Parker Drilling announced Wednesday morning that it had filed for a “pre-arranged” chapter 11 bankruptcy. Parker Drilling’s proposed plan will reduce two-thirds of funded debt and inject $95 million of equity capital through a backstopped rights offering, the company said. The plan is subject to court approval. Click here and here for the full story. ...
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Facing 100 lawsuits from more than 350 sexual-assault victims of team physician Larry Nassar, USA Gymnastics filed for bankruptcy protection last week. Its recently appointed board chairman said the step was taken to expedite payment of claims to the many victims and to allow the organization to continue day-to-day operations while continuing its search for its fourth president and CEO in the past two years. Click here for the full story. ...
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On December 3, the Archdiocese of Santa Fe filed for bankruptcy in the face of decades of sexual abuse lawsuits and millions of dollars in payouts to survivors. More than 350 abuse survivors have been documented in the archdiocese over the last 25 years. Now that the archdiocese petitioned for bankruptcy, all current lawsuits against the church, an estimated 35, are on hold. Furthermore, no new individual claims can be brought forward during the bankruptcy proceedings, according to Brad Hall, whose law firm has represented over 100 survivors of sexual abuse by clergymen. In May, the National Catholic Reporter reported that 19 dioceses and ...
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