Bankruptcy – The News Desk

Trane Technologies Subsidiaries to Remain in Texas Two-Step Bankruptcies

29Dec

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Trane Technologies Subsidiaries to Remain in Texas Two-Step Bankruptcies

Dec. 29, 2023 2:04 pm ET|WSJ ProA bankruptcy judge is allowing U.S. affiliates of Irish air conditioning manufacturer Trane Technologies to remain in bankruptcy, denying a request from asbestos-injury claimants to dismiss the cases created through a controversial strategy known as the Texas Two-Step. Judge J. Craig Whitley of the U.S. Bankruptcy Court in Charlotte, N.C. issued his decision Thursday, rejecting the request to dismiss the chapter 11 cases. Trane placed subsidiaries Aldrich Pump and Murray Boiler under bankruptcy in June 2020 to handle about 90,000 asbestos-related lawsuits. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Creditors Cite Poll to Question Judge’s Impartiality in Fee Dispute

15Dec

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Creditors Cite Poll to Question Judge’s Impartiality in Fee Dispute

Dec. 15, 2023 5:48 pm ET|WSJ ProCreditors of 4E Brands say findings of a survey they commissioned support their case for Judge Marvin Isgur of the U.S. Bankruptcy Court in Houston to recuse himself from weighing in on a dispute over legal fees the maker of hand sanitizer paid its law firm. The creditors are seeking the return to 4E Brands of fees it paid to the Jackson Walker law firm. The creditors say Isgur shouldn’t rule on their request because of his friendship and professional relationship of more than two decades with David R. Jones, a former bankruptcy judge who had been handling the company’s chapter 11 case.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Yellow Rejects Bid to Revive the Collapsed Trucking Company

8Dec

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Yellow Rejects Bid to Revive the Collapsed Trucking Company

Updated Dec. 7, 2023 7:24 pm ETYellow rejected an offer to revive the bankrupt trucker and rehire thousands of its former workers, effectively ending a long-shot effort to reverse the collapse of one of the country’s biggest freight carriers. Lawyers for Yellow told the group seeking to resurrect the trucking company in a letter Wednesday that its bid was “not viable” and that Yellow is moving ahead with the sale of about 130 truck terminals that raised almost $1.9 billion at a bankruptcy auction this month. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Pro Take: Nine West LBO Payouts Upheld, a Blow to Creditors

5Dec

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Pro Take: Nine West LBO Payouts Upheld, a Blow to Creditors

Dec. 5, 2023 9:00 am ET|WSJ ProMore than $1 billion doled out to shareholders in Sycamore Partners’ 2014 buyout of retailer Nine West and other apparel brands owned by Jones Group is legitimate and can’t be unwound, according to an appeals court ruling that gave priority to market stability over creditors seeking to recoup funds in bankruptcy.In a long-awaited 56-page ruling, the U.S. Second Circuit Court of Appeals last week affirmed the Southern District of New York’s 2020 decision that extended safe harbor protections to payments distributed to shareholders in the deal. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Supreme Court Weighs Purdue Pharma’s $6 Billion Opioid Settlement

4Dec

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Supreme Court Weighs Purdue Pharma’s $6 Billion Opioid Settlement

WASHINGTON—Supreme Court justices wrestled Monday with the uncomfortable bargain struck between most victims of the opioid crisis and the Sackler family, whose Purdue Pharma promoted the addictive painkiller OxyContin: providing timely compensation for survivors in exchange for granting the wealthy family immunity from future civil lawsuits. That settlement was reached before a bankruptcy judge and approved in May by a federal appeals court in New York. It would see the Sacklers pay $6 billion to individual victims and state governments in exchange for eliminating potential liability for additional claims, such as fraud—even though they, unlike Purdue, haven’t sought bankruptcy protection. The deal was made under a catchall provision of federal law authorizing bankruptcy judges to issue o...

Celsius Details Plan to Focus on Bitcoin Mining Post Bankruptcy

1Dec

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Celsius Details Plan to Focus on Bitcoin Mining Post Bankruptcy

Nov. 30, 2023 7:43 pm ET|WSJ ProCrypto lender Celsius Network provided details Thursday of its plan to only mine bitcoin when it emerges from bankruptcy, a scaled-down business that reflects guidance from regulators. Earlier in November, Celsius received approval from a bankruptcy court in New York to create a new company built around Celsius’s bitcoin-mining business, staking activities and monetizing of illiquid assets that was going to be managed by Fahrenheit, an investor group backed by TechCrunch founder Michael Arrington that included US Bitcoin.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

WeTrade Says 3Q Financial Report Includes ‘Untrue’ Data

29Nov

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WeTrade Says 3Q Financial Report Includes ‘Untrue’ Data

Nov. 29, 2023 12:58 pm ETWeTrade Group said its third-quarter financial statements weren’t signed and released by its management team and the data included in the report “is not true.”The flexible-workspace company, which earlier this month filed for bankruptcy, said it had a deposit of $163 in a U.S. bank account, instead of zero.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Alex Jones Could Exit Bankruptcy Early Next Year

28Nov

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Alex Jones Could Exit Bankruptcy Early Next Year

Nov. 27, 2023 10:50 pm ET|WSJ ProConspiracy theorist Alex Jones will need the support of Sandy Hook families to emerge from bankruptcy, lawyers for the families said during a court hearing Monday, where the judge set a February date to consider bankruptcy exit plans. “The Sandy Hook families comprise the vast majority of the creditors in the Jones case. So moving forward with the Jones plan that doesn’t have our support…will be challenging in our view,” said Sara Brauner, a lawyer representing families of victims of the 2012 shooting at Sandy Hook Elementary School in Newtown, Conn.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Texas Law Firm Says Former Partner Lied About Relationship With Judge

14Nov

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Texas Law Firm Says Former Partner Lied About Relationship With Judge

Updated Nov. 13, 2023 7:13 pm ET|WSJ ProTexas law firm Jackson Walker said in court documents Monday that its former partner Elizabeth Freeman lied about her romantic relationship with David R. Jones, a bankruptcy judge who was presiding over cases in which Freeman was billing hours.Jackson Walker began to investigate the matter after a shareholder involved in one of the bankruptcy cases alleged in March 2021 that Freeman and Jones were in a romantic relationship, the law firm said. At the time, it also immediately notified the Southern District of Texas Bankruptcy Court, the firm said.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curate...

Celsius Network, One of Crypto’s Biggest Collapses, Ends Bankruptcy Case

9Nov

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Celsius Network, One of Crypto’s Biggest Collapses, Ends Bankruptcy Case

Updated Nov. 9, 2023 12:52 pm ET|WSJ ProCelsius Network, the crypto platform that touted itself as safer than a bank, won court approval to end its bankruptcy case and release most of its remaining cryptocurrency back to hundreds of thousands of customers whose funds have been trapped since last year.The plan approved in a New York bankruptcy court Thursday also creates a new company built around Celsius’s crypto mining and staking activities, wrapping up a first-of-its-kind bankruptcy process that saw intense involvement from individual customers who fought to influence the outcome.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curated d...