All articles tagged with #bankruptcy
A California bankruptcy judge ordered Chrome Holding (operating as TTAM Research Institute) to pay about $46.75 million to victims of the 2023 23andMe data breach. Kroll Restructuring will distribute the funds to those affected, including users whose genetic data and relatives’ profiles were exposed, as 23andMe continues operating after bankruptcy and faces prior regulatory actions.
Dish DBS Corp. and Dish Wireless filed for Chapter 11 protection in a prepackaged restructuring tied to a March restructuring support agreement backed by more than 88% of its noteholders and more than $8.7 billion of Dish Wireless debt. The plan will allow orderly disposal of remaining assets and the decommissioning of Dish Wireless, while EchoStar frames it as positioning the business for a stronger future. The move follows EchoStar’s spectrum-license sales to AT&T and SpaceX for about $42 billion after FCC review, with an escrow of $2.4 billion to cover contractor claims. The filing is not expected to affect Boost Mobile and Gen Mobile customers, and cash-interest notes due July 1 will be paid in cash on closing or on the plan’s effective date as delays persist.
Dish DBS, the satellite-TV operator now a unit of EchoStar, filed for Chapter 11 in Houston in a pre-packaged restructuring backed by about 88% of its bondholders. EchoStar says the move won't affect brands, customers, or operations and expects Dish to emerge from bankruptcy in the July–September quarter. The filing follows heavy debt (roughly $25 billion) and delays around a $20 billion spectrum sale to AT&T that helped trigger the process, as Dish continues its pivot toward wireless amid regulatory spectrum concerns.
Dish, the EchoStar-backed operator of Dish TV and Sling TV, filed for Chapter 11 bankruptcy to wind down its wireless operations after delays in selling about $23 billion worth of 5G spectrum to AT&T and SpaceX; Boost Mobile and Gen Mobile are excluded and will keep operating, with Dish aiming to emerge from bankruptcy by the end of Q3 2026.
EchoStar Corp.’s Dish DBS is moving toward a Chapter 11 filing to restructure roughly $25 billion of debt as traditional pay-TV subscribers fall away and regulatory scrutiny of its wireless spectrum weighs on its strategy; the pre‑arranged plan aims to deleverage while allowing Dish Network, Sling TV and Boost Mobile to operate normally, backed by creditor support for an expedited process—minimizing immediate customer disruption while potentially reshaping the competitive telecom/media landscape.
Dish DBS Corp and affiliates filed Chapter 11 in Texas under a prepackaged restructuring, winding down the Dish Wireless unit while Echostar and other operations (Boost Mobile, Gen Mobile, Hughes, Dish Network and Sling TV) continue normally; the plan, backed by most noteholders, aims to accelerate debt repayment and give Echostar greater flexibility after the previously announced spectrum sale to AT&T/SpaceX, which remains unsettled. The wireless shutdown is tied to an FCC escrow of about $2.4 billion to address claims, with creditors' claims handled through the bankruptcy process, and Dish targeting emergence by the end of Q3.
Saks has officially emerged from Chapter 11 bankruptcy with a lighter debt load and a renamed brand as part of a broader restructuring and branding refresh.
New York’s last Hooters location in Colonie has closed, leaving New York and Massachusetts as the latest states with no Hooters outlets amid the chain’s Chapter 11 bankruptcy; closures have also hit Connecticut and Minnesota with about 30 corporate-owned restaurants shuttered nationwide since the filing in 2025, as the brand pursues a more family-friendly rebrand under new leadership to recapture its 1980s vibe.
Saks Global exits Chapter 11 as Exemplar Luxury Group, slashing debt by about 75% and securing $500 million in new financing, while shrinking its store footprint to 49 locations (15 Saks Fifth Avenue, 33 Neiman Marcus, Bergdorf Goodman) and winding down most Saks Off 5th outlets to 12. Led by CEO Geoffroy van Raemdonck, the company will pursue a premium shopping experience and has assembled a seven-member board with reps from Pentwater Capital Management and Bracebridge Capital plus executives Dave Kimbell and Philippe Schaus, following the 2024 Neiman Marcus acquisition.
Saks Global exits Chapter 11 as Exemplar Luxury Group (ELG) with a smaller footprint and about a 75% reduction in debt after restructuring with Pentwater Capital Management and Bracebridge Capital, shifting to a focus on luxury retail and signaling changes following the 2024 merger with Neiman Marcus that had strained vendor relations.
Saks Global, the parent company of Saks Fifth Avenue, has adopted the new name Exemplar Luxury Group after exiting bankruptcy, signaling a refreshed corporate identity for its luxury retail operations and a continued focus on growth in the upscale market.
Camp Mystic, the Texas camp linked to the Guadalupe River flood that killed 28 people (25 campers, 2 counselors, and the owner), filed for Chapter 11 bankruptcy in the Southern District of Texas. The move triggers an automatic stay on lawsuits while a reorganization proceeds, with claims likely to be resolved through a bankruptcy trust funded by insurance and camp assets. The case involves more than $10 million in debt from 1,000–5,000 creditors, with assets ranging from $1 million to $10 million (and varying assets for related entities). The camp remains closed and is under state investigations, complicating any chance of a quick reopening and potentially delaying ongoing litigation for families seeking justice.
Camp Mystic, an all‑girls Christian summer camp in Texas Hill Country, filed for Chapter 11 bankruptcy, reporting debts of $10–$50 million and assets of $1–$10 million, nearly a year after catastrophic floods killed 28 camp linked residents and at least 136 people region‑wide. The filing follows a state investigation faulting the camp’s emergency planning and evacuations; the camp had already withdrawn its plan to reopen after a heated legislative hearing. Families of victims are pursuing damages beyond $1 million, and the bankruptcy process could pause those suits and route them into the court system. Co‑owner Richard Eastland died in the floods, and camper Cecilia Steward remains missing.
Camp Mystic, the Kerr County girls’ camp where 28 people died in July 2025 floods, filed for Chapter 11 bankruptcy in the Southern District of Texas, reporting debts over $10 million. The filing lists Camp Mystic LLC with Edward Eastland as manager and includes three affiliated entities, estimating 1,000–5,000 creditors, assets between $1 million and $10 million, and liabilities between $10 million and $50 million, in what has been labeled a complex case. The bankruptcy follows a Texas Legislature investigation that found the camp lacked an emergency plan and mishandled reunification, with the camp closing amid backlash and licensing hurdles rather than reopening this summer.
Sangamo Therapeutics filed for voluntary Chapter 11 bankruptcy and cut about 40% of its staff as Lilly and Astellas act as stalking horse bidders to acquire key asset platforms, including AAV capsid delivery and gene-editing tools. Lilly is also eyeing the prion therapy ST-506, while Astellas pursues Fabry disease gene therapy ST-920; Giroctocogene fitelparvovec may be sold separately. The restructuring aims to maximize value amid cash constraints and creditor claims.