Insolvency and Bankruptcy Code, 2016

The International Longshore and Warehouse Union Files for Chapter 11 Bankruptcy Protection

Retrieved on:

söndag, oktober 1, 2023

Bankruptcy, Tourism, ICTSI, Miner, ILWU, Title 11 of the United States Code, International Longshore and Warehouse Union, SAN, Bankruptcy Code, Court, United States bankruptcy court, Union, Insolvency and Bankruptcy Code, 2016, Property management

SAN FRANCISCO, Oct. 1, 2023 /PRNewswire/ -- The International Longshore and Warehouse Union ("ILWU" or "the Union"), a labor union that represents a wide range of workers on the West Coast of the United States, in Hawaii, and in British Columbia, Canada, including dock workers, warehouse workers, tourism and hospitality workers, agricultural workers, miners, and others, has commenced a chapter 11 case under subchapter V of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California, San Francisco Division.

Key Points:

The ILWU intends to utilize the bankruptcy process to resolve pending litigation with ICTSI Oregon, Inc., that has hindered the non-profit organization since 2012.
The ILWU is confident that this process will provide the most favorable course of action to safeguard the Union's future.
"Since 1937, our democratic, rank-and-file union has fought to protect the interests of ILWU members, including bargaining for fair wages, benefits, and working conditions.
The Union is represented in this matter by Pachulski Stang Ziehl & Jones LLP as legal counsel.

Capstone Green Energy Enters into Transaction Support Agreement with Senior Secured Lender

Retrieved on:

torsdag, september 28, 2023

Subject to Bankruptcy Court approval, this "new money" financing will provide liquidity to support continued operations during the Chapter 11 process.

Key Points:

Subject to Bankruptcy Court approval, this "new money" financing will provide liquidity to support continued operations during the Chapter 11 process.
"The significant agreement and investment of our senior secured lender demonstrates its support of the Company and our long-term strategy," said Mr. Flexon.
At the conclusion of the presentation, Capstone management will conduct a question and answer session to allow financial analysts the chance to ask questions.
In addition, Capstone will be offering an opportunity for the broader audience to submit their questions online while the broadcast is live.

Faraday Future Announces “At-the-Market” Equity Offering Program

Retrieved on:

onsdag, september 27, 2023

Sales of Shares, if any, will be made at or related to then prevailing market prices and, as a result, prices may vary.

Key Points:

Sales of Shares, if any, will be made at or related to then prevailing market prices and, as a result, prices may vary.
The volume and timing of sales under the ATM program will be determined at the Company’s discretion.
A prospectus supplement related to the offering has been filed with the SEC.
Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus.

Scarinci Hollenbeck Prevails in Discharging Client's $1.1 Million Bankruptcy Debt

Retrieved on:

tisdag, augusti 29, 2023

Bankruptcy, Creditor, United States bankruptcy court, Complaint, Fairfield Aviation General Supply Depot, Bankruptcy Code, Builder, Court, Insolvency and Bankruptcy Code, 2016, Fraud, Security (finance)

LITTLE FALLS, N.J., Aug. 29, 2023 /PRNewswire/ -- Scarinci Hollenbeck obtained a directed verdict in the United States Bankruptcy Court for the District of New Jersey rejecting an objection to discharge involving a $1.1 million debt. David Edelberg, Partner and Chair of Scarinci Hollenbeck's Bankruptcy & Creditors' Rights Practice Group, represented the debtor, Alicia Gallo.

Key Points:

LITTLE FALLS, N.J., Aug. 29, 2023 /PRNewswire/ -- Scarinci Hollenbeck obtained a directed verdict in the United States Bankruptcy Court for the District of New Jersey rejecting an objection to discharge involving a $1.1 million debt.
David Edelberg, Partner and Chair of Scarinci Hollenbeck's Bankruptcy & Creditors' Rights Practice Group, represented the debtor, Alicia Gallo.
Builders' General Supply Company filed a complaint in bankruptcy court objecting to the discharge of its claim of over $1 million dollars against Ms. Gallo.
After Builders' concluded its case, Scarinci Hollenbeck moved for a directed verdict, arguing that Builders' had not met its burden of proof.

Prime Trust, LLC Files Voluntary Chapter 11 Petitions

Retrieved on:

tisdag, augusti 15, 2023

Banking, Legal, Professional Services, Finance, Bankruptcy, Chapter 11, Title 11, United States Code, Committee, Receiver, United States bankruptcy court, Eighth, Secretary of State of Nevada, Sale, Bankruptcy Code, Andersen v. Eighth Judicial District Court, United Nations Special Committee on Palestine, Insolvency and Bankruptcy Code, 2016, Cryptocurrency

Prime Trust, LLC and certain of its affiliates (collectively, the “Company”) filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Cases”) of the Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

Key Points:

Prime Trust, LLC and certain of its affiliates (collectively, the “Company”) filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Cases”) of the Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
It is anticipated that these motions will include requests to continue to pay wages and provide benefits to ongoing employees as usual.
The Company believes that the commencement of the Chapter 11 Cases will provide a transparent and value-maximizing process for the benefit of the Company’s clients and stakeholders.
Prime Trust powers innovation in the digital economy by simplifying the complexity of building with digital assets, making it easier for its customers to build, launch, and scale quickly and compliantly.

Yellow Corporation Files Voluntary Chapter 11 Petitions

Retrieved on:

måndag, augusti 7, 2023

NASHVILLE, Tenn., Aug. 06, 2023 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) and certain of its direct and indirect subsidiaries (collectively, the “Company” or “Yellow”) filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Cases”) of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) for the Company’s planned operational wind-down.

Key Points:

NASHVILLE, Tenn., Aug. 06, 2023 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) and certain of its direct and indirect subsidiaries (collectively, the “Company” or “Yellow”) filed voluntary petitions for relief under Chapter 11 (the “Chapter 11 Cases”) of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) for the Company’s planned operational wind-down.
Yellow developed the common-sense “One Yellow” business plan to make Yellow more competitive while strengthening jobs and improving customer service.
One Yellow aimed to put Yellow on the right path, fixing legacy issues created long ago, making Yellow the industry-dominant company it once was.
Yellow has partnered with the American Trucking Associations (ATA) to launch its first searchable job database, specifically for Yellow employees.

Dismissal of LTL Bankruptcy Signals Latest Failure by J&J to Evade Responsibility for Decades of Deceit in Talc-Asbestos Litigation

Retrieved on:

fredag, juli 28, 2023

“J&J initially set aside $61.5 million in its first bogus bankruptcy.

Key Points:

“J&J initially set aside $61.5 million in its first bogus bankruptcy.
But J&J’s legal department proposed a settlement that offered only a fraction of that amount and sought the bankruptcy court’s assistance in cramming that bad deal down on cancer victims.
“The evidentiary record fixed at trial does not establish sufficient ‘imminent’ or ‘immediate’ financial distress to satisfy the criteria enunciated by the Third Circuit,” Judge Kaplan writes.
It’s time for our clients to have their days in court and for J&J to stop its bullying tactics and end this nightmare for victims.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20230728693741/en/

Novan Enters into Agreement to Sell Substantially All of its Assets, including Berdazimer Gel, 10.3% (SB206), and Files for Chapter 11 Protection

Retrieved on:

måndag, juli 17, 2023

DURHAM, N.C., July 17, 2023 (GLOBE NEWSWIRE) -- Novan, Inc. (Nasdaq: NOVN) and its wholly owned subsidiary, EPI Health, LLC (collectively, “the Company” or “Novan”), today announced that it has entered into a stalking horse asset purchase agreement (“APA”) with Ligand Pharmaceuticals, Inc. (“Ligand”) (Nasdaq: LGND) prior to filing voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Case”). The Company continues to operate its business as a “debtor-in-possession” (“DIP”) under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company also entered into a secured DIP credit facility with Ligand in the principal amount of $15.0 million.

Key Points:

The Company also entered into a secured DIP credit facility with Ligand in the principal amount of $15.0 million.
The APA governs the sale of substantially all the assets of the Company for $15 million to be paid in cash at closing.
Novan has engaged Raymond James & Associates to advise on its strategic options, including the process to sell its assets in connection with the Chapter 11 Case.
Additional information about the Chapter 11 Case, including access to Bankruptcy Court documents, is available online at www.kccllc.net/novan .

Boston Private Financial Holdings, Inc. Investor Notice: Robbins LLP Reminds Investors of Class Action on Behalf of SVB Financial Group (SIVB) Shareholders Who Previously Held Shares of Boston Private Financial Holdings, Inc. (BPFH)

Retrieved on:

måndag, maj 15, 2023

LLP, Bankruptcy, Chapter 11, Title 11, United States Code, AFS, Person, Prospectus, Complaint, Mergers and acquisitions, SVB, SAN, Bankruptcy Code, United States bankruptcy court, KPMG, Insolvency and Bankruptcy Code, 2016, Silicon, SIVB, Security (finance)

SAN DIEGO, May 15, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons who acquired SVB Financial Group (NASDAQ: SIVB) common stock pursuant to the Registration and Prospectus issued in connection with SVB's July 2021 merger with Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the "Merger").

Key Points:

Leading up to the Merger, SVB concentrated a substantial portion of its investment portfolio to longer-term, fixed-rate securities.
Because a rise in interest rates reduces the market value of fixed-rate securities, SVB exposed itself to significant interest rate risk.
What Now: Shareholders who owned Boston Private Financial Holdings, Inc. stock before the Merger and acquired SVB Financial Group pursuant to the Offering Materials may be eligible to participate in the class action against SVB Financial Group.
Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP.

Shareholder Alert: Robbins LLP Informs Investors of Class Action on Behalf of SVB Financial Group (SIVB) Shareholders Who Previously Held Shares of Boston Private Financial Holdings, Inc. (BPFH)

Retrieved on:

fredag, maj 12, 2023

Class Action Lawsuit, Professional Services, Legal, LLP, Bankruptcy, Chapter 11, Title 11, United States Code, AFS, Person, Prospectus, Complaint, Mergers and acquisitions, SVB, Bankruptcy Code, United States bankruptcy court, KPMG, Insolvency and Bankruptcy Code, 2016, Silicon, SIVB, Security (finance)

Leading up to the Merger, SVB concentrated a substantial portion of its investment portfolio to longer-term, fixed-rate securities.

Key Points:

Leading up to the Merger, SVB concentrated a substantial portion of its investment portfolio to longer-term, fixed-rate securities.
Because a rise in interest rates reduces the market value of fixed-rate securities, SVB exposed itself to significant interest rate risk.
What Now: Shareholders who owned Boston Private Financial Holdings, Inc. stock before the Merger and acquired SVB Financial Group pursuant to the Offering Materials may be eligible to participate in the class action against SVB Financial Group.
Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP.