joseph N. Argentina Jr. | June 8, 2017
In our last column we reported on the U.S. Supreme Court's decision in Czyzewski v. Jevic Holding, 137 S. Ct. 973 (2017). In that decision, the court ruled a bankruptcy court may not order a structured dismissal of a Chapter 11 case that provides for estate assets to be distributed in violation of the Bankruptcy Code's distribution scheme. The decision was widely discussed by bankruptcy practitioners, in part because there are a number of common practices in Chapter 11 that also distribute estate assets in violation of the bankruptcy code's distribution scheme.
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By ROBERT STORACE | June 8, 2017
Peter Ressler, a former partner with Groob, Ressler & Mulqueen in New Haven, pleaded guilty to stealing funds from clients in what prosecutors called a Ponzi scheme.
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By Christine Simmons | June 7, 2017
White & Case is bulking up its restructuring practice, adding partners Philip Abelson from Proskauer Rose and David Turetsky from Skadden, Arps, Slate, Meagher & Flom, amid increasing work in cross-border restructuring and junior creditor representation.
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By Victoria Finkle | June 7, 2017
Compliance, class action defense and bankruptcy counsel are all in demand by an industry undergoing rapid change.
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By John J. Rapisardi and Joseph Zujkowski | June 7, 2017
In their Bankruptcy Practice column, John J. Rapisardi and Joseph Zujkowski write: At the end of last year, the Third Circuit added to several recent decisions addressing whether a creditor was entitled to payment of a "make whole" premium in connection with a Chapter 11 case. The opinion is the most creditor-friendly decision issued to date on this issue, as the court found that the refinancing of certain first and second lien notes after the Chapter 11 cases were commenced triggered payment of a "make whole" premium.
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By Brian Baxter | June 4, 2017
The firm's high-powered bankruptcy practice has picked up two more notable Chapter 11 cases. Kirkland & Ellis is serving as lead counsel to teen fashion retailer Rue21 Inc. and 21st Century Oncology Inc., as well as energy industry manufacturer AFGlobal Corp., in their recent bankruptcy filings.
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