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February 7, 2023

AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.
AGG Bankruptcy News & Insights
February 7, 2023 (
In a detailed and emphatic ruling on January 5, 2023, the U.S. Court of Appeals for the 11th Circuit made it clear that if a pending Chapter 11 plan, after initial plan solicitation and voting by creditors, is modified in any way that “materially and adversely changes the treatment of any claim or interest holder who has not accepted the modification in writing” — regardless of whether the holder of the claim or interest originally voted for or against the plan — “then that claim or interest holder is entitled to a new disclosure statement and resolicitation of votes” so that it is afforded a reasonable opportunity to cast its vote again and submit any objections to the modification.
Industry News
February 6, 2023 (ABC News)
FTX's new chief executive told a bankruptcy court Monday there is "a danger" to authorizing an independent investigation of the crypto exchange's collapse.
February 6, 2023 (Bloomberg)
Independent Pet Partners, the parent of several regional pet-care chains, filed for bankruptcy as the weight of rising costs, pandemic-era closures and reports of a potential link between certain dog food and heart disease strained the business.
February 3, 2023 (Forbes)
Bed Bath & Beyond, a home merchandise store, is embroiled in financial struggles that could cause it to declare bankruptcy soon.
February 3, 2023 (Chicago Sun-Times)
Concerned about a possible bankruptcy for the company that owns local broadcasting rights to 14 of the 30 Major League Baseball teams, the league has formed a new economic study committee that will gather next week at the owners’ meetings in Palm Beach, Florida.
February 3, 2023 (International Business Times)
Current and former U.S. military members suing 3M over allegedly defective military earplugs have asked a U.S. judge to dismiss 3M subsidiary Aearo Technologies' bankruptcy, accusing the company of using bankruptcy to shield itself from litigation, which has grown into the largest mass tort in U.S. history.
February 1, 2023 (Yahoo! Finance)
Invacare Corporation entered into a “Restructuring Support Agreement” with substantially all its debt holders.
February 1, 2023 (Bloomberg)
In the last couple of years, AMC has sold a ton of stock, largely at meme-driven high prices, and has used the money for corporate finance purposes like avoiding bankruptcy and, uh, getting into gold mining.
AGG's Bankruptcy, Creditors' Rights, & Financial Restructuring Team
February 6, 2023 (
AGG's Bankruptcy, Creditors' Rights, & Financial Restructuring team provides valuable knowledge and experience in the areas of commercial debt restructuring, settlements, bankruptcy trusteeships, fiduciary work, and bankruptcy and creditors’ rights litigation.