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Home > Bankruptcy News

Bankruptcy News Jun 2009

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GM bankruptcy: End of an era
General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines which were capped by a dramatic plunge in sales in recent months. (Mon, 01 Jun 2009 12:06:50 GMT)

GM files for bankruptcy
General Motors filed for bankruptcy protection Monday, culminating the collapse of the automaker that once symbolized American global industrial might. (Mon, 01 Jun 2009 14:21:43 GMT)

GM Files for Bankruptcy Protection
General Motors filed for bankruptcy protection this morning, marking the end of financial independence for the 100-year-old industrial leviathan that once conflated its interests with the country's and -- counting jobs at the company and its suppliers -- employed well over 1 million people. (Mon, 01 Jun 2009 14:31:55 GMT)

GM workers taking in bankruptcy, its effects
For General Motors Corp. workers and others across the nation, reaction to the automaker's historic bankruptcy filing Monday and the effect on their plants and lives ranged from resignation to fear. (Mon, 01 Jun 2009 14:35:56 GMT)

A Response to Reader Questions About G.M.?s Bankruptcy
Ron Lieber, the Your Money columnist, responds to reader questions about General Motors? bankruptcy and what it means for consumers. (Mon, 01 Jun 2009 15:18:41 GMT)

GM files for bankruptcy, Chrysler sale cleared
General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership. (Mon, 01 Jun 2009 15:21:09 GMT)

Commentary: What bankruptcy could do for GM
The screams produced by the Chrysler bankruptcy are nothing compared with the howling that will accompany General Motors' bankruptcy filing as various creditors claim that the case is going too fast and their rights are being trampled. (Mon, 01 Jun 2009 15:26:33 GMT)

It's official: GM files for bankruptcy protection
General Motors, the century-old automaking juggernaut reeling from the economic downturn, mounting debt and management problems, filed for bankruptcy early today, launching a complicated, $59 billion effort to save it from collapse. (Mon, 01 Jun 2009 15:28:39 GMT)

A Primer on the G.M. Bankruptcy
General Motors followed Chrysler into bankruptcy in a case that will be one of the largest and most complex in history. Here is a quick look at some basics of the G.M. bankruptcy. (Mon, 01 Jun 2009 15:40:43 GMT)

General Motors files for bankruptcy protection
General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. (Mon, 01 Jun 2009 15:51:43 GMT)

Seven reasons GM is headed to bankruptcy
If just one big mistake had brought General Motors to its knees, maybe it could have been fixed and averted its march into bankruptcy court today. But what put the huge company it once sold more than half the cars in the U.S. market and now controls less than 20% in such a hole was a series of missteps, an inability to change lanes quickly when the market or government veered and a heaping dose ... (Tue, 02 Jun 2009 05:57:32 GMT)

What happens to warranties after GM's bankruptcy filing?
General Motors' bankruptcy filing is sure to prompt questions for the millions of consumers who own GM vehicles or for folks who are thinking about buying a new GM car or truck. Here are some questions and answers about how the filing could affect you. (Tue, 02 Jun 2009 06:42:31 GMT)

Chrysler moves closer to exiting bankruptcy protection
Chrysler predicted Monday that it could emerge from bankruptcy-court protection this week now that a federal judge has cleared the way for the automaker's sale. (Tue, 02 Jun 2009 07:44:51 GMT)

At Plants, G.M. Bankruptcy Feels Like a Funeral
President Barack Obama marked the lowest point in General Motors ’ 100-year history — its bankruptcy filing Monday — by barely mentioning it, instead focusing his remarks on the second chance G.M. will have to become a viable company with more government aid. (Tue, 02 Jun 2009 12:01:22 GMT)

G.M. Bankruptcy Loomed for Years
What drove General Motors into bankruptcy? It’s tempting to blame the broader financial crisis, which torpedoed the United States economy, dragged down car sales and shut carmakers out of the capital markets, Breakingviews says. (Tue, 02 Jun 2009 12:16:52 GMT)

GM files for bankruptcy, urges quick action
General Motors Corp filed for bankruptcy on Monday as the Obama administration took the first steps to try to revive a failed icon of American industry by extending unprecedented federal funding and oversight. (Tue, 02 Jun 2009 14:04:26 GMT)

Bankruptcy Pays 18% Stock Return in Trade as GM Files (Update2)
June 2 (Bloomberg) -- General Motors Corp. , the largest U.S. automaker, may prove a profitable bet for stock traders who sell their shares within a week of the company’s bankruptcy filing, if history is any guide. (Tue, 02 Jun 2009 14:45:10 GMT)

GM to sell Hummer, bankruptcy steps cleared
General Motors announced plans Tuesday to sell its hulking Hummer brand to an undisclosed buyer as a bankruptcy judge approved funding its operations under a proposed restructuring. (Tue, 02 Jun 2009 14:53:32 GMT)

GM Bankruptcy Judge Robert Gerber Brings Exacting Style to Case
June 2 (Bloomberg) -- U.S. Bankruptcy Judge Robert Gerber , who oversaw the biggest asset sale and the largest financing loan in court history, will show an exacting style of inquiry during General Motors Corp. (Tue, 02 Jun 2009 15:28:57 GMT)

How to Get a Home Loan After Bankruptcy
If you've suffered a bankruptcy, that doesn't necessarily mean you can't get a home loan. (Tue, 02 Jun 2009 15:47:34 GMT)

Will the GM bankruptcy work?
By the time General Motors filed for bankruptcy protection Monday, few in the auto industry doubted that's where the troubled automaker belonged. Whether GM's plan for a quick trip through bankruptcy will be enough to turn around the company is still up for debate. (Tue, 02 Jun 2009 20:52:32 GMT)

A Primer on the G.M. Bankruptcy
General Motors followed Chrysler into bankruptcy in a case that will be one of the largest and most complex in history. Here is a quick look at some basics of the G.M. bankruptcy. (Tue, 02 Jun 2009 21:21:04 GMT)

Obama's 'rust belt' aid to offset GM bankruptcy
The gloomy factory floor of an idled General Motors engine plant and the boarded up shops down the street offered stark reminders of the devastation wrought as the once mighty automaker tumbled into bankruptcy. (Wed, 03 Jun 2009 03:36:13 GMT)

How bankruptcy filing affects GM pensions, benefits
General Motors' bankruptcy filing Monday was expected, but the news is still unsettling for the automaker's thousands of employees, especially those close to retirement. What the filing means for retirement benefits. (Wed, 03 Jun 2009 04:47:29 GMT)

GM Bankruptcy May Say ‘No Reason to Stay’ to Detroit Residents
June 3 (Bloomberg) -- General Motor Corp. ’s bankruptcy is the last thing Detroit and the state of Michigan need. Michigan already has lost 780,000 jobs this decade, the most of any state. (Wed, 03 Jun 2009 09:04:07 GMT)

Retirees Fret GM's Bankruptcy
A job at General Motors used to mean not having to worry about retirement. The company had promised a good pension and health care for life. Retirees are losing some of their benefits as the company goes through bankruptcy. Many worry that they could lose even more if the big automaker's fortunes don't turn around quickly. (Wed, 03 Jun 2009 13:43:25 GMT)

Retirees Fret GM's Bankruptcy
A job at General Motors used to mean not having to worry about retirement. The company had promised a good pension and health care for life. Retirees are losing some of their benefits as the company goes through bankruptcy. Many worry they could lose even more if the big auto maker's fortunes don't turn around quickly. (Wed, 03 Jun 2009 13:44:55 GMT)

GM's Bankruptcy One Degree Of Separation
General Motors bankruptcy proceeding is causing ripple effects in Michigan and across the country. In GM's home base of Michigan, suppliers, charities, hospitals and local governments are braced for more hard times. (Wed, 03 Jun 2009 13:45:26 GMT)

Corporate Bankruptcy: What Investors Need to Know
When debts outweigh assets, as with GM and Chrysler, protection can help businesses reorganize or liquidate. A guide to bankruptcy's risks and rewards (Wed, 03 Jun 2009 14:14:08 GMT)

Inside GM's bankruptcy filing
Ever since it filed for bankruptcy protection on the morning of June 1, General Motors has been energetically trying to get the word out that the new GM will be a much better company than the old GM. Executives have been interviewed on radio, appeared on television, and held endless rounds of conference calls with securities analysts and the media. The message, according to CFO Ray Young: "We ... (Wed, 03 Jun 2009 14:22:35 GMT)

GM and Chrysler's bankruptcy cases at a glance
A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler LLC: (Wed, 03 Jun 2009 21:41:02 GMT)

Bankruptcy filings rise to 6,000 a day as job losses take toll
Consumer and commercial bankruptcy filings are on pace to reach a stunning 1.5 million this year, according to a report from Automated Access to Court Electronic Records. (Thu, 04 Jun 2009 02:59:19 GMT)

GM bankruptcy will be felt by sports teams, media as ad spending diminishes
The effects will ripple more widely: By the end of next year, the automaker plans to eliminate nearly 2,500 dealerships that might otherwise buy local advertising. The bankruptcy of General Motors Corp., one of America's biggest advertisers, deals yet another blow to TV stations, newspapers and magazines that already are reeling from the recession. (Thu, 04 Jun 2009 07:18:47 GMT)

Bankruptcy judge approves auction of Statler Towers
A U. S. Bankruptcy Court judge has cleared the way for the Statler Towers to be sold by the end of July. (Thu, 04 Jun 2009 12:22:13 GMT)

GM May Depart Bankruptcy in 60 Days, CFO Young Says (Update1)
June 4 (Bloomberg) -- General Motors Corp. , seeking to sell most of its assets to a newly formed company through bankruptcy, said the process is going well and it may leave court protection in 60 days. (Thu, 04 Jun 2009 13:23:31 GMT)

Kramer Levin Takes on Even More Big Auto Bankruptcy Work
The New York firm's corporate restructuring and bankruptcy department has just 40 attorneys, but some additional talent might be needed to handle all the restructuring work the firm has landed this past month. (Thu, 04 Jun 2009 14:16:03 GMT)

The History of Bankruptcy: Dungeons, Slavery and Executions
This week's collapse of General Motors is just another in a sad line-up of businesses that have failed during the recent economic downturn. But the core concept of bankruptcy - debt relief - is rooted in ancient history, garnering a few mentions in the Bible, even. (Thu, 04 Jun 2009 14:42:48 GMT)

GM bankruptcy will be felt by sports teams, media as ad spending diminishes
Sponsorships like those for Nascar and golfer Tiger Woods will also be scaled back The bankruptcy of General Motors Corp., one of America's biggest advertisers, deals yet another blow to TV stations, newspapers and magazines that already are reeling from the recession. (Thu, 04 Jun 2009 15:27:58 GMT)

AbitibiBowater Wins Approval of $600 Million Bankruptcy Loan
June 4 (Bloomberg) -- AbitibiBowater Inc. , North America’s biggest newsprint maker, won final bankruptcy court approval of as much as $600 million in financing to help fund operations while the company reorganizes. (Thu, 04 Jun 2009 15:56:38 GMT)

GM and Chrysler's bankruptcy cases at a glance
A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler LLC: (Thu, 04 Jun 2009 20:09:36 GMT)

GM Paid Evercore $24 Million in Fees Ahead of Bankruptcy Filing
June 4 (Bloomberg) -- General Motors Corp. paid financial adviser Evercore Partners Inc. $24.1 million in fees before filing bankruptcy this week. (Thu, 04 Jun 2009 23:07:38 GMT)

Another Maryland Track Owner Seeks Bankruptcy Court Protection
In another blow to Maryland horse racing, the parent company of Rosecroft Raceway, the beleaguered track in Fort Washington, has filed for bankruptcy. (Fri, 05 Jun 2009 04:00:00 GMT)

Delphi in deal to emerge from bankruptcy
Delphi Corp. said on Monday it has reached a deal to sell most of its global operations to private equity firm Platinum Equity, allowing the car parts supplier to emerge from Chapter 11 bankruptcy protection. (Fri, 05 Jun 2009 13:06:39 GMT)

Interpublic says GM bankruptcy exposure is $50M
Advertising and marketing company The Interpublic Group of Cos. said Friday that General Motors Corp., which filed for bankruptcy protection Monday, owes it $50 million. (Fri, 05 Jun 2009 14:12:12 GMT)

Minn. auto magnate files for personal bankruptcy
After several months of closing or selling off his car dealerships, fallen auto magnate Denny Hecker filed for personal bankruptcy protection Thursday. (Fri, 05 Jun 2009 14:46:06 GMT)

PRESS RELEASE: Aker Yards: Affiliate Of Wadan Yards Group AS Files For Bankruptcy
STX Europe has today been notified that Wadan Yards MTW GmbH, an affiliate of Wadan Yards Group AS, has filed for bankruptcy. (Fri, 05 Jun 2009 14:53:00 GMT)

Penske Auto to Buy Saturn Brand as GM Shrinks in Bankruptcy
June 5 (Bloomberg) -- Penske Automotive Group Inc. , an operator of car dealerships in the U.S. and U.K., won the bidding for General Motors Corp. ’s Saturn unit as the biggest domestic automaker sheds assets in bankruptcy. (Fri, 05 Jun 2009 14:53:32 GMT)

Appeals court clears Chrysler exit from bankruptcy
A US appeals court Friday cleared the way for Chrysler to exit bankruptcy under an alliance with Italy's Fiat, dismissing a challenge from Indiana's state pension funds. (Fri, 05 Jun 2009 21:12:05 GMT)

GM and Chrysler's bankruptcy cases at a glance
-- A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler LLC: (Fri, 05 Jun 2009 22:29:15 GMT)

GM and Chrysler's bankruptcy cases at a glance
A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler LLC: GENERAL MOTORS -- DAY 5 (Fri, 05 Jun 2009 22:29:15 GMT)

2nd Circuit Ruling in Chrysler Bankruptcy Upholds Sale of Assets to Fiat
A three-judge panel of the 2nd Circuit added its blessing Friday to the sale of Chrysler's best assets to a "New Chrysler" led by Italy's Fiat company, affirming a federal bankruptcy judge's June 1 order authorizing the sale and echoing his finding that the only alternative to the sale was liquidation. The circuit extended a stay blocking the deal until 4 p.m. Monday to give parties challenging ... (Sat, 06 Jun 2009 02:47:03 GMT)

Delphi hopes Platinum Equity can help it leave bankruptcy
After nearly four years in bankruptcy court, Troy-based auto supplier Delphi Corp. hopes to limp out by selling much of itself to a private equity firm, leaving the company far smaller and forced to abandon many of its original plans. (Sat, 06 Jun 2009 05:30:43 GMT)

Chrysler exit from bankruptcy cleared
A US court has cleared the way for Chrysler to exit bankruptcy under an alliance with Italy's Fiat, dismissing a challenge from Indiana's state pension funds. (Sat, 06 Jun 2009 08:15:39 GMT)

Chrysler exit from bankruptcy cleared
A US court has cleared the way for Chrysler to exit bankruptcy. (Sat, 06 Jun 2009 08:19:31 GMT)

Texas co. buys Filene's Basement at bankruptcy bid
An affiliate of the Houston-based Men's Wearhouse was the successful bidder for the 100-year-old Filene's Basement chain after bidding $67 million for the off-price retailer at a bankruptcy auction. (Sat, 06 Jun 2009 12:37:02 GMT)

Bankruptcy Can Result in Lower Pension Benefit
If a pension plan at a company in bankruptcy isn't fully funded, pension payments to formerly highly paid employees may be reduced. (Sat, 06 Jun 2009 14:53:30 GMT)

Two-time victims in Chrysler's bankruptcy
In the two years since his wife Susan's horrific death, Tom Kline has been trying to rebuild his life. But last week, a federal Bankruptcy Court decided to wipe out his product-liability lawsuit against Chrysler, manufacturer of the vehicle that Kline and his attorney blame for Susan's death. (Sun, 07 Jun 2009 06:30:00 GMT)

GM bankruptcy Judge Robert Gerber burns courtroom's midnight oil
Robert E. Gerber, the bankruptcy judge, spent 30 years at the New York firm of Fried, Frank, Harris, Shriver & Jacobson, and sometimes still runs his courtroom as if he were billing by the hour, on occasion producing a lengthy opinion the morning after a marathon, late-night hearing. (Sun, 07 Jun 2009 07:36:35 GMT)

Letters: Closings are bankruptcy realities
I feel for the Chrysler dealers who were told they must shut their businesses pursuant to Chrysler's bankruptcy. It doesn't make sense, as the dealers cost Chrysler no money. (Sun, 07 Jun 2009 08:18:08 GMT)

BORDENTOWN TOWNSHIP: Dealer unfazed by GM bankruptcy
BORDENTOWN TOWNSHIP — General Motors may have filed for Chapter 11 bankruptcy protection this week, but Maguire Auto Group President Mark Maguire said his company plans to keep all of its branches open. (Sun, 07 Jun 2009 11:44:58 GMT)

GOOD QUESTION: Bankruptcy
General Motors Corp.'s filing for bankruptcy protection on Monday highlights what many companies today face: the ugly scenario of having debts that far outweigh their assets. (Sun, 07 Jun 2009 13:28:21 GMT)

Crescent explores bankruptcy
By RICHARD BROOKS The real estate market slump has Bluffton’s premier developer $1.4 billion in debt and exploring bankruptcy options. Crescent Resources LLC, developer of Palmetto Bluff and Oldfield, is evaluating options which may include filing for Chapter 11 bankruptcy protection, said Chief Executive Officer Art Fields in arecent e-mail statement. (Sun, 07 Jun 2009 13:48:59 GMT)

Accounting questions at Archway noted in filings in Del bankruptcy court
Can a company that made Mother's Cookies end up in a accounting scandal? Delaware bankruptcy court filings hint that may be the case when it came to Archway Cookies, parent company of Mother's. (Sun, 07 Jun 2009 14:04:53 GMT)

Bankruptcy keeps Price plan alive
San Luis Obispo County hotelier John King has filed for bankruptcy protection to keep 470 acres of Price Canyon property he hoped to develop off the county auction block, at least for now. (Sun, 07 Jun 2009 14:13:27 GMT)

White House economic adviser defends GM bankruptcy
Washington -- A top White House economic adviser defended the Obama administration's auto-industry policy Sunday, denying that it had favored unions over lenders and saying forcing them immediately into bankruptcy would have meant liquidation. (Sun, 07 Jun 2009 15:48:45 GMT)

Admin. aide defends GM bankruptcy moves
WASHINGTON, June 7 (UPI) -- An adviser to U.S. President Barack Obama says General Motors Corp.'s government-engineered bankruptcy does not benefit union workers over other stakeholders. (Sun, 07 Jun 2009 22:38:25 GMT)

2nd Circuit Ruling in Chrysler Bankruptcy Upholds Sale of Assets to Fiat
A three-judge panel of the 2nd Circuit added its blessing Friday to the sale of Chrysler's best assets to a "New Chrysler" led by Italy's Fiat company, affirming a federal bankruptcy judge's June 1 order authorizing the sale and echoing his finding that the only alternative to the sale was liquidation. (Mon, 08 Jun 2009 07:02:08 GMT)

Arcandor shares tumble 32% as bankruptcy looms
Shares of Arcandor tumble as the German retailer teeters on the edge of a bankruptcy filing and awaits a government decision on whether it should receive state aid. (Mon, 08 Jun 2009 08:47:52 GMT)

State business agency hopes to avoid bankruptcy
For the second consecutive year, New Jersey Small Business Development Centers hope to avoid the calamity that could loom for many of their clients — bankruptcy. (Mon, 08 Jun 2009 11:52:18 GMT)

Bankruptcy filings explode in Arizona
More than 12,000 people and businesses in Arizona have filed for bankruptcy this year. That's 70 per day, and attorney Diane Drain says it will get worse because of the real estate market. (Mon, 08 Jun 2009 14:02:06 GMT)

New study shows medical bills are a leading cause of bankruptcy filings in Ohio
It's probably no surprise that medical expenses are one of the major reasons why people file bankruptcy. But it might surprise you to know that a new study shows most Ohioans who file bankruptcy due to medical costs have medical insurance. WKSU's Jo Ingles reports. (Mon, 08 Jun 2009 14:31:30 GMT)

AFS Bankruptcy Shuts Texas Piggly Wigglys
Two Piggly Wiggly stores here are scheduled to close this Saturday, marking the exit of the banner from this state, according to a report in the Denton Record Chronicle. The stores were owned by Affiliated Foods Southwest, Little Rock, Ark., which filed for Chapter 11 bankruptcy protection last month. (Mon, 08 Jun 2009 15:07:02 GMT)

Top court to decide bankruptcy advice case
The Supreme Court said Monday that it would decide the constitutionality of a section of the U.S. bankruptcy code that barred attorneys from advising clients to take on more debt while contemplating a bankruptcy filing. (Mon, 08 Jun 2009 15:13:11 GMT)

Delaware takes back seat to Big Apple in bankruptcy cases
While Delaware is getting its share of Chapter 11 bankruptcy cases, New York City is the hot spot, with Wilmington ranking a distant second to the Big Apple, Crains New York Business reports. New York is also getting hug bankruptcy cases like Chrysler and General Motors. (Mon, 08 Jun 2009 15:31:22 GMT)

Obama's Man Called Shots on Auto Bankruptcy
By the evening of April 29, with their historic bankruptcy filing hours away, Chrysler Chairman Bob Nardelli and other company leaders were left with no doubt that Steven Rattner was calling the shots. (Mon, 08 Jun 2009 15:57:43 GMT)

German retail giant Arcandor files for bankruptcy
Retail and tourism giant Arcandor, which employs 50,000 people in Germany, has filed for bankruptcy after Berlin dismissed its request for emergency state aid, the group said on Tuesday. (Tue, 09 Jun 2009 11:34:31 GMT)

Germany's Arcandor in bankruptcy
Germany's Arcandor, which owns 53% of travel firm Thomas Cook, has filed for bankruptcy protection. (Tue, 09 Jun 2009 11:59:11 GMT)

German Retail Group Arcandor Files for Bankruptcy
Arcandor made the bankruptcy filing after the government rejected its request for emergency state aid. (Tue, 09 Jun 2009 12:28:12 GMT)

Arcandor files for bankruptcy
German retailer Arcandor AG filed for bankruptcy protection Tuesday in an effort to salvage its department stores and its mail-order arm, a day after the government rejected its bid for state-backed emergency credit. (Tue, 09 Jun 2009 13:45:59 GMT)

GM Lawyer Says GM Can Get Through Bankruptcy in 60-90 Days
June 9 (Bloomberg) -- General Motors Corp.’s bankruptcy attorney said the automaker can get through its bankruptcy case in 60 to 90 days. Attorney Harvey Miller made the comment in a Bloomberg Television interview after being asked about the delay in Chrysler LLC’s case. (Tue, 09 Jun 2009 14:38:42 GMT)

Suspended NFL star Vick due in bankruptcy court
Suspended NFL star Michael Vick is returning to bankruptcy court in Virginia. (Tue, 09 Jun 2009 14:40:09 GMT)

RI slot parlor threatens bankruptcy, unless helped
A Rhode Island slot parlor struggling under a crushing debt load and drop in gambling revenue said Monday it might file for bankruptcy, an announcement that threatens a major source of state revenue during a budget crisis. (Tue, 09 Jun 2009 14:59:18 GMT)

Michael Vick back in bankruptcy court for new hearing
Suspended NFL star Michael Vick is back in bankruptcy court in Virginia. Vick arrived at the Norfolk courthouse Tuesday with his fiancee, Kijafa Frink, for a hearing on his efforts to draft a new bankruptcy plan. Vick is living under home confinement in nearby Hampton. (Tue, 09 Jun 2009 15:34:43 GMT)

Vick set to unveil new bankruptcy plan to judge
NORFOLK, Va. (AP) -- Suspended NFL star Michael Vick is back in bankruptcy court in Virginia. (Tue, 09 Jun 2009 15:53:48 GMT)

GM Names Ex-AT&T Chief Whitacre to Be Chairman After Bankruptcy
June 9 (Bloomberg) -- General Motors Corp. , which filed bankruptcy June 1, said Edward E. Whitacre Jr ., former chairman and chief executive officer of AT&T Inc. (Tue, 09 Jun 2009 15:54:04 GMT)

Bankruptcy judge OKs Chrysler dealer cuts
A federal bankruptcy judge Tuesday approved automaker Chrysler LLC's plan to terminate 789 dealer franchises, calling it an "appropriate and necessary" step by the company. (Tue, 09 Jun 2009 22:14:12 GMT)

Bankruptcy judge OKs consolidating Madoff cases
A judge agreed on Tuesday to consolidate bankruptcy cases involving jailed swindler Bernard Madoff, saying the move would save money and increase the odds of retrieving stolen assets. (Tue, 09 Jun 2009 23:25:39 GMT)

Republicans to Propose Bankruptcy for Ailing Non-Bank Companies
June 10 (Bloomberg) -- House Republicans would let non-bank institutions fail in bankruptcy court and strip the Federal Reserve of supervisory powers as part of a plan to revamp U.S. financial regulations, a draft document showed. (Wed, 10 Jun 2009 04:00:01 GMT)

Chrysler poised to close sale, exit bankruptcy
Chrysler was a step closer to emerging from bankruptcy protection Wednesday, a day after opponents of the automaker's planned partnership with Italy's Fiat exhausted their appeals in an effort to halt the Obama administration-backed sale. (Wed, 10 Jun 2009 06:57:36 GMT)

With Ruling, Chrysler Poised to Exit Bankruptcy
Chrysler appeared poised to emerge from bankruptcy by early Wednesday after the United States Supreme Court declined Tuesday to hear a challenge by three Indiana state funds and several consumer groups to the sale of most of its assets to Fiat , The New York Times’s Michael J. de la Merced reported. (Wed, 10 Jun 2009 09:01:30 GMT)

Fontainebleau Las Vegas Files for Bankruptcy
The casino-resort developer Fontainebleau Las Vegas said Tuesday it had filed for Chapter 11 bankruptcy protection after failing to get certain lenders to provide about $800 million in construction funding to complete the company’s $2.9 billion property on the Las Vegas Strip, The Associated Press reported. (Wed, 10 Jun 2009 11:31:40 GMT)

As Court Clears Path, Chrysler Is Set to Exit Bankruptcy
The United States Supreme Court declined to hear a challenge to the Chrysler bankruptcy settlement, clearing the way for the sale of Chrysler’s key assets to a group led by Fiat. (Wed, 10 Jun 2009 14:06:03 GMT)

Chrysler Unveils Post-bankruptcy Future
Chrysler Unveils Post-bankruptcy Future (Wed, 10 Jun 2009 14:37:37 GMT)

Aviza Technology files for bankruptcy protection
Aviza Technology Inc., which makes chip manufacturing equipment, said Wednesday that it filed for Chapter 11 bankruptcy protection. (Wed, 10 Jun 2009 14:40:33 GMT)

Oakland unlikely to file for bankruptcy
Oakland City Council members may have privately bandied about the possibility of the city filing for bankruptcy, an unusually rare event in U.S. history. But none says it's likely, and Mayor Ron Dellums virtually ruled it out Tuesday. "Bankruptcy is not a... (Wed, 10 Jun 2009 15:33:24 GMT)

Arcade Publishing Files for Bankruptcy
Arcade Publishing, a venerable independent literary house that has published authors including Octavio Paz, Raymond Chandler, Ingmar Bergman and Shimon Peres, has filed for Chapter 11 bankruptcy. (Wed, 10 Jun 2009 22:10:22 GMT)

Delphi Plan Hits New Snag in Bankruptcy Court
While Chrysler and General Motors appear to be speeding through bankruptcy, Delphi , the auto parts maker, keeps hitting rough patches, The New York Times’s Michael J. de la Merced reports. (Thu, 11 Jun 2009 00:16:12 GMT)

GM and Chrysler's bankruptcy cases at a glance
A summary of developments in the bankruptcy cases of General Motors Corp. and Chrysler LLC: GENERAL MOTORS -- DAY 10 (Thu, 11 Jun 2009 01:23:03 GMT)

Speed of Delphi Bankruptcy Deal Draws Scrutiny
A judge said that the auto parts maker Delphi needed to open up its bankruptcy dealings. (Thu, 11 Jun 2009 02:40:44 GMT)

Phipps Tower's developer files Chapter 11 bankruptcy
The developer of Phipps Tower, a 20-story office building under construction near Phipps Plaza in Buckhead, has filed for bankruptcy. (Thu, 11 Jun 2009 06:55:54 GMT)

GM Bankruptcy May Come Calling at Supreme Court Next
Although the U.S. Supreme Court refused to halt the Chrysler sale on Tuesday night, the justices' traditionally quiet summer may be interrupted when the same opponents to that sale raise similar challenges to the pending General Motors bankruptcy. (Thu, 11 Jun 2009 07:02:52 GMT)

Speed of Delphi Bankruptcy Deal Draws Scrutiny
Creditors of Chrysler have complained about the tactics of President Barack Obama’s auto task force, but it may be another auto sector bankruptcy that shows how much the task force is pushing the legal limits to get deals done, Breakingviews says. (Thu, 11 Jun 2009 10:16:12 GMT)

Fontainebleau owner Jeffrey Soffer: Vegas bankruptcy isolated
As the Soffer real-estate empire wrestles with the bankruptcy of its largest project, a crucial question looms: How much of what goes wrong in Vegas will stay in Vegas? (Thu, 11 Jun 2009 11:04:33 GMT)

Judge reopens Filene's Basement bankruptcy auction
Filene's Basement will reopen an auction to sell itself to the highest bidder on Friday after prematurely declaring a Men's Wearhouse affiliate the winner. Filene's Basement, which is operating under Chapter 11 bankruptcy court protection, held a nine-hour... Sponsored Topics: filenes basement - Chapter 11 Title 11 United States Code - mens-wearhouse - United States - Law (Thu, 11 Jun 2009 14:33:34 GMT)

E.J.'s Shoes files Ch. 11 bankruptcy
A University City-based chain of shoe stores has filed for bankruptcy protection. E.J.'s Shoes, a privately held company with 15 stores in four states — including two in the St. Louis area — filed Chapter 11 bankruptcy in St. Louis last week and is trying to restructure its debts. (Thu, 11 Jun 2009 15:50:55 GMT)

Judge says issue of relocation fee will be included in Phoenix Coyotes bankruptcy ruling
The issue of how much Canadian billionaire Jim Balsillie should pay the NHL to move the Phoenix Coyotes to Hamilton, Ontario, will not be the subject of another hearing in U.S. Bankruptcy Court. (Fri, 12 Jun 2009 01:06:11 GMT)

Latvian premier: country saved from bankruptcy
Latvia's prime minister said Friday that the country has been saved from bankruptcy after last-minute budget cuts paved the way for the Baltic country to receive funds from international lenders. (Fri, 12 Jun 2009 07:55:59 GMT)

Tough budget cuts saved Latvia from bankruptcy - PM (Reuters)
RIGA (Reuters) - Latvia's prime minister hailed tough budget savings on Friday as preventing state bankruptcy and said a parliament vote on the cuts could be brought forward as the country seeks to avert crisis and possible devaluation. (Fri, 12 Jun 2009 08:16:32 GMT)

Golf Club of Dublin files for bankruptcy
The Golf Club of Dublin yesterday filed to reorganize in bankruptcy, becoming the second area golf course in two weeks to stumble financially. (Fri, 12 Jun 2009 09:45:03 GMT)

Latvia is 'saved from bankruptcy'
Latvia's prime minister says a range of deep spending cuts agreed with unions and employers will save it from bankruptcy. (Fri, 12 Jun 2009 09:45:43 GMT)

Bankruptcy court approves Fontainebleau motions
Casino-resort developer Fontainebleau Las Vegas LLC said Friday it received bankruptcy court approval to pay employee wages, salaries and benefits and fund its obligations. (Fri, 12 Jun 2009 11:44:25 GMT)

Psystar owes Apple $75,000 in bankruptcy proceedings
Psystar already owes Apple $75,000, documents from the former's bankruptcy proceedings indicate. Psystar recently submitted a filing mentioning Schedule F debts, those to creditors with "unsecured nonpriority claims." Though Apple is on the F list, it is unknown what the money may be owed for. The only other explicit information from the filing is the phrase "litigation pending" under the secti... (Fri, 12 Jun 2009 13:54:12 GMT)

MagnaChip files bankruptcy, acquired by fund
South Korea's MagnaChip Semiconductor Ltd.--the logic spin-off of Hynix Semiconductor Inc.--on Friday (June 12) filed for Chapter 11 bankruptcy protection in the United States, according to court documents. Sponsored Topics: South Korea - United States - Chapter 11 Title 11 United States Code - Law - Asia (Fri, 12 Jun 2009 15:46:08 GMT)

MagnaChip files bankruptcy, acquired by fund
South Korea's MagnaChip Semiconductor Ltd.--the logic spin-off of Hynix Semiconductor Inc.--on Friday (June 12) filed for Chapter 11 bankruptcy protection in the United States, according to court documents. (Fri, 12 Jun 2009 15:50:03 GMT)

Six Flags declares bankruptcy
The amusement park company Six Flags filed for bankruptcy Saturday. The operator of 20 theme parks in the U.S., Mexico and Canada says the filing in a federal court in Delaware is part of its plan to reorganize and shed $1.8 billion worth of debt. (Sat, 13 Jun 2009 13:01:16 GMT)

Six Flags declares bankruptcy
The amusement park company Six Flags says it has filed for bankruptcy. (Sat, 13 Jun 2009 13:13:19 GMT)

Six Flags declares bankruptcy
NEW YORK -- The amusement park company Six Flags says it has filed for bankruptcy. The New York-based operator of 20 theme parks in the U.S., Mexico and Canada, including Six Flags Great America in north suburban Gurnee, said Saturday that the filing in a federal bankruptcy court in Delaware is part of its plan to reorganize and shed $1.8 billion worth of debt. Company CEO Mark Shapiro said the ... (Sat, 13 Jun 2009 13:31:15 GMT)

Six Flags theme park company declares bankruptcy
The amusement park company Six Flags is seeking bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. (Sat, 13 Jun 2009 13:45:35 GMT)

Six Flags Files for Bankruptcy
Amusement park company seeks Chapter 11 bankruptcy protection, wants to shed $1.8 billion debt. (Sat, 13 Jun 2009 13:53:46 GMT)

Six Flags files for bankruptcy
Amusement-park operator Six Flags Inc. has filed for bankruptcy protection and is seeking an expedited approval from the court of its pre-negotiated reorganization plan. (Sat, 13 Jun 2009 14:47:53 GMT)

Six Flags seeks Chapt. 11 bankruptcy protection
The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. (Sat, 13 Jun 2009 14:50:03 GMT)

Theme park firm Six Flags files for bankruptcy
Six Flags Inc , the world's largest regional theme park company, said on Saturday it filed for bankruptcy protection. (Sat, 13 Jun 2009 15:00:37 GMT)

SIX FLAGS SEEKS CHAPT. 11 BANKRUPTCY PROTECTION
The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the... (Sat, 13 Jun 2009 15:17:42 GMT)

Six Flags Files for Bankruptcy
Six Flags , the big theme park operator, filed for bankruptcy in early Saturday morning in Delaware after failing to reach an agreement with lenders over a plan to reorganize its debt outside of court. (Sat, 13 Jun 2009 15:31:12 GMT)

Theme-park chain Six Flags files for bankruptcy
In an effort to shed $1.8 billion in debt, popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy. (Sun, 14 Jun 2009 00:35:05 GMT)

Six Flags files for bankruptcy protection
The amusement park company says it needs to eliminate $1.8 billion of debt despite having a strong year in 2008. The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. (Sun, 14 Jun 2009 02:11:32 GMT)

Six Flags files for bankruptcy protection; Arlington parks to remain open
New York-based Six Flags filed for Chapter 11 bankruptcy protection Saturday, saying it needs to shed $1.8 billion in debt, but the head of the company's Arlington theme park said that won't affect operations. (Sun, 14 Jun 2009 07:39:52 GMT)

Six Flags petitions for bankruptcy protection
BLOOMBERG NEWS Six Flags Inc., owner of 20 theme parks, sought bankruptcy protection Saturday, 3 1/2 years after Washington Redskins owner Daniel Snyder became chairman and hired new managers, including Chief Executive Officer Mark Shapiro, in an attempt to return it to profitability. The Chapter 11 petition filed in U.S. Bankruptcy Court in Wilmington, Del., listed assets of $3 billion and debt ... (Sun, 14 Jun 2009 08:46:19 GMT)

Kentucky Kingdom chief: Six Flags Inc. bankruptcy won't hurt park
The president of Six Flags Kentucky Kingdom said yesterday that the theme park's operations would not be affected by its parent company's decision to file for bankruptcy protection. (Sun, 14 Jun 2009 09:15:05 GMT)

Six Flags files for bankruptcy reorganization
NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. (Sun, 14 Jun 2009 09:32:01 GMT)

Six Flags: Bankruptcy filing won't affect park
Six Flags Inc., the parent company of Six Flags Great Adventure in Jackson, filed for bankruptcy protection on Saturday in a bid to get out from under its crushing debt. (Sun, 14 Jun 2009 11:38:21 GMT)

Six Flags seeking bankruptcy protection
The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. (Mon, 15 Jun 2009 07:26:44 GMT)

Six Flags files for bankruptcy but will remain open
In an effort to shed $1.8 billion in debt, popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy. (Mon, 15 Jun 2009 10:18:00 GMT)

Bally files plan to exit bankruptcy
Bally Total Fitness Holding Corp. the Chicago-based operator of 328 gyms in 25 states, has reached an agreement that will enable it to emerge from Chapter 11 bankruptcy reorganization, according to court documents filed last week. (Mon, 15 Jun 2009 12:50:29 GMT)

Q&A: Will the recession force U.S. airlines into bankruptcy?
Auto companies and airlines are both getting hammered by the recession, but while two of the nation's major carmakers went into bankruptcy court protection, the leading U.S. carriers are flying above the carnage for now. (Mon, 15 Jun 2009 12:58:24 GMT)

Court to determine if bankruptcy hearing needed
The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." Francisco Espinosa gave United Student Aid... Sponsored Topics: Supreme Court - Supreme Court of the United States - Business - Bankruptcy - United States (Mon, 15 Jun 2009 14:48:23 GMT)

Court to determine if bankruptcy hearing needed
The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." (Mon, 15 Jun 2009 14:57:56 GMT)

Extended Stay Hotels Chain Declares Bankruptcy in New York
June 15 (Bloomberg) -- Extended Stay Hotels, which operates a chain of mid-priced extended stay hotels in 44 U.S. states and two Canadian provinces, filed for bankruptcy protection in New York today. (Mon, 15 Jun 2009 14:58:37 GMT)

Extended Stay Hotels Chain Files for Bankruptcy (Update1)
June 15 (Bloomberg) -- Extended Stay Hotels , which operates a chain of mid-priced extended stay hotels in 44 U.S. states and two Canadian provinces, filed for bankruptcy protection in New York today citing decreased revenue and high debt costs. (Mon, 15 Jun 2009 15:43:48 GMT)

Privately held Extended Stay Hotels files for Chapter 11 bankruptcy protection
NEW YORK - Extended Stay Hotels LLC has filed for Chapter 11 bankruptcy protection. The Spartanburg, S.C.-based company's brands include Extended Stay Deluxe, Extended Stay America Efficiency Studios, Homestead Studio Suites, StudioPLUS Deluxe Studios and Crossland Economy Studios. (Mon, 15 Jun 2009 15:52:28 GMT)

Six Flags Seeks $750 Million Post-Bankruptcy Credit Facility
June 15 (Bloomberg) -- Six Flags Inc. , the owner of 20 theme parks that hasn’t posted an annual profit since 1998, is seeking a $750 million credit facility as part of a reorganization plan under bankruptcy protection. (Mon, 15 Jun 2009 15:58:43 GMT)

Court to determine if bankruptcy hearing needed
The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." (Mon, 15 Jun 2009 16:27:36 GMT)

GM and Chrysler's bankruptcy cases at a glance
A summary of developments in the Chapter 11 bankruptcy cases of General Motors Corp. and Chrysler LLC: (Mon, 15 Jun 2009 21:20:17 GMT)

Meltdown 101: Exiting bankruptcy successfully
A Chapter 11 bankruptcy reorganization used to be considered a success if the company cut wages, lightened its debt load and improved supply contracts before emerging as a standalone enterprise. (Mon, 15 Jun 2009 21:28:51 GMT)

Bankruptcy judge nixes Coyotes move to Canada
A US bankruptcy judge rejected the proposed sale of the National Hockey League's Phoenix Coyotes to Canadian billionaire Jim Balsillie, who wanted to move the club to Canada. (Tue, 16 Jun 2009 01:58:19 GMT)

Bankruptcy judge nixes Coyotes sale
PHOENIX, June 15 (UPI) -- A bankruptcy judge has rejected the proposed sale of the Phoenix Coyotes to an investor who wanted to move the NHL team to Canada. (Tue, 16 Jun 2009 03:59:35 GMT)

Six Flags Bankruptcy Filing Likely to Wipe Out Shareholders
Washington Redskins owner Daniel M. Snyder and other Six Flags shareholders, including Bill Gates's Cascade Investment, are likely to see their shares wiped out as a result of the theme park chain filing for Chapter 11 bankruptcy protection over the weekend, according to a bankruptcy expert. (Tue, 16 Jun 2009 04:00:00 GMT)

Claims of Improper Metadata Use Rejected in Sex Blogger's Bankruptcy
A New York bankruptcy judge has dismissed attorney Robert Steinbuch's claims that an adversary -- a lawyer for an ex-congressional staffer who described her sexual activities in a notorious blog -- improperly used metadata to trace the authorship of an electronic filing. (Tue, 16 Jun 2009 07:02:28 GMT)

U.S. Bankruptcy Court approves Stock Building Supply’s Chapter 11 reorganization plan
The U.S. Bankruptcy Court for the District of Columbia has approved the Chapter 11 reorganization plan filed by Stock Building Supply. (Tue, 16 Jun 2009 13:57:38 GMT)

Brown's bankruptcy claims 'don't add up'
The Federal Opposition is demanding Greens Leader Bob Brown explain discrepancies in his claim that he faced potential bankruptcy. (Tue, 16 Jun 2009 14:41:25 GMT)

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