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Kirkland Appears on NRA Legal Roster; Knotel Creditors Slow Sale
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Good day. The National Rifle Association is seeking to retain Kirkland & Ellis as special counsel with a broad mandate. And unsecured creditors of Knotel obtained a delay in the workspace company's sale timetable.
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The National Rifle Association is seeking permission to hire Kirkland & Ellis LLP as a special litigation counsel. PHOTO: JONATHAN ERNST/REUTERS
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Fighting to Stay in Chapter 11, NRA Taps Kirkland as Special Counsel
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Kirkland & Ellis LLP, one of the biggest names in restructuring law, is showing up in a special role in the National Rifle Association’s tangled bankruptcy case as the gun-rights group faces challenges over its decision to seek court protection. Read More.
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Knotel Strikes Deal With Creditors to Extend Bankruptcy Sale Process
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Knotel Inc. has struck a deal with unsecured creditors that will give potential bidders more time to submit offers to acquire the office-space startup’s assets out of bankruptcy. Read More.
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PHOTO: NICK OXFORD/REUTERS
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Shale Companies Re-Emerge at Slippery Time
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Former drilling giants are testing their footing in the public markets after a near record number of reorganizations in 2020. Yet prime conditions can be a slippery slope for a boom-and-bust industry prone to drilling too much when prospects look up. Read More.
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Yellen Defends Biden Administration’s $1.9 Trillion Relief Bill
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Treasury Secretary Janet Yellen defended the size of the administration’s $1.9 trillion relief package, saying in an interview with CNBC on Thursday that she hopes the measure will be enacted in coming weeks. Read More.
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Navient Slams Student Loan Involuntary Bankruptcy Petition
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Student loan giant Navient Corp.'s servicing arm, Navient Solutions LLC, sought to dismiss an involuntary bankruptcy petition filed by a group of individuals who accused the company of improperly collecting on their debt after it was discharged.
In a legal filing made to the U.S. Bankruptcy Court in New York, Navient said that the involuntary case "is frivolous and must be dismissed." Navient argued that one of the petitioners is in active litigation regarding her student loan debt, and that all three have debt that is still in legal dispute. Involuntary bankruptcy filings must prove that the debt at issue is valid and not disputed.
— Alexander Gladstone
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RentPath Seeks to Increase Bankruptcy Loan by $20.8 Million
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Apartment search site operator RentPath Inc. is seeking to increase the size of its chapter 11 loan by $20.8 million, according to court papers the company filed in the U.S. Bankruptcy Court in Wilmington, Del.
RentPath says it needs to increase the size of the loan because its stay in bankruptcy has been longer than expected following the cancellation of a proposed $588 million acquisition by Costar Group. US Bankruptcy Judge Brendan Shannon authorized RentPath to draw from its existing $74 million chapter 11 loan last year.
—Jonathan Randles
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"We are digging out of a deep hole."
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— Treasury Secretary Janet Yellen
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Famed self-driving engineer Anthony Levandowski was forced to declare bankruptcy last year after he lost a legal battle with Google over claims that he stole trade secrets on behalf of Uber. Now Uber is objecting to the proposed terms of his bankruptcy, arguing that he used legally dubious techniques to shelter his wealth from creditors. (Ars Technica)
GTT Communications Inc. is considering filing for bankruptcy with a pre-negotiated restructuring plan to help it trim its more than $3 billion debt load. (Bloomberg)
New York Attorney General Letitia James has abandoned her threat to sue New York City into providing financial relief to taxi drivers burdened by debt from medallions purchased at inflated costs at city-sponsored auctions, her office said Thursday. (New York Post)
Westchester County developer DeNardo Capital Management filed for Chapter 11 bankruptcy Tuesday, stopping a planned foreclosure auction on its luxury condo project. (The Real Deal)
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