Tag: Bankruptcy

Opioid Drug Maker Mallinckrodt Files for U.S. Bankruptcy Protection | Investing News

Reuters

FILE PHOTO: Bottles of prescription painkillers Oxycodone Hydrochloride, 30mg pills, made by Mallinckrodt sit on a counter at a local pharmacy, in Provo, Utah, U.S., April 25, 2017. REUTERS/George Frey/File PhotoReuters

(Reuters) – Mallinckrodt filed for bankruptcy protection on Monday, saddled with lawsuits alleging it helped fuel the U.S. opioid epidemic.

Adding to its woes, the company in March also lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug.

Mallinckrodt said on Monday it had agreed to pay $1.6 billion over several years to settle opioid-related litigation. About $450 million would be paid as part of its settlement once the company emerged from chapter 11 bankruptcy.

The company would then pay $200 million in the first and second year after its emergence from the bankruptcy, and $150 million subsequently through the seventh year.

Mallinckrodt had agreed to pay $260 million over

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Slow Start to Chapter 11 Subchapter V Bankruptcy Filings

Since the inception of the new Subchapter V program, only a small number of commercial filers have used the statute

Sub V and Chapter 11 Filing Data from AACER Epiq

Data range is February – September 2020
Data range is February – September 2020
Data range is February – September 2020

NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) — Epiq, a global leader in legal services, released the first look at the results of the new Chapter 11, Subchapter V, U.S. Bankruptcy Court filings with a total of 923 new petitions year to date since the program commenced on February 19, 2020. Since then, while the market has been slow to embrace this new filing option, there has been a small but steady increase in month over month filings May to September.

The new statute was made possible by the bipartisan legislation known as the Small Business Reorganization Act of 2019 (SBRA) and was designed to make

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Understanding Chapter 13 Bankruptcy For Independent Business Owners In Need

NYC bankruptcy attorney at the Law Office of William Waldner whose sole focus is in the areas of chapter 7 and chapter 13 bankruptcy cases.

Not all bankruptcies are created equal. There are times when it’s unquestionably time to let go of opportunities that didn’t pan out, in which case a liquidation bankruptcy — generally governed by Chapter 7 of the U.S. Bankruptcy Code — might be the best way to wind up your small business. The business’s assets are sold off, the business’s debts are paid as best as the proceeds allow, and though the debt isn’t technically discharged, there’s nothing left to collect.

The business is gone, but you get to walk away clean (unless you’ve personally guaranteed any of your business debt, but that’s an article for another time).

A Chapter 13 bankruptcy, on the other hand, doesn’t require you to sell anything. Instead, a Chapter

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Neiman Marcus, fresh out of bankruptcy, is starting a new round of staff cuts

Neiman Marcus is exiting its bankruptcy with a smaller workforce.

Significant staff cuts at both its Neiman Marcus and Bergdorf Goodman stores have started this week. The company wouldn’t say how many people are permanently losing jobs.

“We plan to separate from selling and nonselling associates,” the Dallas-based luxury retailer said in an emailed statement. “These are difficult decisions we must make at this time, and we are so grateful for our dedicated stores associates.”

The company was able to shed $4 billion in burdensome debt as a result of its bankruptcy reorganization, but the pandemic left it a smaller business. It’s going to take a couple of years for sales to recover to its pre-pandemic level of almost $5 billion a year.

Before it filed for bankruptcy in May, Neiman Marcus had more than 14,000 employees. That’s dropped by at least a couple of thousand as the company closed

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FDA vaccine requirements; Sizzler files bankruptcy

Jessica Flores

Ryan W. Miller
 
| USA TODAY
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Students in Miami-Dade County, Florida, will soon be allowed to go back to school. In person.

The Miami-Dade County School Board voted unanimously Tuesday to start a staggered reopening plan on Oct. 14 in the country’s fourth largest district, with all students back in classrooms by Oct. 21. The plan applies only to families who wish for their children to resume in-person instruction.

Also Tuesday, President Donald Trump said it was “a shame” that the U.S. death toll from COVID-19 had surpassed 200,000, the most of any country in the world.

Veteran journalist Bob Woodward sees it differently. He told CNN he was “quite frankly embarrassed”

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From Bankruptcy To Business Leader, Pascal Bachmann Rebuilt His Life

TipRanks

These 2 Penny Stocks Could Rally All the Way to $11, Says Cantor

Is more volatility on tap for stocks? Following a three-week losing streak, the longest in about a year, all eyes are on the market. The three major U.S. stock indexes have struggled for the last few weeks as the titans of tech, which have fueled the charge forward from COVID-induced lows, came under pressure due to overheated valuations, with market watchers waiting to see how renewed lockdown fears will come into play.So, what’s the bottom line for investors? Even though uncertainty remains as Wall Street gears up for the fourth quarter, the pros are pounding the table on a select few names, noting that these tickers boast strong long-term growth narratives.Bearing this in mind, our focus shifted to two penny stocks backed by investment firm Cantor. Major gains could be in store, as the firm’s analysts

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From Bankruptcy To Business Leader, Pascal Bachmann Rebuilt His Life – Press Release

NEW YORK, NY / ACCESSWIRE / September 21, 2020 / Born and raised in Switzerland,Pascal Bachmann has managed to overcome all limitations of being an immigrant and is now living his passion. He went from being a professional Thaiboxer in Thailand to having a major accident that ended his career and crushed his dreams of being a world champion in mixed martial arts. However, this life shift led him to his entrepreneurial path as a Health Coach. As Bachmann gained experience in building businesses and made valuable contacts, he became an advisor for small businesses and earned great success and recognition in the business world. From having it all, he lost everything within a 2 month period as he went through a 15M bankruptcy. Bachmann had to file for personal bankruptcy and lost all his retirement savings. However, he never lost his will and positive mindset. Bachmann started again from

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Skirting Bankruptcy, J.Jill Secures $15 Million To Pay Debts And Fund Business Plan

While a raft of non-essential retailers have succumbed to Chapter 11 bankruptcy since the pandemic forced store shutdowns, J.Jill has reached a definitive agreement with its lenders to avoid that fate in an out-of-court settlement.

J.Jill’s lenders have agreed to give the company an
additional two years, through May 2024, to pay off its term-loan debt and to
provide an investment of “no less than $15 million” in the form of a
junior term-loan facility. The funds will provide “additional liquidity and
financial flexibility” for the specialty retailer to meet its obligations to
vendors and execute its business plan, the company said in a release.

Term loan lenders holding 97.8% of the outstanding principal amount under the company’s term loan facility, and shareholders holding a majority of the equity in the company, support the transaction. If J.Jill had not received backing from at least 95% of its lenders, the

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Second Wind Consultants Saves 2000 Small Businesses with UCC Article 9 Law That Prevents Bankruptcy, Removes Debt, Preserves Jobs.

NORTHAMPTON, Mass.–(BUSINESS WIRE)–Second Wind Consultants, as reported in Bloomberg Businessweek 8/19/2020, invokes the Uniform Commercial Code (UCC) Article 9 law to offer a solution that saves US small businesses and jobs, without further government assistance (PPP, EIDL) and without bankruptcy or courts.

This is a game changer that can save small businesses that are quickly running out of PPP and other options to survive.

Lending experts anticipate a tidal wave of bankruptcy filings heading into Q4 2020. Millions of small businesses are expected to close forever. With UCC Article 9, the majority of this could be avoided, preserving businesses and jobs while helping the economy recover. UCC Article 9 applies in all 50 states and across every industry.

When a business is insolvent, UCC9 allows the owner and bank to cooperate in a reorganization that fully removes debt from the business so it can return to profitability while

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J.Jill Avoids Bankruptcy as Out-of-Court Restructuring Plan Gets Lenders’ Consent

J.Jill Inc. has managed to avoid filing for bankruptcy.

The struggling womenswear retailer announced late last night that it has obtained the necessary consents from its term loan lenders to move forward with an out-of-court restructuring transaction. According to a statement, the agreement not only frees the company from its financial covenants, but also extends certain debt maturities and provides its business with additional liquidity to continue operations amid the coronavirus pandemic.

With the deal, J.Jill is able to defer certain debt payments to 2024 and waive all existing non-compliance with the terms of its credit facilities. It has also been granted a financial covenant holiday until the fourth quarter of 2021 and received a new cash infusion of $15 million in the form of a junior term loan. It is expected to close on or about Sept. 30.

“The transaction provides J.Jill with the financial flexibility to continue to

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