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Articles by Robert J. Gayda
You Used to Say LIV and Let LIV, Sack Lunch, and Truck Stop
Below is our initial take on recent bankruptcy-related developments: LIV Golf, BC Partners file restructuring support agreement in bankruptcy case | Golf Channel LIV Golf and BC Partners have filed a $300 million restructuring support agreement. LIV Golf CEO Scott O’Neil shared the investment will include a scaled-back schedule and a more “disciplined” approach.
Mr. Brightline, No Limits, and Sir, This is a Wendy’s
Below is our initial take on recent bankruptcy-related developments: Brightline reworks debt in bankruptcy court but its high-speed trains will keep running in Florida | AP News Brightline companies that have invested more than $5 billion in developing the U.S.’s only privately held passenger railroad are reworking their debt in bankruptcy court, but continuing railroad services between Miami and Orlando.
L-I-V-I-N and DISHing it Out
Below is our initial take on recent bankruptcy-related developments: LIV Golf files for bankruptcy protection, enters ‘next phase’ | ESPN LIV Golf has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court of New Jersey, alleging between $100-500 million in assets and $500 million to $1 billion in liabilities. The league has said in past statements that it plans to return to competition in 2027 and is expected to be majority owned by its players.
When You Gotta Go and Sweeping Talc | JD Supra
Below is our initial take on recent bankruptcy-related developments: After a nationwide outbreak of Cyclosporiasis due to contaminated lettuce, Salad and Go, a drive‑thru salad chain with 70 locations in Arizona and Nevada, filed for Chapter 11 bankruptcy and permanently closed all restaurants on August 5, 2026. CEO Mike Tattersfield said the business could not overcome sustained pressure on consumer demand, strategic growth challenges, and rising costs.
Putting Serta to Bed and Fire Sale Chats
Below is our initial take on recent bankruptcy-related developments: Serta Lenders Win $400 Million Award Over Rival Group’s Debt Deal | The Wall Street Journal This week, a Texas bankruptcy judge ordered lenders who participated in Serta Simmons Bedding’s 2020 debt restructuring to pay $261 million in damages plus $142 million in interest for wrongfully excluding minority lenders.
Sneak Peak and Got My Number | JD Supra
After Brookfield Corp announced it would be taking control of GoldenPeaks Poland Holding Ltd., the company has filed for Chapter 11 bankruptcy protection in the U.S. along with 40 of its corporate affiliates. The renewables developer has listed total assets between $1 billion and $10 billion with liabilities reported to be in the range of $500 million to $1 billion.
LIV-in’ on a Prayer, Roll Tide, and Off Brand?
Below is our initial take on recent bankruptcy-related developments: LIV Golf 'firmly focused' on long-term funding solution amid reports of potential bankruptcy plan | Reuters Since the Saudi Public Investment Fund, which spent more than $5 billion on LIV Golf since it launched in 2022, pulled out as an investor, the league is focusing on raising new funds but has begun to lay the groundwork for a possible U.S. bankruptcy filing.
That’s the Spirit, Effective Immediately, and Claim Baggage
Below is our initial take on recent bankruptcy-related developments: Spirit Airlines Gets OK For Chapter 11 Wind-Down Procedures | Law360 Following the airline’s bankruptcy filing, a judge has approved Spirit Airlines’ package of wind-down motions after the company’s unsuccessful attempts to secure federal financing. The motion comes after Spirit Airlines shut down operations and laid off most of its staff in a shift toward Chapter 11 liquidation.
Color Me Badd and Tight Fit
Below is our initial take on recent bankruptcy-related developments: Multi-Color Venue ‘Loophole’ Allowed by Congress, Judge Says | Bloomberg Law Sixteen days before filing for Chapter 11, the Atlanta-based label maker used the bankruptcy code’s “deliberately broad” venue statue as an opportunity to deposit $1 million into New Jersey bank accounts. Note: Registration may be required to access the link above.
Black Cloud, Major Win, and Weighing Options
Below is our initial take on recent bankruptcy-related developments: Radio station owner Cumulus Media files for bankruptcy to cut $600 mln debt | Reuters The company claimed various challenges, including a lawsuit filed against Neilsen Audio over an updated 2024 policy that would require radio companies to buy data separately for all local markets in which they operate.
Avenger Endgame and Bauer Outage | JD Supra
Below is our initial take on recent bankruptcy-related developments: Florida-Based Aviation Group Files for Chapter 11 Bankruptcy | WhatNow Less than a year after selling a majority stake in its Warsaw-based pilot training center, Avenger Flight Group filed for bankruptcy along with 20 affiliates. S&K Take: Avenger Flight Group, a Florida-based flight simulation and training company, filed on Thursday in Delaware.
Trimming the Fat, Lap of Luxury and Brand Awareness | JD Supra
Below is our initial take on recent bankruptcy-related developments: Fat Brands, burdened with heavy debt, declares bankruptcy | Restaurant Business The owner of Fatburger, Twin Peaks, Johnny Rockets, and Nestle Toll House Café—among other brands—has declared bankruptcy after accruing $1.45 billion in securitized debt and failing to come to an agreement with bondholders.
New York Sak Exchange, Hit the Bid, and Supreme Confidence | JD Supra
Below is our initial take on recent bankruptcy-related developments: Saks Global files for bankruptcy after takeover leads to financial collapse | The Guardian The high-end department store conglomerate filed for Chapter 11 on Tuesday. S&K Take: 109 Saks’ entities filed their anticipated bankruptcy on Tuesday in where else, the S.D. Tex. This includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, among many others.
The What’s News Top Ten of 2025 | JD Supra
In 2025, we offered our takes on the most newsworthy stories in bankruptcy law. Here are the ten posts that got the most attention from our readers. 1. Private Eyes, Keeping up with the Joneses, and Lone Wolf? (June 20, 2025) Regeneron declines to make higher bid for 23andMe after Wojcicki's $305 million offer; Alex Jones accused of trying to hide assets from Sandy Hook families; Wolfspeed nears bankruptcy deal with lenders including Apollo. 2.
Release Stress, Maximizing Value (City), and More Color | JD Supra
Below is our initial take on recent bankruptcy-related developments: Azul wins court nod for debt restructuring, American and United to invest | Reuters Last Friday, a U.S. bankruptcy judge approved the Brazilian airline’s restructuring plan, which includes an equity rights offering as well as modified “opt-out” releases. S&K Take: This technically happened late last week, but the decision is worth mentioning so we are dragging it into this week’s edition.
Insider Job and Dōmo Arigatō Mr. Roboto | JD Supra
Below is our initial take on recent bankruptcy-related developments: Judge delays sale of Genesis to insider, ‘concerned’ about creditors’ claims, bidder controversy | McKnights The company had been seeking approval for a “stalking horse” bid submitted by an affiliate of Genesis’ private equity owner. S&K Take: We hadn’t been closely following the Genesis Healthcare sale process in N.D. Tex. bankruptcy court, and man have we been missing out.
Bearish Sentiment, Diamond Hands, and Making an Appointment | JD Supra
Below is our initial take on recent bankruptcy-related developments: Nicklaus Companies files for bankruptcy after losing in court to Jack Nicklaus | Golf Digest The Chapter 11 filing comes after the golf legend won a $50 million defamation lawsuit against his namesake former company. S&K Take: Took a minute to figure this one out, with Nicklaus filing bankruptcy after a judgment was obtained by Nicklaus.
Bonvoy-age Sonder and Purdue Conphirmation | JD Supra
Below is our initial take on recent bankruptcy-related developments: Airbnb rival Sonder Holdings to file for bankruptcy after Marriott ends partnership | Business Insider Guests were ejected from ongoing bookings as Marriott made the announcement on Sunday. S&K Take: Sonder, a “short-term rentals” business, has been in the restructuring press for at least 18 months, so this isn’t a complete surprise, but the free fall chapter 7 has to raise a few eyebrows.
Feeling Irregular, Mega Man, and Going For a DIP | JD Supra
Below is our initial take on recent bankruptcy-related developments: First Brands files for bankruptcy, revealing billions of dollars in liabilities | Reuters First Brands bankruptcy probe investigating financing irregularities related to invoices | Reuters First Brands obtains bankruptcy judge approval for $500 million rescue financing | Reuters The auto parts supplier disclosed liabilities exceeding $10 billion when it filed for bankruptcy on Monday.
Spin Doctor and More Cowbell | JD Supra
Below is our initial take on recent bankruptcy-related developments: A Defiant Dr. Phil Takes the Stand in His Media Startup’s Bankruptcy | Hollywood Reporter McGraw denied claims that he drove Merit Street Media to bankruptcy as a means by which to launch Envoy Media. S&K Take: Merit Street is the gift that keeps on giving to restructuring bloggers.
Do or Do Not, There is No Tri and Earning Your Pinstripes | JD Supra
Below is our initial take on recent bankruptcy-related developments: Auto dealer Tricolor files for bankruptcy, moves to liquidate | Reuters The auto dealer moved to liquidate its business on Wednesday, one day after Fifth Third Bank announced that it had discovered alleged fraudulent activity. S&K Take: It isn’t every day that you see a chapter 7 featuring between $1 billion and $10 billion in liabilities.
Round Trip Ticket and Doctor’s Orders | JD Supra
Below is our initial take on recent bankruptcy-related developments: Spirit Airlines files for bankruptcy for 2nd time in less than a year | NPR After emerging from a Chapter 11 reorganization in March, the airline has once again filed for bankruptcy protection. S&K Take: The big news in the restructuring world this short week has been the Spirit chapter 22, which filed on Friday, August 29.
The Customer is Always Right and My Dear Watson | JD Supra
Below is our initial take on recent bankruptcy-related developments: Ripple’s tied Linqto makes a settlement offer in today’s bankruptcy hearing | Cryptopolitan The bankrupt company announced on Tuesday that a proposed $60 million debtor-in-possession loan—for which customer-owned shares would be used as collateral—had been cancelled.
Receiving Line, That’s the Spirit? and Booming Business | JD Supra
Below is our initial take on recent bankruptcy-related developments: Alex Jones’ Infowars will go up for sale yet again, judge rules | CNN Business The Onion is set to revive its bid on Jones’s outlet and its assets after a federal judge halted the sale in December. S&K Take: Some serious twists and turns in this saga, which is more of a novelty than a serious restructuring case (although certainly feel for the plaintiff-families that have a billion-plus judgment against Jones).
Merits Your Attention and Real GENIUS | JD Supra
Below is our initial take on recent bankruptcy-related developments: Pro bull riding league files objection of Dr. Phil’s media bankruptcy saying it is owed $181 million | The Independent The Professional Bull Riders—the largest bull-riding league in the world, which had pulled out of a four-year programming contract with McGraw’s Merit Street Media Network—filed an objection on Wednesday.
Mayday, Mav’s in Trouble and Missing Linq | JD Supra
Below is our initial take on recent bankruptcy-related developments: Maverick Gaming, which owns 5 Nevada casinos, files for bankruptcy | The Nevada Independent The Washington-based casino and card-room operator filed for Chapter 11 bankruptcy in the Southern District of Texas on Monday. S&K Take: RunItOneTime LLC (great name) f/k/a Maverick Gaming, filed in the SD Tex. on Monday, July 14.
Del Monte Canned, Hungry Like the Wolf, and Silver Linings | JD Supra
Below is our initial take on recent bankruptcy-related developments: Del Monte Foods files for bankruptcy and will search for buyer | CBSNews Del Monte Foods, a nearly 140-year-old staple in canned produce, has filed for Chapter 11 bankruptcy and is seeking a buyer as part of a restructuring agreement with its lenders. S&K Take: Canned food producer Del Monte filed in the DNJ on Tuesday to run a sale process supported by certain of its senior lenders.
Private Eyes, Keeping up with the Joneses, and Lone Wolf? | JD Supra
Below is our initial take on recent bankruptcy-related developments: Regeneron declines to make higher bid for 23andMe after Wojcicki's $305 million offer | Reuters 23andMe founder Anne Wojcicki’s bid, submitted through a nonprofit she controls, remains unchallenged, setting her up to regain control of the company. S&K Take: The 23andMe debtors picked their horse.
Always Sunny, No Silver Lining, and Err Supply | JD Supra
Below is our initial take on recent bankruptcy-related developments: Sunnova files for bankruptcy on residential solar woes | Reuters On Sunday, June 12, the residential solar panel installer announced that it had filed for Chapter 11 bankruptcy, making it the second company of its kind to file this month. S&K Take: There has been a flurry of activity in this case after a quiet start.
Exacting Revenge, Best and Final, and Out At Home? | JD Supra
Below is our initial take on recent bankruptcy-related developments: Implant maker Exactech may conclude bankruptcy without TPG settlement | Reuters Medical implant maker Exactech adjourned its Chapter 11 plan confirmation hearing on Wednesday, delaying proceedings that would have protected its owner TPG from lawsuits alleging defective implants. S&K Take: There have been a lot of twists and turns in what has been a hard-fought case, and we now have another.
Re-Volting, Short Circuit, and Seed of Doubt | JD Supra
Below is our initial take on recent bankruptcy-related developments: Li-Cycle files for bankruptcy, seeks protection for facilities in Greece | WXXI News Li-Cycle filed a chapter 15 in the Southern District of New York on Wednesday to support its Canadian CCAA proceeding. The Toronto-based EV battery recycling firm, which has a massive facility in Western New York that has been halted, with a potential stalking horse credit bid.
Watching the Watchers, Celebrity Status, and Harvester of Sorrow | JD Supra
Below is our initial take on recent bankruptcy-related developments: Weight Watchers files bankruptcy after growth in GLP-1 drugs | Bloomberg via Yahoo! Finance Having rebranded as WW International in 2018 and acquired Sequence, a telehealth company, in 2023, the 62-year-old health and wellness company has now filed for bankruptcy as of Tuesday. S&K Take: Video has killed yet another radio star.
Pause for Concern, Paying the Freight, and Comic Timing | JD Supra
Below is our initial take on recent bankruptcy-related developments: Imerys Halts Ch. 11 Trial Over Foreign Claimant Issues | Law360 Imerys Talc America and Cyprus Mines announced unexpectedly Monday that they wanted to halt plan confirmation proceedings. S&K Take: It isn’t every day that you see a confirmation hearing that has been in the works since 2020 come to a screeching halt after 4 days of evidence, but that is exactly what happened in the Imerys and Cyprus Mines cases.
Not the Rite Stuff, Private Eyes, and Inquiring Minds | JD Supra
Below is our initial take on recent bankruptcy-related developments: Rite Aid bankruptcy update: report says pharmacy chain may be facing insolvency as businesses close | Fast Company Having previously filed for bankruptcy in 2023, Rite Aid is now preparing to file a second bankruptcy claim wherein it will “sell itself in pieces,” according to a recent Bloomberg report. The proceedings would begin a mere year after the pharmacy chain emerged from its previous Chapter 11.
Cleaning House and the Dust Has Settled | JD Supra
Below is our initial take on recent bankruptcy-related developments: Publishers Clearing House files for bankruptcy | Law360 Publishers Clearing House filed for Chapter 11 bankruptcy and plans to reorganize its capital structure and improve its long-term growth trajectory. S&K Take: PCH, a well-known direct mailer and the company behind the “Prize Patrol” filed in the Southern District of New York this week.
Bad Idea Genes, Pension Plan (?), and Vertical Integration | JD Supra
Below is our initial take on recent bankruptcy-related developments: 23andMe files for bankruptcy, Anne Wojcicki steps down as CEO | CNBC Genetic testing company 23andMe filed for Chapter 11 bankruptcy protection in Missouri federal court. Anne Wojcicki, co-founder and CEO, has resigned effective immediately and will remain a member of the board while Joseph Selsavage, the current CFO, will serve as interim CEO. S&K Take: Genetic testing company 23andMe has filed its anticipated bankruptcy.
I Love it When a Plan Comes Together, Shutting Down Forever, and A Matrix Resurrection? | JD Supra
Below is our initial take on recent bankruptcy-related developments: Purdue Pharma files new bankruptcy plan for $7.4 billion opioid settlement | CNN Purdue Pharma filed another chapter 11 reorganization plan aiming to implement $7.4 billion in opioid settlements. S&K Take: Purdue has filed its long-awaited amended plan and DS, with an eye towards a disclosure statement hearing in early May (although that is not official at this point).
Opting Out, Out of Options, and Sunnova Flaming Out | JD Supra
Below is our initial take on recent bankruptcy-related developments: Spirit Airlines completes financial restructuring, exits Chapter 11 | CNBC Spirit Airlines recently emerged from Chapter 11 bankruptcy and announced it plans to rebrand itself as a premium airline. S&K Take: The Spirit case was obviously a significant undertaking, and the plan was confirmed by Judge Lane on February 20.
Pilgrimage to Bankruptcy and Trial Run | JD Supra
Below is our initial take on recent bankruptcy-related developments: Dolan’s MSG Networks nears bankruptcy as cord-cutting surges | Front Office Sports MSG Networks, the Dolan-controlled regional sports networks, face imminent bankruptcy because of $804 million in debt that is currently due on March 26, despite forbearance extensions. This looming financial crisis threatens a key component of James Dolan’s sports empire.
Mortimer—We’re Back, Fabric of Our Lives, and Jump-Start (My Heart) | JD Supra
Below is our initial take on recent bankruptcy-related developments: Purdue's new Ch. 11 plan sidesteps nonconsensual releases | Law360 Mediators in the Purdue Pharma bankruptcy case reported that the revised settlement no longer includes nonconsensual third-party releases. S&K Take: The Purdue Co-Mediators disclosed additional facts around the proposed agreement that might finally buy peace in the Purdue-Sackler saga. The structure is creative, with a death-trap of a kind.
Forever 22, Powder Room, and Initial Here | JD Supra
Below is our initial take on recent bankruptcy-related developments: Forever 21 plans nearly 200 store closures in second bankruptcy, Bloomberg News reports | Reuters The U.S.-based operator of clothing retail chain Forever 21 is planning to shut down at least 200 additional locations as part of a bankruptcy process expected to begin as soon as next month. S&K Take: We threw this one up front solely based on the headline it permits us to use.
The Final Frontier, Exclusive Offer, and Object Now | JD Supra
Below is our initial take on recent bankruptcy-related developments: Spirit Airlines rejects Frontier's bid, aims to exit bankruptcy in first quarter | Reuters On Wednesday, low-cost carrier Spirit Airlines denied a bid of about $2.16 billion from rival Frontier Group as it was not suitable for the airline that expects to exit chapter 11 bankruptcy in the first quarter. S&K Take: Frontier and Spirit continue to engage in hopes of finding a combination.
Sack Exchange Part II, Age of Consent and FDIC You Later | JD Supra
Below is our initial take on recent bankruptcy-related developments: Purdue Pharma and owners to pay $7.4 billion in settlement of lawsuits over the toll of OxyContin On Thursday, Purdue Pharma and members of the Sackler family who own the company agreed to pay up to $7.4 billion to lawsuits over the toll of the prescription painkiller.
Fifth Circuit Reverses Bankruptcy Court’s Ruling on Lenders’ Sacred Right of Pro Rata Repayment in Uptiering Transaction | JD Supra
On December 31, 2024, the Fifth Circuit Court of Appeals overturned the Bankruptcy Court for the Southern District of Texas’ (the “Bankruptcy Court”) decision that the exchange by certain lenders of Serta Simmons Bedding, LLC (“Serta”) holding $1.2 billion of first lien term loans for super priority term loans constituted an open-market purchase exempt from the pro rata payment provisions of the credit agreement.
Sack Exchange and Which Craft? | JD Supra
Below is our initial take on recent bankruptcy-related developments: Purdue's Sackler family offers to increase contribution in new opioid settlement, WSJ reports | Reuters The Sackler family, owners of Purdue Pharma, is offering to increase their contribution to the opioid lawsuit settlement to approximately $6.5 billion and accept some potential future legal liability. S&K Take: Purdue is back in the news and, shocker, we are soooo close to a deal.
Atextual Behavior, Selling Retail, and Slipping on Appeal | JD Supra
Below is our initial take on recent bankruptcy-related developments: 5th Circuit rejects Serta Simmons' controversial 2020 debt deal | Reuters The 5th U.S. Circuit Court of Appeals ruled Tuesday that mattress maker Serta Simmons did not treat its lenders equally in a controversial 2020 debt deal, warning that similar deals involving so-called “lender-on-lender violence” may be inappropriate.
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