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Creditor Opposes More Reed Smith Duties In Recycler s Ch. 11
Law360 (June 9, 2021, 3:09 PM EDT) A creditor of plastics recycler CarbonLite Holdings LLC told the Delaware bankruptcy court Tuesday that it should reject a request to expand the Chapter 11 duties of special corporate counsel Reed Smith, asserting an insurmountable conflict of interest involving the firm.
In an objection filed with U.S. Bankruptcy Judge John T. Dorsey, Learnicon LLC and managing member Bahram Nour-Omid said that Reed Smith LLP should not be permitted to represent the debtors while also defending certain CarbonLite directors tangled up in fraud and negligent misrepresentation claims in an adversary suit.
A group of plaintiffs alleging claims against bankrupt pharmaceutical company Mallinckrodt PLC will have their motion seeking appointment of a Chapter 11 trustee in the case heard during the debtor's plan confirmation hearing, a Delaware judge ruled Wednesday.
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Mallinckrodt Ch. 11 Trustee Hearing Set For Confirmation
Law360 (May 26, 2021, 6:32 PM EDT) A group of plaintiffs alleging claims against bankrupt pharmaceutical company Mallinckrodt PLC will have their motion seeking appointment of a Chapter 11 trustee in the case heard during the debtor s plan confirmation hearing, a Delaware judge ruled Wednesday.
During a virtual hearing, U.S. Bankruptcy Judge John T. Dorsey said the trustee motion filed by plaintiffs alleging Mallinckrodt engaged in anti-competitive practices when pricing its Acthar gel products shouldn t be heard on an expedited basis because it raises issues inextricably linked with the debtor s proposed plan of reorganization.
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Nursing Home Biz Gets OK For Ch. 11 Loan, Asset Auction
Law360 (April 16, 2021, 8:14 PM EDT) A Delaware bankruptcy judge Friday gave affiliates of nursing home chain Consulate Health Care permission to tap into $5 million in Chapter 11 financing and to solicit bids for their assets, but with a longer auction and more conditions on the loan than they asked for.
Following virtual closing statements by counsel for CMC II LLC, its unsecured creditors and other parties, U.S. Bankruptcy Court Judge John T. Dorsey approved both a debtor-in-possession loan from a Consulate affiliate and the bidding procedures for CMC s assets, with limits on the DIP collateral and two more months to market CMC s nonoperating assets.
Bankrupt affiliates of nursing home chain Consulate Health Care asked a Delaware bankruptcy judge on Tuesday to approve $5 million in Chapter 11 financing and a $3 million asset bid that unsecured creditors had decried as unnecessary and too small, respectively.