Bankruptcy & Restructuring News Headlines for Wednesday Apr 5, 2023

Here's what we are reading this morning:

McKinsey Is Shutting Down Its Restructuring Business: WSJ: The consulting firm is shutting down its corporate-restructuring practice, people familiar with the matter said.

Alex Jones Engaged In ‘Self-Dealing,’ Bankruptcy Report Finds: Right-wing conspiracist Alex Jones made “self-dealing transactions” and helped remove profits from his bankrupt Infowars parent company via a separate business he partially controlled, a bankruptcy trustee has found.

J&J Mulls New Bankruptcy to End Cancer Suits, Victim Lawyers Say: Johnson & Johnson has threatened to file a new bankruptcy case to try to settle more than 40,000 cancer lawsuits, lawyers for people suing the company said in a court filing.

Johnson & Johnson Subsidiary LTL Management LLC Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims: The Company has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL’s initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms.

Job Openings Fell in February, JOLTS Report Shows - The New York Times: The U.S. job market continues to ease off its red-hot pace, a government report shows, but there are still more openings than unemployed workers.

Sidley Gains Restructuring Ace In Dallas From Winstead - Law360: Sidley Austin LLP announced Tuesday that it is strengthening the firm's restructuring group with the addition of a partner in Dallas from Winstead PC who boasts more than 26 years of experience in the bankruptcy field.

Dentons Adds Bankruptcy Partner In Chicago - Law360: Thomas Labuda Jr. has returned to Dentons' restructuring, insolvency and bankruptcy group as a partner in Chicago, bringing decades of restructuring experience, the firm announced Monday.

Voyager Asks 2nd Circ. To Lift Stay On $1B Binance Sale - Law360: Bankrupt crypto platform Voyager Digital Holdings Inc. asked the Second Circuit on Monday to weigh in on a dispute with the U.S. government that has thrown a wrench into the planned $1 billion transfer of customer accounts to fellow crypto firm Binance US.

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