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Bankruptcy Court

All articles tagged with #bankruptcy court

sports2 years ago

Bally Sports Secures NBA Broadcasting Rights for Multiple Seasons

The NBA and Diamond Sports Group have reached a deal to keep NBA games on Bally Sports RSNs for the remainder of the 2023-24 season, pending court approval. This agreement provides certainty for game broadcasts for the current season, benefiting 15 teams whose local games are aired on Bally Sports. Existing RSN deals will expire at the end of this season, but teams in markets where Diamond continues to operate will have the option to extend their agreements for one more year. The move towards over-the-air broadcasts aims to reach a wider audience, although teams may experience short-term revenue hits. Negotiations for the NBA's new national television deal are ongoing.

via ESPN|
#bally-sports-rsns#bankruptcy-court#broadcast-rights
business2 years ago

Old Dominion's $1.5B Bid Raises Stakes for Yellow's Terminals

Old Dominion Freight Line has submitted a $1.5 billion bid for Yellow Corp.'s terminals, surpassing the $1.3 billion bid from Estes Express Lines. The offer is a stalking horse purchase agreement, setting the minimum value for the assets to be sold. The bid includes a maximum breakup fee of $26 million and up to $2 million in expense reimbursement. Old Dominion is required to make a 5% deposit, and the bid is effective for 180 days. Hedge funds Citadel and MFN Partners will provide $142.5 million in debtor-in-possession financing to support Yellow's liquidation process.

via Yahoo Finance|
#bankruptcy-court#bid#business
sports2 years ago

NHL Seeks Emergency Relief from Diamond Sports Group Contracts in Bankruptcy Court

The National Hockey League (NHL) has warned a bankruptcy court that it may seek emergency relief if negotiations with Diamond Sports Group (DSG) over broadcasting rights for 12 hockey teams do not progress quickly. DSG, the parent company of Bally Sports, filed for Chapter 11 bankruptcy and has been battling with MLB over rights fees. The NHL wants certainty for the upcoming season and may request relief from Bally Sports Regional Network contracts if negotiations with DSG do not yield favorable results. The deadline for DSG to file a reorganization plan has been extended by 80 days, but the NHL is concerned about the lack of commitment from DSG for the 2023-2024 season.

via Awful Announcing|
#bankruptcy-court#broadcasting-rights#diamond-sports-group
business2 years ago

FTX Debtors' Reorganization Plan Sparks FTT Price Surge

FTX Trading Ltd. and its affiliated debtors, known as FTX Debtors, have filed their initial Plan of Reorganization and related Term Sheet with the U.S. Bankruptcy Court. The plan aims to achieve a consensual agreement and emergence from bankruptcy, with an amended plan and disclosure statement expected to be filed in the fourth quarter of 2023. The filing allows for creditor feedback and discussions with stakeholders, including the unsecured creditors committee and non-U.S. customers. The plan addresses a wide range of claims and disputes involving the FTX Debtors, both internal and external.

via PR Newswire|
#bankruptcy-court#business#ftx-debtors
business2 years ago

J&J proposes $9bn talc settlement, shares rise.

Johnson & Johnson has proposed paying $8.9 billion to settle thousands of claims that its baby powder and other talc products caused cancer. The proposed resolution has received support from more than 60,000 claimants and would require approval in bankruptcy court. J&J's stock rose more than 3% on Wednesday morning. The pharmaceutical giant's subsidiary, LTL Management, has also refiled for Chapter 11 bankruptcy protection to reduce J&J's losses from litigation and settlement. Some lawyers representing plaintiffs in the talc lawsuits called J&J's proposal a "significant victory" in a legal fight that has lasted more than a decade.

via CNBC|
#bankruptcy-court#business#cancer
business2 years ago

Lake District Faces Bankruptcy and Auction Cancellation

Lake City Bank and four of its officers were named in a lawsuit filed in a federal bankruptcy court, accusing them of being involved in or knowing about a check-kiting scheme that caused a financial loss of nearly $150 million to businesses around the country and KeyBank. Lake City Bank strongly rejected the accusations and argued that the activity it permitted IOI to run through their accounts was credible business activity and was not identified as fraudulent until it was terminated in July 2019. The bank hopes the bankruptcy case will be dismissed.

via WANE|
#bankruptcy-court#business#check-kiting-scheme
business2 years ago

FDIC Accused of Improperly Freezing $2 Billion in Silicon Valley Bank Funds

SVB Financial Group, the former parent company of Silicon Valley Bank, is unable to access around $2 billion deposited at the failed bank due to the Federal Deposit Insurance Corp. freezing the company's accounts. The FDIC is exploring whether SVB Financial Group should help shoulder costs associated with the bank's failure. The company had its first hearing in bankruptcy court on Tuesday.

via The Wall Street Journal|
#bank-failure#bankruptcy-court#business