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Home > Bankruptcy News

Bankruptcy News Jul 2012

Japan's Sanko Steamship files for bankruptcy
TOKYO (Reuters) - One of Japan's oldest shipping firms, Sanko Steamship, filed for bankruptcy on Monday after months of battling with ship owners over the restructuring of $2 billion in debt, becoming the latest casualty of the four-year-old shipping industry downturn. The dry bulk and tanker shipping firm, started in 1934, joins U.S.-based General Maritime Corp, the Containership Company, and ... (Mon, 02 Jul 2012 01:22:38 -0700)

Kodak, Solar Millennium, Xanadoo, St. Vincent: Bankruptcy
Eastman Kodak Co. (EKDKQ) lost $88.3 million in May and depleted cash by $43.4 million. In other developments at the end of last week, the bankruptcy judge in Manhattan refused to appoint an official committee to represent shareholders, while the company filed papers telling a federal district judge why the bankruptcy court is qualified to handle all aspects of the sale of digital imaging ... (Mon, 02 Jul 2012 06:35:47 -0700)

PA lawmakers again deny bankruptcy option for state's capital
HARRISBURG (Reuters) - City leaders in Pennsylvania's cash-strapped capital Harrisburg who wanted to keep open the option to seek bankruptcy protection for the city of 50,000, were thwarted by state legislators over the weekend who extended the bankruptcy filing ban until November 30. "The legislature made a decision," Governor Tom Corbett told reporters late on Saturday after signing the bill ... (Mon, 02 Jul 2012 07:42:45 -0700)

Bankruptcy case against former solicitor adjourned
Bankruptcy proceedings against a former high profile Dublin solicitor and his wife, who owe more than €75 million to Bank of Ireland, have been adjourned by the High Court to October. (Mon, 02 Jul 2012 08:13:38 -0700)

Nama opposes bankruptcy release
The Irish government's National Asset Management Agency (Nama) is trying to prevent a bust NI property developer from being released from bankruptcy. (Mon, 02 Jul 2012 08:40:52 -0700)

Dynegy Unit Judge to Allow Bankruptcy Plan Vote
A bankruptcy judge said she will allow a Dynegy Inc. (DYN) unit’s creditors to vote on its reorganization plan after some wording changes are made. U.S. Bankruptcy Judge Cecelia Morris in Poughkeepsie, New York , said at a hearing today that she will approve Dynegy Holdings LLC’s so-called disclosure statement, allowing the vote. (Mon, 02 Jul 2012 12:05:46 -0700)

Stockton, Calif. set for first bankruptcy hearing on Friday
SAN FRANCISCO (Reuters) - Lawyers for Stockton, California will appear for the first time in a Sacramento court this week to make their case for protecting the city from its creditors in bankruptcy. Stockton, a city of nearly 300,000 in California's Central Valley, filed for Chapter 9 bankruptcy last week. Its legal team has been scheduled to appear in U.S. bankruptcy court on Friday, July 6, in ... (Mon, 02 Jul 2012 13:53:09 -0700)

Mammoth Lakes, California, to File for Bankruptcy Protection
Mammoth Lakes, California, voted to file for bankruptcy to protect itself from a $43 million court judgment, the resort town said. (Mon, 02 Jul 2012 15:37:34 -0700)

Mammoth Lakes, California, approves bankruptcy filing
SAN FRANCISCO (Reuters) - The leaders of Mammoth Lakes, California, voted on Monday to approve a bankruptcy filing for the resort town, just days after Stockton, California, became the most populous U.S. city to turn to bankruptcy court for protection from its creditors. The vote by the Mammoth Lakes town council to seek Chapter 9 bankruptcy protection was unanimous, according to a statement on ... (Mon, 02 Jul 2012 16:27:15 -0700)

California ski resort town to file for bankruptcy
SAN FRANCISCO (Reuters) - The leaders of Mammoth Lakes, California, voted on Monday to approve a bankruptcy filing for the ski resort town, just days after Stockton, California, became the most populous U.S. city to turn to bankruptcy court for protection from its creditors. The vote by the Mammoth Lakes town council to seek Chapter 9 bankruptcy protection was unanimous, according to a statement ... (Mon, 02 Jul 2012 17:57:13 -0700)

Mammoth Lakes council votes to file for bankruptcy
Mammoth Lakes' town council voted unanimously Monday to file for bankruptcy, in the face of a $43 million judgment that's more than twice the town's budget. (Mon, 02 Jul 2012 19:01:18 -0700)

Calif. Ski Town to File for Bankruptcy
Calif.'s Mammoth Lakes votes to file for bankruptcy to avoid $43M judgment, joining Stockton (Mon, 02 Jul 2012 23:11:54 -0700)

Pay off credit cards before bankruptcy?
Dear Bankruptcy Adviser,I am most likely going to file bankruptcy in a couple of months. I have two credit cards that I have been using and for the most part paying off every month. My questions are: If ... (Tue, 03 Jul 2012 00:00:42 -0700)

Mammoth Lakes files for bankruptcy over $43-million judgment
The High Sierra town of Mammoth Lakes says it is filing for bankruptcy because it cannot afford to pay a breach-of-contract judgment won by a developer. The HighSierra town of Mammoth Lakes said Monday that it filed for bankruptcy because it cannot afford to pay a $43-million breach-of-contract judgment in a lawsuit brought against it by a developer. (Tue, 03 Jul 2012 04:16:43 -0700)

Pay Off Credit Cards Before Bankruptcy?
Bringing credit cards to a zero balance before filing bankruptcy may complicate the process. (Tue, 03 Jul 2012 11:17:18 -0700)

Former judge to investigate ResCap bankruptcy
(Reuters) - Arthur Gonzalez, the former chief bankruptcy judge in Manhattan, was named the independent examiner to investigate details of the bankruptcy of home lender Residential Capital LLC, according to a court filing made on Tuesday. Berkshire Hathaway , which is seeking to buy two of ResCap's loan businesses, asked the Manhattan Federal bankruptcy court in June to appoint an examiner to ... (Tue, 03 Jul 2012 13:11:25 -0700)

Mammoth Lakes, California, Files for Bankruptcy
Mammoth Lakes, the High Sierra mountain resort, filed for bankruptcy to shelter itself from a $43 million legal judgment, becoming the second California municipality in a week to seek court protection from creditors. (Tue, 03 Jul 2012 13:50:49 -0700)

Mammoth Lakes, California to file for bankruptcy
SAN FRANCISCO (Reuters) - Mammoth Lakes, California, will file later on Tuesday for Chapter 9 bankruptcy protection from its creditors in U.S. Bankruptcy Court for the Eastern District of California, according to its assistant town manager. Mammoth Lake's town council voted on July 2 in favor of the bankruptcy, specifically to seek protection from a property developer that has a $43 million ... (Tue, 03 Jul 2012 14:34:15 -0700)

Former Bankruptcy Judge Named Examiner in ResCap Case
Former bankruptcy judge Arthur J. (Tue, 03 Jul 2012 14:58:18 -0700)

Arkansas Coach Facing Bankruptcy
Coach John L. Smith of Arkansas said he was making plans to declare bankruptcy as a result of several land developments gone bust in Kentucky. (Wed, 04 Jul 2012 07:43:00 -0700)

APNewsBreak: Arkansas' Smith Facing Bankruptcy
APNewsBreak: Arkansas coach John L Smith facing bankruptcy as a result of bad land deals (Wed, 04 Jul 2012 08:04:10 -0700)

Judge closes bankruptcy case against Iowa diocese
DAVENPORT, Iowa -- The Davenport Diocese's bankruptcy case is closed nearly six years after its attorneys filed a Chapter 11 petition and four years after the diocese reached a $37 million settlement with creditors. (Thu, 05 Jul 2012 09:32:42 -0700)

DealBook: Dynegy Files for Bankruptcy as Part of Settlement
Dynegy files for Chapter 11 bankruptcy protection, the latest step to restructure the ailing energy company and settle with creditors who hold more than $2.5 billion in claims over one of its subsidiaries. (Thu, 05 Jul 2012 17:04:46 -0700)

Bankruptcy filings fall 14%, on track for pre-2008 levels
Tepid consumer spending has an upside: Bankruptcy filings in the U.S. are down 14% in the first half of the year, helped along by record-low interest rates and a new culture of belt-tightening. (Thu, 05 Jul 2012 17:44:42 -0700)

Stockton Creditors Hold Few Weapons in Bankruptcy Fight
Lawyers for Stockton, California’s bondholders, who face a fight with the bankrupt city over proposed cuts, will arrive in court today armed with fewer weapons than investors owed money by reorganizing companies. (Thu, 05 Jul 2012 21:22:54 -0700)

Dynegy Inc files for bankruptcy
(Reuters) - Dynegy Inc , the parent company of Dynegy Holdings, filed for bankruptcy protection on Friday morning as part of its settlement agreement with creditors. Last month, a bankruptcy court approved the company's settlement with creditors under which Dynegy and Dynegy Holdings would be combined, with creditors holding a 99 percent equity stake in the combined company. On Thursday, the ... (Fri, 06 Jul 2012 02:16:21 -0700)

Dynegy Inc. Files for Bankruptcy Protection to Merge With Unit
Dynegy will merge with its Dynegy Holdings unit, which is already in bankruptcy, under the plan, the Houston-based company said in a statement today. (Fri, 06 Jul 2012 03:05:49 -0700)

Syms, Lehman, FirstFed, Global Aviation: Bankruptcy
Syms Corp. (SYMSQ) and the discount retailer’s official shareholders’ committee are opposing a request by the official creditors’ committee to delay a hearing related to the global settlement announced last week. (Fri, 06 Jul 2012 03:50:54 -0700)

Is inheritance at risk with bankruptcy filing?
Courts don't like people filing for bankruptcy shortly before they get an inheritance, so there are rules about when those funds are truly yours (Fri, 06 Jul 2012 05:00:00 -0700)

Dynegy Inc files for bankruptcy; will merge with unit
(Reuters) - Power producer Dynegy Inc , the parent company of Dynegy Holdings, filed for bankruptcy protection on Friday morning as part of its settlement agreement with creditors and said it will merge with its unit. Last month, a bankruptcy court approved the company's settlement with creditors under which Dynegy and Dynegy Holdings would be combined, with creditors holding a 99 percent equity ... (Fri, 06 Jul 2012 05:05:46 -0700)

Bankruptcy filings fall 14% and are on track for pre-2008 levels
Tepid consumer spending has an upside: Bankruptcy filings in the U.S. are down 14% in the first half of the year, helped along by record-low interest rates and a new culture of belt-tightening. (Fri, 06 Jul 2012 05:15:13 -0700)

Dynegy files for bankruptcy protection
Dynegy Inc. said Friday that it has filed for bankruptcy protection as part of a plan to reorganize after years of wrestling with falling electricity prices. (Fri, 06 Jul 2012 05:29:17 -0700)

Attorney: Cordillera golf club's cash flow problems led to bankruptcy
EDWARDS  —— The Cordillera golf club's cash flow problems led to bankruptcy, and the problem is that cash isn't flowing from the membership, says Cordillera's bankruptcy (Fri, 06 Jul 2012 08:01:40 -0700)

Stockton's historic bankruptcy proceedings get under way
Stockton's historic bankruptcy case began Friday with a Freudian slip, as the city's lawyer introduced himself in court as representing "the city of Vallejo." (Fri, 06 Jul 2012 20:34:08 -0700)

Dynegy joins subsidiary in bankruptcy
Dynegy joins subsidiary in bankruptcy Houston Chronicle Copyright 2012 Houston Chronicle. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Published 10:53 p.m., Friday, July 6, 2012 Houston-based Dynegy has struggled with declining electricity prices and a crushing debt load. The filing still doesn't include Dynegy's coal-fired and natural gas ... (Sat, 07 Jul 2012 14:04:29 -0700)

Pennsylvania lawmakers, Harrisburg officials debate bankruptcy prohibition, Senate Bill 1263, for cash-strapped cities
Some midstate lawmakers who supported the extension of Harrisburg’s bankruptcy prohibition are not saying why they don’t want the cash-strapped city to file for bankruptcy protection. (Mon, 09 Jul 2012 02:10:06 -0700)

Patriot Coal files for bankruptcy
Patriot has financing lined up to continue operations. (Mon, 09 Jul 2012 12:45:00 -0700)

Patriot Coal Files For Bankruptcy, Secures $802M In Financing
Patriot Coal filed for bankruptcy protection after the bell on Monday, the stock had already fallen more than 70% on a press report suggesting the filing could come after the bell. (Mon, 09 Jul 2012 14:18:18 -0700)

Patriot Coal files for bankruptcy reorganization
Patriot Coal Corp. filed for Chapter 11 bankruptcy protection on Monday as it deals with reduced demand for coal and rising costs. (Mon, 09 Jul 2012 15:14:40 -0700)

Patriot Coal files for bankruptcy protection
(Reuters) - Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas. The company and nearly 100 affiliates were part of the Chapter 11 filing in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57 billion of assets and $3.07 billion of debts, and has ... (Mon, 09 Jul 2012 16:48:56 -0700)

Patriot Coal Declares Bankruptcy, Citing Industry 'Transformation'
Updated to reflect Patriot Coal bankruptcy filing NEW YORK (TheStreet) -- Struggling coal company Patriot Coal has filed for bankruptcy, citing a coal industry "transformation" that made its financial position untenable. The St. Louis-based thermal and metallurgical coal producer has arranged for $802 million in debtor-in-possession financing from Citigroup, Barclays and Bank of America Merrill ... (Mon, 09 Jul 2012 20:54:28 -0700)

Phoenix-area bankruptcy filings drop
Valley bankruptcies drop another 27 percent in June and finish the first half of 2012 down 24 percent as loan-delinquencies also diminish. (Mon, 09 Jul 2012 22:37:54 -0700)

Your landlord just filed bankruptcy. Now what?
Dear Bankruptcy Adviser,My family and I currently rent a house in which the owner has claimed bankruptcy. What happens next? How long will it be before we have to move? The owner cannot answer these questions ... (Tue, 10 Jul 2012 00:00:48 -0700)

What Corporate Turnaround Thinks Every Small Business Owner Should Know When Considering Chapter 11 Bankruptcy
PARAMUS, N.J., July 10, 2012 /PRNewswire/ -- Chapter 11 Bankruptcy was introduced in the Bankruptcy Reforms Act of 1978, which became effective on October 1, 1979. The idea behind Chapter 11 was to make ... (Tue, 10 Jul 2012 03:00:00 -0700)

Is Inheritance at Risk With Bankruptcy Filing?
What happens to inheritance money in a bankruptcy? (Tue, 10 Jul 2012 05:19:37 -0700)

3rd Calif. city to file for bankruptcy in 1 month
San Bernardino seeks bankruptcy protection over "immediate cash flow issue"; Part of growing trend (Tue, 10 Jul 2012 21:39:04 -0700)

Third Calif. city votes to declare bankruptcy
The City Council in San Bernardino voted Tuesday night to seek Chapter 9 bankruptcy protection, making it the third California city in less than two weeks to make the rare move. (Tue, 10 Jul 2012 22:06:44 -0700)

Another California city opts for bankruptcy
As recently as last month, no city in California had opted for bankruptcy since 2008, and no U.S. city of more than 200,000 people had ever chosen bankruptcy. (Wed, 11 Jul 2012 00:25:51 -0700)

Tribune Judge Will Rule on Bankruptcy Exit Plan This Week
Tribune Co., the biggest newspaper publisher in bankruptcy, will learn this week whether it has won the first of two rulings it needs to leave bankruptcy this year, the judge overseeing the case said. (Wed, 11 Jul 2012 08:20:44 -0700)

San Bernardino third California city to seek bankruptcy
SAN FRANCISCO (Reuters) - The city council of San Bernardino, California, voted on Tuesday to file for bankruptcy, marking the third time in recent weeks a city in the most populous U.S. state has opted to seek protection from its creditors. The decision by the leaders of San Bernardino, a city of about 210,000 residents approximately 65 miles east of Los Angeles, followed a report by city staff ... (Wed, 11 Jul 2012 08:58:37 -0700)

San Bernardino bankruptcy: Only $150,000 left in bank accounts
The San Bernardino City Council's decision to file for municipal bankruptcy came just days the city was left with just $150,000 in its bank accounts and had barely enough to make payroll on June 15, city officials said. (Wed, 11 Jul 2012 09:54:10 -0700)

San Bernardino Becomes Third California City Seeking Bankruptcy
The city council voted on Tuesday to file for bankruptcy, marking the third time in recent weeks a city in the most populous state has opted to seek protection from its creditors. (Wed, 11 Jul 2012 10:02:58 -0700)

San Bernardino bankruptcy: Pension debt still a problem for cities
San Bernardino's bankruptcy vote is just another grim reminder that local governments across the state are scrambling to reign in labor costs that keep spiraling upward. A primary driver is the climbing costs of pension pacts negotiated when times were good, city leaders say. (Wed, 11 Jul 2012 11:54:28 -0700)

San Bernardino Council Votes to File Bankruptcy
The city, which will become the third in the state to file bankruptcy this year, is facing a budget shortfall of $45 million and fears that it will not be able to cover payroll through the summer. (Wed, 11 Jul 2012 13:36:40 -0700)

Tribune bankruptcy judge may rule for company's plan this week
U.S. Bankruptcy Judge Kevin Carey signaled that he will file an opinion by the end of this week confirming a restructuring plan and ending Tribune's epic bankruptcy case. The judge in Tribune Co.'s long-running bankruptcy signaled that he will file an opinion by the end of this week confirming a restructuring plan and ending the Chicago media company's epic bankruptcy case. (Thu, 12 Jul 2012 05:20:14 -0700)

San Bernardino bankruptcy: Other California cities could be next
San Bernardino on Tuesday became the third California city to seek bankruptcy protection in the last month, but experts say it might not be the last. (Thu, 12 Jul 2012 07:24:12 -0700)

Bankruptcy in California Isn’t Seen as a Trend
Despite the fact that San Bernardino is the third city in the state to move toward bankruptcy this year, investors in municipal debt showed little sign of concern. (Thu, 12 Jul 2012 09:45:34 -0700)

Valence Technology files for bankruptcy protection
Battery maker Valence Technology Inc. said Thursday that it filed for Chapter 11 bankruptcy protection, in hopes of boosting its liquidity and refocusing itself on its core lithium phosphate markets. (Thu, 12 Jul 2012 09:57:30 -0700)

Stockton Bankruptcy Judge Appoints Mediator, Orders Meeting
The judge overseeing Stockton, California’s bankruptcy appointed a fellow judge as mediator for the case and ordered the city and its creditors to meet with her next month. (Thu, 12 Jul 2012 12:37:35 -0700)

California City Facing Bankruptcy Depleted Reserve Funds
San Bernardino’s slide toward bankruptcy came after new officials discovered that the California city had all but depleted special funds that had propped up its budget, the city attorney said. (Thu, 12 Jul 2012 14:30:14 -0700)

Authorities probe San Bernardino, city mulls bankruptcy move
(Reuters) - Authorities are investigating financially troubled San Bernardino, California, where the city council voted this week to approve a bankruptcy filing amid a claim by the city attorney that fraudulent accounting may have contributed to the city's problems. ... (Thu, 12 Jul 2012 21:48:31 -0700)

Bankruptcy- bound Calif. city investigated
Probe of San Bernardino government for possible criminal activity announced days after city officials voted to seek bankruptcy (Fri, 13 Jul 2012 08:02:29 -0700)

US Airways Gets Voice in AMR Bankruptcy By Buying Debt
US Airways Group Inc. seized an opportunity to influence bankruptcy proceedings for potential merger target American Airlines by buying $1 million worth of parent AMR Corp. (AAMRQ) ’s debt. (Fri, 13 Jul 2012 12:22:34 -0700)

Tribune Co. gets OK for bankruptcy-exit plan
Tribune Co. won court approval to emerge from Chapter 11 bankruptcy protection, more than four years after a leveraged buyout left the media company with unsustainable debt. (Fri, 13 Jul 2012 15:24:49 -0700)

Ex-baseball star Lenny Dykstra pleads guilty to bankruptcy fraud
LOS ANGELES (Reuters) - Onetime World Series hero Lenny Dykstra pleaded guilty on Friday to bankruptcy fraud and other charges stemming from a scheme to loot more than $200,000 in sports memorabilia, home furnishings and other property from his bankruptcy case. The 49-year-old former ballplayer, who is already serving time in state prison for grand theft auto, lewd conduct and assault with a ... (Fri, 13 Jul 2012 16:29:45 -0700)

Tribune finally wins court nod to exit bankruptcy
(Reuters) - Tribune Co has won court approval to emerge from bankruptcy, more than 3-1/2 years after seeking Chapter 11 protection following a leveraged buyout that saddled the publisher of the Chicago Tribune and Los Angeles Times with too much debt. U.S. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, on Friday overruled objections to the plan by a variety of creditors. He said he would ... (Fri, 13 Jul 2012 18:33:00 -0700)

Baseball Great Pleads Guilty to Bankruptcy Fraud
Baseball great pleads guilty in bankruptcy fraud case, could face up to 20 years in prison (Sat, 14 Jul 2012 01:12:32 -0700)

Bankruptcy judge to confirm Tribune reorganization plan
U.S. Bankruptcy Judge Kevin Carey said the plan's proponents will have to make revisions to reflect recent court rulings before he can confirm it. After more than 31/2 years of bitter legal conflict, the judge in Tribune Co.'s bankruptcy case said he would approve a plan to transfer ownership of the Chicago media company to a group of hedge funds and banks based in Los Angeles and New York. (Sat, 14 Jul 2012 03:20:45 -0700)

Bankruptcy judge will OK new ownership for Tribune Co.
Key steps remain, but media company, mired in Chapter 11 for more than 3½ years, will be owned by group of hedge funds and banks based in New York and Los Angeles After more than 31/2 years of bitter legal conflict, the judge inTribune Co.'s bankruptcy case said Friday that he will approve a plan to transfer ownership of the Chicago-based media company to a group of hedge funds and banks based ... (Sat, 14 Jul 2012 07:48:22 -0700)

Baseball great Lenny Dykstra pleads guilty to federal bankruptcy fraud
Three-time Major League all-star outfielder Lenny Dykstra, who amassed a fortune in professional baseball and financial advising, pleaded guilty Friday to bankruptcy fraud and other federal charges, authorities announced. (Sat, 14 Jul 2012 08:52:11 -0700)

Bankruptcy choices highlight fiscal pain of cities nationwide
Even though bankruptcies are expected to stay rare, the financial woes of U.S. cities are widespread and show no sign of easing. The decision by three California cities to seek bankruptcy protection in the space of two weeks is unlikely to presage a wave of copycat filings. But it does underscore the mounting financial pressure facing local governments around the country. (Sun, 15 Jul 2012 08:11:49 -0700)

Bankruptcy judge will OK new ownership for Tribune Co.
Key steps remain, but media company, mired in Chapter 11 for more than 3½ years, will be owned by group of hedge funds and banks based in New York and Los Angeles After more than 31/2 years of bitter legal conflict, the judge inTribune Co.'s bankruptcy case said Friday that he will approve a plan to transfer ownership of the Chicago-based media company to a group of hedge funds and banks based ... (Sun, 15 Jul 2012 09:38:39 -0700)

Political feuds, denial drove San Bernardino to bankruptcy
SAN FRANCISCO/SAN BERNARDINO (Reuters) - In August 2010, almost two years before the San Bernardino city council abruptly voted to seek bankruptcy protection, city manager Charles McNeely gave a presentation to the council that became known as "Groundhog Day." McNeely, who has since resigned, warned that the city of 210,000 was facing financial ruin. The sharp fall in housing prices had slashed ... (Sun, 15 Jul 2012 15:46:51 -0700)

Bankruptcy choices highlight fiscal pain of cities nationwide
Even though bankruptcies are expected to stay rare, the financial woes of U.S. cities are widespread and show no sign of easing. The decision by three California cities to seek bankruptcy protection in the space of two weeks is unlikely to presage a wave of copycat filings. But it does underscore the mounting financial pressure facing local governments around the country. (Sun, 15 Jul 2012 18:25:38 -0700)

Judge approves US Fidelis bankruptcy plan
A federal judge today confirmed a bankruptcy plan that would pay about $26.5 million to hundreds of thousands of customers and other creditors of US Fidelis, the Wentzville company that once led the nation in the sale of vehicle-service contracts. (Sun, 15 Jul 2012 22:00:00 -0700)

In Bankruptcy, American Airlines Looks At All Options
American Airlines is acknowledging that a merger with US Airways is a possibility as it works its way through bankruptcy. American's pilots and other unionized employees are pushing the merger option. (Mon, 16 Jul 2012 00:46:52 -0700)

Syms, Ambac, Jefferson County, Peregrine: Bankruptcy
Dissident Syms Corp. creditors are dissatisfied with the plan negotiated by the official creditors’ committee and intend to block approval of the reorganization plan in bankruptcy court at the Aug. 29 confirmation hearing. (Mon, 16 Jul 2012 07:01:52 -0700)

San Bernardino bankruptcy: Officials knew of risks for years
Officials in San Bernardino, which announced last week that it intended to file for bankruptcy, had known for years that the city's finances were becoming critical. Two years ago, the City Council learned that San Bernardino's $22-million budget shortfall would... (Mon, 16 Jul 2012 08:05:24 -0700)

Political feuds drove Calif. town to bankruptcy
In August 2010, almost two years before the San Bernardino city council abruptly voted to seek bankruptcy protection, city manager Charles McNeely gave a presentation to the council that became known as "Groundhog Day." (Mon, 16 Jul 2012 09:03:57 -0700)

US judge clears bankruptcy plan for Tribune Co
A US judge has tentatively approved the reorganization plan of Tribune Co., allowing the owner of the Chicago Tribune, Los Angeles Times and other newspapers, to emerge from bankruptcy. (Mon, 16 Jul 2012 10:52:13 -0700)

Bankruptcy plan for US Fidelis approved
A federal bankruptcy judge has given the go-ahead for a plan that would pay about $26.5 million to hundreds of thousands of customers and other creditors of US Fidelis. (Mon, 16 Jul 2012 12:42:52 -0700)

San Bernardino bankruptcy vote postponed
The suddenly slow-motion move toward bankruptcy began last week when the council confronted a fiscal report showing it faced a $46 million budget shortfall and might not be able to make its August payroll. (Mon, 16 Jul 2012 20:19:10 -0700)

Shield husband's assets with LLC bankruptcy?
Dear Bankruptcy Adviser,I have a very small limited liability company, or LLC, which has no debt associated with it. I personally have debt because of the time and money I've invested into my business. ... (Tue, 17 Jul 2012 00:01:42 -0700)

Bankruptcy Attorney Newport Beach Consultations Are $0 Offered By Zhou & Chini Orange County Bankruptcy Attorneys
Local bankruptcy law firm in Orange County California expands their marketing efforts throughout the OC and now targeting Newport Beach CA. Residents in Newport Beach are still searching for financial relief from lawyers and “bankruptcy attorney Newport Beach CA” is still a highly searched term in the search engines. With the current job market in Newport Beach and along with the housing value ... (Tue, 17 Jul 2012 03:03:18 -0700)

San Bernardino postpones bankruptcy-related vote
San Bernardino City Council delays vote to declare a fiscal emergency, seeking more information. The declaration would facilitate bankruptcy filing. The San Bernardino City Council postponed a vote Monday to declare a fiscal emergency, which would allow the city to move forward with filing for Chapter 9 bankruptcy protection without going through months of state-mandated mediation. (Tue, 17 Jul 2012 08:31:46 -0700)

Judge Says She Will Approve LightSquared Bankruptcy Loan
A judge Tuesday said she plans to approve LightSquared's access to a $51.4 million bankruptcy loan from a group of the wireless-satellite company's lenders that will keep the company running through November 2013. (Tue, 17 Jul 2012 09:58:47 -0700)

File Bankruptcy as LLC or Personally?
Owning an LLC, what's the best way to file for bankruptcy without involving husband's assets? (Tue, 17 Jul 2012 14:44:32 -0700)

Bankruptcy court allows exclusive negotiations between Hawker Beechcraft, Chinese firm on sale
By Roxana Hegeman, The Associated Press WICHITA, Kan. - A federal bankruptcy judge on Tuesday allowed Hawker Beechcraft to begin exclusive negotiations with a Chinese company interested in buying the Kansas ... (Tue, 17 Jul 2012 17:59:32 -0700)

City of Compton may declare bankruptcy by September: officials
(Reuters) - The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by September 1 whether to seek bankruptcy, according to its two most senior financial officials. Such a move would see it join a growing number of deficit-hobbled California cities that have used the filing to restructure onerous debt loads. ... (Wed, 18 Jul 2012 01:45:55 -0700)

Compton bankruptcy possible but not a certainty, top official says
Compton's incoming city manager said the city is in serious financial trouble but that bankruptcy is not a foregone conclusion. Harold Duffey, the newly hired city manager, said that before discussing bankruptcy, the city needs to deal with allegations of... (Wed, 18 Jul 2012 13:49:10 -0700)

San Bernardino, California, sets course for bankruptcy
SAN BERNARDINO, California (Reuters) - San Bernardino's city council on Wednesday declared a fiscal emergency, allowing the California community to file for bankruptcy protection without having to first hold talks with its creditors. The city will take about 30 days to make its filing for Chapter 9 protection, most likely in U.S. Bankruptcy Court in Riverside, California, said City Attorney ... (Wed, 18 Jul 2012 22:06:40 -0700)

Ca. city's fiscal emergency vote speeds bankruptcy
San Bernardino declared a fiscal emergency Wednesday night, allowing the city to avoid a lengthy mediation process and head straight to federal bankruptcy court. (Wed, 18 Jul 2012 22:14:11 -0700)

San Bernardino City Council declares fiscal emergency, votes to file bankruptcy
The City Council of San Bernardino, California, declared a fiscal emergency ahead of a planned bankruptcy filing, a move that allows officials to bypass a 60-day mediation period with creditors that is mandated by the state. (Thu, 19 Jul 2012 02:00:32 -0700)

California city opens door to bankruptcy filing
The city of San Bernardino, Calif., took a giant step towards filing for bankruptcy protection from its creditors Tuesday when it declared a fiscal emergency. (Thu, 19 Jul 2012 06:19:01 -0700)

AMR Wins Extension of Sole Right to File Bankruptcy Plan
American Airlines parent AMR Corp. won more time to develop its plan to restructure and exit bankruptcy as it works to consider possible mergers. (Thu, 19 Jul 2012 07:59:52 -0700)

Court allows AMR to keep reins on bankruptcy until December
NEW YORK (Reuters) - American Airlines' bankrupt parent AMR Corp won court approval on Thursday to extend through December 28 its exclusive right to present a plan to emerge from bankruptcy. Judge Sean Lane granted the request, which was supported by AMR Corp's creditors' committee, at a hearing in U.S. Bankruptcy Court in Manhattan. The current exclusivity period was to have run out in ... (Thu, 19 Jul 2012 08:44:59 -0700)

AMR bankruptcy exclusivity period extended
American Airlines' bankrupt parent AMR Corp. won court approval on Thursday to extend through Dec. 28 its exclusive right to present a plan to emerge from bankruptcy. (Thu, 19 Jul 2012 09:18:30 -0700)

Bankruptcy Attorney Tustin Consultations Cost $0 From Bankruptcy Attorneys Zhou and Cini For Residents Hit Hard By The ...
Zhou and Chini bankruptcy law office has residents in Tustin California seeing some relief from creditors. The bankruptcy attorney Tustin services offered to area residents has inspired some interest with the offering of free consultations. The bankruptcy law office of Zhou and Chini extended their marketing campaigns to include Tustin as a new area for free consultations. The law office has ... (Fri, 20 Jul 2012 03:02:21 -0700)

Coal Bankruptcy Fears Stoked, but China Risk Is Bigger
Patriot Coal's bankruptcy has stoked existential fears, but the coal sector's biggest risk may be a slowdown in China. Click to view a price quote on JRCC . Click to research the Metals & Mining industry. (Fri, 20 Jul 2012 10:01:57 -0700)

BANKRUPTCY WEEK AHEAD: Judges to Weigh Bonuses for Dewey, Hawker
It's a bonus bonanza in bankruptcy court next week, as two firms--one a reorganizing aircraft manufacturer, the other a defunct law firm--seek approval of bonus plans totaling $8 million. (Fri, 20 Jul 2012 10:02:12 -0700)

Bankruptcy Attorney Fullerton Consultations Cost $0 From Orange County Bankruptcy Attorneys Zhou and Chini For ...
Bankruptcy lawyers Zhou and Chini have residents in Fullerton California seeing some relief from creditors. The bankruptcy attorney Fullerton consultations offered to area residents has inspired some interest with the offering to speak to an attorney for free. The bankruptcy law office of Zhou and Chini extended their marketing campaigns to include Fullerton as a new area for free consultations ... (Sat, 21 Jul 2012 03:14:33 -0700)

Stockton made scant headway in pre-bankruptcy talks
SAN FRANCISCO (Reuters) - Stockton, California, the largest U.S. city to file for bankruptcy, never came close to striking deals with key creditors in talks before it sought court protection, the city disclosed on Friday in documents illustrating its stark choices. The city's bond insurers snubbed proposals from managers of the city of nearly 300,000 in California's Central Valley, where crime ... (Sat, 21 Jul 2012 09:16:21 -0700)

Bankruptcy filings buck economic conditions
Filings on decline in N.M., nationwide despite feeble growth and muddled jobs picture normally conducive to financial distress (Sat, 21 Jul 2012 23:19:56 -0700)

Bankruptcy Attorney Murrieta Consultations Cost $0 From Riverside Bankruptcy Attorneys Zhou and Chini For Residents ...
Bankruptcy lawyers Zhou and Chini have residents in Murrieta California seeing some relief from creditors. The bankruptcy attorney Murrieta consultations offered to area residents has inspired some interest with the offering to speak to an attorney for free. The bankruptcy law office of Zhou and Chini extended their marketing campaigns to include Murrieta as a new area for free consultations. ... (Sun, 22 Jul 2012 03:01:27 -0700)

In Vallejo, mixed picture of life after bankruptcy
Cobblestones show through the decrepit pavement in Sheila Dodson's downtown neighborhood, prostitutes ply the sidewalks in broad daylight and many of the century-old Victorians stand empty. Yet this is where Dodson wants to raise her family. (Sun, 22 Jul 2012 08:36:13 -0700)

Merrill Lynch embezzler now faces bankruptcy woes
After getting out of prison in 2007 for stealing $43 million from Merrill Lynch, Daniel Gordon quickly was back in business, loaning hundreds of thousands of dollars to pro athletes at interest rates topping ... (Sun, 22 Jul 2012 08:59:31 -0700)

Bankruptcy filings continue to fall
Bankruptcy filings in New Mexico have been sliding since mid-2010 and continued to decrease during the first half of 2012. (Sun, 22 Jul 2012 13:56:42 -0700)

In CA city, mixed picture of life after bankruptcy
Cobblestones show through the decrepit pavement in Sheila Dodson's downtown neighborhood, prostitutes ply the sidewalks in broad daylight and many of the century-old Victorians stand empty. Yet this is ... (Sun, 22 Jul 2012 17:25:25 -0700)

California cities find good, bad after bankruptcy
Vallejo, Calif.-- Cobblestones show through the decrepit pavement in Sheila Dodson's downtown neighborhood, prostitutes ply the sidewalks in broad daylight and many of the century-old Victorians stand empty. Yet this is where Dodson wants to raise her family. (Sun, 22 Jul 2012 22:28:34 -0700)

Have car repossessed or file for bankruptcy?
Dear Debt Adviser,My biggest problem is my two car loans. Is it better to have the second car repossessed or claim bankruptcy? How bad is it to just repossess that car because I can still very much handle ... (Mon, 23 Jul 2012 00:00:57 -0700)

Bankruptcy Attorney Temecula Consultations Cost $0 From Riverside Bankruptcy Attorneys Zhou and Chini For Residents ...
Temecula California bankruptcy attorney Zhou and Chini have some residents experiencing some relief from creditors. The bankruptcy attorney Temecula consultations offered to area residents has inspired some interest with the offering to speak to a Temecula attorney for free. The bankruptcy law office of Zhou and Chini extended their marketing campaigns to include Temecula as a new area for free ... (Mon, 23 Jul 2012 03:02:31 -0700)

Credit diet shrinks bankruptcy rolls in second quarter of 2012
The tightening of consumer credit during the economic downturn may be paying off: Consumer bankruptcy filings again plunged in the second quarter of 2012 (Mon, 23 Jul 2012 05:00:00 -0700)

Judge confirms Tribune Co. plan to emerge from bankruptcy
The judge in Tribune Co.'s bankruptcy case officially confirmed a plan Monday to transfer ownership of the Chicago-based media company to a group of senior creditors led by Oaktree Capital Management, a Los Angeles investment fund. (Mon, 23 Jul 2012 10:26:37 -0700)

Judge OKs Tribune reorganization plan; bankruptcy end nears
The judge in Tribune Co.’s bankruptcy case confirmed a plan Monday to transfer ownership of the Chicago media company to a group of senior creditors led by Oaktree Capital Management, a Los Angeles investment fund. (Mon, 23 Jul 2012 12:48:34 -0700)

Tribune Co. gets OK to exit marathon bankruptcy
Tribune Co. won final approval Monday to exit bankruptcy protection, giving a group of investors control of the Chicago Tribune, Los Angeles Times and media properties, court documents showed. (Mon, 23 Jul 2012 14:11:35 -0700)

Hawker Beechcraft execs seek $5M amid bankruptcy
Hawker Beechcraft wants to pay eight senior executives more than $5.3 million in bonuses as it tries to emerge from bankruptcy, but the request was challenged Monday by the Justice Department's bankruptcy watchdog agency and mocked by the company's machinist union. (Mon, 23 Jul 2012 18:46:14 -0700)

Burleson LLP Strengthens Bankruptcy And Restructuring Practice, Adding Attorney Elizabeth M. Guffy
HOUSTON, July 24, 2012 /PRNewswire/ -- Burleson LLP announced today that Elizabeth M. Guffy, who has practiced law for more than two decades, has joined the energy law firm's Bankruptcy and Restructuring ... (Tue, 24 Jul 2012 02:05:00 -0700)

Stockton made scant headway in U.S. pre-bankruptcy talks
SAN FRANCISCO (Reuters) - Stockton, California, the largest U.S. city to file for bankruptcy, never came close to striking deals with key creditors in talks before it sought court protection, the city disclosed on Friday in documents illustrating its stark choices. The city's bond insurers snubbed proposals from managers of the city of nearly 300,000 in California's Central Valley, where crime ... (Tue, 24 Jul 2012 04:20:38 -0700)

Aurelius, others appeal judge's confirmation of Tribune bankruptcy plan
Junior bondholders in the Tribune Co.'s bankruptcy appealed Monday's confirmation decision in the case and asked the judge to stay consummation of a restructuring plan that would hand ownership of the Chicago-based media company to its senior creditors. (Tue, 24 Jul 2012 05:56:27 -0700)

Fitch: U.S. Personal Bankruptcy Expected to Drop by 11% in 2012
Fitch believes personal bankruptcy filings are likely to decline by 11% for the current year. The expectation follows data indicating that filings in first half of this year were running well below initial expectations. (Tue, 24 Jul 2012 07:18:00 -0700)

DealBook: Soccer Case Highlights Differences Between U.S. and English Bankruptcy Law
A British judge found that a rule favoring the claims of a soccer team’s players and its league did not violate English bankruptcy law. (Tue, 24 Jul 2012 11:29:36 -0700)

Bankruptcy for student debt?
Allowing Americans to wipe out some student debt by filing for bankruptcy will do little to help most families. (Tue, 24 Jul 2012 12:25:17 -0700)

Tribune creditors appeal bankruptcy plan approval
(Reuters) - Bondholders have appealed a federal judge's decision to approve Tribune Co's bankruptcy reorganization plan, which would give ownership of the media company to its senior lenders. The appeals were filed with the U.S. Bankruptcy Court in Wilmington, Delaware, after U.S. Bankruptcy Judge Kevin Carey on Monday signed off on the Chapter 11 plan for the publisher of the Chicago Tribune ... (Tue, 24 Jul 2012 12:47:30 -0700)

Creditors appeal Tribune bankruptcy plan approval
Unhappy creditors are challenging a federal judge's approval of Tribune Co.'s plan to emerge from bankruptcy, asking that it be put on hold until their appeals are heard. (Tue, 24 Jul 2012 15:57:44 -0700)

How to get 'bankruptcy' off credit report
Dear Bankruptcy Adviser, I filed for bankruptcy in July 2007 and it was discharged in October 2007. A collection agency posted a negative account in September 2007. Is it possible to get the collection agency to remove the negative credit reporting? They do not say this is discharged in bankruptcy. (Wed, 25 Jul 2012 04:37:41 -0700)

Bankruptcy Surprisingly Expensive According to Debtors
There's a considerable difference between Monopoly and real life bankruptcy. Debt charity Debt Support Trust released statistics highlighting a lack of understanding about the cost of bankruptcy. An overwhelming number of people in debt didn't realise there were costs involved to go bankrupt.(PRWEB UK) 26 July 2012 During the game of Monopoly you take the risk that you will eventually lose and ... (Thu, 26 Jul 2012 00:25:34 -0700)

Bankruptcy judge delays decision on $5.3M bonuses for top executives at Hawker Beechcraft
WICHITA, Kan. - A bankruptcy judge wants to hear more arguments before deciding whether to approve Hawker Beechcraft's request to pay eight top executives more than $5.3 million in bonuses. (Thu, 26 Jul 2012 09:57:20 -0700)

Kodak, Apple patent fight to remain in bankruptcy court
NEW YORK (Reuters) - Apple Inc lost on Thursday a bid to transfer its patent dispute with Eastman Kodak Co out of bankruptcy court, a move that could have complicated the photography company's plan to sell the technology. U.S. District Judge George Daniels in Manhattan quashed Apple's bid to have him take up the patent dispute instead of the bankruptcy judge to whom the lawsuit was assigned. In ... (Thu, 26 Jul 2012 14:35:22 -0700)

Bankruptcy Shift Wouldn't Ease Much Student Debt
Allowing students to discharge private debt in bankruptcy court might not make much difference—not least because most of the debt is public (Thu, 26 Jul 2012 17:54:04 -0700)

The San Diego Bankruptcy Lawyers at the Golden State Law Group Offer Free Initial Consultation to Those Struggling ...
SAN DIEGO, CA-- - The San Diego bankruptcy lawyers at the law firm of the Golden State Law Group, a firm dedicated to providing legal assistance to businesses and consumers who are experiencing financial ... (Fri, 27 Jul 2012 00:00:00 -0700)

Cordillera Golf Club bankruptcy case includes litigation with members
The Cordillera Golf Club bankruptcy case, shifted from Delaware to Colorado last week, is complicated by litigation between owner David Wilhelm and 610 club members that has gone on for more than a year. (Fri, 27 Jul 2012 00:17:23 -0700)

Will bankruptcy scare off future spouse?
A single woman in Florida, whose house is underwater, is considering bankruptcy. She worries how that will affect her chances at marriage (Fri, 27 Jul 2012 05:00:00 -0700)

BANKRUPTCY WEEK AHEAD: Kodak Patent Bids Due Next Week
Next week, Eastman Kodak Co. (EKDKQ) will find out who wants to buy its patents and how much they're willing to offer. (Fri, 27 Jul 2012 09:13:39 -0700)

Apple Loses Bid to Move Kodak Fight Out of Bankruptcy Court
A Manhattan judge this week denied Apple's request to transfer its Kodak patent case out of bankruptcy court, which could have slowed the photography company's plans to sell its technology. (Fri, 27 Jul 2012 09:46:05 -0700)

Apple Loses Bid to Move Kodak Dispute Away From Bankruptcy Court
A judge on Thursday denied Apple Inc.'s (AAPL) bid to move a patent dispute with Eastman Kodak Co. (EKDKQ) out of bankruptcy court. (Fri, 27 Jul 2012 10:21:22 -0700)

Have car repossessed or file bankruptcy?
Q. My biggest problem is my two car loans. Is it better to have the second car repossessed or claim bankruptcy? How bad is it to just repossess that car because I can still very much handle other bills? Will my credit look very bad for a long time just repossessing one thing? (Sun, 29 Jul 2012 22:26:38 -0700)

Is Chapter 7 Bankruptcy Right for You?
Chapter 7 bankruptcy is a solid option for many, as it can give you a "fresh start," erasing the obligation to repay and giving you a chance to get on with your life. (Mon, 30 Jul 2012 06:19:08 -0700)

Bankruptcy plans approved for Prince, Jersey tennis racquet maker
Prince was founded in 1970 when Bob McClure invented the “Little Prince,” in his garage in Princeton, New Jersey. (Mon, 30 Jul 2012 09:14:55 -0700)

Bankruptcy Trustee Wants to Interview Reputed German Con Man
A court-appointed trustee in a Florida bankruptcy case wants to interview reputed German con artist Ulrich Felix Anton Engler before the man arrested in the Las Vegas area last week is extradited to Germany. (Mon, 30 Jul 2012 15:10:36 -0700)

Solyndra outlines its bankruptcy repayment plans
Failed solar-power equipment maker Solyndra has sketched out its Chapter 11 plan and, as expected, there's bad news for U.S. taxpayers: Estimates are that $24 million of a $527 million government loan will be repaid, and that's not a sure thing. (Tue, 31 Jul 2012 00:12:12 -0700)

How do I establish credit after bankruptcy discharge?
Dear Bankruptcy Adviser,I am trying to rebuild my credit after receiving a bankruptcy discharge. I had pretty decent credit prior to bankruptcy, but my debt got out of hand. What are the chances of getting ... (Tue, 31 Jul 2012 03:00:00 -0700)

‘Bankruptcy is too easy’
Almost two-thirds of Scots think bankruptcy is too easy and 
allows people to get away with reckless spending, according to research out today showing a hardening of attitudes towards insolvency. (Tue, 31 Jul 2012 07:19:58 -0700)

Research and Markets: BVR's Business Valuation & Bankruptcy Compendium: Case Law & Analysis
Research and Markets has announced the addition of the "BVR's Business Valuation & Bankruptcy Compendium: (Tue, 31 Jul 2012 10:15:00 -0700)

Report: Municipal bankruptcy vs. Michigan's emergency manager law
The law has been touted by Gov. Rick Snyder's administration as providing an "early warning system" and tools to help cities in financial trouble avoid municipal bankruptcy. Critics, on the other hand, say it undermines the democratic process by granting an unelected emergency manager broad authority to operate cities, including the power to change union contracts. (Tue, 31 Jul 2012 10:52:50 -0700)

Philadelphia Orchestra emerges from bankruptcy
The Philadelphia Orchestra is out of Chapter 11 bankruptcy.A month after a U.S. Bankruptcy Court judge approved its reorganization plan, The Philadelphia Orchestra Association announced Tuesday it has ... (Tue, 31 Jul 2012 13:18:04 -0700)

Life after bankruptcy: Problems persist as Vallejo, Calif., touts efforts to bounce back
This city of 118,000 northeast of San Francisco believes that after hitting rock bottom in 2008 it is now recovering from three years in bankruptcy. (Tue, 31 Jul 2012 14:17:27 -0700)

Bankruptcy Court Confirms Liquidation Plan for Energy Conversion Devices, Inc. and United Solar Ovonic LLC
AUBURN HILLS, Mich., July 31, 2012 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENERQ.PK) and its wholly-owned subsidiary United Solar Ovonic LLC ("USO") today announced ... (Tue, 31 Jul 2012 14:30:00 -0700)


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