Bankruptcy & Restructuring News & Analysis
Party City Seeks Court Approval for Store Lease Deal with Five Below, Dollar Tree
Party City has filed motions seeking approval to sell lease designation rights for nearly 200 store locations to Five Below and Dollar Tree, as the retailer continues its Chapter 11 restructuring process. The proposed deals could provide Party City with up to several million dollars in value while allowing the discount retailers to potentially expand their footprints.
Nikola Files Motion to Establish Bidding Procedures for Asset Sale in Delaware Bankruptcy
Nikola Corporation, the electric truck manufacturer, has initiated proceedings to sell its assets through Chapter 11 bankruptcy, filing a motion in Delaware bankruptcy court that outlines bidding procedures and a swift timeline for potential buyers. The company remains in active discussions with multiple interested parties while working with investment banker Houlihan Lokey Capital to market its assets.
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.