On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code.
Delaware Bankruptcy Update
Information on Corporate Bankruptcy Proceedings in Delaware and Throughout the United States
Delaware Bankruptcy Update, published by Fox Rothschild LLP, focuses on developments in bankruptcy law and financial restructuring, particularly within the Delaware jurisdiction. The blog covers topics such as Chapter 11 bankruptcy filings, asset sales through bankruptcy auctions, creditor and debtor rights, bankruptcy litigation, and court rulings affecting bankruptcy practice. It also addresses issues relevant to commercial landlords, creditor committees, trustees, and businesses facing financial distress. The blog provides analysis of significant cases, legislative changes, and procedural aspects of bankruptcy, including discharge orders and civil contempt standards. It serves as a resource for practitioners seeking updates on bankruptcy trends, litigation strategies, and restructuring approaches.
Latest from Delaware Bankruptcy Update - Page 5
The Original Soupman, Inc. Files for Chapter 11 Protection in Delaware
On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code. According to its petition, Original Soupman estimates that its assets are between $1 million…
Fisker Automotive – BMW’s Motion to Dismiss – Granted in Part
On June 13, 2017, Judge Kevin Gross of the Delaware Bankruptcy Court issued an opinion granting in part and denying in part BMW’s motion to dismiss a complaint filed by Emerald Capital Advisors Corp., in its capacity as trustee for…
PennySaver – Preference Actions Filed
On May 23, 2017, Don A. Beskrone, the chapter 7 trustee for the estate of PennySaver USA Publishing, LLC filed preference actions against 46 defendants. PennySaver was an iconic company that specialized in the production, printing, and dissemination of a free…
Tidewater, Inc. Bankruptcy Update – Utilities Motion
On May 17th, Tidewater, Inc. and its affiliated debtors (“Tidewater” or “Debtors”) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.
On the same day, the Court entered an Interim Utilities Order (click…
GulfMark Offshore, Inc. Files for Chapter 11 Bankruptcy
On May 17, 2017, GulfMark Offshore, Inc. (“GulfMark” or “Debtor”) filed a voluntary petition for bankruptcy relief under chapter 11 of the Bankruptcy Code in the United States District Court for the District of Delaware.
According to the first day…
If a Committee Steps into the Debtor’s Shoes – Just How Good is the Fit?
On May 8, 2017, Judge Gross ruled on a Motion to Compel Production of Documents in the Haggen bankruptcy. Judge Gross’ opinion (the “Opinion”) addresses the conflict when a party is acting on another’s behalf and that entity claims “the…
Corinthian Colleges Preference Actions Filed in Delaware Bankruptcy Court
Starting on April 28, 2017, Craig R. Jalbert, as Distribution Trustee of the Corinthian Distribution Trust, filed approximately 122 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548, 549 and and 550 of…
Sometimes it Takes 2.5 Years to Reach Summary Judgment
On September 3, 2014, Brent Williams, the Plan Trustee (“Trustee”) for Touch America Holdings, Inc., filed a complaint initiating an adversary proceeding against, among others, AT&T Corp. (AT&T”). In a 36 page decision dated April 25, 2017, Judge Carey of…
Walrath Opinion on Avoidance Actions – Motion for Summary Judgment: Denied
In a 24 page decision released April 13, 2017, Judge Walrath of the Delaware Bankruptcy Court denied a motion for summary judgment in a preference action brought by Charles Stanziale as the chapter 7 Trustee of Powerwave Technologies against Superior…