Bankruptcy & Restructuring News & Analysis
Flagship Resort Development Creditors Committee Endorses Liquidation Plan After Global Settlement
The Official Committee of Unsecured Creditors of Flagship Resort Development Corporation has unanimously endorsed the company's liquidation plan following a comprehensive global settlement. The committee's support comes after extensive investigation and negotiations that resolved potential claims while establishing funding mechanisms for creditor distributions in the Atlantic City resort company's Chapter 11 bankruptcy case
Fourth Circuit Rules Bankruptcy Courts Have Jurisdiction Over Solvent Debtors in Landmark Asbestos Case
The 2-1 decision in Bestwall LLC v. The Official Committee of Asbestos Claimants upholds a bankruptcy court's denial of a motion to dismiss the Chapter 11 case of Bestwall LLC, a company created through a "Texas two-step" divisional merger designed to isolate Georgia-Pacific's asbestos liabilities
RunItOneTime Bankruptcy: Casino Operator Files Motion to Sell Assets in Competitive Bidding Process
RunItOneTime LLC, a casino operator with properties across Washington, Nevada, and Colorado, has filed for Chapter 11 bankruptcy protection and is now seeking court approval for procedures to sell its gaming assets. The company's proposed bidding process divides assets into three segments with an auction scheduled for September 19, while addressing potential conflicts with a former executive who intends to bid on certain properties
At Home Group Files Disclosure Statement Outlining $1.62 Billion Debt Elimination Plan in Ongoing Bankruptcy
At Home Group Inc. has filed its proposed disclosure statement outlining a restructuring plan that would eliminate $1.62 billion in debt as the home décor retailer progresses through its Chapter 11 bankruptcy process that began in June
Bankruptcy Court Rules in Favor of Rite Aid in Multi-Million Dollar Dispute with CVS
A bankruptcy judge has ruled in favor of Rite Aid in its multi-million dollar contract dispute with CVS Pharmacy over prescription data calculations. The decision by Judge Michael Kaplan of the New Jersey bankruptcy court hinged on the interpretation of two key provisions in asset purchase agreements, with the judge finding that CVS had previously accepted Rite Aid's calculation methodology without objection