Category Archives: Bankruptcy

WASHINGTON, July 29, 2021 /PRNewswire/ -- More than 30,000 women cancer victims would retain their constitutional right to have juries decide if talc in Johnson & Johnson's (NYSE:JNJ) baby products caused their ovarian cancer under bankruptcy reforms proposed Wednesday by key lawmakers in the U.S. Senate and House of Representatives.

The Nondebtor Release Prohibition Act of 2021 would close controversial bankruptcy loopholes, including non-consensual third-party releases and the so-called "Texas Two-Step." Recent media reports indicate that Johnson & Johnson with a market cap of more than $400 billion is contemplating bankruptcy to avoid paying claims and damages that would likely cost a fraction of that amount. In a quarterly earnings report issued this week, J&J announced sales of $23.31 billion, a 27 percent increase year over year, and upgraded its annual sales forecast to $94.6 billion.

"Many of us are shocked that Johnson & Johnson would consider abusing the bankruptcy process to avoid caring for the women and families they've harmed," says Deane Berg, whose 2013 trial resulted in the first jury verdict establishing a link between talcum powder and ovarian cancer. "Before we were harmed by J&J, we were loyal J&J customers. They've turned their back on all of us."

Dozens of studies published in peer-reviewed journals during the past 25 years have shown a statistically significant association between talc use and ovarian cancer and mesothelioma. Documents produced at trial show that the company was aware of the dangers as far back as the 1960s.

The bankruptcy reform proposal introduced by Sen. Elizabeth Warren (D-Mass.), Sen. Richard Durbin (D-Ill.) and Sen. Richard Blumenthal (D-Conn.) in the Senate, and Rep. Jerrold Nadler (D-N.Y.) and Rep. Carolyn Maloney (D-N.Y.) in the House, would address a growing trend in which a profitable company is able to quickly corral legal liabilities and debts into a separate corporate entity. Known as a "divisive merger" or the "Texas Two-Step," the liability-laden subsidiary is then reincorporated elsewhere and eventually declared bankrupt. The threat of bankruptcy is used to intimidate individuals who file lawsuits and to drive down the value of negotiated settlements.

Story continues

"These conscientious and well-informed lawmakers recognize that allowing highly profitable companies to shirk their responsibilities to society is reprehensible and can't be tolerated," says Andy Birchfield, Mass Tort Section Head at the Beasley Allen Law Firm, which represents thousands of women diagnosed with ovarian cancer after exposure to Johnson & Johnson Baby Powder and other talc-based products. "The courts not the federal bankruptcy system are the proper forum for resolving disputes between wrongdoers and the people they injure."

The Nondebtor Release Prohibition Act would prohibit bankruptcy judges from allowing companies that are not a party to gain non-consensual releases of liability as part of the bankruptcy process. This tactic allows corporations to employ bankruptcy as a shield against liability. The legislation aligns with other proposed legislation dubbed the SACKLER Act introduced by Rep. Maloney.

In addition, bankruptcy filings often result in indefinite delays that freeze ongoing lawsuits in state and federal courts. Sen. Warren's bill would limit stays for a duration of only 90 days.

"These legislators should be applauded for recognizing the need to close the loopholes that allow powerful individuals and successful corporations to play blame-shifting with people's lives," says Michelle Parfitt, co-lead counsel in the federal talc MDL and a senior partner in the law firm Ashcraft & Gerel. "Whether it's a baby powder, a pharmaceutical or any other dangerous product, consumers need to be able to gain adequate compensation for any losses and injuries they've suffered. Without these proposals, that fundamental tenet of our justice system is at risk."

About the Beasley Allen Law FirmHeadquartered in Montgomery, Alabama, Beasley Allen is comprised of more than 70 attorneys and 200 support staff. One of the largest Plaintiffs law firms in the country, Beasley Allen is a national leader in civil litigation, with verdicts and settlements of more than $26 billion. For more information visit http://www.beasleyallen.com.

About the Ashcraft & Gerel Law Firm Washington, D.C.-based Ashcraft & Gerel, LLP was first developed in 1953. The goal of the law firm is to help those who have been injured while on the job. Since its founding, this law firm has become one of the largest and most well-known personal injury firms in the U.S.

Contact:Mark Annickmark@androvett.com800-559-4534

Cision

View original content:https://www.prnewswire.com/news-releases/women-cancer-victims-opposed-to-johnson--johnsons-texas-two-step-bankruptcy-ploy-urge-passage-of-reforms-introduced-by-warren-durbin-nadler-blumenthal-and-maloney-301344451.html

SOURCE Beasley Allen Law Firm

See the rest here:

Women Cancer Victims Opposed to Johnson & Johnson's 'Texas Two-Step' Bankruptcy Ploy Urge Passage of Reforms Introduced by Warren, Durbin, Nadler,...

The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson

The owner of a Holiday Inn in downtown Miami filed for Chapter 11 bankruptcy protection, with a plan aimed at luring investors to redevelop the site.

With its close proximity to PortMiami, Bayside Marketplace and the planned Waldorf Astoria Miami luxury tower, the hotel owners attorney Linda Worton Jackson said the 10-story building at 340 Biscayne Boulevard is attracting interest from potential investors. The property could be redeveloped as a mixed-use project with a hotel component.

The site is primed for development, Worton Jackson said. Its in a fabulous location with a lot of investors eyeing it with a view toward redevelopment.

The hotel is owned by the entity 340 Biscayne Owner LLC that is tied to Brazilian developer Gilberto Bomeny. The same company sold the land underneath the Holiday Inn to Kawa Capital Management in 2016 in a leaseback deal. The site consists of three contiguous parcels with a combined area of 39,982 square feet, which has been occupied since 1950 by a 200-room hotel currently under the management of Holiday Inn.

On Monday, the owner filed its petition in Miamis federal bankruptcy court, listing between $100 million to $500 million in assets, and liabilities between $10 million and $50 million. According to the list of the hotels 20 largest creditors, the main creditor is 340 Biscayne Lendco, which has a secured claim of about $37 million. First Bank of Puerto Rico has the largest unsecured claim for a PPP loan of $989,219.

Worton Jackson said her client expects to refinance the $37 million loan, keep post-petition debts and pay all creditors in full. By filing for Chapter 11 bankruptcy, the Holiday Inn owner will be able to restructure the existing loans and bring in new equity to improve operations, Worton Jackson said. Day-to-day operations will not be affected, she added.

The 200-room Holiday Inn relied heavily on cruise ship passengers sailing out of PortMiami, Worton Jackson said. They represented 70 percent of the hotels Thursday, Friday, Saturday and Sunday bookings, prior to the pandemic, according to a company press release. In 2019, more than one-third of the hotels reservations originated from contractual agreements related to the cruise industry.

The hotel, which also has 2,000 square feet of meeting space and onsite dining, operated regularly at 90-plus percent occupancy and had more than $10 million in annual operating revenue, the press release states. Business took a dive when its operations were limited due to emergency orders issued by local governments to curtail the spread of coronavirus. In April of last year, the Holiday Inn temporarily laid off 73 people, according to a WARN notice filed with the state.

During the pandemic, there were many days that the hotel operated in the single digits, Worton Jackson said. They kept it open for essential workers, including airline crews. Virtually all the employees [who were laid off] have been hired back.

According to the press release, the Holiday Inns occupancy picked up significantly in January to an average of 80 percent, and its first quarter performance exceeded hospitality industry forecasts. As a result, the Holiday Inn owner broke even on its hotel operations while remaining current on virtually all of its obligations. Once the cruise industry rebounds, the hotel expects to regain profitability, the press release states.

Rich Lilis, Collier Internationals executive managing director for hotels in the U.S., said the leisure segment is driving a resurgence in the hospitality sector. Lilis said occupancy in Miami-Dade was 72 percent in the second quarter, compared to 76 percent in the same period of 2019. But the average daily room rate improved by 26 percent, he said.

Investors are clamoring for Miami, Lilis said. I believe we will see a significant amount of transactions with new capital being invested into the Miami market.

See the original post here:

Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn - The Real Deal

Official advisers to Washington Prime Group Inc. stockholders, skeptical of the Columbus-based company's proposed sale to SVPGlobal, are trying to slow down the mall landlord's bankruptcy.

A government-appointed group of Washington Prime stockholders has asked Judge Marvin Isgur to extend key deadlines in the insolvency proceedings by more than a month, arguing in court papers that the group's advisers don't have enough time to evaluate the real estate investment trust's Chapter 11 exit plan. Washington Prime may be worth more than the plan implies, but more time is needed to figure that out, the group says.

Washington Prime entered bankruptcy last month after the pandemic forced shoppers to stay home, crushing its tenants and sapping revenues. But rising vaccination rates and a resurgent U.S. economy have begun to reverse the company's fortunes, making it difficult to pin a value on its portfolio of roughly 100 shopping centers across the U.S. The company's website indicates it has nine malls in Ohio, including Great Lakes Mall in Mentor and Southern Park Mall in Youngstown.

The company plans to exit bankruptcy by handing ownership to investment firm SVPGlobal in exchange for debt forgiveness, assuming no better offers come in. But the plan's August approval deadline leaves relatively little time for competing bidders to make moves, and the company has said new offers must be all-cash and exceed $2.3 billion.

Critics say the timeline is especially cramped given the size and complexity of the company, while Washington Prime's lawyers have said its sale process is more than adequate. The stockholder group said its valuation consultant Newmark Valuation & Advisory needs more than the three weeks currently allotted to determine whether the sale to SVPGlobal is fair.

"With so much positive change in such a short period of time, it is very difficult today to discern the Debtors' worth, other than to say it is undoubtedly on the upswing," lawyers for the stockholders wrote in court papers. Through the proposed deal, "SVP seems to be 'buying' the Debtors' assets and business for a price that may not reflect true inherent value but is, rather, exploitative of momentary economic disruption."

Washington Prime and a representative for SVPGlobal declined to comment.

Read more from the original source:

Washington Prime investors seek to slow the mall owner's bankruptcy - Crain's Cleveland Business

As if partaking in the powerful drug it aggressively marketed, being at the forefront of the opioid boom was a dizzying high for Purdue Pharma. But it ultimately proved crippling for the manufacturer of OxyContin.

On Tuesday, the company revealed that its bankruptcy plan has received overwhelming support. The move will allow Purdueto settle thousands of lawsuits it faced over its role in helping trigger and fuelthe opioid crisis.

Among nearly 5,000 state and local creditors, 97% voted to accept the chapter 11 reorganization plan. A confirmation hearing is set for Aug. 9.

RELATED: OxyContin maker Purdue wins 15 states support in controversial $4B bankruptcy plan

This is an unprecedented expression of support for a restructuring of this size and complexity, in favor of a plan that will provide needed resources to those affected by the opioid crisis, Purdue Pharma CEO Steve Miller said in a release.

The vote came less than three weeks after 15 states signed off on Purdues controversial plan, which would transform the company into a nonprofit in exchange for excusing it from future litigation. Purdues owners, the Sackler family, would agree to settle for $4.5 billion to be paid over nine years, said the New York Times.

According to the House Committee on Oversight and Reform, which has been investigating Purdues role in the opioid crisis, the combined assets of the family are $11 billion. The committee estimated that opioid sales generated roughly $30 billion in revenue for Purdue.

RELATED: Purdue reaches $8B settlement on federal opioid chargesbut will it ever pay that amount?

There is considerable government pushback for the plan. On Monday, in Purdues home state of Connecticut, Sen. Richard Blumenthal (D) and attorney general William Tong voiced support for closing the loophole that allows large companies to declare bankruptcy to sidestep litigation. Tong will testify before a House Judiciary subcommittee on the issue this week.

Last week, Reuters reported that Johnson & Johnson is also considering a bankruptcy plan, which would entail establishing a new company in which to funnel lawsuits over its talcum products and then declaring it bankrupt.

Also last week, J&J and three distributors agreed to a landmark opioid settlement which resolved lawsuits for $26 billion.

Purdue has spent years in court battling opioid lawsuits. In October of 2020, it settled with the Justice Department for more than $8 billion to plead guilty and settle federal criminal and civil claims linked to its OxyContin actions.

More:

Purdue points to creditor support for bankruptcy plan to escape opioid litigation but will Congress follow - FiercePharma

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which proposes a pre-packaged insolvency resolution mechanismfor micro, small and medium enterprises, was passed in the Lok Sabha on Wednesday.

The bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which was promulgated on April 4, when Parliament was not in session, and amends the Insolvency and Bankruptcy Code, 2016.

Moneycontrol explains what the pre-packaged insolvency resolution process is,how it will be implemented, how it differs from the corporate insolvency resolution process (CIRP) and what its benefits are.

What is a pre-packaged insolvency resolution mechanism?

A pre-packaged insolvency resolution mechanism is an alternative method of providing a corporate rescue plan for MSMEs.

Under this framework, a debtor initiates and participates in the resolution proceedings with lenders through an informal process. Once the promoters of the company and the secured creditors agree on a resolution plan, they can approach the National Company Law Tribunal for approval.

How is the pre-packaged resolution initiated?

An MSME that has not met its payment obligation of10 lakh can initiate this scheme with approval from lenders that have advanced 66 percent of the debt amount.

What isthe corporate insolvency resolution process?

Under the existing CIRP model, an insolvent borrower is taken to bankruptcy court by the creditors for a timebound resolution and the process allows other entities to bid for the stressed entity.

How does the pre-packaged resolution process differ from CIRP?

Under CIRP, the promoter of a stressed unit cannot bid for it. A resolution professional is appointed to oversee the companys activities and the incumbent promoters have to step down. The resolution professional also manages the bidding and resolution process, for which there is a 270-day deadline.

Under the pre-packaged resolution model, the stressed borrower can prepare a resolution plan with the creditors, which could involve selling the company to an investor, before approaching the NCLT. The borrower retains management control of the company until a resolution is decided.

The time limit for the resolution has been drastically reduced to 120 days 90 days to submit a resolution plan and 30 days for the NCLT to approve or reject it. Promoters can also bid for their companies in the case of a buyout.

What are the benefits of the pre-packaged model?

For the NCLT, it will be a relief because the tribunal is burdened with several cases that can take several months. The tribunal will only have to reject or approve a resolution plan for MSMEs.

The promoters can continue to be in charge of their company until a settlement is reached and business activities can go on unhindered. The shorter time available for resolution will ensure that a companys assets are not eroded.

View original post here:

Explained: All you need to know about the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 - Moneycontrol.com

Our process begins with our distressed company analysis. Our analysts use proprietary technology and methods to discover companies that exhibit signs of stress.

When a company does file for bankruptcy, we kick into gear. We compile a database of case information for all companies that file for bankruptcy in the 94 U.S. Bankruptcy Courts in near real time.

We also track and report on public companies currently operating under Chapter 11 protection, in addition to all companies with 50MM in assets or liabilities. This process allows us to continue collecting information about the public companies bankruptcies, including: plans of reorganization and disclosure statements, debtor-in-possession financing information, professional retention data, 363 sales motions, key employee incentive plans, monthly operating reports, claim transfer activity, securities and security pricing data, committee information, and much more.

Our platform allows subscribers to flesh out extensive details pertaining to individual bankruptcies, identify a group of companies that meet specific criteria, or stay on top of the industry as a whole.

BankruptcyData has revolutionized the way in which professionals interested in the bankruptcy sector consume, share, manage, and leverage vital data, research, and analysis. We provide a competitive advantage to those interested in making more informed decisions regarding the bankruptcy and distressed sectors

Follow this link:

BankruptcyData

Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.

All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.

There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.

Bankruptcy Basics provides detailed information about filing.

The rules of procedure that govern how Bankruptcy Courts operate are called the Federal Rules of Bankruptcy Procedure.

Seeking the advice of a qualified lawyer is strongly recommended because bankruptcy has long-term financial and legal consequences. Individuals can file bankruptcy without a lawyer, which is called filing pro se. Learn more.

You can either browse the Bankruptcy Code using the menu on the right side of you screen or you can proceed directly to the Table of Contents.

Read the original:

U.S. Bankruptcy Code | 2020 Official Edition

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

When you file for Chapter 7 or Chapter 13 bankruptcytwo of the most common individual bankruptciesit can remain on your credit reports for up to ten years. After a bankruptcy is listed on your reports, it causes serious damage to your credit score until its removed. This means you will likely have trouble qualifying for a mortgage, auto loan or personal loan.

However, the good news is that you can take steps to speed up the credit rebuilding process. Lets take a look at how long both types of bankruptcies remain on your credit reports. Afterward, well walk you through some steps you can take to improve your credit score.

Experian can help raise your FICO Score based on bill payment like your phone, utilities and popular streaming services. Results may vary. See site for more details.

After you file for a Chapter 7 bankruptcy, it remains on your credit reports for up to ten years and youre allowed to discharge some or all of your debts. When you discharge your debts, a lender cant collect the debt and youre no longer responsible for repaying it.

If a discharged debt was reported as delinquent before you filed for bankruptcy, it will fall off of your credit report seven years from the date of delinquency. However, if a debt wasnt reported delinquent before you filed for bankruptcy, it will be removed seven years from the date you filed.

A Chapter 13 bankruptcy stays on your credit reports for up to seven years. Unlike Chapter 7 Bankruptcy, filing for Chapter 13 bankruptcy involves creating a three- to five-year repayment plan for some or all of your debts. After you complete the repayment plan, debts included in the plan are discharged.

If some of your discharged debts were delinquent before filing for this type of bankruptcy, it would fall off your credit report seven years from the date of delinquency. All other discharged debts will fall off of your report at the same time your Chapter 13 bankruptcy falls off.

Since your credit score is based on the information listed on your credit reports, the bankruptcy will impact your score until it is removed. This means a Chapter 7 bankruptcy will impact your score for up to 10 years while a Chapter 13 bankruptcy will impact your score for up to seven years. However, the impact of both types of bankruptcies on your credit score will lessen over time. Plus, If you practice good credit habits, you could see your score recover faster.

Also, how much your credit score decreases depends on how high your score was before filing for bankruptcy. If you had a good to excellent score before filing, this likely means your credit score will drop more than someone who already had a bad credit score.

If your credit has taken a major hit because of bankruptcy, you can rebuild it. Here are five steps you can take.

Related: 7 Easy Ways To Rebuild Your Credit After Bankruptcy

Monitoring your credit report is a good practice because it can help you catch and fix credit reporting errors. After going through bankruptcy, you should review your credit reports from all three credit bureausExperian, Equifax and Transunion. Due to Covid-19, you can view your credit reports for free weekly through April 20, 2022 by visiting AnnualCreditReport.com.

While reviewing your reports, check to see if all accounts that were discharged after completing bankruptcy are listed on your account with a zero balance and indicate that theyve been discharged because of it. Also, make sure that each account listed belongs to you and shows the correct payment status and open and closed dates.

If you spot an error while reviewing your credit reports, dispute it with each credit bureau that includes it by sending a dispute letter by mail, filing an online dispute or contacting the reporting agency by phone.

Payment history is the most important credit factor, which accounts for 35% of your FICO credit score. If you repay any outstanding debts you have on time, it could improve your credit score. However, if you make late payments or default on a loan, your credit score can suffer further damage.

Another key credit score factor is your credit utilization ratioit accounts for 30% of your FICO Score. Your credit utilization ratio measures how much of your credit you use versus how much you have available. For example, if your available credit is $10,000 and you use $2,000, your credit ratio is 20% ($2,000/$10,000).

Although its often recommended that you keep your ratio below 30%, you may be able to rebuild your credit faster by keeping it closer to 0%.

After filing for bankruptcy, its unlikely that you will qualify for a traditional credit card. However, you may qualify for a secured credit card. A secured credit card is a credit card that requires a security depositthis deposit establishes your credit limit.

As you repay your balance, the credit card issuer usually reports your payments to the three credit bureaus. Repaying your balance on time can help you build credit. Once you cancel the card, a credit card provider typically issues you a refund for your deposit.

When shopping for secured credit cards, compare annual fees, minimum deposit amounts and interest rates to secure the best deal.

If you dont want to take out a secured credit card, you can ask a family member or friend who has good credit to add you as an authorized user on one of their credit cards. You may see an increase in your credit score if the issuer reports the cards positive payment history to the three main credit bureaus. However, your score could take a dip if the primary cardholder makes a late payment or maxes out their credit limit.

Depending on which type of bankruptcy you file, it can remain on your credit report for up to ten years. This can negatively impact your ability to access credit for a long time. However, as time passes, its impact on your credit score will lessen. If you want to get a head start on repairing your credit score after bankruptcy, take some of the actions mentioned above.

Experian can help raise your FICO Score based on bill payment like your phone, utilities and popular streaming services. Results may vary. See site for more details.

Read the original here:

How Long Does A Bankruptcy Stay On Your Credit Report? - Forbes

By T. D. Thornton

The law firm representing Ahmed Zayat in his $19-million bankruptcy pleading asked a federal judge Monday for permission to walk away from the case based on Zayat's alleged non-payment of $368,273 to the firm in outstanding legal fees.

The representation of the Debtor has consumed an extremely significant amount of the available resources of our firm, wrote attorney Jay Lubetkin of Rabinowitz, Lubetkin & Tully, LLC, in a July 26 motion to withdraw filed in United States Bankruptcy Court (District of New Jersey).

The Debtor has been consistently advised that absent satisfactory arrangements for the payment of the outstanding fees and expenses due to our firm and newly incurred billings, the firm would have no alternative but to seek to withdraw from representation of the Debtor, Lubetkin wrote.

The purportedly insolvent owner and breeder of Triple Crown champ American Pharoah hired the firm when he filed for Chapter 7 bankruptcy protection nearly one year ago.

Lubetkin's firm has also been defending Zayat in an adversary proceeding filed against him by MGG Investment Group, LP, for allegedly obtaining a $24-million loan by fraud and then not repaying it. MGG wants that debt ruled as non-dischargeable.

Zayat's bankruptcy case has repeatedly been slowed by allegations from the trustee assigned to the case that Zayat and his family members have been uncooperative and obstructive as the trustee tries to trace millions of dollars in possibly fraudulent transfers.

Lubetkin wrote in his court filing that at the outset of their legal relationship, Zayat promised to pay what he owed in legal fees based on 60-day receivable terms. He later agreed to make at least $50,000 monthly minimum payments.

At the time of his initial bankruptcy filing in September 2020, Zayat told the court he had only $314.22 to his name.

Lubetkin wrote that Zayat has not paid his firm since May 5, 2021.

If the Debtor were to satisfy his previously expressed commitment to keep our receivables within 60-day terms, it would require an immediate payment of $232,899 and a further payment of $76,717 when the billing governing July's efforts is tendered, Lubetkin wrote.

I attempted at least nine times during the month of July to communicate with the Debtor regarding status of payments to our firm, without substantive or satisfactory response by the Debtor, Lubetkin wrote.

As for who might next represent Zayat, Lubetkin wrote in his filing that Zayat himself fully understands the Chapter 7 bankruptcy process and is fully capable of representing himself.

Lubetkin wrapped up his motion for withdrawal by noting that when he finally did manage to reach Zayat July 21, it seems as if Zayat tried to tell him he was fired before Lubetkin could quit.

[W]hile not knowing what the Debtor's intentions were at the time of the communication, Lubetkin wrote, the Debtor requested that I write to the Court to advise my firm was 'no longer defending the Debtor, which may be interpreted as the Debtor terminating his relationship with our firm.

Go here to read the rest:

Zayat's Bankruptcy Lawyers Want to Sever Ties Over $368K in Unpaid Fees - Thoroughbred Daily News

The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.

(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.

The rest is here:

Week Ahead in Bankruptcy: July 26, 2021 - Reuters