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Home > Bankruptcy News

Bankruptcy News Mar 2008

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Bankruptcy Court Asked to Sanction Countrywide
In an escalation of legal trouble facing Countrywide Financial Corporation, federal regulators asked the courts to sanction the company for abusing the bankruptcy system. (Sat, 01 Mar 2008 00:12:59 GMT)

No Consultant Bonuses in NWA Bankruptcy
A bankruptcy judge on Friday rejected almost $4.3 million in "success fees" for consultants in the Northwest Airlines bankruptcy, saying they were paid well enough for their work without the bonuses. (Sat, 01 Mar 2008 00:38:33 GMT)

Man accused of fraud, identity theft involving bankruptcy petitions
A Los Angeles man who filed allegedly fraudulent bankruptcy petitions in Kansas to stop home foreclosures has been indicted on suspicion of fraud and identity theft. (Sat, 01 Mar 2008 04:22:54 GMT)

Fox bankruptcy poorly documented
The owner of a failed collision repair chain told his story Friday in U.S. Bankruptcy Court, at least what he knows of it. Todd Fox, who closed 18 Fox Collision Repair shops in October and filed for bankruptcy last month, claiming more than $7 million in debts, made a mandatory appearance before creditors Friday morning in the U.S. Trustee's office. Accompanied by his Wichita bankruptcy ... (Sat, 01 Mar 2008 07:54:02 GMT)

Jefferson County sewer-bond credit rating cut to junk, increasing odds of bankruptcy
Jefferson County's sewer-bond credit rating was cut to junk status Friday, increasing the odds of the largest bankruptcy filing ever by a governmental body. (Sat, 01 Mar 2008 09:30:20 GMT)

Vallejo releases details of plan to avoid bankruptcy
Vallejo officials have released details of a labor deal that's designed to resolve its budget crisis and keep the city out of bankruptcy court. (Sat, 01 Mar 2008 20:14:22 GMT)

$4.3 million bonuses denied for Northwest bankruptcy
A bankruptcy judge has rejected almost $4.3 million in "success fees" for consultants in the Northwest Airlines bankruptcy. (Sat, 01 Mar 2008 20:36:02 GMT)

Bankruptcy Court Supports Summit Global Logistics Motion  
01/03/2008 20:29:00 Business Wire Summit Global Logistics, Inc. (OTCBB: SGLT) ("Summit") today announced that the U.S. Bankruptcy Court has granted a motion to deny a discovery request by Hecny Transportation Limited prior to a sale hearing scheduled for March 13, 2008. (Sat, 01 Mar 2008 20:43:26 GMT)

Bankruptcy Court Supports Summit Global Logistics Motion
Summit Global Logistics, Inc. (OTCBB: SGLT) ("Summit") today announced that the U.S. Bankruptcy Court has granted a motion to deny a discovery request by Hecny Transportation Limited prior to a sale hearing scheduled for March 13, 2008. The Court on February 14, 2008 approved procedures for a sale of the company's assets and certain of Summit's subsidiaries to TriDec Acquisition Co. Inc. ... (Sat, 01 Mar 2008 20:52:08 GMT)

Bankruptcy Court Asked to Sanction Countrywide
In an escalation of legal trouble facing Countrywide Financial Corporation, federal regulators asked the courts to sanction the company for abusing the bankruptcy system. (Sat, 01 Mar 2008 21:39:19 GMT)

Vallejo Reaches Deal To Avoid Bankruptcy
City leaders in Vallejo reached an agreement with police and firefighters' unions that could help the city avoid filing bankruptcy. The city's $9 million shortfall led to the new deal, which will see police and firefighters taking a 6.5% pay cut and close down two fire engine companies. (Sun, 02 Mar 2008 03:41:35 GMT)

Vallejo budget agreement to avoid bankruptcy
Vallejo Mayor Osby Davis unveiled a budget deal Saturday he said will stave off bankruptcy for the financially beleaguered city, but angry critics complained that the proposed agreement with police and fire unions was little more than a bandage that doesn't... (Sun, 02 Mar 2008 08:32:17 GMT)

Vallejo budget agreement to avoid bankruptcy
Vallejo Mayor Osby Davis unveiled a budget deal Saturday he said will stave off bankruptcy for the financially beleaguered city, but angry critics complained that the proposed agreement with police and fire unions was little more than a bandage that doesn't... (Sun, 02 Mar 2008 16:42:11 GMT)

Solutia raised to 'B+' from 'D' after coming off bankruptcy - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc to 'B+' from 'D', citing the company's emergence from bankruptcy on Feb 28 and the implementation of its financing plan. The outlook is stable. (Mon, 03 Mar 2008 04:32:13 GMT)

(AFX UK Focus) 2008-03-03 04:42 GMT: Solutia raised to 'B+' from 'D' after coming off bankruptcy - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc to 'B+' from 'D', citing the company's emergence from bankruptcy on Feb 28 and the implementation of its financing plan. (Mon, 03 Mar 2008 05:04:34 GMT)

Maverick Mortgage hits the skids: in bankruptcy
A fast-growing Collin County mortgage company has filed a multimillion-dollar bankruptcy case. (Mon, 03 Mar 2008 06:04:09 GMT)

Bankruptcy in Texas could cost Georgia bank
Georgia Banking Co. is attempting to recover money from a failed Dallas mortgage lender, according to documents filed in federal bankruptcy court in Texas. (Mon, 03 Mar 2008 06:04:39 GMT)

Bankruptcy could mean raised insurance rates
VALLEJO -- As city officials weigh the pros and cons of filing for bankruptcy protection, some local business leaders have expressed concern about the impact the move might have on insurance rates. (Mon, 03 Mar 2008 11:29:45 GMT)

Vallejo Vote Aims To Avoid Bankruptcy
The Vallejo City Council is set to vote on a controversial labor deal that city leaders hope will keep the city out of bankruptcy. (Mon, 03 Mar 2008 14:49:24 GMT)

No bonuses for consultants in Northwest Airlines bankruptcy
MINNEAPOLIS -- A bankruptcy judge on Friday rejected almost $4.3 million in "success fees" for consultants in the Northwest Airlines bankruptcy, saying they were paid well enough for their work without the bonuses. T (Mon, 03 Mar 2008 15:08:32 GMT)

Thornburg Mortgage plunges on bankruptcy worry
Thornburg Mortgage Inc said on Monday it has failed to meet a surge in margin calls, raising concern the jumbo mortgage lender might file for bankruptcy and causing its shares to fall by more than half. (Mon, 03 Mar 2008 20:21:16 GMT)

Bankruptcy filing can transform gift cards into useless plastic / People who got them may be surprised to learn their ...
You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too. As more retailers file for bankruptcy or go out of business, more than $75 million in gift cards are at... (Tue, 04 Mar 2008 08:39:12 GMT)

When one spouse files for bankruptcy
Just because one spouse files Chapter 7, the other can't piggyback debt, says the Bankruptcy Adviser. (Tue, 04 Mar 2008 11:00:00 GMT)

Vallejo City Council approves deal keeping city out of bankruptcy
The Vallejo City Council has approved a deal that will keep the city out of bankruptcy, at least for now. (Tue, 04 Mar 2008 12:59:32 GMT)

Vallejo approves plan to avoid bankruptcy
Vallejo approved three resolutions to prevent the city from filing for bankruptcy. (Tue, 04 Mar 2008 13:25:30 GMT)

Vallejo City Council approves plans to avoid emergency bankruptcy
The Vallejo City Council approved three resolutions early this morning that are intended to prevent the city from filing bankruptcy by the end of the month. (Tue, 04 Mar 2008 13:55:22 GMT)

Late-Night Vote Saves Vallejo From Bankruptcy
A seven-hour meeting ends with Vallejo city leaders approving a deal that saves the city from filing for Chapter 9 bankruptcy -- for now. (Tue, 04 Mar 2008 14:44:00 GMT)

Owner of Orlando Church's Chicken files for bankruptcy
The owner of 15 Church's Chicken fast-food locations in the Orlando and Tampa Bay areas is seeking bankruptcy court protection. (Tue, 04 Mar 2008 14:50:08 GMT)

Late-Night Vote Saves Vallejo From Bankruptcy
The Vallejo City Council approved three resolutions early Tuesday morning that are intended to prevent the city from filing bankruptcy by the end of the month. (Tue, 04 Mar 2008 14:50:44 GMT)

Tense bankruptcy debate
With a tension-filled Vallejo City Hall overflowing with concerned residents, the City Council debated late Monday night a controversial four-month stopgap plan with its public safety unions to avoid bankruptcy court. (Tue, 04 Mar 2008 15:11:20 GMT)

Vallejo to Avoid Bankruptcy With Deal
The City Council voted early Tuesday to approve a last-minute deal meant to keep this Bay Area suburb from becoming the first city in the state to declare bankruptcy over a budget shortfall. (Tue, 04 Mar 2008 19:07:29 GMT)

Bankruptcy code change could rise again
Don’t yet count out the proponents of using the bankruptcy code to help struggling homeowners. (Wed, 05 Mar 2008 01:55:25 GMT)

Man charged in bankruptcy petition fraud case is deemed a flight risk
A Los Angeles man accused of filing fraudulent bankruptcy petitions in Kansas and other states has been denied bail after a judge determined that he was a flight risk. (Wed, 05 Mar 2008 04:40:28 GMT)

Bankruptcy filings climb
Colorado companies and individuals have filed more than three times as many bankruptcy petitions this year as in the first two months of 2006. (Wed, 05 Mar 2008 10:33:06 GMT)

Vallejo moves to avoid bankruptcy
VALLEJO - The Vallejo City Council early Tuesday morning approved a four-month stopgap plan to avoid bankruptcy court -- at least for now. The deal hinges on agreements with the city's firefighters and police that two council members and some residents challenged. (Wed, 05 Mar 2008 11:17:32 GMT)

Bankruptcy Filings Up
Personal bankruptcy filings climbed last month to their highest level since 2005, when Congress enacted laws aimed at discouraging such filings, and experts predicted more than a million Americans will seek bankruptcy protection this year. The American Bankruptcy Institute, citing data from the National Bankruptcy Research Center, said 76,120... (Wed, 05 Mar 2008 11:41:05 GMT)

Thacher Proffitt Announces New Lateral Bankruptcy Partner, Hugh McDonald
NEW YORK----Thacher Proffitt & Wood LLP announced today that Hugh McDonald has joined the firm as partner in the Bankruptcy and Creditors' Rights Practice Group, resident in the New York office. (Wed, 05 Mar 2008 13:00:00 GMT)

Trump casinos post biggest loss since coming out of bankruptcy
Trump Entertainment Resorts Inc., the casino company founded by Donald Trump, posted its biggest loss since coming out of bankruptcy in 2005 as declining revenue prompted it to write down the value of its three properties. (Wed, 05 Mar 2008 15:06:25 GMT)

Filings for Bankruptcy Up 18% in February
Americans filed for bankruptcy in growing numbers in February, buckling under the combined weight of rising energy prices, a weakening housing market and high personal debts. (Wed, 05 Mar 2008 15:40:25 GMT)

Ziff Davis Planning To File For Chapter 11 Bankruptcy Protection
Ziff Davis, the troubled trade media company which sold off its enterprise division last year, is now close to filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, we have learned. The company has not been able to come to an agreement with its bond holders, and stopped paying interest on its debt several months ago (announced in August). ... (Wed, 05 Mar 2008 23:02:51 GMT)

Ziff Davis Media Seeks Bankruptcy; Ad Revenue Down
In filed for bankruptcy, the publisher of technology and video game magazines cited a decrease in revenue from print advertising and subscriptions. (Thu, 06 Mar 2008 02:30:05 GMT)

Filings for Bankruptcy Up 18% in February
Americans filed for bankruptcy in growing numbers in February, buckling under the combined weight of rising energy prices, a weakening housing market and high personal debts. (Thu, 06 Mar 2008 02:38:49 GMT)

Ziff Davis Media files for bankruptcy
Ziff Davis Media Inc., publisher of technology and video game magazines, filed for bankruptcy on Wednesday and cited a decrease in revenue from print advertising and subscriptions as contributing to its decline. (Thu, 06 Mar 2008 03:54:53 GMT)

Ziff Davis Media Files for Bankruptcy
Ziff Davis Media Inc., publisher of technology and video game magazines, filed for bankruptcy on Wednesday and cited a decrease in revenue from print advertising and subscriptions as contributing to its decline. But the company said it expected to... (Thu, 06 Mar 2008 04:36:26 GMT)

GM to loan Delphi $2B for bankruptcy exit
WASHINGTON -- General Motors Corp. agreed to loan Delphi Corp. up to another $2 billion in an effort to help the troubled auto supplier emerge from bankruptcy amid a weakening credit market. (Thu, 06 Mar 2008 06:12:31 GMT)

Ziff Davis' Bankruptcy Filing: Nobody's Fault, But
Ziff Davis filed for Chapter 11 bankruptcy protection this afternoon, as we reported first here, and a total of 23 documents were filed with U.S. Bankruptcy Court for the Southern District of New York. (Thu, 06 Mar 2008 07:54:01 GMT)

Bankruptcy filing lists Adam woes
Adam Aircraft, which filed for Chapter 7 bankruptcy in February, had about $5.1 million in income from operations in 2006 and $2.8 million in 2007, according to a statement of financial affairs. (Thu, 06 Mar 2008 09:18:11 GMT)

GM move aids Delphi in exit from bankruptcy
General Motors has agreed to take a greater role in funding former auto- parts subsidiary Delphi 's exit from bankruptcy. (Thu, 06 Mar 2008 09:18:41 GMT)

GM giving nearly $3B loans to Delphi to help it out of bankruptcy
General Motors agreed today to offer two loans worth almost $3 billion to help Delphi Corporation emerge from bankruptcy since the auto parts maker has struggled to secure the financing... (Thu, 06 Mar 2008 12:05:28 GMT)

Alabama county official says bankruptcy an option
Alabama's Jefferson County may consider a bankruptcy filing to resolve a financial crisis surrounding $3.2 billion of sewer debt, the county's commissioner for finance said on Thursday. (Thu, 06 Mar 2008 18:49:10 GMT)

Ziff Davis' Bankruptcy Filing: Nobody's Fault, But?
Ziff Davis filed for Chapter 11 bankruptcy protection this afternoon, as we reported first here, and a total of 23 documents were filed with U.S. Bankruptcy Court for the Southern District of New York. The two main ones are embedded below as PDFs (after the jump). The company has about 266 employees as of 2007, and has debt obligations of about $500 million and assets (including goodwill) of ... (Thu, 06 Mar 2008 19:41:58 GMT)

Ziff-Davis Files for Bankruptcy
After struggling with burdensome debt for the last several years, formerly high-flying tech trade publisher Ziff-Davis finally filed for bankruptcy. (Thu, 06 Mar 2008 21:09:47 GMT)

Champ Car Series files for Chapter 11 bankruptcy
Attorneys representing parent companies for the Champ Car World Series filed Chapter 11 paperwork in United States Bankruptcy Court on March 5. (Thu, 06 Mar 2008 22:28:53 GMT)

Day for Delta to Exit Bankruptcy Arrives
ATLANTA -- Delta Air Lines Inc. has undergone a major facelift during more than a year and a half in bankruptcy, but other changes are on the way as the nation's No. 3 carrier exits Chapter 11 on Monday. (Fri, 07 Mar 2008 02:57:27 GMT)

Delta Waves Goodbye to Bankruptcy
ATLANTA -- Delta Air Lines Inc. waved farewell to bankruptcy protection Monday and put down a welcome mat for a redesigned logo after surviving a hostile takeover bid during a 19 1/2-month reorganization that saw it shed billions in costs. (Fri, 07 Mar 2008 02:57:37 GMT)

Northwest Exits Bankruptcy Protection
MINNEAPOLIS -- With Northwest Airlines out of bankruptcy on Thursday, the nation's largest carriers have reorganized to compete better in a world of discount carriers and higher fuel prices. (Fri, 07 Mar 2008 02:58:27 GMT)

Ziff Davis Media Seeks Bankruptcy; Ad Revenue Down
In filing for bankruptcy, the publisher of technology and video game magazines cited a decrease in revenue from print advertising and subscriptions. (Fri, 07 Mar 2008 04:40:22 GMT)

Sharper Image resumes accepting gift cards - with restrictions - while in bankruptcy
SAN FRANCISCO - Sharper Image Corp. said Thursday that it would immediately resume honoring gift cards and other vouchers that were suspended last month when the company filed for Chapter 11 bankruptcy. (Fri, 07 Mar 2008 07:01:28 GMT)

PARKER: Nobody wins in bankruptcy
It's a matter of "he said, she said" in a food fight that's resulted in former Sparrow restaurant owners filing for Chapter 7 bankruptcy. (Fri, 07 Mar 2008 07:37:01 GMT)

Champ Car owners file for bankruptcy
The owners of the Champ Car World Series have filed for Chapter 11 bankruptcy just two weeks after agreeing to an open-wheel unification plan with the Indy Racing League. (Fri, 07 Mar 2008 21:48:17 GMT)

Quebecor Fails to Reach Accord on $1 Billion Bankruptcy Loan
March 7 (Bloomberg) -- Quebecor World (USA) Inc. , the bankrupt printer of Time and Cosmopolitan magazines, failed to negotiate new terms for a $1 billion loan needed to finance operations in bankruptcy. (Fri, 07 Mar 2008 22:30:25 GMT)

Champ Car owners file for bankruptcy
The owners of the Champ Car World Series have filed for Chapter 11 bankruptcy just two weeks after agreeing to an open-wheel unification plan with the Indy Racing League. The bankruptcy filing will not affect the IRL deal, said Jeff Hokanson, a lawyer representing Champ Car. (Fri, 07 Mar 2008 22:32:11 GMT)

Twinkie maker delays bankruptcy exit
Interstate Bakeries Corp.'s plan to exit bankruptcy protection went off the rails Friday as the company asked a court to delay hearing the plan because it has begun talking with a new investor. (Sat, 08 Mar 2008 00:51:51 GMT)

Twinkie Maker Delays Bankruptcy Exit
Interstate Bakeries Corp.'s plan to exit bankruptcy protection went off the rails Friday as the company asked a court to delay hearing the plan because it has begun talking with a new investor. It also said it has begun making plans to possibly sell... (Sat, 08 Mar 2008 01:06:36 GMT)

Delay granted for bankruptcy exit hearing for Interstate Bakeries
Interstate Bakeries Corp., which is in bankruptcy, has gotten permission to push back a hearing over the confirmation on its plan to exit bankruptcy to April 23 from March 12. (Sat, 08 Mar 2008 04:38:35 GMT)

Judge says he's never seen 'such lawlessness' in a bankruptcy case
The trustee in the bankruptcy case of a Fort Collins businessman reports that he was attacked on a trip to the South Pacific by a man wielding a sword. (Sat, 08 Mar 2008 07:16:58 GMT)

Champ Car owners file for bankruptcy
INDIANAPOLIS (AP) — The owners of the Champ Car World Series have filed for Chapter 11 bankruptcy just two weeks after agreeing to an open-wheel unification plan with the Indy Racing League. The filing in U.S. (Sat, 08 Mar 2008 10:07:08 GMT)

West Toledo nursing home files for bankruptcy
Darlington Nursing Rehabilitation Center Ltd., a longtime nursing home in West Toledo, has filed for bankruptcy protection from creditors. (Sat, 08 Mar 2008 12:07:25 GMT)

CHAMP: Champ Car files for bankruptcy
Champ Car World Series sold its assets to the Indy Racing League for six million US dollars - and has more than $10 million in debts - it was revealed this week, when the company filed for bankruptcy in the United States. (Sat, 08 Mar 2008 15:08:04 GMT)

Champ Car files for bankruptcy.
Series owners file for bankruptcy as end of Champ Car draws closer. (Sat, 08 Mar 2008 17:03:00 GMT)

New Parkway emerges from bankruptcy
The New Parkway Hospital, located in Forest Hills, announced last week that as of Thursday, February 28 it has “officially exited from bankruptcy,” after having spent about three years in bankruptcy protection. (Sat, 08 Mar 2008 21:41:15 GMT)

New Parkway Hospital Emerges From Bankruptcy
(Michael O’Kane) After nearly three years, New Parkway Hospital is finally back in the black. Nearly three tumultuous and uncertain years after first filing for bankruptcy protection, the New Parkway Hospital announced last week it had officially emerged from bankruptcy. (Sun, 09 Mar 2008 04:16:28 GMT)

Bakery seeks delay in bankruptcy exit
Interstate Bakeries Corp.'s plan to exit bankruptcy protection went off the rails Friday as it asked a court to delay hearing the plan because it has begun talking with a new investor. (Sun, 09 Mar 2008 07:16:07 GMT)

Rebuild your credit after bankruptcy
Your ability to get insurance, a loan and possibly a job depends on this fresh start. There is life after bankruptcy, even though your credit is shot. (Sun, 09 Mar 2008 11:22:40 GMT)

Tori Spelling - Spelling Confesses To Near Bankruptcy
Actress TORI SPELLING almost filed for bankruptcy after notching up hundreds of thousands of dollars on her credit cards. The Beverly Hills, 90210 blames being the daughter ... (Mon, 10 Mar 2008 02:05:03 GMT)

A&B bankruptcy trustee blocks Carrollton's move to recoup cash
The trustee in the A&B Check Cashing bankruptcy case has objected to a $5 million claim against the defunct check casher by Carrollton Bank. (Mon, 10 Mar 2008 04:55:25 GMT)

Eisners file personal bankruptcy
Steve Eisner, once a fixture of Baltimore social circles and its business community, has filed for personal bankruptcy. (Mon, 10 Mar 2008 04:55:45 GMT)

Rebuilding credit priority for life after bankruptcy
T here is life after bankruptcy, even though your credit is shot. In fact, many creditors view you as a prime customer after bankruptcy because you're getting a fresh financial start. (Mon, 10 Mar 2008 05:42:41 GMT)

Supervisors weigh PALCO bankruptcy letter
Category: Local News Topics: County Humboldt County officials will discuss Tuesday whether to add the county’s name to a growing list of elected officials and government agencies that have weighed in on Pacific Lumber Co.’s bankruptcy proceedings in Texas (Mon, 10 Mar 2008 06:24:08 GMT)

Northwest Air settles with machinists over bankruptcy claim
Northwest Airlines Corp. has reached a settlement with the union that represents its baggage handlers over a $10 million claim related to worker grievances filed in the company's bankruptcy case. (Mon, 10 Mar 2008 06:31:32 GMT)

Supervisors consider letter to bankruptcy court
EUREKA -- Fourth District Supervisor Bonnie Neely and 3rd District Supervisor John Woolley are asking the board to send a letter to the federal bankruptcy judge in the Pacific Lumber Co. (Mon, 10 Mar 2008 08:39:07 GMT)

New Parkway Hospital Emerges From Bankruptcy
(Michael O’Kane) After nearly three years, New Parkway Hospital is finally back in the black. Nearly three tumultuous and uncertain years after first filing for bankruptcy protection, the New Parkway Hospital announced last week it had officially emerged from bankruptcy. (Mon, 10 Mar 2008 12:31:28 GMT)

Arrow Electronics Receives Adverse Opinion in Bankruptcy Proceeding
MELVILLE, N.Y.----Arrow Electronics, Inc. announced that an opinion has been rendered in a bankruptcy proceeding in favor of Bridge Information Systems , the estate of a former Global Enterprise Computing Solutions customer that declared bankruptcy in 2001. (Mon, 10 Mar 2008 13:23:00 GMT)

Arrow Electronics Receives Adverse Opinion in Bankruptcy Proceeding
Arrow Electronics, Inc. (NYSE:ARW) announced that an opinion has been rendered in a bankruptcy proceeding (Bridge Information Systems, et. anno v. Merisel Americas, Inc. & MOCA.) in favor of Bridge Information Systems ("Bridge"), the estate of a former Global Enterprise Computing Solutions ("ECS") customer that declared bankruptcy in 2001. The proceeding is related to sales made by the MOCA ... (Mon, 10 Mar 2008 13:56:09 GMT)

Silver State Helicopters Owner No Show at Bankruptcy Hearing
A former candidate for Clark County Sheriff and controversial owner of a local helicopter company that filed for bankruptcy last month was supposed to make his first appearence in federal bankruptcy court today.  Reporter Chris Saldana was at the hearing and has the details. (Tue, 11 Mar 2008 00:25:46 GMT)

Leiner files for bankruptcy
Leiner Health Products on Monday filed a petition for Chapter 11 bankruptcy and said it will explore selling the business, according to a U.S. Securities and Exchange Commision filing. (Tue, 11 Mar 2008 04:38:39 GMT)

Leiner Health Products files for bankruptcy protection
Leiner Health Products Inc., a leading maker of vitamins and nutritional supplements, filed for bankruptcy protection Monday, a year after the Food and Drug Administration found problems at one of its manufacturing plants, prompting a product recall. (Tue, 11 Mar 2008 05:07:52 GMT)

Delphi, Dura gain in battle to emerge from bankruptcy
WASHINGTON -- Despite tight credit markets, two auto suppliers have made major progress in emerging from bankruptcy after months of unsuccessfully trying to raise exit financing. (Tue, 11 Mar 2008 05:11:19 GMT)

Sneaky Pete’s heads into bankruptcy
LeCLAIRE, Iowa — Sneaky Pete’s is in Chapter 13 bankruptcy proceedings, and owner Russell Schickling won’t comment on the future of the long-time LeClaire restaurant. (Tue, 11 Mar 2008 07:14:06 GMT)

Delphi retries on bankruptcy exit
NEW YORK–Auto-parts supplier Delphi Corp., which has failed in its first attempt to get $6.1 billion (U.S.) in bankruptcy-exit loans, says it will try again. (Tue, 11 Mar 2008 08:46:58 GMT)

Delphi plans to keep looking for $6.1B in bankruptcy exit loans
Auto parts supplier Delphi Corp., which failed in its first attempt to get $6.1 billion in bankruptcy exit loans, announced Monday that it would try again. (Tue, 11 Mar 2008 09:25:47 GMT)

Mortgage Crisis Seen As Factor Behind Surge In Bankruptcy Filings
BOSTON (AP) -- The number of Massachusetts residents filing for bankruptcy continues to grow, with experts tying the surge to the subprime mortgage crisis. (Tue, 11 Mar 2008 10:58:54 GMT)

Diablo Grande files for Chapter 11 bankruptcy
The partnership that owns the Diablo Grande resort and golf club in western Stanislaus County filed a Chapter 11 reorganization bankruptcy Monday afternoon, listing $50 million to $100 million in assets and a similar amount of debt. (Tue, 11 Mar 2008 12:16:01 GMT)

New Parkway Hospital Emerges From Bankruptcy
(Michael O’Kane) After nearly three years, New Parkway Hospital is finally back in the black. Nearly three tumultuous and uncertain years after first filing for bankruptcy protection, the New Parkway Hospital announced last week it had officially emerged from bankruptcy. (Tue, 11 Mar 2008 12:46:22 GMT)

Plan to stop city bankruptcy to go before council
The controversial stopgap fiscal plan to keep Vallejo from immediately filing for bankruptcy goes before the City Council tonight for a mandatory second vote. The council passed public safety labor agreements and a fiscal emergency plan (Tue, 11 Mar 2008 14:12:33 GMT)

Japan Feb Corporate Bankruptcy Cases Up 14.3% On Year
TOKYO -(Dow Jones)- Japanese bankruptcy cases rose 14.3% on year in February to 935 cases, private credit research agency Teikoku Databank Ltd. said Wednesday. (Wed, 12 Mar 2008 04:38:29 GMT)

Firm says Delphi may need to stay in bankruptcy
Delphi Corp. may not have a legitimate path to get out of bankruptcy and might need to remain in court until credit markets improve, said one of its potential investors, Appaloosa Management LP. (Wed, 12 Mar 2008 07:36:32 GMT)

Supervisors to send message to PALCO bankruptcy judge
Category: Local News Topics: (none) The Humboldt County Board of Supervisors unanimously approved sending a letter to the Texas judge overseeing the Pacific Lumber Co.’s bankruptcy proceeding to make sure county residents’ interests are heard. (Wed, 12 Mar 2008 07:40:18 GMT)

Supervisors slightly revise letter to bankruptcy judge
EUREKA -- A brief difference over which agency should certify Pacific Lumber Co.'s practices as environmentally sound briefly delayed the supervisors approval Tuesday of a letter to the company's federal bankruptcy judge. (Wed, 12 Mar 2008 08:39:23 GMT)

New Parkway Hospital Emerges From Bankruptcy
(Michael O’Kane) After nearly three years, New Parkway Hospital is finally back in the black. Nearly three tumultuous and uncertain years after first filing for bankruptcy protection, the New Parkway Hospital announced last week it had officially emerged from bankruptcy. (Wed, 12 Mar 2008 08:47:35 GMT)

New Parkway emerges from bankruptcy
The New Parkway Hospital, located in Forest Hills, announced last week that as of Thursday, February 28 it has “officially exited from bankruptcy,” after having spent about three years in bankruptcy protection. (Wed, 12 Mar 2008 14:22:04 GMT)

Company that's closing Wilson plant files for bankruptcy
A California drug company that is shutting a manufacturing plant in Wilson has filed for Chapter 11 bankruptcy protection. (Wed, 12 Mar 2008 14:26:07 GMT)

Natchez hospital weighs possibility of bankruptcy
Associated Press - March 12, 2008 11:54 AM ET NATCHEZ, Miss. (AP) - The governing board of the Natchez Regional Medical Center will ask the Legislature to authorize it to file for bankruptcy... (Wed, 12 Mar 2008 16:03:56 GMT)

South Bristol Resident Files Bankruptcy Blames Town, Laws, Media
On or about March 3, South Bristol and Hollywood, California resident James Augustus Nelson filed for Chapter 7 Bankruptcy Protection. (Wed, 12 Mar 2008 16:22:09 GMT)

Natchez hospital weighs possibility of bankruptcy
NATCHEZ, Miss. The governing board of the Natchez Regional Medical Center will ask the Legislature to authorize it to file for bankruptcy protection. NRMC is carrying debts of about $4.5 million, which it cannot pay, said hospital attorney Walter Brown. (Wed, 12 Mar 2008 17:22:17 GMT)

Possible Delphi Bankruptcy Delay
A potential investor says Delphi Automotive may have to wait longer to get out of bankruptcy. Appaloosa Management filed court papers Tuesday saying that no viable path to emerge from bankruptcy currently exists, and that Delphi may have to wait until the credit market improves. (Wed, 12 Mar 2008 21:36:18 GMT)

DiamondJacks casino owners file bankruptcy
The owner of DiamondJacks casino in Bossier City has filed for bankruptcy protection from their creditors. The company said today it has filed Chapter 11 bankruptcy reorganization but plans to continue in business. No employees will lose their jobs, a spokesman for Legends Gaming said. Legends said it is in (Wed, 12 Mar 2008 22:17:08 GMT)

Bankruptcy filings surging in Mass.
Bankruptcy filings have surged 22 percent in Massachusetts this year, as more people are unable to afford their rising mortgage payments or refinance their homes to pay bills, according to court filings and bankruptcy attorneys. (Thu, 13 Mar 2008 01:22:40 GMT)

Ethanex Energy Inc. says it might seek bankruptcy protection
Ethanex Energy Inc. in Basehor, Kan., said Wednesday it may be required to seek bankruptcy court protection from its creditors. (Thu, 13 Mar 2008 03:22:51 GMT)

Hospital may file bankruptcy
The governing board of the Natchez Regional Medical Center will ask the Legislature to authorize it to file for bankruptcy protection. (Thu, 13 Mar 2008 06:09:46 GMT)

Bankruptcy: The alternative to airline mergers?
While a Delta-Northwest merger remains on hold (see below), The Atlanta Journal-Constitution (free registration) says Delta "and most other carriers' shares plunged Wednesday after a Wall Street analyst predicted that soaring fuel costs will overwhelm cost savings from recent bankruptcy... (Thu, 13 Mar 2008 14:20:00 GMT)

Rising Foreclosure Rates Cause HOAs To Fall Into Bankruptcy
ORANGE COUNTY, Fla. -- The Avalon Lakes Homeowners Association was on the brink of bankruptcy. At one time, it had a $140,000 deficit. The subdivision said people who fell into foreclosure stopped paying their HOA FEES. (Fri, 14 Mar 2008 03:25:39 GMT)

Delphi expected to be rated 'B' after emerging from bankruptcy - S&P
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it still expects to assign a 'B' corporate credit rating to Delphi Corp if the auto parts supplier emerges from bankruptcy in early April. (Fri, 14 Mar 2008 05:46:52 GMT)

Ohio Senate bill softens sting of bankruptcy
A bill that would allow people in bankruptcy to keep more of their assets and one that requires doctors to offer ultrasound pictures to women preparing to have abortions passed the Ohio Senate during a rare Thursday session. (Fri, 14 Mar 2008 08:16:08 GMT)

Jefferson County debt debacle deja vu for neighboring Shelby County, which, in 1993, teetered on the brink of bankruptcy
As Jefferson County commissioners wrestle with the looming possibility of bankruptcy, some veteran Shelby County officials can feel their pain. The same thing nearly happened in Shelby County in 1993. (Fri, 14 Mar 2008 08:30:24 GMT)

Jefferson County bankruptcy still an option
A bankruptcy by Jefferson County's cash-strapped sewer system wouldn't be the first such move by an Alabama governmental body in recent years. There have been eight bankruptcies by towns and public agencies since 1991. (Fri, 14 Mar 2008 08:34:31 GMT)

Realty firm in bankruptcy
The man at the center of a mortgage scheme that has left dozens of houses in foreclosure has been forced into bankruptcy by the investors stuck with the houses. (Fri, 14 Mar 2008 10:03:19 GMT)

Champ Car bosses file for bankruptcy
INDIANAPOLIS – The owners of the Champ Car World Series have filed for Chapter 11 bankruptcy just two weeks after agreeing to an open-wheel unification plan with the Indy Racing League. The filing in U.S. District Court in Indianapolis, dated Wednesday, states that Champ Car has spent tens of millions of dollars in the past four years to maintain the series and that its takeover by the IRL is ... (Fri, 14 Mar 2008 12:47:35 GMT)

IRS files objection to Holley bankruptcy
The Internal Revenue Service has filed an objection to the bankruptcy plan of Bowling Green-based automotive-parts supplier Holley Performance Products. (Fri, 14 Mar 2008 13:28:31 GMT)

Bankruptcy hearing set for Boyd Print plant in Albany
A March 19 hearing has been set in U.S. Bankruptcy Court in Albany, N.Y., to decide whether the former William Boyd Printing Co. plant should be sold for $1.3 million. (Fri, 14 Mar 2008 13:41:17 GMT)

Diomed Files Petition Under Chapter 11 of the U.S. Bankruptcy Code, Seeks Sale of U.S. Business to Biolitec AG
ANDOVER, Mass.----Diomed Holdings, Inc. , a leading developer and marketer of minimally invasive medical technologies, including its patented EVLT® laser treatment for varicose veins, announced that it, together with its wholly owned subsidiary, Diomed, Inc., filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District ... (Fri, 14 Mar 2008 14:54:00 GMT)

Senate OKs bankruptcy bill
A bill cleared the Senate floor this morning that would allow the Natchez Regional Medical Center file for bankruptcy protection. (Fri, 14 Mar 2008 15:02:16 GMT)

Oracle development firm makes bankruptcy filing as land sales lag
Developers of a roughly 200-acre luxury home development in Oracle have filed for Chapter 11 bankruptcy. (Fri, 14 Mar 2008 18:43:29 GMT)

Contact us: Have you used bankruptcy to your benefit?
Have you used the bankruptcy process to come out stronger financially as a person or a business? The News-Press is doing a story and would like to... (Fri, 14 Mar 2008 22:53:35 GMT)

Plastech wants to leave bankruptcy in 6 months
Plastech Engineered Products Inc. wants to exit Chapter 11 bankruptcy protection by Aug. 31, an attorney for the reorganizing auto supplier said Friday. The goal would put a six-month timeline on the Dearborn plastics supplier's case. But Plastech has a lot of work to do before then, and what the company will look like at emergence is unclear. (Sat, 15 Mar 2008 07:37:57 GMT)

ABCP players to seek bankruptcy protection
The committee working to untangle $33-billion of frozen commercial paper plans to ask an Ontario judge Monday to grant bankruptcy protection to the 20 trusts that issued the paper, as it works to restructure them. (Sat, 15 Mar 2008 13:49:55 GMT)

Low-cost airline faces bankruptcy
Troubled low-cost airline Mihin Lanka, which was set up to provide cheap flights between Sri Lanka and the Middle East, faces bankruptcy just 11 months after initial flights began unless its financial performance improves. (Sun, 16 Mar 2008 04:24:09 GMT)

No one loves Levitz in third bankruptcy
Q: I bought a four-piece sectional sofa from Levitz furniture in September. It was delivered Oct. 8. (Sun, 16 Mar 2008 11:39:34 GMT)

Air France Offers to Buy Alitalia for $1.2 Billion (Update3)
(Adds Alitalia sale history from 10th paragraph.) March 16 (Bloomberg) -- Air France-KLM Group, the world's largest airline by sales, agreed to buy Alitalia SpA in a bid valued at 747 million euros ($1.2 billion) as part of the Italian government's plan to save the unprofitable carrier from bankruptcy. (Sun, 16 Mar 2008 13:48:27 GMT)

Bankruptcy lawyers' work grows
Miami lawyer John Schulte stood before U.S. Bankruptcy Court Judge Raymond B. Ray in January, not quite sure how to proceed on the court's orders in the case of a collapsed Pembroke Pines real estate company. (Sun, 16 Mar 2008 13:53:02 GMT)

Air France Agrees to Buy Alitalia for $1.2 Billion (Update4)
(Adds Air France shares in 16th paragraph.) March 16 (Bloomberg) -- Air France-KLM Group, the world's largest airline by sales, agreed to buy Alitalia SpA in a bid valued at 747 million euros ($1.2 billion) as part of the Italian government's plan to save the unprofitable carrier from bankruptcy. (Sun, 16 Mar 2008 14:33:20 GMT)

Housing Crunch Flattens More Companies
As the housing and credit markets continue to spiral downward, business casualties are rising rapidly in bankruptcy courts across the Washington region. (Mon, 17 Mar 2008 01:52:41 GMT)

Ask an Expert: Bankruptcy can be a big help in the long run
Q: I started a consulting business two years ago and quickly got in over my head. I underbid my projects, got a lot of work, and then couldn't finish on time. I am being sued. I was going to get a new loan, but now don't qualify. Should I file for bankruptcy? (Mon, 17 Mar 2008 04:17:42 GMT)

Looming bankruptcy forces Bear Stearns to sell to rival JPMorgan -- cheap
In a shocking deal reached Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear -- less than one-tenth the firm's market price Friday. (Mon, 17 Mar 2008 07:13:20 GMT)

Bankruptcy lawyers' work grows
Bad times mean booming business for South Florida's bankruptcy lawyers. (Mon, 17 Mar 2008 08:09:39 GMT)

Purchase Of Bear Stearns Sped Up To Avoid Bankruptcy
NEW YORK - With a deal finally struck, JPMorgan Chase & Co. will embark on the tough task of absorbing Bear Stearns Cos., once among its biggest rivals on Wall Street. (Mon, 17 Mar 2008 11:31:21 GMT)

Canada Group Seeks Bankruptcy Protection for Notes, Globe Says
March 17 (Bloomberg) -- An investor group working on a plan to restructure about C$33 billion ($33 billion) in Canadian asset-backed commercial paper will ask an Ontario judge as early as today to approve an application for bankruptcy protection for the notes, the Globe and Mail reported. (Mon, 17 Mar 2008 12:15:33 GMT)

JPMorgan snatches up Bear Stearns for only $2 a share
Bear Stearns was sold for less than 10 percent of its market price after being driven to the brink of bankruptcy by what amounted to a run on the bank. (Mon, 17 Mar 2008 13:36:20 GMT)

Galaxy Energy Corporation Files for Bankruptcy Court Protection
Galaxy Energy Corporation and its wholly-owned subsidiary Dolphin Energy Corporation announced today that it has filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Colorado. (Mon, 17 Mar 2008 13:59:00 GMT)

Galaxy Energy files for bankruptcy
Galaxy Energy Corp. of Denver and its wholly owned subsidiary Dolphin Energy Corp. today filed for Chapter 11 bankruptcy relief, the company said in a statement. (Mon, 17 Mar 2008 14:54:06 GMT)

Group Seeks Bankruptcy Protection for Canadian Commercial Paper
March 17 (Bloomberg) -- An investors' group trying to restructure about C$32 billion ($32.1 billion) in Canadian commercial paper that hasn't traded since August will seek bankruptcy protection for the investment trusts as early as today after missing a March 14 deadline to complete the plan. (Mon, 17 Mar 2008 15:15:41 GMT)

Group Seeks Bankruptcy Protection for Canadian Commercial Paper
March 17 (Bloomberg) -- An investors' group trying to restructure about C$32 billion ($32.1 billion) in Canadian commercial paper that hasn't traded since August sought bankruptcy protection for the investment trusts after missing a March 14 deadline. (Mon, 17 Mar 2008 18:30:23 GMT)

Canada Group Seeks Bankruptcy Protection for Debt (Update1)
March 17 (Bloomberg) -- An investors' group trying to restructure about C$32 billion ($32.1 billion) in Canadian commercial paper that hasn't traded since August sought bankruptcy protection for the investment trusts after missing a March 14 deadline to complete the plan. (Mon, 17 Mar 2008 19:00:23 GMT)

Canada court gives bankruptcy protection to ABCP
A Canadian court granted bankruptcy protection to 20 asset-backed commercial paper trusts on Monday, a move applauded by analysts as a major step forward in the drawn-out and complicated restructuring of the embattled market. (Mon, 17 Mar 2008 22:42:02 GMT)

Galaxy Energy Corp. files for bankruptcy
Galaxy Energy Corp. of Denver and its wholly owned subsidiary, Dolphin Energy Corp., on Monday filed for Chapter 11 bankruptcy relief, the company said in a statement. (Tue, 18 Mar 2008 06:15:54 GMT)

Delair's Shapes/Arch files for bankruptcy
The slowing economy and falling vehicle and construction sales have pushed Shapes/Arch Holdings L.L.C., a Pennsauken maker of truck, construction and hardware parts, to file for federal bankruptcy protection. (Tue, 18 Mar 2008 08:17:06 GMT)

Fremont Symphony on verge of bankruptcy
FREMONT — Recent fundraising woes have pushed the Fremont Symphony Orchestra to the brink of bankruptcy and have board members warning that without a public bailout, this could be its last season. (Tue, 18 Mar 2008 09:55:41 GMT)

Hospital bills push couple into bankruptcy
The high cost of illness is one of the top reasons people declare bankruptcy, says the Bankruptcy Adviser. (Tue, 18 Mar 2008 10:00:00 GMT)

City saves Vitesse from bankruptcy
Eredivisie outfit Vitesse Arnhem have been saved from bankruptcy after the Arnhem city council on Monday agreed a debt restructuring deal.At a meeting attended by hundreds of supporters, councillors voted 23 to 15 in favour of the deal which cancels the club's 12million euro debt in return for a 880,000 euro payment. (Tue, 18 Mar 2008 11:30:10 GMT)

Xerium stock falls on bankruptcy warning
Xerium Technologies, a Youngsville company that makes equipment used in paper production, canceled its dividend and warned it may have to file for bankruptcy. (Tue, 18 Mar 2008 16:42:12 GMT)

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