AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.
AGG Bankruptcy News & Insights
Delaware Bankruptcy Court Decision Highlights Potential Defenses to Equitable Subordination Claim
April 27, 2022 (agg.com)
On March 25, 2022, the United States Bankruptcy Court for the District of Delaware dismissed a complaint filed against a lender and other entities. An individual (and others) formerly in control of the bankrupt companies sued the creditor to seek equitable subordination of the lender’s claims under 11 U.S.C. § 510(c).
Industry News
With Netflix And CNN+ Streaming Video Reaches A Crossroad
April 26, 2022 (Forbes)
A financial restructuring happened on April 19 when CNN CFO Brad Ferrer was replaced by Neil Chugani, Discovery’s CFO for streaming and international.
India's Future Group stocks plunge after Reliance deal falls through
April 25, 2022 (Reuters)
Shares of Future Group companies fell sharply on Monday, some as much as 20%, after India's biggest retailer Reliance (RELI.NS) called off its $3.4 billion deal with the group over the weekend, pushing its flagship Future Retail towards a possible bankruptcy process.
As the City Council bickers, Westminster careens toward bankruptcy
April 24, 2022 (Yahoo! News)
On March 9, the Westminster City Council met until midnight, sparring bitterly about whether local Vietnamese-language YouTube broadcasts were spreading "fake news." By then, it was too late in the evening to address another item on the agenda: saving the city from bankruptcy.
States with the highest bankruptcy rates
April 24, 2022 (Chicago Tribune)
This ranking is based on the American Bankruptcy Institute's cumulative 2019 Bankruptcy Statistics of states and territories, including the District of Columbia. Of the 749,654 total Chapter 7 and Chapter 13 bankruptcy filings in the U.S. in 2019, these states had the highest rate per capita of filing.
DOJ Challenges Alex Jones' Bankruptcy Filing; Sandy Hook Lawyer Calls It 'Sinister'
April 22, 2022 (Yahoo! News)
The Justice Department is challenging a bankruptcy filing by far-right Infowars radio host Alex Jones involving three companies after he lost defamation lawsuits filed by families of Sandy Hook massacre victims.
Boys Scouts bankruptcy judge approves sale of BSA warehouse
April 22, 2022 (ABC News)
The judge presiding over the Boy Scouts of America bankruptcy has approved the organization's request to sell its warehouse and distribution center in North Carolina for roughly $13.5 million and lease back the property from the buyer.
Dallas-based financial services firm GWG Holdings files for bankruptcy
April 20, 2022 (The Dallas Morning News)
Dallas financial services firm GWG Holdings Inc. and two of its subsidiaries filed for bankruptcy Wednesday and sought court approval of a $65 million loan to fund its operations while it restructures.
Dutch Court Declares Bankruptcy of Russia-Linked Amsterdam Trade Bank
April 22, 2022 (Bloomberg)
Amsterdam Trade Bank (ATB), a lender linked to Russia’s Alfa Group, was declared bankrupt in the Netherlands after it couldn’t make payments because of U.S. and U.K. sanctions against Moscow.
Nursing home operator postpones final hearing on bankruptcy plan
April 19, 2022 (Reuters)
The judge overseeing Gulf Coast Health Care LLC's bankruptcy has pushed the final hearing on its proposed liquidation plan to next week to allow opponents of the deal to review a report that analyzes potential litigation against people and entities associated with the bankrupt nursing home operator.
