Despite a company’s claim that it deals only in legal hemp products, in January, a federal court denied the company’s access to relief under the Bankruptcy Code. U.S. Bankruptcy Court Judge Joseph Rosania, Jr., of the District of Colorado, dismissed United Cannabis Corporation’s (UCANN) Chapter 11 bankruptcy filing, a move that could cause concerns for cannabis companies that may be seeking bankruptcy relief, particularly in the midst of a global pandemic.
COVID-19 has undoubtedly impacted the restaurant industry. Many iconic chains have been forced to close their underperforming locations. Huge franchisees of these chains have also reorganized under Chapter 11. But there is still hope. With reduced competition, bidding wars and increased merger-and-acquisition activity of restaurant chains have developed
Recently, I (along with colleagues at other law schools) asked that an “examiner” be appointed in the Purdue Pharma chapter 11 bankruptcy case, pending in the Southern District of New York. Although the Bankruptcy Court has not yet acted on that request (technically, it was in the form of a letter to the United States