Bankruptcy & Restructuring News & Analysis — Conductor

Once a major healthcare operator with 31 hospitals and nearly 30,000 employees, Steward Health Care now seeks to exit bankruptcy through a $125 million litigation-funded liquidation plan. After selling its hospitals, the company aims to recover billions through lawsuits related to insurance claims, commercial payor disputes, and potential insider actions

Publishers Clearing House has filed a motion seeking bankruptcy court approval to auction its assets following its Chapter 11 filing. The sweepstakes company has proposed a June auction process with a July closing date, while requesting special protection for customer data through appointment of a privacy ombudsman.

Avon Products' bankruptcy estate has proposed a liquidation plan that would establish a $14 million fund for general creditors while creating a separate recovery mechanism for talc injury claims. The plan gives general creditors a unique choice between taking a more certain cash payment now or pursuing potentially higher but riskier recoveries alongside talc claimants from insurance proceeds and litigation

Regional carrier Silver Airways has filed an emergency motion seeking court approval for a $5.775 million stalking horse bid from its DIP lender KIA II LLC as part of an expedited sale process. The airline, which filed for Chapter 11 protection in December 2024, is looking to preserve its going concern value through a sale that could close by June 2025 if the proposed bidding procedures are approved

Prospect Medical Holdings secures court approval for $3.9M employee retention plan as it navigates Chapter 11 bankruptcy, closing Pennsylvania hospitals and selling facilities in California and Connecticut. A separate $3.5M executive incentive plan is pending approval, with both plans largely offset by payments from a related non-bankruptcy transaction