 | | Featured Premium Content | | | | | Bloomberg Law: Ex-DOJ Bankruptcy Director Appeals Trump Administration Firing
The fired head of the Justice Department’s bankruptcy watchdog program is seeking reinstatement, arguing her termination violated her constitutional and statutory due process rights, according to an administrative complaint. Tara Twomey, the former director of the Executive Office for U.S. Trustees, said a Justice Department security official hand-delivered a memorandum March 7 terminating her, according to a complaint obtained by Bloomberg Law through a records request. The memorandum, signed by Deputy Attorney General Todd Blanche, cited the president’s constitutional authority. READ MORE | | | | | SPONSORED CONTENTPrivate Credit and BSLs: Friends or Foes?With private credit and broadly syndicated loans (BSLs) competing for dominance, the lending landscape is in flux. But can these markets ultimately work hand in hand? SRS Acquiom, in partnership with Debtwire, surveyed 200 senior executives from alternative asset management firms across Europe and the U.S. to uncover the true dynamics of these two critical markets. Download the Report | | |  | | Editor's Picks | | | | | Pappas Dining Empire Makes Bankruptcy Bid for On The Border
Pappas Restaurants is preparing to acquire On The Border Mexican Grill & Cantina and help the Tex-Mex chain emerge from bankruptcy, Bloomberg News reported. The Texas-based parent of brands like Pappas Bros. Steakhouse, Pappas Bar-B-Q and Pappadeaux Seafood Kitchen has made a bid to take over On The Border as part of a sale in bankruptcy court. READ MORE | | Texas Trucking Company, Affiliates File for Bankruptcy
A Henderson, Texas-based business owner has filed bankruptcy for three businesses, including a trucking company, Freight Waves reported. According to court documents obtained by FreightWaves, Billy J. Townley filed chapter 11 bankruptcy for his three companies on Wednesday: TLC Transportation, Townley Pallet Manufacturing, and W.D. Townley and Son Lumber Co. All three filed for chapter 11 in the U.S. Bankruptcy Court for the Northern District of Texas. READ MORE | | Bar Louie Files for Bankruptcy for a Second Time
The Bar Louie pub chain filed for chapter 11 bankruptcy on Wednesday, days after closing a number of locations in the Midwest and New Jersey, RestaurantBusinessOnline.com reported. It is the chain’s second bankruptcy petition in five years. It previously filed for chapter 11 in January 2020 after closing nearly 40 locations. The latest filing, in U.S. bankruptcy court in Delaware, indicates that Bar Louie is deep in debt, with liabilities of $50 million to $100 million, compared to assets of $1 million to $10 million. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | Behind the Bench: Preparations and Suggestions to Solve the Pro Se PuzzleABI/NCBJ Webinar
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April 24-26 | Washington, D.C. | | | | |  | | Daily Roundup | | | | | Original Founders Aim to Save Core Set of Hooters Restaurants
The original founders of bankrupt restaurant chain Hooters sold the trademark around the turn of the millennium, but retained control of a core set of restaurants that now includes 11 in Florida and 11 in Illinois, Bloomberg News reported. Hooters systemwide in the U.S. shuttered more than 40 locations last year, according to food service consulting firm Technomic. That brought the total number in the U.S. down to about 250 from a peak of 400 in 2008. READ MORE | | Iowa Grain Dealer Files for Bankruptcy
A St. Louis-based company with an Iowa grain dealer license has filed for chapter 11 bankruptcy. Iowa farmers with unpaid grain sold to Benson Hill Holdings, Inc. prior to March 20, can file a claim for indemnity, according to the Iowa Department of Agriculture and Land Stewardship, the Iowa Capital Dispatch reported. The grain indemnity fund will pay farmers 90% of their loss, up to $300,000, though claims related to Benson Hill must be mailed or personally delivered to IDALS’s Grain Warehouse Bureau by July 18. READ MORE | | Trump’s Tariffs Leave Automakers With Tough, Expensive Choices
Automakers can respond to President Trump’s new 25 percent tariffs on imported cars and parts in several ways. But all of them cost money and will lead to higher car prices, analysts say, the New York Times reported. Manufacturers can try to move production from countries like Mexico to the United States. They can try to increase the number of cars they already make here. They can stop selling imported models, especially ones that are less profitable. But whatever carmakers decide, car buyers can expect to pay more for new and used vehicles. Estimates vary widely and depend on the model, but the increase could range from around $3,000 for a car made in the United States to well over $10,000 for imported models. READ MORE | | | | |
