Bankruptcy & Restructuring News & Analysis — Conductor
Conn's Inc. Files Second Amended Liquidation Plan Following Asset Sales, Creditors to Vote by July 15
Conn's Inc. has filed its Second Amended Liquidation Plan in Texas bankruptcy court, proposing to distribute remaining assets to creditors after selling its operations to Jefferson Capital and others. Under the plan, secured lenders may recover up to 73% of claims while unsecured creditors expect just 1%, with voting scheduled to conclude by July 15, 2025
Ligado Networks Seeks Court Approval for Restructuring Plan, AST Transaction in $8.6 Billion Debt Overhaul
Satellite communications provider Ligado Networks has filed its bankruptcy disclosure statement outlining an $8.6 billion debt restructuring plan that hinges on a transaction with AST SpaceMobile and an ongoing lawsuit against the U.S. government for allegedly blocking use of its valuable spectrum assets. The Delaware bankruptcy court will consider the plan at a confirmation hearing scheduled for August 7, 2025
Mosaic Sustainable Finance Seeks Court Approval for $1.65 Million Employee Retention Plan in Chapter 11 Case
Mosaic Sustainable Finance Corporation has asked a bankruptcy court to approve a $1.65 million retention plan for 63 key employees as it navigates Chapter 11 proceedings. The solar loan company filed the motion as part of efforts to maintain operations while pursuing both reorganization and potential sale options
GM, OnStar Ask Bankruptcy Court to Block Texas from Using Pre-2009 Conduct in Data Collection Lawsuit
General Motors and OnStar have asked a New York bankruptcy court to block the State of Texas from pursuing civil penalties based on pre-2009 bankruptcy conduct. The motion claims Texas improperly transformed a data collection lawsuit to include decades of alleged misconduct by the former GM entity, potentially undermining bankruptcy sale protections
Synapse Financial Trustee Seeks to End Chapter 11 Case, Citing Lack of Funds and Failed Sale Efforts
The Chapter 11 trustee for Synapse Financial Technologies has requested to end the company's bankruptcy case due to lack of funds and failed sale attempts. The case revealed a significant discrepancy of up to $95 million between recorded and actual funds, while the trustee managed to facilitate the return of most of the $219 million in customer funds despite receiving no compensation for her efforts