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ABI Meeting Materials: Artificial Intelligence and Ethics
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As artificial intelligence rapidly reshapes the legal profession, it brings with it a host of ethical considerations for bankruptcy practitioners, judges and legal professionals. A panel at ABI's Midwest Regional Bankruptcy Seminar explored the intersection of AI and professional responsibility, focusing on such issues as the duty of competence, confidentiality, bias in algorithms, and the responsible use of AI in legal research, drafting and case analysis. READ MORE
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 | | Editor's Picks |
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ModivCare Files for Chapter 11 Bankruptcy Protection
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Modivcare Inc. announced yesterday that it filed for voluntary chapter 11 protection to implement a comprehensive restructuring plan with the support of a supermajority of its key stakeholders, TipRanks.com reported. The restructuring aims to reduce the company’s total funded debt by approximately $1.1 billion and inject $100 million in debtor-in-possession financing to support ongoing operations. READ MORE
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Iowa City's Electric Bus Fleet Is Stalled, Waits for Parts Amid Manufacturer's Bankruptcy
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Iowa City's electric transit buses are temporarily sidelined. The city's four Proterra ZX5 battery electric buses are out of service because the company that manufactured the buses, Proterra, filed for chapter 11 bankruptcy in 2023, the Iowa City Press-Citizen reported. Iowa City has been waitlisted for replacement parts and other repairs for at least two years. Proterra was bought out by another California-based electric vehicle company, PhoenixEV, after it filed for bankruptcy. READ MORE
Explore the many issues that arise when suppliers are unable to make deliveries of promised parts due to financial problems with ABI's Interrupted! Understanding Bankruptcy's Effects on Manufacturing Supply Chains.
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Manure-to-Gas Company Files for Chapter 11 Protection
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NLC Energy Denmark LLC, a renewable energy company specializing in organic waste digestion for biogas production, has filed for chapter 11 bankruptcy protection in the Eastern District of Wisconsin, TheStreet.com reported. The company, formerly known as NEW Organic Digestion LLC, operates a facility in Denmark, Wisconsin, while maintaining its principal place of business in Nashua, N.H. READ MORE
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 | | Upcoming Events |
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Private Credit Loan Refinancing: Considerations for Borrowers and New Lenders
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Mergers and Acquisitions Webinar Series
September 10
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Midwestern Bankruptcy Institute
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Polsinelli Offices
October 16-17 | Kanasas City, Mo.
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 | | Daily Roundup |
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Massachusetts Developer Behind High-Profile Projects files for Bankruptcy
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The owner of Franklin Realty Advisors, a Wellesley-based firm behind a number of major developments in central Massachusetts and others in Boston, has filed for chapter 7 bankruptcy, NBCBoston.com reported. Chip Norton, the firm’s owner and president, has also been sued by a group of entities alleging that he failed to make required payments. READ MORE
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Texas Real Estate Investor’s Woes Spread to San Antonio with 2 Bankruptcies
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Houston investor and developer Ali Choudhri, who has touted acquiring over $1.2 billion in real estate assets and building the tallest single-family house in the state, is making his way around Texas courtrooms, the San Antonio Express-News reported. Choudhri’s legal issues have taken him to state district courts in Harris and Travis counties, both of Houston’s appeals courts and the Texas Supreme Court. A chapter 7 case playing out in Houston bankruptcy court even landed him in jail for a few days in April after a judge found him in civil contempt of court for failing to turn over records to the trustee administering the case involving Jetall Cos. (Subscription required.) READ MORE
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CLB Trucking Inc. Files for Chapter 11 Protection
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A Pittsburgh-region trucking company filed for voluntary chapter 11 bankruptcy protection in federal bankruptcy court, WPXI.com reported. CLB Trucking Inc. made the filing on Friday in the U.S. District Court for the Western District of Pennsylvania. CLB Trucking reported liabilities of between $1 million and $10 million and assets between $100,000 and $500,000, according to the filing. READ MORE
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Rent the Runway to Swap Debt for Equity in Revival Effort
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Rent the Runway Inc. will hand over a controlling stake in the company as part of a plan to cut debt and grow, after residual effects of the Covid-19 pandemic pushed the firm to the brink of bankruptcy, Bloomberg Law reported. The deal, with lender Aranda Principal Strategies and other partners, will wipe more than $240 million of debt from Rent the Runway’s balance sheet, according to an emailed statement. (Subscription required.). READ MORE
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Auburn-Based Car Toys to Sell Off Majority of Stores After Voluntary Bankruptcy Filing
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An Auburn, Wash.-based car equipment business will sell off the majority of its stores nationwide and has filed for voluntary chapter 11 bankruptcy to "facilitate" the transactions, King5.com reported. Thirty-five of Car Toys' stores, including eight of the 12 in western Washington, will be sold to five different parties. The company did not specify in a press release why it has decided to sell the majority of its locations. READ MORE
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