Week Ahead in Bankruptcy: July 26, 2021 – Reuters

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(Reuters) - Here is a look at some upcoming events of interest to the bankruptcy law community. Unless otherwise noted, all times are local, and court appearances are virtual due to the COVID-19 pandemic.

Monday, July 26

11:15 a.m. Brazos Electric Power Cooperative will seek approval to extend by four months its exclusive period to file a Chapter 11 plan. Its unsecured creditors committee filed a limited objection, asking a judge to impose certain deadlines for the co-op to meet if he approves the extension. The case is In re Brazos Electric Power Cooperative Inc, U.S. Bankruptcy Court, Southern District of Texas, No. 21-30725. For Brazos: Louis Strubeck of OMelveny & Myers. For the committee: Thomas Moers Mayer of Kramer Levin Naftalis & Frankel.

Tuesday, July 27

9:30 a.m. The federally-appointed financial oversight board for Puerto Rico will return to court to present a settlement with two large bond insurers that would resolve their longstanding objections to the commonwealths debt restructuring process. Lawyers for the board and insurers said recently that they had reached a tentative deal with the bond insurers but did not reveal any terms. The case is In re Commonwealth of Puerto Rico, U.S. District Court, District of Puerto Rico, No. 17-03283. For the oversight board: Martin Bienenstock of Proskauer Rose. For Ambac Assurance: Atara Miller of Milbank. For Financial Guaranty Insurance Co: Martin Sosland of Butler Snowe.

Wednesday, July 28

10 a.m. The U.S. House of Representatives' Judiciary Subcommittee on Antitrust, Commercial and Administrative Law will hold the first of what it says will be a series of hearings on potential bankruptcy law reforms. The potential reforms involve the use of non-consensual releases for non-bankrupt parties and the payment of executive bonuses during bankruptcies.

Thursday, July 29

10 a.m. The Boy Scouts of America will hold a preliminary hearing on its proposed settlement with representatives of about 60,000 men who brought sexual abuse claims against the youth organization. Insurers remain opposed to the deal. The case is In re Boy Scouts of America, U.S. Bankruptcy Court, District of Delaware, No. 20-10343. For the Boy Scouts: Jessica Lauria of White & Case. For insurer Century Indemnity Co: Tancred Schiavoni of OMelveny & Myers.

2 p.m. After postponing a July 19 hearing on the matter, Purdue Pharma will seek approval to pay up to $5.4 million in bonuses to five top executives if they meet certain performance goals and up to $16.1 million to another 506 employees. The request has prompted opposition from the U.S. Department of Justices bankruptcy watchdog, the U.S. Trustee. The case is In re Purdue Pharma LP, U.S. Bankruptcy Court, Southern District of New York, No. 19-bk-23649. For Purdue: Marshall Huebner of Davis Polk. For the U.S. Trustee: Paul Schwartzberg.

Friday, July 30

10 a.m. Skincare products maker Avadim Health will seek approval of its proposed sale. The deadline for interested buyers to submit their bids is July 26. If multiple bids are made, an auction will be held on July 29. The case is In re Avadim Health Inc., U.S. Bankruptcy Court, District of Delaware, No. 21-10883. For Avadim: Laura Davis Jones of Pachulski Stang Ziehl & Jones.

Know of an event that could be included in Week Ahead in Bankruptcy? Contact Maria Chutchian at maria.chutchian@thomsonreuters.com

Maria Chutchian reports on corporate bankruptcies and restructurings. She can be reached at maria.chutchian@thomsonreuters.com.

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Week Ahead in Bankruptcy: July 26, 2021 - Reuters