The Official Committee of Unsecured Creditors in Nostrum Laboratories' bankruptcy case has filed a motion seeking joint control over the company's asset sale process, citing concerns over frequent counsel changes and related-party transactions. The committee's unprecedented request comes as critical sale milestones approach in the New Jersey bankruptcy case.
Yellow Corporation seeks bankruptcy court approval for $66.5 million in property sales, including a $54.5 million deal with Central Transport and a $12 million agreement with RAMAR Land Corporation. The proposed sales follow an extensive marketing process and represent a significant step in the company's ongoing Chapter 11 proceedings.
Mining Project Wind Down Holdings has filed an emergency motion to modify its litigation trust agreement following the resignation of a key oversight committee member. The motion seeks to allow operation with a single committee member after Touzi Capital, LLC became subject to litigation and receivership, marking a significant shift in the company's post-bankruptcy governance structure.
Natera Inc. has filed an adversary complaint in Invitae's bankruptcy case, seeking to prevent enforcement of a rejected Asset Purchase Agreement. The biotechnology company argues that Invitae's rejection of the contract in bankruptcy proceedings should bar any claims related to potential milestone payments, highlighting key issues in contract rejection under Chapter 11 bankruptcy law.
Here are the bankruptcy, distressed debt and corporate restructuring stories that we are reading this morning, Thursday Jan 23, 2025.