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WSJ Pro Bankruptcy: Genesis Cleared to Name Affiliate of Its Owner as Lead Chapter 11 Bidder
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A bankruptcy judge cleared Genesis Healthcare to start a sale process, naming an affiliate of its controlling owner, nursing home magnate Joel Landau, as the favorite bidder, despite the objections of lawyers for over 300 patients with healthcare-negligence and other personal-injury claims against the bankrupt nursing home chain, WSJ Pro Bankruptcy reported. The company faced fierce opposition in bankruptcy court on Wednesday to its plans to name a Landau affiliate as the lead bidder and borrow a $30 million loan from two of its biggest landlords and the same Landau affiliate. (Subscription required.) READ MORE
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 | | Editor's Picks |
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Buffalo Diocese Abuse Settlement Increases to $272 Million
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Two insurance companies who represented the Diocese of Buffalo have agreed to pay $122.5 million to help settle 900 sexual abuse claims in U.S. Bankruptcy Court, WGRZ.com reported. The settlement, which was detailed in court papers provided Wednesday by U.S. Bankruptcy Judge Carl Bucki, comes in addition to the previously announced $150 million the diocese will be contributing toward the deal. The insurance companies' amount brings the total settlement to $272.5 million. Continental Insurance Company will contribute $85 million toward the settlement and Wausau Insurance will pay $37.5 million, attorneys for the Diocese said in court papers. READ MORE
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Houston Bankruptcy Judge Disputes Judicial Committee’s Stance on Judge Shopping
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bankruptcy Judge Marvin Isgur disputed guidance from a committee of the federal judiciary’s policymaking body aiming to deter judge shopping, saying it challenged the integrity of his fellow judges in the Southern District of Texas, WSJ Pro Bankruptcy reported. A bankruptcy-related committee of the Judicial Conference of the U.S. last week said bankruptcy courts should avoid designating a panel or group of judges for the purpose of assigning chapter 11 or chapter 15 cases, “or any subset of such cases.” Random assignments promote impartiality in such cases, typically filed by troubled businesses, and help to deter them from shopping for particular judges, according to an Aug. 21 memo by the Judicial Conference’s Committee on the Administration of the Bankruptcy System. (Subscription required.) READ MORE
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Hyroad Acquires Nikola Hydrogen Trucks and Assets in Bankruptcy Auction
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Hydrogen trucks-as-a-service company Hyroad announced that it has acquired major hydrogen assets from Nikola’s bankruptcy auction, FleetOwner.com reported. Hyroad acquired all of Nikola’s remaining hydrogen trucks (113 Class 8 fuel cell electric trucks), a spare parts inventory, supporting software platforms, and IP assets from the bankruptcy auction. The acquisition did not include Nikola’s Hyla fueling stations. The acquisition expands Hyroad’s pay-per-mile hydrogen fleet, where it will be deployed primarily in California. Hyroad also plans to offer support for the Nikola trucks that are already in customers’ hands.. READ MORE
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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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Ocotober 22-23 | Washington, D.C.
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 | | Daily Roundup |
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Kohl's Sharper Focus on Turnaround Drives Profit Lift, Shares Surge
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Kohl's raised its annual profit forecast on Wednesday as the U.S. department store chain's years-long turnaround reduces costs and its fresher product line-up brings back customers, sending its shares up 20% in early trading, Reuters reported. The company also reported a second straight quarter of sales beat as efforts to reassess its product assortment pay off, even as it grappled with three CEO changes in as many years, with the latest leaving after about 100 days. READ MORE
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A Kentucky Bourbon Wants to Cover Bankruptcy Debt with Whiskey. Bank Says No
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Kentucky Owl and the U.S. subsidiary of Stoli have been in chapter 11 protection since November 2024. Now they have a plan to emerge: Pay off $78 million in debt with 35,000 barrels of unfinished bourbon as well as an assortment of finished alcohol inventory, along with a lien on property meant to be a distillery and tourist destination in Bardstown. But lender Fifth Third Bank opposes the plan, which the bank says will leave it on the hook for $60 million, the Lexington Herald Leader reported. Instead, Fifth Third wants an independent fiduciary appointed, possibly on Friday, when a fifth day of hearings is scheduled in bankruptcy court in Texas. READ MORE
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Unicoin Will Move to Dismiss SEC Fraud Case, Says CEO
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Crypto firm Unicoin will today file a motion to dismiss a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC), the company told Decrypt. The SEC sued Unicoin and three of its top executives in May, accusing them of misleading investors and raising more than $100 million through false claims about its crypto offerings and company stock while attempting to cloak themselves in a veneer of regulation. READ MORE
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College Plans Sale of Manhattan Real Estate to CUNY to Pay Debt
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A struggling college in New York City is planning to sell its Manhattan campus to The City University of New York, providing a reprieve for its bondholders, Bloomberg News reported. CUNY intends to purchase the real estate located in the Financial District from the Metropolitan College of New York for $40 million, according to a regulatory filing dated Aug. 26. (Subscription required.) READ MORE
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