KaloBios Pharmaceuticals Inc. won bankruptcy court approval of a reorganization plan that shrinks former Chief Executive Officer Martin Shkreli’s stake to about 14 percent. U.S. Bankruptcy Judge Laurie Silverstein agreed to the plan at a hearing Wednesday in Wilmington, Delaware. The proposal was accepted by all classes entitled to vote and “all parties are receiving more than they would receive in a liquidation,” she said. The drugmaker filed for bankruptcy in December, shortly after he was...

The lawsuit that drove Gawker Media into bankruptcy last week has been halted until July 13 under an agreement with the parties involved. Hogan, the former pro wrestler whose real name is Terry Bollea, sued Gawker for invasion of privacy after the online media company posted snippets of a sex tape he appeared in. In its June 10 bankruptcy filing, Gawker labeled Hogan’s $130 million claim “disputed.” The company went to Manhattan federal court Wednesday to seek a bankruptcy judge’s approval of...

Logan’s Roadhouse Inc. filed for bankruptcy in Delaware Monday after competition from rival casual-dining chains ate into its sales. The operator and franchiser of over 250 roadhouse-themed restaurants in 23 U.S. states has suffered as other companies offered steep discounts and improved technology with tabletop tablets and order-ahead capabilities. The Nashville, Tennessee-based chain tried to attract diners with Southern-inspired cuisine such as bread pudding, brisket nachos and glazed...

Company had lost access to federal student financial aid Students may be eligbile for about $500 million in loan relief ITT Educational Services Inc. began liquidation proceedings in an Indianapolis bankruptcy court Friday after closing 136 technical schools, leaving over 35,000 students stranded in one of the largest college shutdowns in U.S. history. The 50-year-old for-profit college operator, which had campuses in 38 states, said it was forced to close its doors after the U.S. Education...

JPMorgan Chase & Co. and certain affiliates have agreed to pay $797.5 million to resolve all remaining litigation left over from Lehman Brothers Holdings Inc.’s 2008 bankruptcy. JPMorgan paid $1.42 billion in 2016 that resolved two other major pieces of litigation. That settlement, approved by the bankruptcy court last February, allowed Lehman to make additional payments to creditors of about $1.49 billion. The most-recent settlement is subject to bankruptcy court approval. A hearing has been...