Bankruptcy & Restructuring News & Analysis
SilverRock Development Argues 99-Year Ground Lease is Financing Device, Not True Lease, in Dispute Over Asset Sale
SilverRock Development Company and affiliated debtors filed a supplemental brief arguing that a disputed 99-year ground lease with $1 annual rent is a "financing device," not a true lease, and should not prevent their bankruptcy asset sale to Turnbridge
RunItOneTime LLC Seeks Court Approval for $1 Million Employee Retention Plan in Chapter 11 Bankruptcy
The gaming and entertainment company, which operates casinos, card rooms, and hotels across Washington, Nevada, and Colorado, argues the retention bonuses are essential to preventing employee attrition during its Chapter 11 restructuring and ongoing sale process
Bankruptcy Court Blocks Texas from Using Pre-2009 GM Conduct in Data Privacy Lawsuit
Chief Judge Martin Glenn held that Texas's attempt to use Old GM's historical conduct to calculate civil penalties against New GM constitutes impermissible successor liability barred by the 2009 Sale Order
Miami Waterfront Hotel Heads to Proposed International Sotheby's Auction in Bankruptcy Case
A Miami bankruptcy court is considering approval of an international, no-reserve auction for real estate operating as a hotel at 340 Biscayne Boulevard
New York Nursing Home Files Liquidation Plan Offering Just 2% to General Creditors After Tumultuous Sale Process
The plan, which narrowly avoided facility closure after union negotiations broke down, proposes that personal injury claimants recover solely from insurance