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    Millennium Lab, Update on Non-Debtor Third-Party Releases
    2016-10-11

    Prepetition, Millennium Lab Holdings II, LLC, Millennium Health, LLC, and RxAnte, LLC (the Debtors) reached a settlement with various government entities (the USA Settling Parties) relating to, among other things, claims against the Debtors for violations of the Stark law, Anti-Kickback Statute and False Claims Act (FCA). The Debtors also negotiated a restructuring support agreement with an ad hoc group of lenders (the Ad Hoc Group) holding debt under a 2014 existing credit agreement in the original principal amount of $1.825 billion (the Credit Agreement).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    Delaware Bankruptcy Courts Foreclose Creative Attempts to Distinguish ASARCO
    2016-02-08

    On June 15, 2015, the U.S. Supreme Court issued its opinion in the case of Baker Botts L.L.P. v. ASARCO LLC, 135 S. Ct. 2158 (2015), denying compensation to two law firms for the fees they incurred in defending objections to their fee applications.  Subsequent to confirmation of ASARCO’s plan of reorganization, the law firms of Baker Botts L.L.P. and Jordan, Hyden, Womble, Culbreth & Holczer, P.C.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Authors:
    Jacob S. Frumkin
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Chapter 11 Filing - Stimwave Technologies Incorporated
    2022-06-16

    Stimwave Technologies Inc., a Pompano Beach, Fla.-based medical device manufacturer and provider of permanently implanted neurostimulation products for chronic pain, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10541).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Chapter 11 Filing - Seadrill New Finance Limited
    2022-01-12

    On January 11, 2021, Seadrill New Finance Limited (“NSNCo”), issuer of Seadrill secured notes due 2025, and several affiliates filed a petitionfor relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90001).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Chapter 11 Filing - ABC Carpet
    2021-09-09

    On September 8, 2021, A.B.C. Carpet Co., Inc., dba ABC Carpet & Home, along with two affiliates, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 21-11591). ABC Carpet & Home is a New York City-based luxury furniture retailer. The company estimates $10 to $50 million in assets and $50 to $100 million in liabilities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Chapter 11 Filing - Katerra Inc.
    2021-06-07

    On June 7, 2021, Katerra Inc., a Scottsdale, AZ-based “technology-enabled construction company,” filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-31861) along with several affiliates. The company estimates $500 million to $1 billion in assets and $1 billion to $10 billion in liabilities.

    Filed under:
    USA, Insolvency & Restructuring, Cole Schotz PC, Small Business Administration (USA)
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Chapter 11 Filing - TECT Aerospace Group Holdings, Inc.
    2021-04-06

    Late on April 5, 2021, TECT Aerospace Group Holdings, Inc., along with certain affiliates that manufacture high precision components and assemblies for the aerospace industry, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10670).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Small Business Administration (USA)
    Location:
    USA
    Firm:
    Cole Schotz PC
    New Delaware Chapter 11 Filing - Starion Energy, Inc.
    2018-11-15

    Starion Energy, Inc., along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12608). Starion, headquartered in Middlebury, Connecticut, is a competitive retailer of electricity operating in eleven states.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cole Schotz PC, Preliminary injunction, Subsidiary, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Norman L. Pernick , G. David Dean , Myles R. MacDonald
    Location:
    USA
    Firm:
    Cole Schotz PC
    Petitioning creditors beware: no right to setoff for punitive damages from bad faith involuntary bankruptcy filings
    2018-08-15

    Creditors often think that an involuntary bankruptcy petition is a great bargaining chip when faced with a recalcitrant debtor. However, the actual filing of an involuntary bankruptcy petition (when that petition is filed in “bad faith”) confers a considerable risk to the petitioning creditors. Recently, the United States Court of Appeals for the Third Circuit issued an opinion that re-emphasizes just how risky bad faith involuntary petitions can be for creditors.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Punitive damages, Bankruptcy
    Location:
    USA
    Firm:
    Cole Schotz PC
    The Fifth Circuit Clarifies Equipment Lessors’ Rights under the Texas Equitable Lien Doctrine in Sierra Equipment v. Lexington Insurance
    2018-05-29

    The reality of a bankruptcy proceeding is that creditors often receive less than a full distribution on their claims, forcing them to absorb such losses or look for new avenues to make themselves whole. The “bankruptcy haircut” is more often the case for general unsecured creditors and occurs less often for secured creditors (when they are not undersecured) and lessors (when they are not underwater on their lease). Sometimes creditors have the luxury of looking to guarantors to mitigate their losses when the guarantors are not insolvent or otherwise judgment proof.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Cole Schotz PC, Fifth Circuit, US District Court for Northern District of Texas
    Location:
    USA
    Firm:
    Cole Schotz PC

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