New York Southern coverage

chapter 11 and restructuring coverage from New York Southern.

34 articles

Showing 1 to 12 of 34 coverage articles

Week of August 24, 2026

Braskem Wins Extended Chapter 15 Stay for R$55B Debt

Braskem won an extended Chapter 15 stay after filing a Brazilian extrajudicial reorganization, preserving U.S. assets while it restructures R$55 billion of financial debt.

Chapter 15Industrials & manufacturing

Week of August 10, 2026

Aug 14

S.M.F. Group Files Chapter 11 as Processors Withhold $6M

S.M.F. Group's 22 Fireman Group restaurant debtors filed Chapter 11 in SDNY after Amex, Toast and Stripe withheld nearly $6 million in card receipts; a turnover suit seeks access to the proceeds.

FreefallFood & agriculture

Week of July 20, 2026

Jul 20

Legend Venture Partners: $12.2M SpaceX Redemption Funds Investor Distributions

Legend Venture Partners was placed in SEC receivership in July 2023 after a $35M pre-IPO fraud. The SDNY court approved a distribution plan; SpaceX interests redeemed for $12.2M and a $2.1M Voyager dividend are being distributed to ~320 defrauded pre-IPO investors.

Financial services

Jul 20

Unigel: Chapter 15 Recognizes $810M Brazilian Workout, Then a Second Restructuring

Unigel Participacoes S.A. filed chapter 15 in SDNY in Nov 2024 to recognize its $810M Brazilian extrajudicial restructuring. Judge Glenn entered the recognition order Dec 10, 2024. After the deal closed Jan 2025, distress returned; Unigel filed a second Brazilian reorganization in Oct 2025.

PrenegotiatedFood & agriculture

Week of July 13, 2026

Jul 19

Asbestos Corporation Limited Wins Chapter 15 Stay Shielding Insurers From 6,000 Suits

SDNY recognized Asbestos Corporation Limited's Quebec CCAA proceeding and extended stay protection to insurers, claims administrator Resolute, and General Dynamics while asbestos claimants pursue an appeal.

Chapter 15Energy & natural resources

Week of June 22, 2026

Jun 23

New Fortress Energy Files Chapter 15 to Enforce $5.7B UK Restructuring

New Fortress Energy's UK subsidiaries filed chapter 15 in the Southern District of New York to enforce two English Part 26A restructuring plans that cut roughly $5.7 billion of funded debt to under $1 billion, split off the Brazil business, and hand creditors 65 percent of the surviving company.

Chapter 15Energy & natural resources

Week of June 8, 2026

Jun 14

Lehman Brothers Inc.: $38B Affiliate Settlement, Full Customer Recovery

Lehman Brothers Inc., the U.S. broker-dealer subsidiary of Lehman Brothers Holdings Inc., entered SIPA liquidation September 19, 2008. After 14 years, it concluded September 2022 with 100% customer recovery and a $38B affiliate settlement resolving cross-border claims with LBIE and LBJ.

FreefallFinancial services

Week of June 1, 2026

Jun 6

Altice France: €24B French Restructuring Recognized in Chapter 15

Altice France filed chapter 15 in New York on June 17, 2025 to recognize nine French accelerated safeguard proceedings. SDNY recognized the French main proceedings, enforced plan-approval orders eliminating €7.5B of funded debt from a €23.3B stack, and closed the case February 12, 2026.

PrenegotiatedTechnology & telecom

Week of May 18, 2026

May 22

Spirit Airlines Shuts Down After Two Chapter 11 Filings

Spirit Airlines filed chapter 11 on November 18, 2024, and again on August 29, 2025. The airline emerged from its first case after converting $795 million of debt to equity, then ceased operations on May 2, 2026 and began a court-supervised wind-down.

PrepackagedTransportation & logistics

Week of May 4, 2026

May 6

SAS AB: $1.2B Castlelake-Led Recapitalization and Cramdown of State Hybrid Bonds

Scandinavian airline SAS AB filed chapter 11 in SDNY on July 5, 2022 following a pilot strike and failed out-of-court restructuring. Castlelake led a $1.175B recapitalization; Denmark and Sweden's state hybrid bonds were crammed at zero. Final decree closed March 3, 2026.

FreefallTransportation & logistics

May 5

Celsius Network: Earn Asset Ruling, MiningCo Pivot, and $4.35B Creditor Distributions

Celsius Network filed chapter 11 in SDNY on July 13, 2022 after halting withdrawals June 12. Judge Glenn ruled Earn assets were estate property; Fahrenheit NewCo failed SEC audit and pivoted to MiningCo (Ionic Digital). Effective Jan 31, 2024 with $4.35B cumulative distributions.

FreefallFinancial services

May 5

Fusion Connect Files Chapter 11; Debt-for-Equity Swap Eliminates $272M, Hands Company to First Lien Lenders

Fusion Connect, a cloud communications provider, filed chapter 11 in SDNY on June 3, 2019 with $691.5M of funded debt from two 2018 reverse mergers. An RSA reorganization eliminated $272M and transferred equity to first lien lenders; the $85M second lien tranche was wiped out.

PrenegotiatedTechnology & telecom