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Home > Bankruptcy News

Bankruptcy News Dec 2009

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Don't spend money before bankruptcy
Creditors will nail you if you're spending large sums before filing for bankruptcy. (Tue, 01 Dec 2009 11:00:00 GMT)

High Court Hears Student Loan Bankruptcy Case
The Supreme Court will decide whether student loans may be forgiven in bankruptcy under certain circumstances. A bankruptcy judge approved a plan for Francisco Espinosa to repay his loan, minus interest. Eleven years later, the lender tried to collect the interest, arguing the repayment plan was void without a finding of undue hardship. (Tue, 01 Dec 2009 11:23:32 GMT)

Don't spend money before bankruptcy
Dear Bankruptcy Adviser, I am going to file for a Chapter 7 bankruptcy, but I bought some things before I figured out that I needed to file for bankruptcy. By spending money so close to my filing, will my bankruptcy be at risk? (Tue, 01 Dec 2009 11:37:02 GMT)

Ethanol plant likely emerges from bankruptcy
STEAMBOAT ROCK, Iowa (AP) - A formerly idled ethanol plant west of Waterloo will likely emerge from bankruptcy this week with a new owner. A bankruptcy judge will decide Friday whether to turn Pine Lake Corn Processors over to a new partnership. (Tue, 01 Dec 2009 13:19:19 GMT)

Ethanol plant likely emerges from bankruptcy
Associated Press - December 1, 2009 8:14 AM ET STEAMBOAT ROCK, Iowa (AP) - A formerly idled ethanol plant west of Waterloo will likely emerge from bankruptcy this week with a new owner. (Tue, 01 Dec 2009 13:22:58 GMT)

P&C parent company files for bankruptcy, plans to sell stores
On Wednesday, Penn Traffic, the parent company of the P&C supermarket chain, voluntarily filed for Chapter 11 bankruptcy protection and announced plans to sell its stores. (Tue, 01 Dec 2009 13:42:06 GMT)

Thomson Default Swaps Triggered by Bankruptcy Event (Update1)
Dec. 1 (Bloomberg) -- Credit-default swaps insuring about $887 million of Thomson SA debt have been triggered by a bankruptcy event and will be settled at auction, according to the International Swaps & Derivatives Association. (Tue, 01 Dec 2009 15:05:15 GMT)

Amtrust parent company files for bankruptcy; banks not included
Amtrust parent company files for bankruptcy; banks not included (Tue, 01 Dec 2009 15:16:48 GMT)

Creditors in Del. diocese bankruptcy meet
WILMINGTON, DEL. — Officials of the Catholic Diocese of Wilmington are answering questions regarding the diocese's Chapter 11 bankruptcy filing. At a meeting Tuesday, diocesan representatives answered questions from an attorney for the U.S. trustee's office. (Tue, 01 Dec 2009 16:38:49 GMT)

Judge gives Tribune more time for bankruptcy plan
A Delaware bankruptcy judge on Tuesday granted the Tribune Co. more time to submit a Chapter 11 reorganization plan. (Tue, 01 Dec 2009 23:50:45 GMT)

High Court Considers Restrictions on Attorneys Giving Bankruptcy Advice
In a constitutional challenge involving a Minnesota law firm, the U.S. Supreme Court on Tuesday seemed troubled by a federal restriction on legal advice to potential bankruptcy clients, but less concerned about the requirement that lawyers advertise as a "debt relief agency" if they give bankruptcy advice. The firm argues that the regulations, if applied to lawyers, would violate the First ... (Wed, 02 Dec 2009 03:27:51 GMT)

Tribune Co. granted extension to file bankruptcy plan
-- A U.S. Bankruptcy Court judge in Delaware on Tuesday extended until Feb. 28 Tribune Co.'s exclusive right to file a reorganization plan in its year-old Chapter 11 case. (Wed, 02 Dec 2009 04:13:21 GMT)

High Court Considers Restrictions on Attorneys Giving Bankruptcy Advice
In a constitutional challenge involving a Minnesota law firm, the U.S. Supreme Court on Tuesday seemed troubled by a federal restriction on legal advice to potential bankruptcy clients, but less concerned about the requirement that lawyers advertise as a "debt relief agency" if they give bankruptcy advice. (Wed, 02 Dec 2009 08:03:02 GMT)

Bankruptcy Fight, Las Vegas Style
The bankruptcy of Station Casinos , the Las Vegas gambling company, is shaping up as a bare-knuckle brawl, Breakingviews says. The group, run by the Fertitta family, is restructuring. (Wed, 02 Dec 2009 09:26:17 GMT)

AmTrust parent files for bankruptcy
Final-edition version: The parent company of AmTrust Bank in Cleveland has filed for bankruptcy. (Wed, 02 Dec 2009 09:46:00 GMT)

Judge Gives Tribune Time for Bankruptcy Plan
A Delaware bankruptcy judge on Tuesday granted the Tribune Company more time to submit a Chapter 11 reorganization plan. (Wed, 02 Dec 2009 11:41:07 GMT)

Supreme Court to decide on student loans and bankruptcy
Four years after Francisco Espinosa took out student loans to attend an Arizona trade school, he had not advanced beyond his job as an airline ramp agent in Phoenix and faced $13,250 in student debt. He declared bankruptcy, and a judge allowed him to pay off part of the loan and wipe out the remaining debt. (Wed, 02 Dec 2009 14:56:13 GMT)

SemGroup emerges from Chapter 11 bankruptcy with new approach
SemGroup is changing its name and has a new approach after climbing out of chapter 11 bankruptcy this week. (Wed, 02 Dec 2009 16:24:19 GMT)

Boston Blackie's parent files for bankruptcy protection
Chicago-area restaurant chain Boston Blackie's has filed for Chapter 11 bankruptcy protection, an apparent casualty of a severe restaurant industry downturn. (Wed, 02 Dec 2009 16:58:21 GMT)

General Growth to emerge from Ch. 11 bankruptcy
General Growth Properties Inc. said Wednesday lenders have agreed to restructure about $9.7 billion in debt under a plan that will allow the nation's second-largest shopping mall operator to emerge from bankruptcy protection by the end of the year. (Wed, 02 Dec 2009 18:18:02 GMT)

Muzak gets Chapter 11 bankruptcy financing
Muzak Holdings LLC said Wednesday it has secured more than $100 million in financing to help it emerge from Chapter 11 bankruptcy proceedings. (Wed, 02 Dec 2009 21:56:22 GMT)

Boston Blackie's parent files for bankruptcy
Company says it has $17,000 in assets, $6.4 million in liabilities Chicago-area restaurant chain Boston Blackie's has filed for Chapter 11 bankruptcy protection, apparently a casualty of a severe restaurant industry downturn. (Thu, 03 Dec 2009 03:28:52 GMT)

Pilgrim's Pride seeks to leave bankruptcy
Armed with $1.65 billion in proposed financing, Pilgrim's Pride Corp. will ask a judge to approve a plan next week that would allow it to exit bankruptcy. (Thu, 03 Dec 2009 04:16:41 GMT)

Fairvue bankruptcy shows country clubs' struggles
Hoping to restructure its debt, the entity that owns the country club at Fairvue Plantation in Gallatin filed for Chapter 11 bankruptcy this week. (Thu, 03 Dec 2009 11:19:11 GMT)

Boston Blackie's files for bankruptcy protection
By Cheryl V. JacksonStaff ReporterBoston Blackie's might have bitten off more than it could chew. The owner of the Boston Blackie's hamburger bar chain has filed for bankruptcy protection, saying it had about $17,000 in assets but more than $6 million in liabilities.Chicago-based Boston Blackie's Management Co. Inc. made the Chapter 11 filing last week in the U.S. Bankruptcy Court's Northern ... (Thu, 03 Dec 2009 11:52:44 GMT)

Ice House requests bankruptcy protection
By LARRY P. VELLEQUETTE BLADE BUSINESS WRITER The owners of an Alexis Road ice rink that is home to a number of professional and amateur hockey teams have filed for Chapter 11 bankruptcy protection. Team Toledo Hockey LLC, which has owned the Team Toledo Ice House at 1258 West Alexis Rd. since 2003, filed its petition late Tuesday in U.S. Bankruptcy Court in Toledo. The firm lists both assets ... (Thu, 03 Dec 2009 12:08:31 GMT)

Maumee mall left in bankruptcy
By GARY T. PAKULSKI BLADE BUSINESS WRITER Shopping malls in Honolulu, Baton Rouge, and Chattanooga owned by Chicago-based General Growth Properties Inc. are on track to exit Chapter 11 before the ball drops in Times Square on New Year's Eve. But bankruptcy will continue for the Shops at Fallen Timbers in Maumee and 74 of the firm's 166 other malls nationwide. Eight months after seeking ... (Thu, 03 Dec 2009 12:08:41 GMT)

Flagship Marina owner meeting with bankruptcy trustee about assets Dec. 11
Sebastian — Businessman Damien Gilliams is being asked to meet with a trustee of U.S. Bankruptcy Court Southern District on Dec. 11 in West Palm Beach to discuss his most recent Chapter 11 bankruptcy, according to court documents. (Thu, 03 Dec 2009 15:18:15 GMT)

NYC’s Off-Track-Betting Seeks Bankruptcy Protection (Update1)
Dec. 3 (Bloomberg) -- New York City Off-Track Betting Corp. , operator of storefront horse-race wagering parlors, filed for bankruptcy and plans to reorganize after five years of losses totaling $45 million. (Thu, 03 Dec 2009 23:11:19 GMT)

OTB files for bankruptcy, needs time to get house in order
OTB filed for bankruptcy Thursday, saying it needs time to reorganize into a leaner, meaner betting machine. (Fri, 04 Dec 2009 06:48:00 GMT)

Simply Money: Insurance and bankruptcy
While creditors cannot take a person's life insurance policy during a bankruptcy, they will determine if there is cash value in a whole life or universal life insurance contract. Plus, tips on filing for unemployment. (Fri, 04 Dec 2009 10:38:28 GMT)

Off-Track Betting Files for Bankruptcy
There will be no come-from-behind sprint into solvency for the New York City Off-Track Betting Corporation, which announced on Thursday that it will go into bankruptcy protection. (Fri, 04 Dec 2009 13:11:14 GMT)

11 BiLos in Pa. part of bankruptcy
Eleven BiLo stores in Pennsylvania are owned and operated by Penn Traffic. They are part of Penn Traffic's Chapter 11 bankruptcy filing and are subject to sale or closure, according to a list of stores and associates from the company. (Fri, 04 Dec 2009 15:16:25 GMT)

Bankruptcy agreement got BWG reopened
LUMBERTON — Black Water Grille was forced to file for bankruptcy to re-open last week, according to owner Rob Redfearn. The restaurant had been closed for a week by the N.C. Department of Revenue ... (Fri, 04 Dec 2009 15:28:29 GMT)

Indiana Troopers Fraternal Group Files Bankruptcy
ANGOLA, Ind. (AP) - The Indiana Troopers Association has filed for bankruptcy protection as the fraternal organization is in a court fight with telemarketing companies it hired for fundraising work. (Fri, 04 Dec 2009 15:40:49 GMT)

General Growth moves closer to emerging from bankruptcy
If its plan is approved by a federal bankruptcy court, the owner of Capital Mall in Jefferson City will emerge from Chapter 11 bankruptcy protection. (News Tribune file photo) (Fri, 04 Dec 2009 15:46:21 GMT)

Judge approves bankruptcy plan for Patterson Park CDC
A bankruptcy judge has approved a Chapter 11 reorganization plan for the Patterson Park Community Development Corp., according to attorneys for the nonprofit largely responsible for helping to revitalize the neighborhoods north of Patterson Park. U.S. Bankruptcy Court Judge Robert A. Gordon approved the plan Tuesday in Maryland court, according to a release from Whiteford, Taylor & Preston ... (Fri, 04 Dec 2009 15:49:16 GMT)

Court to weigh Nortek bankruptcy plan
PROVIDENCE – On the eve of a key hearing in its bankruptcy case, Nortek Inc. said Thursday its losses narrowed in the third quarter despite lower sales. (Fri, 04 Dec 2009 15:50:11 GMT)

Mastro bankruptcy trustee won't be replaced
The trustee charged with liquidating bankrupt developer Michael R. Mastro's assets will stay on the job, a federal bankruptcy judge ruled Friday. Some creditors had pushed to replace him. (Fri, 04 Dec 2009 21:59:04 GMT)

HSBC Exposed Sensitive Bankruptcy Data
HSBC Bank says a bug in its imaging software inadvertently exposed sensitive data about some of its customers going through bankruptcy proceedings. (Sat, 05 Dec 2009 01:20:13 GMT)

Five Mile auction cancelled after bankruptcy filing - Fri, 04 Dec 2009 PST
A planned auction of 33 lots in the Five Mile area of North Spokane was cancelled Friday when the developer, MT 5 LLC, filed for bankruptcy protection. (Sat, 05 Dec 2009 01:57:23 GMT)

Wind Crest parent company files bankruptcy
Erickson Retirement Communities filed for Chapter 11 bankruptcy Oct. 19, but Wind Crest will keep its doors open. (Sat, 05 Dec 2009 06:53:41 GMT)

Vermillion files First Amended Plan of Reorganization and Disclosure Statement with the United States Bankruptcy Court
Vermillion, Inc. (VRML) (Pink Sheets: VRMLQ) announced that on December 3, 2009, it filed its First Amended Plan of Reorganization and related amended Disclosure Statement with the United States Bankruptcy Court for the District of Delaware. (Sat, 05 Dec 2009 07:30:10 GMT)

General Growth moves closer to emerging from bankruptcy
If its plan is approved by a federal bankruptcy court, the owner of Capital Mall in Jefferson City will emerge from Chapter 11 bankruptcy protection. (News Tribune file photo) (Sat, 05 Dec 2009 08:16:11 GMT)

Bankruptcy not expected to affect Yorkway
The developer of the Yorkway housing development in Dundalk filed for personal bankruptcy this week, but Baltimore County doesn't expect the move to affect the much-anticipated community, which broke ground in September. (Sat, 05 Dec 2009 08:42:32 GMT)

Hundreds of claims filed in Jesuits in the Northwest bankruptcy case
More than 500 claims have been filed in the bankruptcy case of the Jesuits in the Northwest. (Sat, 05 Dec 2009 10:39:52 GMT)

HSBC exposed sensitive bankruptcy data
IDG News Service - HSBC Bank says a bug in its imaging software inadvertently exposed sensitive data about some of its customers going through bankruptcy proceedings. (Sat, 05 Dec 2009 16:40:59 GMT)

Bankruptcy puts developer's deals in doubt
EAST WENATCHEE — Wenatchee Valley developer Calvin White filed bankruptcy Friday for two of his companies as multiple lawsuits in three Washington counties claim millions in unpaid debts. White’s petitions to the U.S. Bankruptcy Court Eastern District of Washington in Spokane claim Premium Developments LLC has an estimated debt between $10 million to $50 million and 57 known creditors. Premium ... (Sat, 05 Dec 2009 19:03:34 GMT)

Free bankruptcy clinic made permanent
BANKRUPTCY ADVICE CLINIC Who: The clinic, manned by volunteer attorneys, sees low-income Minnesotans filing for bankruptcy without a lawyer. The clinic also meets with pro se creditors. What: The cli... (Sun, 06 Dec 2009 04:57:23 GMT)

Wind Crest parent company files bankruptcy
Erickson Retirement Communities filed for Chapter 11 bankruptcy Oct. 19, but Wind Crest will keep its doors open. (Sun, 06 Dec 2009 06:48:08 GMT)

General Growth moves closer to emerging from bankruptcy
If its plan is approved by a federal bankruptcy court, the owner of Capital Mall in Jefferson City will emerge from Chapter 11 bankruptcy protection. (News Tribune file photo) (Sun, 06 Dec 2009 07:04:20 GMT)

Fears of Greek bankruptcy unfounded: euro chief
Fears that Greece faces imminent bankruptcy are unfounded but the country must take "harsh" measures to shore up its economy, Eurogroup chairman Jean-Claude Juncker said on Sunday. (Sun, 06 Dec 2009 13:21:55 GMT)

Bankruptcy filing worries Pequannock residents
PEQUANNOCK — The recent bankruptcy filing of Erickson Retirement Communities, parent company of the Cedar Crest Retirement Community, has some residents worried that the township could be dragged into the court proceedings. (Sun, 06 Dec 2009 14:31:58 GMT)

Fears of Greek bankruptcy unfounded: euro chief
ATHENS -Fears that Greece faces imminent bankruptcy are unfounded but the country must take "harsh" measures to shore up its economy, Eurogroup chairman Jean-Claude Juncker said on Sunday. Read more... (Sun, 06 Dec 2009 15:03:55 GMT)

Bankruptcy filing worries residents
Worried about parent company of Cedar Crest retirement community's bankruptcy filing, residents ask Pequannock Township to keep eye on proceedings (Sun, 06 Dec 2009 15:04:15 GMT)

Recticel, HHI revamp deals in bankruptcy: Some customers call move attacks
Two local auto suppliers have used the bankruptcy code to revamp at least 80 percent of their customer contracts, bucking the norm of most automotive bankruptcies seen this year. (Mon, 07 Dec 2009 01:10:40 GMT)

Bankruptcy petitions for Dec. 7
The following is a recent business bankruptcy petition filed in U.S. Bankruptcy Court: Case Number: 09-37765 Izalco Distribution LLC, Hanover Assets: $203 Liabilities: $143,143 Filing: Chapter 7 (liquidation) (Mon, 07 Dec 2009 05:19:01 GMT)

Wind Crest parent company files bankruptcy
Erickson Retirement Communities filed for Chapter 11 bankruptcy Oct. 19, but Wind Crest will keep its doors open. (Mon, 07 Dec 2009 06:31:05 GMT)

After filing bankruptcy, P&C parent company searches for buyer
The P&C Foods grocery stores will continue to operate its stores as the parent company works to sell the chain, according to a Wednesday statement from P&C's parent company, the Penn Traffic Company. Penn Traffic filed for Chapter 11 bankruptcy Nov. 18. (Mon, 07 Dec 2009 08:26:57 GMT)

After GM bankruptcy, union takes control
Retirees from Anderson’s General Motors plants hope that union control of their health care benefits will let them breathe a little easier after GM’s bankruptcy. (Mon, 07 Dec 2009 14:23:14 GMT)

Bankruptcy creditors: Who owns NC charter airline?
WINSTON-SALEM, N.C. — Three creditors who say they are owed nearly $5 million want a bankruptcy court to determine who owns a struggling North Carolina charter airline company. (Mon, 07 Dec 2009 14:38:29 GMT)

Bankruptcy Creditors Ask Who Owns Pace Airlines
Three creditors who say they are owed nearly $5 million want a bankruptcy court to determine who owns Pace Airlines. (Mon, 07 Dec 2009 15:24:25 GMT)

Bankruptcy proceedings against Rodney Humphries in new year
An application to the High Court at Dunedin by Maniototo farmer Ewan Carr to have former business partner Rodney Humphries placed in bankruptcy over claims of a $283,000 debt will be heard next year. (Mon, 07 Dec 2009 16:22:02 GMT)

Bankruptcy not expected to affect Yorkway
The developer of the Yorkway housing development in Dundalk filed for personal bankruptcy this week, but Baltimore County doesn't expect the move to affect the much-anticipated community, which broke ground in September. (Mon, 07 Dec 2009 16:58:16 GMT)

Penn Traffic bankruptcy Tuesday hearing
The Penn Traffic bankruptcy case goes back before the judge on the key issue of utilizing cash to stay in operations. (Tue, 08 Dec 2009 04:02:57 GMT)

Wind Crest parent company files bankruptcy
Erickson Retirement Communities filed for Chapter 11 bankruptcy Oct. 19, but Wind Crest will keep its doors open. (Tue, 08 Dec 2009 06:30:25 GMT)

When is a good time to declare bankruptcy?
If you are unable to meet your financial obligations, you should investigate a number of options before considering bankruptcy. (Tue, 08 Dec 2009 09:05:06 GMT)

Protecting inheritance from bankruptcy
To keep your inheritance separate from your spouse's bankruptcy, don't wing it. Seek legal advice. (Tue, 08 Dec 2009 11:00:00 GMT)

Protecting inheritance from bankruptcy
Dear Bankruptcy Adviser, My husband has separate credit cards from me and wants to file for bankruptcy because he is unable to keep up with the minimum payments. I have an inheritance coming from my mom's estate and am very concerned about losing this. (Tue, 08 Dec 2009 11:21:39 GMT)

Reserve Golf Club in Pawleys Island files for Chapter 11 bankruptcy protection
The private Reserve Golf Club in Pawleys Island has filed for Chapter 11 bankruptcy protection, a move its Board of Managers hopes will facilitate the sale of the club to McConnell Golf. (Tue, 08 Dec 2009 11:24:12 GMT)

GiftCardRescue.com Extends Popular Gift Card Bankruptcy Protection Policy
ELLICOTT CITY, Md.----GiftCardRescue.com, a leading gift card exchange Web site, today announced it is extending its Bankruptcy Protection Policy through March 31, 2010. Should merchants file for bankruptcy, the extended policy assures customers they will be reimbursed for any loss encountered on purchased gift cards for that particular retailer, as long as the retailer no longer honors gift ... (Tue, 08 Dec 2009 14:00:00 GMT)

The Bankruptcy Court's Ruling
At issue before the bankruptcy court was the Debtors' proposed Bidding Procedures, which prohibited the credit bidding of the Lender's claims, as is usually permitted under section 363(k) of the Bankruptcy Code, because the sale under the plan was not being conducted pursuant to section 363, but rather through sections 1123 and 1129, which do not contain an equivalent express right for a secured ... (Tue, 08 Dec 2009 15:30:51 GMT)

Shakira owes all to family bankruptcy
Colombian singer Shakira, whose hit "Hips Don't Lie" is the most played record in American radio history, became a musical sensation and a global philanthropist because of her family's bankruptcy when she was eight years old. (Tue, 08 Dec 2009 16:19:33 GMT)

CIT Group seeks judge's OK on bankruptcy exit plan
U.S. small business lender CIT Group Inc headed to court on Tuesday to ask a New York bankruptcy judge for approval of its prepackaged reorganization plan. (Tue, 08 Dec 2009 16:39:59 GMT)

CIT expects to emerge from bankruptcy within days
CIT Group Inc said on Tuesday it anticipates it will emerge from bankruptcy on December 10, 2009. (Tue, 08 Dec 2009 18:55:37 GMT)

CIT Group to exit bankruptcy protection Thursday
CIT Group, one of the nation's biggest lenders to small and midsize businesses, said Tuesday that a judge approved its reorganization plan and it plans to emerge from bankruptcy protection on Thursday. (Tue, 08 Dec 2009 19:29:31 GMT)

Business lender CIT wins approval for bankruptcy exit
US business lender CIT Group said Tuesday it won court approval to emerge from bankruptcy this week under a pre-packaged reorganization plan. (Tue, 08 Dec 2009 19:51:51 GMT)

CIT Group to exit bankruptcy protection Thursday
CIT Group Inc., one of the nation's biggest lenders to small and mid-sized businesses, said Tuesday that a judge approved its reorganization plan and it plans to emerge from bankruptcy protection on Thursday. (Tue, 08 Dec 2009 21:05:32 GMT)

CIT to exit bankruptcy protection
US lender CIT Group's reorganisation plan is approved by a judge, paving the way for it to exit bankruptcy protection within days. (Tue, 08 Dec 2009 21:13:58 GMT)

Bankruptcy filing may send fate of Brauss' real estate empire to federal court
The fate of much of Eric and Christine Brauss' real estate empire could be headed to federal bankruptcy court because one of her companies filed for Chapter 11 reorganization last weekend. (Wed, 09 Dec 2009 04:15:50 GMT)

Six Flags Bankruptcy Judge Rejects Exit Financing, (Update1)
Dec. 9 (Bloomberg) -- Six Flags Inc. , the New York-based theme park owner, lost a bid to finance its exit from bankruptcy with loans and a stock sale when a judge said breakup fees in the proposed contract were too high. (Wed, 09 Dec 2009 14:30:37 GMT)

Bankruptcy court grants delay on FairPoint Communications hearing on customer rebates
PORTLAND, Maine - A bankruptcy court hearing has been put on hold on a motion by FairPoint Communications asking that it not be forced to give rebates to its Maine customers. (Wed, 09 Dec 2009 16:23:51 GMT)

CIT Leaves Bankruptcy, With Questions
The CIT Group , which started out in 1908, financing horse-drawn carriages, survived for a century before sinking into bankruptcy. (Thu, 10 Dec 2009 09:56:07 GMT)

Greece 'will avoid bankruptcy': Eurogroup head
The budget situation in Greece is "tense" but the country should avoid bankruptcy, Jean-Claude Juncker, the president of the eurogroup, which unites the 16 countries that share the euro, said on Thursday. (Thu, 10 Dec 2009 09:58:44 GMT)

Lyondell, Fontainebleau, ProtoStar, TVI: Bankruptcy (Update1)
Dec. 10 (Bloomberg) -- The creditors’ committee for chemical producer Lyondell Chemical Co. is asking the bankruptcy court for authority to propose a competing plan where the business would be sold for cash to Reliance Industries Ltd. (Thu, 10 Dec 2009 13:51:48 GMT)

CIT shares jump in first trading after bankruptcy
Shares of CIT Group are up sharply in their first day of trading after the lender emerged from bankruptcy protection. (Thu, 10 Dec 2009 15:04:00 GMT)

CIT shares jump in first trading after bankruptcy
CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection. (Thu, 10 Dec 2009 15:31:51 GMT)

CIT shares jump in first trading after bankruptcy
CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection. Shares rose $2.39, or 9.4 percent, to $27.89 in morning trading. (Thu, 10 Dec 2009 15:31:51 GMT)

CIT shares jump in first trading after bankruptcy
CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection. Shares rose $2.39, or 9.4 percent, to $27.89 in morning trading. The shares opened at $25.50. One of the nation's largest lenders to small... CIT Group - Bankruptcy - Business - Law - Services (Thu, 10 Dec 2009 15:39:52 GMT)

CIT shares jump in first trading after bankruptcy
CIT Group shares rise in first day of trading after lender emerges from bankruptcy protection (Thu, 10 Dec 2009 16:13:08 GMT)

CIT Group Shares Rise After Exiting Bankruptcy
CIT Group Shares Rise After Exiting Bankruptcy (Thu, 10 Dec 2009 16:49:37 GMT)

CIT Rises on First Day of Trading After Lender Exits Bankruptcy
Dec. 10 (Bloomberg) -- CIT Group Inc. , the commercial lender that collapsed last month, rose in the first day of trading after getting its turnaround plan approved and exiting bankruptcy. (Thu, 10 Dec 2009 16:53:20 GMT)

CIT shares jump in first trading after bankruptcy
CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection. Shares rose $3.49, or 13.7 percent, to close at $28.99. The shares opened at $25.50. (Thu, 10 Dec 2009 21:38:21 GMT)

CIT shares rise in first trading after exit from bankruptcy
CIT Group Inc. shares jumped Thursday in the lender's first day of trading after emerging from bankruptcy protection. (Thu, 10 Dec 2009 21:57:26 GMT)

Report: Citadel to File Bankruptcy Before Year-End
Citadel Broadcasting Co. will likely file bankruptcy before the end of the year, sources told the Wall Street Journal. (Thu, 10 Dec 2009 23:19:47 GMT)

Citadel Broadcasting Plans Prearranged Bankruptcy
Citadel Broadcasting, one of the nation's largest radio broadcasting companies, is preparing a prearranged bankruptcy filing that would hand over control of the company to its creditors by the end of the year, people briefed on the matter told DealBook on Thursday. (Thu, 10 Dec 2009 23:56:06 GMT)

Bankruptcy judge approves Pilgrim's Pride exit plan
A U.S. bankruptcy judge in Fort Worth on Thursday approved the exit plan for Pilgrim's Pride Corp., clearing the way for the poultry processor to become part of a giant Brazilian beef company. (Fri, 11 Dec 2009 04:17:21 GMT)

Judge dismisses McStain bankruptcy
Louisville homebuilder and developer McStain Enterprises Inc.'s Chapter 11 bankruptcy case has been dismissed. (Fri, 11 Dec 2009 08:15:32 GMT)

Tower Ticker: WLS parent plans bankruptcy
Citadel Broadcasting Corp., the nation's third-biggest radio company and parent of Chicago's WLS-AM 890 and WLS-FM 94.7, is preparing to file a prearranged bankruptcy before the end of the year, according to the Wall Street Journal and later the New York Times. (Fri, 11 Dec 2009 14:29:34 GMT)

Life After Bankruptcy
Bankruptcy may be the end of the road for many trucking companies, but it’s becoming a route out of the recession for a few. And for investors willing to pick up a trucking business or its assets at a low price, bankruptcy court can be a fire sale. (Fri, 11 Dec 2009 15:06:27 GMT)

Lyondell gets four-month extension on bankruptcy loan
Lyondell Chemical Co. has won a four-month extension on its bankruptcy financing loan, and seeks to exit court protection by April now that it has the support of most secured lenders, said George Davis, a lawyer for Lyondell. (Fri, 11 Dec 2009 16:38:18 GMT)

(AFX UK Focus) 2009-12-11 16:49 CORRECTED-Equity committee denied in Smurfit-Stone bankruptcy
GEORGETOWN, Del., Dec 10 (Reuters) - A bankruptcy court judge denied on Thursday a request by shareholders of Smurfit-Stone Container Corp for an official committee to represent them in the case. Shares of the company fell 25 cents to 8.7 cents on Thursday. The judge, Brendan Shannon, cited a report by the company's investment bankers that showed Smurfit's value fell up to $900 million short of ... (Fri, 11 Dec 2009 16:56:27 GMT)

Mortgage ‘Cram-Down’ Bankruptcy Amendment Fails in U.S. House
Dec. 11 (Bloomberg) -- Republican lawmakers defeated a mortgage “cram-down” amendment that would have given federal judges the power to lengthen mortgage terms, cut interest rates and reduce loan balances for homeowners in bankruptcy court. (Fri, 11 Dec 2009 19:29:40 GMT)

Hawaii Biotech declares bankruptcy
Hawaii Biotech Inc. has filed for bankruptcy. (Sat, 12 Dec 2009 03:40:54 GMT)

Hawaii Biotech declares bankruptcy
Hawaii Biotech Inc. has filed for bankruptcy. The Aiea-based high-technology company filed a petition Friday for Chapter 11 reorganization in U.S. Bankruptcy Court in Honolulu. (Sat, 12 Dec 2009 03:40:55 GMT)

Henry S. Miller Commercial LLC agrees to file bankruptcy
An arm of the legendary Dallas commercial real estate firm Henry S. Miller Co. has agreed to enter bankruptcy proceedings. (Sat, 12 Dec 2009 04:17:04 GMT)

Hawaii Biotech declares bankruptcy
Hawaii Biotech Inc. has filed for bankruptcy. The Aiea-based high-technology company filed a petition Friday for Chapter 11 reorganization in U.S. Bankruptcy Court in Honolulu. The filing is intended to allow Hawaii Biotech to continue its human clinical... United States - Chapter 11 Title 11 United States Code - Honolulu - Hawaii Biotech - Law (Sat, 12 Dec 2009 04:24:49 GMT)

Aiea high-technology company Hawaii Biotech declares bankruptcy
HONOLULU - Hawaii Biotech Inc. has filed for bankruptcy. The Aiea-based high-technology company filed a petition Friday for Chapter 11 reorganization in U.S. Bankruptcy Court in Honolulu. The filin... (Sat, 12 Dec 2009 04:30:11 GMT)

Bankruptcy judge weighing final liquidation plan for S&K
A liquidation plan for S&K Famous Brands Inc. is being considered by a federal bankruptcy judge in Richmond. If Judge Kevin R. Huennekens approves the deal, it would bring the end of a discount menswear retailer that got its start in Richmond more than 40 years ago. S&K filed for Chapter 11 bankruptcy protection in February. Its headquarters was on West Broad Street in the Short Pump area. (Sat, 12 Dec 2009 05:20:48 GMT)

Salinas lawyer, wife accused of bankruptcy fraud
A Salinas attorney and his wife were indicted Friday by a federal grand jury in San Jose on conspiracy to commit bankruptcy fraud. James Nelsen, 69, a bankruptcy attorney who practices in San Jose, filed for personal bankruptcy. (Sat, 12 Dec 2009 09:33:28 GMT)

Hawaii Biotech files for bankruptcy
Hawaii Biotech Inc., a privately held biotechnology company based in Aiea, filed for Chapter 11 reorganization in U.S. Bankruptcy Court yesterday. The company, which conducts clinical trials for West Nile and dengue fever, claimed between $1 million and $10 million in estimated assets and liabilities. (Sat, 12 Dec 2009 11:45:20 GMT)

Salinas attorney Nelsen, wife indicted on bankruptcy fraud charge
A federal grand jury in San Jose has indicted James Nelsen and Jane Nelsen of Salinas on a charge of conspiracy to commit bankruptcy fraud, U.S. Attorney Joseph P. Russoniello said in a written statement Friday. (Sat, 12 Dec 2009 13:07:24 GMT)

Bankruptcy could bring big changes to East Hills Mall
Longstanding plans for revitalizing East Hills Mall have hit yet another snag. But this one -- the owner's Chapter 11 bankruptcy filing last month -- may lead to a sale that could bring about substantial changes, possibly even demolition and redevelopment of the troubled property. Last month's debt reorganization filing by the mall's Los Angeles owner follows a series of big-name store closures ... (Sat, 12 Dec 2009 23:10:30 GMT)

Wind Crest parent company files bankruptcy
Erickson Retirement Communities filed for Chapter 11 bankruptcy Oct. 19, but Wind Crest will keep its doors open. (Sun, 13 Dec 2009 07:08:03 GMT)

Get sound advice on filing for bankruptcy
Q: Dear Rick: My husband and I have decided that there is no alternative but to file for bankruptcy. In addition to our mortgage, which is more than the value of our house, we have a substantial amount in credit card debt. We have five charge cards. One is in my name, one is in my husband's name and we have three joint cards. For many reasons, we don't want to be the position where we both have ... (Sun, 13 Dec 2009 12:19:59 GMT)

Real estate firm Fairfield files for bankruptcy
Privately-held real estate company Fairfield Residential LLC filed for bankruptcy protection on Sunday, saying that the collapse of the U.S. real estate and capital markets has made it difficult to continue without restructuring. (Mon, 14 Dec 2009 01:53:14 GMT)

Fairfield Residential Files for Bankruptcy, Plans to Reorganize
Dec. 14 (Bloomberg) -- Fairfield Residential LLC, owner and developer of apartments in 40 markets across the U.S., filed for voluntary Chapter 11 bankruptcy protection and said it had agreed to a reorganization plan with major creditors. (Mon, 14 Dec 2009 06:25:32 GMT)

Dubai to Unveil New Bankruptcy Law Today to Aid Dubai World
Dec. 14 (Bloomberg) -- Dubai will announce a new bankruptcy law today based on international standards to help state-owned Dubai World complete a business reorganization should it need the new law. (Mon, 14 Dec 2009 10:00:48 GMT)

Real Estate Firm Fairfield Files For Bankruptcy
Privately-held real estate company Fairfield Residential filed for bankruptcy protection on Sunday, saying that the collapse of the U.S. real estate and capital markets has made it difficult to continue without restructuring, Reuters reported. (Mon, 14 Dec 2009 10:41:17 GMT)

Va. bankruptcy judge weighs plan for S&K chain
RICHMOND, Va. - A liquidation plan for Richmond-based S&K Famous Brands is being weighed by a federal bankruptcy judge. If Judge Kevin R. Huennekens approves the plan, it will wipe out the discount menswear chain that started in Virginia nearly 40 years ago. (Mon, 14 Dec 2009 11:15:21 GMT)

Supreme Court turns down new challenge to sale that allowed Chrysler to exit bankruptcy
WASHINGTON - The Supreme Court has declined to take another look at Chrysler's bankruptcy. The justices on Monday turned down an appeal from the state of Indiana pension funds that earlier challenged the automaker's bankruptcy proceedings. The bulk of Chrysler LLC's assets were sold to Italy's Fiat. (Mon, 14 Dec 2009 15:21:09 GMT)

WPRO parent said to be near bankruptcy
A bankruptcy filing by Las Vegas-based Citadel, which owes lenders roughly $2 billion, would not come as a surprise. The company disclosed earlier this year that a Chapter 11 filing was a “possibility.” (Mon, 14 Dec 2009 15:50:11 GMT)

Justices turn down appeal of Chrysler bankruptcy
WASHINGTON — The Supreme Court has declined to take another look at Chrysler's bankruptcy. (Mon, 14 Dec 2009 16:01:16 GMT)

Lehman Bankruptcy Advisers Get $533.5 Million (Update1)
Dec. 14 (Bloomberg) -- Lehman Brothers Holdings Inc. has paid its bankruptcy advisers $533.5 million since September 2008, topping the half billion mark in 14 months, it told the U.S. Bankruptcy Court in New York. (Mon, 14 Dec 2009 16:11:28 GMT)

Supreme Court rejects appeal of Chrysler bankruptcy exit
The U.S. Supreme Court today rejected an appeal of Chrysler's bankruptcy and the sale of its best assets. (Mon, 14 Dec 2009 16:57:15 GMT)

Fairfield Residential files Chapter 11 bankruptcy
Apartment buildings owner Fairfield Residential LLC has filed for Chapter 11 bankruptcy protection with a pre-negotiated agreement intended to facilitate a quick exit. (Mon, 14 Dec 2009 17:36:59 GMT)

International Banking Corp. Seeks Bankruptcy in U.S. (Update2)
Dec. 14 (Bloomberg) -- The International Banking Corp. , a Bahrain-based provider of commercial loans, filed a Chapter 15 bankruptcy petition, seeking protection from U.S. creditors. (Tue, 15 Dec 2009 04:45:33 GMT)

Apartment developer Fairfield Residential LLC files for Chapter 11 bankruptcy protection
An apartment developer with several projects in the Dallas area has filed for bankruptcy. (Tue, 15 Dec 2009 04:58:30 GMT)

Yellow-Pages Plot High Tech Road Out of Bankruptcy
When U.S. yellow-pages publishers Idearc and R.H. Donnelley filed for bankruptcy this year some thought it would not be long before phonebooks disappeared. (Tue, 15 Dec 2009 10:26:27 GMT)

You can file bankruptcy and exclude spouse
Sure, file for bankruptcy if it's your debt only. But good luck trying to keep it secret. (Tue, 15 Dec 2009 11:00:00 GMT)

GM May Have Left Bankruptcy Too Soon
Since GM came out of bankruptcy, several significant asset sales made earlier this year have faltered. (Tue, 15 Dec 2009 11:10:43 GMT)

Penn Traffic to appear in bankruptcy court
Penn Traffic, the bankrupt owner of P&C and several other grocery stores is going to bankruptcy court. The company is expected to learn more about the future of its stores,... (Tue, 15 Dec 2009 14:08:45 GMT)

East Hills Mall Files For Bankruptcy
East Hills Mall has filed for Chapter 11 bankruptcy and many people are wondering how things got to this point and what it means for the mall's future. (Tue, 15 Dec 2009 16:08:13 GMT)

Image Entertainment says may file for bankruptcy
Image Entertainment Inc said it may be forced to file for Chapter 11 bankruptcy protection as it defaulted on payment under convertible note and it was exploring strategic alternatives. (Tue, 15 Dec 2009 16:26:21 GMT)

Emerging from bankruptcy, GM prepares to repay bailout loans
DETROIT -- Fourteen days after taking the helm as chief executive of General Motors, Edward E. Whitacre Jr. said the giant automaker, which went through a major bankruptcy restructuring earlier this year, plans to repay loans from the U.S. and Canadian governments by the end of June. (Tue, 15 Dec 2009 18:25:01 GMT)

Mass. ex-gov: Grudge led to Ky. college bankruptcy
A federal official upset about losing his job gained revenge by triggering the 2005 bankruptcy of a Kentucky college run by former Massachusetts Gov. William F. Weld, two attorneys allege. (Tue, 15 Dec 2009 23:32:36 GMT)

Some General Growth malls may clear bankruptcy court
(Dow Jones)--A judge Tuesday said he will approve a bankruptcy plan for mall owner General Growth Properties Inc. that restructures about $10.2 billion in loans tied to about 100 properties. (Wed, 16 Dec 2009 00:25:53 GMT)

Prosecution Drop May Embolden Bankruptcy Fraud as Filings Surge
Dec. 16 (Bloomberg) -- U.S. authorities prosecuted the fewest number of people and companies for criminal bankruptcy fraud this year since at least 1986, even as filings rose amid the worst economic crisis since the Great Depression. (Wed, 16 Dec 2009 05:01:00 GMT)

Bankruptcy Rates Top $1,000 Mark in 2008-09
A review of bankruptcy rates in Delaware and the Southern District of New York shows that a handful of U.S.-based partners at Am Law 200 firms have inched above the $1,000 rate barrier, making bankruptcy work as lucrative as it was plentiful in 2008 and 2009. Over a 12-month period ending August 2009, there were more than 13,000 billing rate entries submitted by law firms in the nation's two ... (Wed, 16 Dec 2009 06:28:00 GMT)

Bankruptcy Rates Top $1,000 Mark in 2008-09
A review of bankruptcy rates in Delaware and the Southern District of New York shows that a handful of U.S.-based partners at Am Law 200 firms have inched above the $1,000 rate barrier, making bankruptcy work as lucrative as it was plentiful in 2008 and 2009. (Wed, 16 Dec 2009 08:03:11 GMT)

UAE to announce bankruptcy law within months: report
The United Arab Emirates (UAE) government is set to announce a new bankruptcy law "within months" aimed at providing legal protection for companies in financial strife, local newspaper Gulf News reported Wednesday. "The government is working on issuing a comprehensive bankruptcy/insolvency law that will protect businesses under financial stress and help them move forward," the report quoted ... (Wed, 16 Dec 2009 13:08:18 GMT)

Bankruptcy trustee sues over alleged lies that shut down Decker College
Following months of fruitless attempts at negotiation, the trustee in the Decker College bankruptcy case has filed suit against a national accreditation agency, alleging that its false statements led to the college's demise four years ago. (Wed, 16 Dec 2009 14:21:53 GMT)

Lehman Bankruptcy Judge Approves $50 Million Bonuses (Update1)
Dec. 16 (Bloomberg) -- Lehman Brothers Holdings Inc. ’s plan to pay $50 million in bonuses to employees handling derivatives contracts was approved by a bankruptcy court judge, who said the payments provide essential incentives. (Wed, 16 Dec 2009 16:56:31 GMT)

Bankruptcy court approves General Growth plan
Mall operator General Growth Properties Inc. said a bankruptcy court has approved its plan to restructure $10.25 billion in debt related to 103 properties as part of its effort to emerge from Chapter 11 bankruptcy protection. (Wed, 16 Dec 2009 18:59:33 GMT)

Court approves Merisant's bankruptcy reorganization plan
Chicago-based Merisant Worldwide Inc., maker of the artificial sweetener Equal, on Wednesday announced that its Chapter 11 bankruptcy reorganization plan has received court approval. (Thu, 17 Dec 2009 00:26:00 GMT)

Airline unions ask House panel for changes in bankruptcy law
A group of unions representing airline workers is seeking changes to U.S. bankruptcy laws that would make it harder for airlines to scrap labor agreements in court. (Thu, 17 Dec 2009 05:00:00 GMT)

Lehman bankruptcy judge OKs US$50M in bonuses
Lehman, the investment bank liquidating in bankruptcy, asked U.S. Bankruptcy Judge James Peck in New York last month for permission to pay the bonuses to about 230 full-time employees unwinding the ..... (Thu, 17 Dec 2009 09:21:10 GMT)

Judge rejects plan to throw out Sunwest bankruptcy case
A federal judge has allowed the Chapter 11 bankruptcy of Sunwest Management Inc.'s consolidated businesses to proceed, rejecting a motion Wednesday to have the case thrown out. (Thu, 17 Dec 2009 11:17:59 GMT)

Goldman Sachs Driving YRC Trucking Into Bankruptcy, Hoffa Says
What's Your Reaction? Dec. 17 (Bloomberg) -- International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would benefit from the bankruptcy of YRC Worldwide Inc., the trucking company trying to avert failure with a debt exchange. (Thu, 17 Dec 2009 13:39:51 GMT)

Hoffa Says Goldman Sachs Is Driving Trucker YRC Into Bankruptcy
Dec. 17 (Bloomberg) -- International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would benefit from the bankruptcy of YRC Worldwide Inc. (Thu, 17 Dec 2009 15:19:47 GMT)

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