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Home > Bankruptcy News

Bankruptcy News Jun 2007

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Proposed change in bankruptcy law could thwart foreclosures
Given opposition from as powerful a lobbying group as the American Bankers Association, it's unclear how far the proposed changes to bankruptcy law will advance. (Wed, 20 Jun 2007 21:41:50 GMT)

Calpine files Chapter 11 reorganization plan in bankruptcy court
NEW YORK - Independent power producer Calpine Corp. filed its restructuring plan with a New York bankruptcy court on Wednesday, 18 months to the day after the company first sought protection from its crushing debt burden. (Wed, 20 Jun 2007 22:27:33 GMT)

Tweeter Pulls Severance After Filing For Bankruptcy
Employees of the Tweeter Home Entertainment Co. are dealing with an economic jolt. They will not get the severance payments they were promised. NewsCenter 5's Janet Wu reported that Tweeter CEO Joe McGuire claimed the company had no choice -- once it filed for bankruptcy, severance deals had to be terminated. (Wed, 20 Jun 2007 22:41:05 GMT)

Harley supplier seeks bankruptcy help
A financially troubled Kenosha company that supplies Harley-Davidson Inc. with more than 30 parts has sought protection from creditors in bankruptcy court. (Thu, 21 Jun 2007 02:32:02 GMT)

Taiwan-based STN LCD maker Picvue Electronics to file for bankruptcy, says paper
Taiwan-based STN LCD maker Picvue Electronics may file for bankruptcy for the company and its subsidiary Picvue Optoelectronics International (POI), a glass substrate maker, at the Hsinchu District Court, according a Chinese-language Commercial Times report. (Thu, 21 Jun 2007 04:55:21 GMT)

Parts maker Remy plans quick trip to bankruptcy
Anderson auto-parts maker Remy International expects to enter bankruptcy this summer and emerge in September after shedding about half its debt. (Thu, 21 Jun 2007 06:58:26 GMT)

Calpine files Chapter 11 reorganization plan in bankruptcy court
SAN FRANCISCO ( Map , News ) - After 18 months in bankruptcy and billions of dollars in losses, power producer Calpine Corp. thinks its business is still worth $21.7 billion. But that doesn't necessarily mean there will be anything of value left for the company's current stockholders. (Thu, 21 Jun 2007 07:17:03 GMT)

Plan to keep steam utility going as bankruptcy court OKs temporary fix
A U.S. bankruptcy judge has approved a temporary plan to keep Akron Thermal in business through July 9. Judge Marilyn Shea-Stonum will allow the indebted steam utility to use cash collateral to pay its 45 employees and resume coal purchases to fuel its boilers. (Thu, 21 Jun 2007 07:38:47 GMT)

Wire Feed: Calpine plans to exit bankruptcy; Google buys Zenter
LOCAL AND STATE NEWS Calpine plans to exit bankruptcy with payments to creditors Calpine said it plans to exit bankruptcy before the end of the year, with unsecured creditors getting paid as much as 100 percent of their claims. (Thu, 21 Jun 2007 11:14:20 GMT)

Ritchie Funds File Bankruptcy After $700 Million Loss (Update3)
June 21 (Bloomberg) -- Hedge-fund manager Ritchie Capital Management Ltd.'s two Irish based funds filed for bankruptcy protection after losses of more than $700 million it blamed on a co-investor's alleged fraud. (Thu, 21 Jun 2007 13:55:36 GMT)

Ritchie Funds File Bankruptcy After $700 Million Loss (Update4)
June 21 (Bloomberg) -- Ritchie Capital Management Ltd.'s two Irish-based hedge funds filed for bankruptcy protection after losing $700 million on life insurance investments. (Thu, 21 Jun 2007 16:25:54 GMT)

Port Townsend Paper Corporation Files Amended Plan of Reorganization and Disclosure Statement With U.S. Bankruptcy ...
Port Townsend Paper Corporation and its affiliates (the "Company") today announced the filing of the Amended Plan of Reorganization Under Chapter 11 of the Bankruptcy Code Jointly Proposed by the Debtors and the Informal Committee of Senior Secured Noteholders, dated June 20, 2007 (the "Plan") and accompanying disclosure statement (the "Disclosure Statement") in United States Bankruptcy Court, ... (Thu, 21 Jun 2007 16:46:59 GMT)

Ritchie Funds File Bankruptcy After $700 Million Loss (Update5)
June 21 (Bloomberg) -- Ritchie Capital Management Ltd. sought bankruptcy protection for two Dublin-based funds after they lost more than $700 million on life insurance investments. (Thu, 21 Jun 2007 17:40:36 GMT)

'Bankruptcy 201' workshop scheduled
A coalition of groups is offering another free public workshop to educate interested residents about Pacific Lumber Co.’s ongoing bankruptcy proceedings in Texas. (Fri, 22 Jun 2007 04:21:21 GMT)

S.J. real estate brokerage files for bankruptcy
The parent company of a major San Jose real estate brokerage has filed for bankruptcy, following the loss of a franchise with Century 21 and a string of lawsuits involving homes purchased with subprime loans. (Fri, 22 Jun 2007 09:03:41 GMT)

(AFX UK Focus) 2007-06-22 14:58 GMT: Parmalat says US bankruptcy court clears permanent bankruptcy protection
MILAN (Thomson Financial) - Parmalat SpA said that the US Federal Bankruptcy Court in New York has ruled in favour of the food firm's request for permanent bankruptcy protection, rejecting objections made by Bank of America and other parties. (Fri, 22 Jun 2007 14:03:50 GMT)

US: Bankruptcy court rules in favour of Parmalat
Parmalat S.p.A. said today (22 June) that the US Federal Bankruptcy Court in New York has ruled in favour of the company's request for a permanent bankruptcy protection. (Fri, 22 Jun 2007 15:14:15 GMT)

Cliftex owner will file for bankruptcy if he can't demolish the building
NEW BEDFORD — The owner of the Cliftex mill Thursday said if he cannot get permission to knock down the mill, his company will file for bankruptcy. (Fri, 22 Jun 2007 17:10:20 GMT)

Adelphia releases 23mn Time Warner shares in bankruptcy plan
NEW YORK, June 22 (newratings.com) – Adelphia Communications Corp ( ADN.HAN ) Friday announced that it had completed the "True Up" process as required by its bankruptcy reorganization plan. (Fri, 22 Jun 2007 20:43:28 GMT)

Approval of Federal-Mogul bankruptcy confirmation plan delayed
Southfield-based Federal-Mogul Corp. spent four days in bankruptcy confirmation hearings this week in Pittsburgh but was unable to gain approval of the plan Thursday. (Sat, 23 Jun 2007 01:12:50 GMT)

New contract with UAW could help Delphi leave bankruptcy
Delphi autoworkers in Kokomo expect to vote soon on a new labor contract that could cut wages and help pull the Michigan company from bankruptcy. (Sat, 23 Jun 2007 06:47:31 GMT)

Bankruptcy workshop today
The Alliance for Sustainable Jobs and the Environment, the Humboldt Watershed Council and the Central Labor Council of Humboldt and Del Norte Counties will present a public workshop addressing issues involved in the Pacific Lumber bankruptcy case today from 9 a.m. to 12 p.m. at the Fortuna Veteran's Memorial Hall, 1426 Main St. (Sat, 23 Jun 2007 14:34:30 GMT)

Northwest expects $102M in non-ticket revenue this year
Fresh out of bankruptcy, Northwest Airlines expects to make $102 million in non-ticket revenue this year from fliers who purchase seat upgrades, one-day airport club passes and more online or using self-service kiosks. The forecast revenue will be nearly eight times the $13 million Northwest earned from non-ticket self-service items in 2004 and "we're just scratching the surface," Al Lenza, ... (Sat, 23 Jun 2007 14:50:00 GMT)

Delphi gains deal with its union
Struggling US car parts firm Delphi reaches a union deal to cut wages and exit bankruptcy protection. (Sun, 24 Jun 2007 10:37:52 GMT)

DOBI files bankruptcy papers
Citing assets of $53,923 and debts of $7.6 million, DOBI Medical International Inc. has filed for bankruptcy protection. (Sun, 24 Jun 2007 12:06:03 GMT)

Bankruptcies
Petitions filed with more than $100,000 in debts in federal bankruptcy court in Fresno, which handles Fresno, Kings, Madera, Mariposa, Merced and Tulare counties: (Sun, 24 Jun 2007 13:09:29 GMT)

Court ruling helps protect creditors’ rights
Bankruptcy courts have been notoriously debtor-friendly over the years, existing for the sole purpose of giving debtors a fresh start. But a recent Supreme Court ruling broke with custom to give creditors a break. (Sun, 24 Jun 2007 14:00:36 GMT)

DOBI files bankruptcy papers
Citing assets of $53,923 and debts of $7.6 million, DOBI Medical International Inc. has filed for bankruptcy protection. (Sun, 24 Jun 2007 21:21:00 GMT)

Bankruptcy charge
The man who created the Backstreet Boys and 'N Sync agreed to be returned to Florida from Guam to face a federal bankruptcy charge, officials said Monday. (Sun, 24 Jun 2007 23:57:04 GMT)

Approval of Federal-Mogul bankruptcy confirmation plan delayed
Southfield-based Federal-Mogul Corp. spent four days in bankruptcy confirmation hearings this week in Pittsburgh but was unable to gain approval of the plan Thursday. (Mon, 25 Jun 2007 01:13:11 GMT)

Bankruptcy trend hits home for local mortgage broker
The former owner of Kenwood-based Amerigroup Mortgage has filed for bankruptcy and will offer up his $1.7 million Anderson Township estate in a June 24 auction. (Mon, 25 Jun 2007 04:32:57 GMT)

SUGE PUTS MALIBU MANSION ON THE MARKET: Move part of rap mogul’s Chapter 11 bankruptcy shuffle.
*Marion “Suge” Knight has placed his plush Malibu crib on the market for $6.2 million as part of his financial overhaul under Chapter 11 bankruptcy protection, reports the Associated Press. (Mon, 25 Jun 2007 07:14:00 GMT)

BofA Defends Role in Parmalat Case
Bank of America Corp. said Monday it lost about $450 million from the bankruptcy of Parmalat SpA after relying on "fraudulent" statements made by the Italian dairy company that collapsed under $18 billion of debts in 2003. (Mon, 25 Jun 2007 12:50:12 GMT)

Bankruptcy Judge to Hear Delphi Deal
A federal bankruptcy judge in New York is expected to hear details today about a tentative deal between the UAW and Delphi. (Mon, 25 Jun 2007 13:27:19 GMT)

Gettelfinger lauds GM for tentative deal
United Auto Workers President Ron Gettelfinger credited General Motors Corp. on Monday for a tentative wage-concession deal with Delphi Corp. meant to help the struggling auto supplier emerge from bankruptcy and avoid a strike. (Mon, 25 Jun 2007 14:45:47 GMT)

Bank of America Loses $450M on Parmalat
Bank of America Corp. said Monday it lost about US$450 million from the bankruptcy of Parmalat SpA after relying on "fraudulent" statements made by the Italian dairy company that collapsed under euro14 billion of debts in 2003. (Mon, 25 Jun 2007 15:25:29 GMT)

UAW, Delphi Deal Calls for Lower Pay, Buyouts
A deal between the United Auto Workers and the struggling auto parts maker Delphi calls for the company to slash workers' pay from $27 to $14 an hour. It will also shut down at least a dozen sites. And it will offer workers buyouts in an attempt to emerge from bankruptcy and avoid a strike. (Mon, 25 Jun 2007 15:26:36 GMT)

Booming economy has downside for bankruptcy industry
People in the bankruptcy business are having money troubles of their own, and they have Alberta's booming industry to blame. (Mon, 25 Jun 2007 19:23:10 GMT)

Suge Knight's Mansion On The Market As Part Of Bankruptcy Proceedings
Former record company kingpin Marion "Suge" Knight 's Malibu, California mansion has been put up for sale as part of his filing for Chapter 11 bankruptcy protection. (Mon, 25 Jun 2007 20:59:21 GMT)

OC Chopper clan accused of bankruptcy fraud
Poughkeepsie — Three members of the Teutul family of Orange County Choppers fame defrauded the creditors of their family's other business, according to a complaint filed Friday in U.S. Bankruptcy Court.The complaint accuses Paul Teutul Sr. (Tue, 26 Jun 2007 06:04:42 GMT)

Bank says bankruptcy cost $450 million U.S.
Bank of America Corp., the second-biggest U.S. bank by market value, said it lost $450 million (U.S.) when dairy company Parmalat SpA collapsed in 2003 in Italy's biggest bankruptcy. (Tue, 26 Jun 2007 08:41:32 GMT)

Wholefood Farmacy Announces Final Decree Obtained in Bankruptcy
The Wholefood Farmacy announced today that the company has accomplished all of the necessary requirements prior to the receipt of a final decree related to its petition for relief from the bankruptcy court. On June 19, 2007 the US Bankruptcy Court for the Eastern District of Tennessee issued a Final Decree. Pursuant to the Plan of Reorganization, all of the Company's creditors will be paid ... (Tue, 26 Jun 2007 12:00:00 GMT)

Wholefood Farmacy Announces Final Decree Obtained in Bankruptcy
The Wholefood Farmacy (PINKSHEETS: WFMC) announced today that the company has accomplished all of the necessary requirements prior to the receipt of a final decree related to its petition for relief from the bankruptcy court. On June 19, 2007 the US Bankruptcy Court for the Eastern District of Tennessee issued a Final Decree. Pursuant to the Plan of Reorganization, all of the Company's creditors ... (Tue, 26 Jun 2007 12:46:19 GMT)

Report: Federal-Mogul expects profits after bankruptcy
Federal-Mogul Corp., an auto-parts maker seeking to resolve billions of dollars in asbestos claims, will be profitable after emerging from U.S. bankruptcy, the company's chief executive officer told Bloomberg News today. (Tue, 26 Jun 2007 14:43:34 GMT)

Bankruptcy orders in streaming case
UEFA obtains bankruptcy orders against three individuals who were commercially exploiting and profiting from illegal streaming of UEFA Champions League matches. (Tue, 26 Jun 2007 15:57:04 GMT)

Marcal has $60M bankruptcy plan
ELMWOOD PARK -- Marcal Paper Mills Inc. filed its plan to shed bankruptcy status in a U.S. District Court on Monday after partnering with a Manhattan-based private equity firm. (Tue, 26 Jun 2007 17:22:12 GMT)

Mike's Train House seeks to halt Lionel bankruptcy plan extension
WASHINGTON -- A rival of model-train maker Lionel LLC wants a judge to put the brakes on Lionel's control of its bankruptcy case so the competitor can file its own reorganization plan. (Tue, 26 Jun 2007 22:21:32 GMT)

Bankruptcy mentioned in pension talks
SAN DIEGO, June 27 (UNION-TRIBUNE): In recent months, it seemed San Diego officials had defused the bankruptcy talk that ignited contentious city political campaigns in 2004 and 2005. Yesterday, the word crept into the conversation again as the City Council considered plans to convert the city's pension system into a group trust that would protect the assets of two other agencies taking part in ... (Wed, 27 Jun 2007 09:09:03 GMT)

Bidders Emerge For Tweeter In Bankruptcy Case
Two bidders are interested in acquiring assets of Tweeter Home Entertainment, which entered Chapter 11 bankruptcy a couple weeks ago. The Canton-based electronics retailer says Schultze Asset Management has made a $38 million bid to acquire all of Tweeter's assets. (Wed, 27 Jun 2007 12:59:05 GMT)

Bidders emerge for Tweeter in bankruptcy case
CANTON, Mass. (AP) - Two bidders are interested in acquiring assets of Tweeter Home Entertainment, which entered Chapter Eleven bankruptcy a couple weeks ago. (Wed, 27 Jun 2007 14:25:38 GMT)

Bank of America lost $450 million in Milan dairy bankruptcy, report says
Bank of America Corp. says it lost $450 million from the bankruptcy of Parmalat Finanziaria SpA after relying on statements made by the Italian dairy conglomerate, The Associated Press reports, citing bank representatives in Milan, Italy. (Wed, 27 Jun 2007 15:57:45 GMT)

Tina Brozman, 54, Former Judge and Bankruptcy Law Innovator, Dies
The former chief judge of the U.S. Bankruptcy Court for the Southern District of New York helped change international bankruptcy law. (Thu, 28 Jun 2007 03:13:28 GMT)

R.J. Gator's, $4 million in debt, files for Chapter 11 bankruptcy
R.J. Gator's Florida Sea Grill and Bar, the homegrown casual restaurant chain, has filed for Chapter 11 bankruptcy reorganization under the weight of more than $4 million in debt and a too-crowded dining market. (Thu, 28 Jun 2007 04:21:04 GMT)

Dana creditors press for bankruptcy action
Creditors in California-based Dana Capital Group Inc., a subprime mortgage lender, are trying to force the company into bankruptcy, a court filing shows. (Thu, 28 Jun 2007 08:45:09 GMT)

Recycle Technology property being used despite bankruptcy
CHARLTON - Property owned by Recycle Technology LLC, which recently shut down and filed for bankruptcy protection, is being used by another company, even though the equipment is listed among assets in a federal bankruptcy case. (Thu, 28 Jun 2007 08:48:08 GMT)

Bankruptcy costs Delta millions
Delta Air Lines Inc. racked up at least $168.6 million in bills from lawyers, consultants and advisers during the 19½ months it was in bankruptcy. (Thu, 28 Jun 2007 09:47:30 GMT)

'Fielding Shekhawat shows Oppn's bankruptcy'
CPI-M politburo member Brinda Karat on Thursday alleged that the fielding by the NDA-led opposition of Vice President Bhairon Singh Shekhawat for the Presidential election as an independent demonstrated its 'utter bankruptcy'. (Thu, 28 Jun 2007 10:09:19 GMT)

Fielding Shekhawat shows utter bankruptcy of oppn: CPI-M
Fielding by the NDA-led opposition of Vice President Bhairon Singh Shekhawat for the Presidential election as an independent demonstrated its "utter bankruptcy," says Brinda Karat. (Thu, 28 Jun 2007 11:01:43 GMT)

Delta Racks Up Huge Bankruptcy Bills
You must be a member to add a comment! Delta Air Lines racked up at least $168 million in bills from lawyers, consultants and advisers during the 19 and a half months it was in bankruptcy, according to an Associated Press analysis. (Thu, 28 Jun 2007 13:22:11 GMT)

R.J. Gator's eatery chain files for bankruptcy
R.J. Gator's, the Jupiter-based casual restaurant chain, filed this week for Chapter 11 bankruptcy reorganization in West Palm Beach. (Thu, 28 Jun 2007 14:03:25 GMT)

R.J. Gator's files for bankruptcy protection
JUPITER — R.J. Gator's Florida Sea Grill and Bar, the homegrown casual restaurant chain, has filed for Chapter 11 bankruptcy reorganization under the weight of more than $4 million in debt and a too-crowded dining market. The family-friendly restaurant company with the breezy Florida style made the filing Tuesday in a bid to head off a $1.4 million judgment by a creditor, NC WC LP, said Bradley ... (Thu, 28 Jun 2007 15:45:48 GMT)

Bankruptcy court OKs Dana's settlement with supplier
WASHINGTON -- Dana Corp. has won bankruptcy court approval to settle a long-standing dispute with Citation Corp. that had threatened to halt the shipment of parts used in Ford and... (Thu, 28 Jun 2007 17:51:32 GMT)

Personal care home files for bankruptcy
A local personal-care home with a history of state welfare department violations has filed for bankruptcy. (Fri, 29 Jun 2007 01:25:00 GMT)

Bankruptcy charge
The man who created the Backstreet Boys and 'N Sync agreed to be returned to Florida from Guam to face a federal bankruptcy charge, officials said Monday. (Fri, 29 Jun 2007 02:12:14 GMT)

LDS faith, bankruptcy: No link
At first glance, it seems logical to assume Utah's high bankruptcy rate is connected to the large number of Mormons living in the state. After all, The Church of Jesus Christ of Latter-day Saints encourages members to pay 10 percent of their incomes in tithing, to marry young (Fri, 29 Jun 2007 06:26:49 GMT)

Specialized lumber maker files Chapter 11 bankruptcy
Timberlake Forest Products Inc., a Spokane Valley-based maker of specialized lumber, has closed its doors and has filed for Chapter 11 protection from creditors in U.S. Bankruptcy Court here. (Fri, 29 Jun 2007 07:14:33 GMT)

US: Bankruptcy court settles Dana-Citation spat
Dana Corporation was reported to have won bankruptcy court approval to settle a long-standing dispute with Citation that had threatened to halt the shipment of parts used in Ford and Nissan vehicles. (Fri, 29 Jun 2007 13:08:37 GMT)

Wireless Age Assigns mmwave Into Bankruptcy
TORONTO, Ontario, June 29, 2007 -- Wireless Age Communications, Inc. today announced that the Company has assigned its financially troubled subsidiary mmwave Technologies Inc. into bankruptcy. (Fri, 29 Jun 2007 15:31:47 GMT)

Beaver County care home files for bankruptcy
MIDLAND, Pa. (AP) - A Beaver County personal care home with a history of state violations has filed for bankruptcy. DeSimone's Personal Care Home, based in Ohioville, has filed for Chapter Eleven protection in US Bankruptcy Court. (Fri, 29 Jun 2007 21:57:08 GMT)

SEC filing shows Bally not fit, stepping to bankruptcy
Despite posting a 6 percent increase in net revenues for 2006, the outlook continues to be bleak for Bally Total Fitness Holding Corp., which is headed for bankruptcy, according to the annual report it filed with the Securities and Exchange Commission Friday. (Sat, 30 Jun 2007 09:13:08 GMT)

Judge sets bankruptcy settlement deadline
Federal bankruptcy Judge Louise DeCarl Adler set an Aug. 13 deadline for a mediation settlement. Should talks fail, Adler will decide on Aug. 23 whether to set trial dates in state court for an initial batch of abuse lawsuits, Adler ruled this week. (Sat, 30 Jun 2007 09:34:54 GMT)

Judge sets bankruptcy settlement deadline
June 30 (UNION-TRIBUNE): Pressure to settle the bankruptcy filed by the Roman Catholic Diocese of San Diego is building as attorneys for Bishop Robert Brom and those representing about 150 victims of sexual abuse by priests have until mid-August to reach agreement or face the possibility that the now-suspended lawsuits will go to trial. (Sat, 30 Jun 2007 10:39:13 GMT)

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