Bankruptcy & Restructuring News & Analysis
Alabama Bankruptcy Court Denies Stay in Hospital Case, Prioritizes Patient Safety Over Lenders' Concerns
A federal bankruptcy judge prioritized patient safety and community healthcare access in denying two banks' requests to stay portions of a hospital financing order. The ruling in the Jackson Hospital bankruptcy case preserves controversial provisions that reserve funds for critical operations ahead of secured lenders' claims
Bankruptcy Court Allows Clergy Abuse Trials to Proceed Against San Francisco Archdiocese
A federal bankruptcy judge has ruled that two sexual abuse cases against the Roman Catholic Archbishop of San Francisco can proceed to trial despite the archdiocese's Chapter 11 bankruptcy protection, though the relief from automatic stay will be delayed until June 30, 2025. Judge Dennis Montali emphasized that the plaintiffs are "aging survivors of clergy abuse, not data points" and determined that allowing the trials could help facilitate a global settlement of hundreds of similar claims
Climate Finance Company CTN Holdings Seeks Approval for $20 Million Stalking Horse Bid in Bankruptcy Sale
Carbon credit company CTN Holdings and its affiliates have requested court approval for a $20 million stalking horse bid from Inherent Aspiration, establishing auction procedures for the sale of substantially all their assets in Delaware bankruptcy court. The proposed timeline aims for a mid-May auction with tight milestones required by DIP financing, including bid protections of a $600,000 break-up fee and up to $400,000 in expense reimbursement for the stalking horse bidder
Ligado Networks Proposes $2.1 Million Executive Incentive Plan to Cut Costs, Pursue $150 Million Insurance Claims
Ligado Networks has proposed a $2.1 million incentive plan for its six top executives tied to cost-cutting measures and recovery of over $150 million in satellite insurance claims as part of its bankruptcy restructuring. The plan, supported by key creditor groups, features tiered performance goals for cash conservation and would award executives 5% of any insurance proceeds recovered from claims related to its SkyTerra-1 satellite
The College of Saint Rose Unveils Liquidation Plan, Unsecured Creditors to Recover Nearly 25%
After more than a century of operation, The College of Saint Rose has filed its liquidation plan in bankruptcy court, detailing how unsecured creditors will receive approximately 25% recovery while bondholders will get about 50% of their secured claims following the $35 million sale of its historic Albany campus