Bankruptcy & Restructuring News & Analysis — Conductor
True Value Seeks to Appoint Fiduciary for Retiree Benefits in Bankruptcy
True Value Company seeks court approval to appoint James P. Carroll as fiduciary representative for approximately 300 retirees as part of its Chapter 11 bankruptcy proceedings. The motion comes after previous attempts to form a retiree committee were unsuccessful, with the company now looking to address both vested and unvested retirement benefits through a structured claims resolution process.
U.S. Trustee Seeks Examiner in LeFever Mattson Bankruptcy Amid Fraud Allegations
The U.S. Trustee has moved for the appointment of an examiner in LeFever Mattson's bankruptcy case, citing allegations of $45 million in unauthorized transactions and fraudulent property deals by former management. The motion, filed in the Northern District of California Bankruptcy Court, seeks independent oversight of the real estate management firm's Chapter 11 proceedings amid multiple investor lawsuits.
Oakland Diocese Outlines $160M+ Reorganization Plan in Bankruptcy Case
The Roman Catholic Bishop of Oakland has proposed a reorganization plan that would establish a survivors' trust exceeding $160 million to compensate clergy abuse victims. The plan, detailed in a newly filed disclosure statement, offers abuse survivors multiple options for compensation and includes significant asset sales to fund the trust. The diocese filed for Chapter 11 protection in May 2023 following changes to California's statute of limitations for abuse claims.
Credito Real and Creditors Seek to Dismiss Involuntary Bankruptcy Case in Delaware
Credito Real and its creditors have filed a joint motion to dismiss an involuntary Chapter 11 bankruptcy case in Delaware, following the approval of the company's Mexican reorganization plan. The motion comes after nearly three years of proceedings and represents a significant step toward resolving the company's cross-border restructuring efforts.
Wellpath Holdings Files Amended Chapter 11 Plan in Texas Bankruptcy Court
Wellpath Holdings has filed an amended Chapter 11 plan in Texas bankruptcy court, proposing a comprehensive restructuring that includes debt-to-equity conversion, new financing, and the establishment of a liquidating trust. The healthcare services provider's plan features a significant equity financing component and introduces a seven-year contingent value right agreement to benefit creditors.