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LL Flooring files for bankruptcy
LL Flooring, the Henrico County flooring company previously known as Lumber Liquidators, announced Sunday it has entered Chapter 11 bankruptcy proceedings and is pursuing a sale of its business. Also, according to documents filed with the Securities and Exchange Commission, the company has received a nonbinding letter of intent to sell its Henrico County distribution […]
Legal Elite 2023: Bankruptcy/Creditors’ Rights
Laura T. Alridge Boleman Law Firm, Richmond Timothy V. Anderson Anderson & Associates, Virginia Beach Kelly M. Barnhart Chapter 13 Trustee, Suffolk Peter J. Barrett Kutak Rock, Richmond Daniel Thomas Bengston Glasser and Glasser, Norfolk Darren W. Bentley Darren W. Bentley PLLC, Danville Paula Beran Tavenner & Beran, Richmond Richard Biemiller Pender & Coward, Virginia […]
GTT Communications emerges from Chapter 11
McLean-based GTT Communications Inc. has completed its financial restructuring process and emerged from Chapter 11 cases, the telecommunications company announced Jan. 3. “The transformed company is repositioned to focus on providing customers with industry-leading managed network and cloud security services that leverage the company’s global Tier 1 IP network,” GTT wrote in a ne[...]
McLean satellite operator emerges from bankruptcy
McLean-based satellite operator Intelsat Corp. announced on Feb. 23 that it has emerged from its financial restructuring process nearly two years after filing for Chapter 11 bankruptcy. The company’s debt has been reduced from nearly $16 billion to $7 billion, according to a news release. Intelsat obtained $6.7 billion in new financing. The company has […]
Former LeClair Ryan execs reach $10M settlement
Former executives at Richmond-based LeClair Ryan PLLC have reached a settlement with the firm’s insurer and bankruptcy trustee over $10 million in pending claims, according to a report from The American Lawyer. The firm’s liability insurer, Columbia Casualty, agreed to pay the firm’s trustee, Lynn Tavenner, $9.425 million to resolve claims including conspiracy and breach [&hellip[...]
GTT Communications files for Chapter 11 bankruptcy
McLean-based telecommunications company GTT Communications Inc. announced this week that the company and some subsidiaries had filed prepackaged Chapter 11 cases. The close of GTT’s estimated $2.15 billion sale of its infrastructure division to Miami-based I Squared Capital on Sept. 16 allowed GTT to move forward on its bankruptcy cases, which it and some subsidiaries […]
GTT completes $2B infrastructure sale
McLean-based telecommunications company GTT Communications Inc. finalized the sale of its infrastructure division to Miami-based I Squared Capital, the company announced Friday, allowing GTT to move forward on Chapter 11 bankruptcy. Although the financial details were not disclosed by the companies this week, the sale price was anticipated to be $2.15 billion in October 2020. According […]
GTT Communications to file for Chapter 11 bankruptcy
McLean-based telecommunications company GTT Communications Inc. is planning to file a prepackaged chapter 11 case after it closes the previously announced sale of its infrastructure division to Miami-based I Squared Capital, it announced Thursday. After the completion of the $2.15 billion sale, GTT and some subsidiaries will file their cases in the U.S. Bankruptcy Court […]
UnitedLex still faces $128M lawsuit from LeClairRyan trustee
UnitedLex’s motion to dismiss a $128 million lawsuit filed by LeClair Ryan PLLC trustee Lynn Tavenner was denied by a U.S. bankruptcy judge on Tuesday, according to The American Lawyer. In 2018, Richmond-based LeClairRyan struck a deal to outsource about 300 of its support workers through a partnership with enterprise legal services provider UnitedLex, which […]
McLean satellite operator eyes Chapter 11 emergence
McLean-based satellite operator Intelsat Corp. announced Friday it has the support of creditors to financially restructure under Chapter 11 bankruptcy, which would decrease the company’s debt from nearly $15 billion to $7 billion. “Today’s filings and the significant consensus already achieved on the plan pave the way for the company’s emergence from the Chapter 11 […]
OneWeb co-acquired by Maryland-based Hughes
Germantown, Maryland-based Hughes Network Systems LLC has joined a coalition with the United Kingdom government and Bharti Enterprises Ltd. of India to acquire London-based OneWeb, which has its U.S. headquarters in McLean, out of bankruptcy. Hughes invested $50 million in the coalition to acquire OneWeb, which has plans to launch a constellation of 650 low […]
Petersburg hotel operator files $28M claim in LeClairRyan bankruptcy case
Virginia hotel operator Petersburg Regency LLC filed a $28 million claim in the LeClairRyan bankruptcy case Thursday in Richmond, according to the federal court filing. Petersburg Regency is seeking relief from an automatic stay in LeClairRyan’s handling of an insurance dispute from 2003’s Hurricane Isabel. An automatic stay ensures equality of distribution by preventing one […]
