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Home > Bankruptcy News

Bankruptcy News Dec 2012

Greek bankruptcy averted — for now
Greek bankruptcy averted — for now Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 4:10 a.m., Tuesday, November 27, 2012 ATHENS, Greece (AP) — Greece has avoided imminent bankruptcy after its international creditors finally agreed to give it the money it urgently needs but the cash ... (Sat, 01 Dec 2012 02:57:16 -0800)

Greek bankruptcy averted — for now
Greek bankruptcy averted — for now Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 9:20 a.m., Tuesday, November 27, 2012 ATHENS, Greece (AP) — European and global financial leaders have agreed to release €44 billion ($57 billion) in critical loans to Greece and provide billions in ... (Sat, 01 Dec 2012 13:43:59 -0800)

Beatty files for bankruptcy in Georgia
Christine Beatty is coping with almost $400,000 in debt after filing for bankruptcy in Georgia, where she settled following a text-message scandal that led to jail stints for her and her former lover, ex-Mayor Kwame Kilpatrick. (Sun, 02 Dec 2012 23:06:42 -0800)

Bankruptcy trustee fights ouster maneuver
Clawback defendant in Vaughan case takes aim at Judith Wagner (Sun, 02 Dec 2012 23:22:48 -0800)

Dykstra to Be Sentenced in Bankruptcy Fraud Case
Lenny Dykstra faces more time behind bars in bankruptcy fraud case (Mon, 03 Dec 2012 01:52:46 -0800)

Beatty files for bankruptcy in Georgia
Christine Beatty is coping with almost $400,000 in debt after filing for bankruptcy in Georgia, where she settled following a text-message scandal that led to jail stints for her and her former lover, ex-Mayor Kwame Kilpatrick. (Mon, 03 Dec 2012 02:17:56 -0800)

NI bankruptcy ruling challenged
A car dealer from the Republic of Ireland is facing an unprecedented attempt to overturn his bankruptcy status in Northern Ireland. (Mon, 03 Dec 2012 08:19:03 -0800)

Dykstra gets 6 1/2 months in bankruptcy fraud case
Former All-Star outfielder Lenny Dykstra was sentenced Monday to 6 1/2 months in prison for hiding baseball gloves and other heirlooms from his playing days that were supposed to be part of his bankruptcy filing, capping a tumultuous year of legal woes. (Mon, 03 Dec 2012 16:35:38 -0800)

Ex-baseball star Lenny Dykstra sentenced in bankruptcy fraud case
LOS ANGELES (Reuters) - Lenny Dykstra, the 1980s World Series hero who pleaded guilty earlier this year to bankruptcy fraud, was sentenced on Monday to six months in federal prison and ordered to perform 500 hours of community service. The 49-year-old former ballplayer - who is already serving time in state prison for grand theft auto, lewd conduct and assault with a deadly weapon - was also ... (Mon, 03 Dec 2012 18:22:11 -0800)

Bankruptcy filings fall in area
November case filings in U.S. Bankruptcy Court in Toledo fell 22 percent from a year ago, continuing the trend of fewer bankruptcy cases that began in 2010. (Mon, 03 Dec 2012 21:17:02 -0800)

Will bankruptcy creditors take away my TV?
Dear Bankruptcy Adviser,I understand that if I file bankruptcy, the creditors do not care about small, valuable items, such as cheap and old DVD players, computers, TVs, etc. Is this true?-- Jim Dear Jim,That's ... (Tue, 04 Dec 2012 00:00:13 -0800)

Dykstra gets 6-1/2 months for bankruptcy fraud
Former star MLB outfielder hid, sold or destroyed $200K worth of items without permission of bankruptcy trustee (Tue, 04 Dec 2012 02:45:01 -0800)

Dykstra sentenced in bankruptcy fraud case
Former All-Star outfielder Lenny Dykstra was sentenced Monday to 6½ months in prison for hiding baseball gloves and other heirlooms from his playing days that were supposed to be part of his bankruptcy ... (Tue, 04 Dec 2012 06:39:38 -0800)

Former baseball star Lenny Dykstra sentenced in federal bankruptcy case
Lenny Dykstra, the former New York Mets outfielder who became a successful self-taught investor, was sentenced Monday to 6 1/2 months in federal custody following bankruptcy fraud and other federal charges, authorities announced Monday. (Tue, 04 Dec 2012 06:54:09 -0800)

Obituary: Judge Nancy Dreher brought straight talk to U.S. Bankruptcy Court
When a jeweler denied hiding merchandise from creditors, U.S. Bankruptcy Judge Nancy Dreher didn't mince words. "This individual defendant stole stuff ... a lot of jewelry, about a quarter of a million dollars' worth of jewelry," Dreher said in court. (Tue, 04 Dec 2012 18:46:36 -0800)

UAE bankruptcy law draft may be delayed until end-2013 -lawyer
DUBAI, Dec 5 (Reuters) - A draft of changes to United ArabEmirates bankruptcy law aimed at simplifying the process andletting failing companies restructure is taking longer thanexpected and may not be ready until the end of 2013. The draft, which has been in the works since 2009, shouldenable both listed and family-owned companies that get intotrouble to restructure and be rescued rather than ... (Wed, 05 Dec 2012 05:25:36 -0800)

Judge OKs Lon Morris College Bankruptcy Loan, Upcoming Auction
TYLER, Texas, Dec. 5, 2012  /PRNewswire/ -- The Hon. Bill Parker of the U.S. Bankruptcy Court for the Eastern District of Texas has ruled in favor of the Lon Morris College bankruptcy estate by giving ... (Wed, 05 Dec 2012 12:49:00 -0800)

Bankruptcy court approves Hawker Beechcraft’s plan
Hawker Beechcraft’s disclosure statement and joint plan of reorganization, which includes emerging from bankruptcy as a smaller, stand-alone company, have been approved by the U.S. Bankruptcy Court for the Southern District of New York. (Wed, 05 Dec 2012 13:56:16 -0800)

David Bergstein Bankruptcy Trustee Threatens Sanctions
In a motion filed in federal court, trustee Ronald Durkin says Bergstein and his lawyer filed false information. read more (Thu, 06 Dec 2012 07:43:37 -0800)

Slate Belt loan agency files for bankruptcy amid legal maelstrom
A loan company under federal investigation and with ties to a prominent Slate Belt physician has filed for bankruptcy, creating uncertainty about 18 lawsuits by investors seeking the return of their money. (Thu, 06 Dec 2012 09:06:08 -0800)

Snyder: Detroit 'bankruptcy is a possibility,' but not desired
Gov. Rick Snyder said Thursday that Detroit's fiscal meltdown led his staff to begin studying how Chapter 9 filings have worked in other states, but he considers municipal bankruptcy a last resort for a city that could solve its problems by leaders working together on serious reform. (Fri, 07 Dec 2012 05:42:56 -0800)

U.S. Judge Takes Play Beverages LLC, Debtor to CirTran Beverage Corporation, Out of Bankruptcy, Free to Take Action to ...
Play Beverages, LLC announced today that the U.S. Bankruptcy Court for the District of Utah has ruled in its favor and vacated its bankruptcy, freeing it to take legal actions to p (Fri, 07 Dec 2012 05:59:00 -0800)

Daniel Howes: State laying groundwork for managed bankruptcy for Detroit
Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy. The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City ... (Fri, 07 Dec 2012 06:51:40 -0800)

Detroit stares down bankruptcy
Dustin Block | [email protected] DETROIT, MI - Bankruptcy may be inevitable for Michigan's largest city. State leaders, including Gov. Rick Snyder, are working on a plan to guide the city through a "managed bankruptcy," according to Daniel Howes at The... (Fri, 07 Dec 2012 08:24:55 -0800)

BANKRUPTCY WEEK AHEAD: A123 to Seek Sale Approval
A123 Systems Inc. plans to seek bankruptcy-court approval Tuesday to sell itself to the winning bidder of an auction that began Thursday. (Fri, 07 Dec 2012 08:45:18 -0800)

AMR Gets Bankruptcy Boost as Pilots Ratify Contract
American Airlines (AAMRQ) pilots approved their first new contract in more than nine years, helping the carrier secure $1.06 billion in annual labor-cost cuts as parent AMR Corp. restructures in bankruptcy. (Fri, 07 Dec 2012 11:47:30 -0800)

Detroit slashes jobs as bankruptcy rumors build
Motown is singing the fiscal blues. Detroit Mayor Dave Bing announcedthat the city would lay off 400-500 workers over the next few months and there are grumblings of a bankruptcy filing. (Fri, 07 Dec 2012 14:04:13 -0800)

Federal Court Upholds Decision that Council on Occupational Education Misled U.S. Department of Education
A Federal court has confirmed a Bankruptcy Court ruling that an accrediting organization misled the U.S. Department of Education in a proceeding that resulted in the bankruptcy of a large Kentucky trade school. (Fri, 07 Dec 2012 14:57:00 -0800)

MCA backs amendments to Bankruptcy Act
He said bankruptcy procedure and regulations should be simplified considering that an individual's options would be limited once declared a bankrupt. “If you are declared a bankrupt, it is like a death penalty financially. You cannot be involved in business or become a director. (Sat, 08 Dec 2012 19:05:14 -0800)

Detroit bankruptcy would be long, painful
Detroit's seemingly intractable financial crisis is bringing to the fore talk about Detroit becoming America's largest city to go bankrupt. (Sat, 08 Dec 2012 23:00:20 -0800)

Detroit bankruptcy would be long, painful, experts say
Detroit's seemingly intractable financial crisis is bringing to the fore talk about Detroit becoming America's largest city to go bankrupt. (Sun, 09 Dec 2012 03:49:06 -0800)

Johnson Controls withdraws from A123 Systems bankruptcy auction
MILWAUKEE, Dec. 9, 2012 /PRNewswire/ -- Johnson Controls officially withdrew from the bankruptcy auction to acquire portions of A123 Systems when it declined to match a higher bid submitted by Wanxiang.  ... (Sun, 09 Dec 2012 12:23:00 -0800)

D.C. area bankruptcy filings for Dec. 10
These firms recently filed with the U.S. Bankruptcy Court’s local court clerk’s offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. Read full article >> (Sun, 09 Dec 2012 14:17:12 -0800)

Detroit bankruptcy would be long, painful, experts say
A broken streetlight lies on a sidewalk east of downtown Detroit in October. The city doesn't have money to repair much of its infrastructure. / Carlos Osorio, AP (Mon, 10 Dec 2012 07:29:41 -0800)

CVS Allowed to Keep Kodak Kiosks in its Stores
A bankruptcy judge signed off on a deal that will keep more than 15,000 of Eastman Kodak Co.'s (EKDKQ) photograph-printing kiosks in CVS Caremark Corp.'s (CVS) retail stores for the next four years. (Mon, 10 Dec 2012 09:22:04 -0800)

AMR Open to Funding Bankruptcy Exit With Private Equity
American Airlines parent AMR Corp. (AAMRQ) is open to the possibility of seeking private equity or other outside funding to help pay for its exit from bankruptcy, Chief Executive Officer Tom Horton said. (Mon, 10 Dec 2012 14:55:10 -0800)

What can creditors take in a bankruptcy?
Dear Bankruptcy Adviser,I am on very limited income: unemployment and early Social Security. If I file Chapter 7 bankruptcy, can my creditors such as banks (for my charge cards) take my personal items ... (Tue, 11 Dec 2012 00:01:12 -0800)

LifeCare Holdings files for chapter 11 bankruptcy
LifeCare Holdings Inc. and affiliates, a hospital chain backed by the Carlyle Group, filed for Chapter 11 bankruptcy protection Tuesday. The operator of 27 hospitals in 10 states filed its Chapter 11 petition with the U.S. Bankruptcy Court in Wilmington, Del., court papers show. It reported $484.2 million in total long-term debt obligations. (Tue, 11 Dec 2012 05:57:09 -0800)

CEO says American Airlines' bankruptcy fix-up nearly done, potential merger is last decision
DALLAS - American Airlines CEO Thomas Horton suggests that his management team has earned the right to keep leading the company even if it merges with US Airways. (Tue, 11 Dec 2012 06:58:39 -0800)

Illinois couple admits bankruptcy fraud
A southeastern Illinois couple face up to five years in prison now that they've admitted fraudulently hiding a nearly $112,000 legal settlement from a bankruptcy trustee.Thomas Grogan and Debra Grogan ... (Tue, 11 Dec 2012 08:29:39 -0800)

Bankruptcy filing halts plans to sell Pitchford's Landing in Martin County
JENSEN BEACH — The owners of Pitchford's Landing are trying to hang on to the property that was at the center of one of the most contentious Martin County development debates in the last several years. (Tue, 11 Dec 2012 14:33:00 -0800)

LifeCare files for Ch. 11 bankruptcy protection
Overwhelmed with $576 million in debt, hospital operator LifeCare has filed for Chapter 11 bankruptcy protection, and plans to sell itself.The Plano, Texas, chain runs 27 long-term hospitals Texas, Pennsylvania, ... (Tue, 11 Dec 2012 14:44:46 -0800)

A123 wins bankruptcy court approval of asset sale
A Delaware bankruptcy judge on Tuesday approved the sale of most of the assets of failed battery maker A123 Systems Inc. to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for nearly ... (Tue, 11 Dec 2012 15:08:58 -0800)

Bankruptcy court approves sale of A123 to Chinese corporation
Washington - A U.S. bankruptcy court on Tuesday approved the sale of electric battery producer A123 to Chinese Wanxiang Group Corp for $256.6 million. (Tue, 11 Dec 2012 17:36:52 -0800)

Calpers Bankruptcy Strategy Pits Retirees vs. All Others
The California Public Employees’ Retirement System is trying to rewrite the rules for bankrupt cities, claiming that it should get paid before almost everyone else, including bondholders. (Tue, 11 Dec 2012 21:20:58 -0800)

A123 Bankruptcy Auction Came With $175 McDonald’s Bill
Over at Bankruptcy Beat, colleague Patrick Fitzgerald has a post about how a team of lawyers fed themselves during the late-night end of the bankruptcy auction for A123 Systems: $175 worth of McDonald's: (Wed, 12 Dec 2012 14:12:06 -0800)

Bankruptcy filing: Ormond Lt., wife in FBI probe, owe half-million dollars in debt
An Ormond Beach police lieutenant and his wife filed for bankruptcy late last year, saying they owed almost half a million dollars to at least 40 creditors, documents show. (Wed, 12 Dec 2012 14:16:15 -0800)

County aide didn’t disclose government job in personal bankruptcy case
A top aide to Cook County Circuit Court Clerk Dorothy Brown could be in hot water for failing to disclose in her personal bankruptcy case that she had a six-figure taxpayer-funded job. The aide, Yvonne Davila, was hired in May to serve as Brown’s press advisor at $104,000 annually, according to county records and interviews. However, when she filed a federal court petition the next month to try ... (Wed, 12 Dec 2012 15:08:35 -0800)

County aide didn’t disclose government job in personal bankruptcy case
A top aide to Cook County Circuit Court Clerk Dorothy Brown could be in hot water for failing to disclose in her personal bankruptcy case that she had a six-figure taxpayer-funded job. The aide, Yvonne Davila, was hired in May to serve as Brown’s press advisor at $104,000 annually, according to county records and interviews. However, when she filed a federal court petition the next month to try ... (Wed, 12 Dec 2012 22:29:21 -0800)

Dinner tab raises objection in Patriot Coal bankruptcy
Meal busted $20-a-person budget, U.S. Trustee says (Thu, 13 Dec 2012 10:13:00 -0800)

Peregrine, Madoff, AMR, LightSquared, MF: Bankruptcy
MF Global Holdings Ltd. (MFGLQ) ’s $1 billion in unsecured bonds are trading for about twice what holders will recover in bankruptcy, according to a report from CRT Capital Group LLC. The company, formerly run by Jon Corzine, is the owner of bankrupt commodity broker MF Global Inc. (Thu, 13 Dec 2012 13:35:18 -0800)

NewPage Wins Court Approval of Plan for Bankruptcy Exit
NewPage Corp., the largest U.S. coated-paper maker, won court approval of its plan to reorganize and exit bankruptcy in the hands of its first-lien noteholders. (Thu, 13 Dec 2012 13:50:45 -0800)

Snyder: Bankruptcy not foregone conclusion for Detroit
Detroit — Gov. Rick Snyder said Friday he's not ruling out bankruptcy for the state's largest city if an emergency financial manager is appointed, but his goal would be to exhaust every other option first. (Fri, 14 Dec 2012 10:24:21 -0800)

U.S. Bankruptcy Court Confirms NewPage Chapter 11 Plan
MIAMISBURG, Ohio, Dec. 14, 2012 /PRNewswire/ -- NewPage Corporation (NewPage) announced today that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has confirmed the Company's Chapter ... (Fri, 14 Dec 2012 14:33:00 -0800)

Edison Mission prepares bankruptcy filing: source
(Reuters) - Edison Mission Energy, a power company that operates in more than a dozen U.S. states, is preparing a possible bankruptcy filing as it tries to restructure about $5 billion in debt, according to a source close to the matter. Edison Mission, the unregulated power generation business of Edison International, is unlikely to make an interest payment on bonds due on Monday and is ... (Fri, 14 Dec 2012 21:09:53 -0800)

Exclusive: Pension fund slams San Bernardino for "sham" bankruptcy
LOS ANGELES/ SAN FRANCISCO (Reuters) - A high-stakes legal battle intensified Friday as the largest U.S. pension fund filed court papers denouncing the financially troubled California city of San Bernardino for what it called a "sham" bankruptcy and accused the city of "criminal behavior" in withholding payments to the pension plan. The filing by the California Public Employees' Retirement ... (Fri, 14 Dec 2012 21:18:06 -0800)

WEEK AHEAD: Bankruptcy Court to Weigh AMR Pilot Deal
WEEK AHEAD: Bankruptcy Court to Weigh AMR Pilot Deal (Sat, 15 Dec 2012 03:32:01 -0800)

Edison Mission prepares bankruptcy filing
WASHINGTON, Dec 16 – Edison Mission Energy, a power company that operates in more than a dozen US states, is preparing a possible bankruptcy filing as it tries to restructure about US$5 billion (RM15 billion) in debt, according to a source close to the matter. Edison Mission, the unregulated power generation business of Edison International, is ... (Sat, 15 Dec 2012 21:33:36 -0800)

LodgeNet says likely to file for bankruptcy
(Reuters) - LodgeNet Interactive Corp, a provider of cable TV, on-demand movies, Nintendo video games and Internet services to hotels and hospitals, said it will likely have to file for bankruptcy protection by the end of December. LodgeNet said it was unable to pay $26 million due to DirecTV and Home Box Office Inc (HBO) on Monday but had agreed with them to postpone payment until December 31 ... (Mon, 17 Dec 2012 05:59:08 -0800)

Edison International Unit Files for Bankruptcy Protection
Edison Mission Energy, the unregulated generating unit of Edison International (EIX) , filed for bankruptcy and said it reached agreement on a reorganization plan with holders of its $3.7 billion in debt and its parent. (Mon, 17 Dec 2012 06:15:52 -0800)

Johnson Controls files appeal of A123 bankruptcy sale
MILWAUKEE, Dec. 17, 2012 /PRNewswire/ -- Johnson Controls filed an appeal in bankruptcy court today of the Dec. 11, 2012 sale order approving Wanxiang's purchase of A123 Systems. As part of the sale order, ... (Mon, 17 Dec 2012 07:00:00 -0800)

The San Diego Bankruptcy Lawyers at Golden State Law Group Helping With Student Loan Problems
The San Diego bankruptcy attorneys at the Golden State Law Group help business owners and consumers work through their extreme financial difficulties such that they can obtain a fresh financial start. ... (Mon, 17 Dec 2012 08:49:13 -0800)

Johnson Controls Appeals A123 Bankruptcy Sale to Wanxiang
Johnson Controls (JCI) Inc., the lead bidder at the auction for assets of bankrupt A123 Systems Inc. (AONEQ) , said it is appealing the court decision that gave Wanxiang Group Co. approval to buy most of the assets. (Mon, 17 Dec 2012 09:00:52 -0800)

Power wholesaler filed for bankruptcy in Illinois
Power wholesaler Edison Mission Energy and its Chicago-based subsidiary Midwest Generation have filed for Chapter 11 bankruptcy protection to try to restructure $5 billion in debt.In bankruptcy petitions ... (Mon, 17 Dec 2012 10:40:37 -0800)

Edison Mission Energy files for bankruptcy. Is natural gas to blame?
Edison International's Edison Mission Energy filed for Chapter 11 bankruptcy protection Monday. Edison Mission's financial woes reflect the obstacles coal faces in a market increasingly dominated by cheap natural gas and a shift towards renewables. (Mon, 17 Dec 2012 15:01:47 -0800)

Power wholesaler files for bankruptcy in Illinois
Power wholesaler Edison Mission Energy and its Chicago-based subsidiary Midwest Generation filed for Chapter 11 bankruptcy protection Monday to try to restructure about $5 billion in debt.But the companies ... (Mon, 17 Dec 2012 17:38:38 -0800)

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, 18 Dec 2012 00:00:27 -0800)

Bankruptcy Attorney In Corona Zhou & Chini Launches December Holiday Package For The City’s Residents
One of the leading bankruptcy attorneys in Corona Zhou & Chini, has confirmed that it has launched a conclusive holiday package that will cut across the diverse services offered by the legal firm. A statement from the firm noted that the offer takes effect immediately, and will represent an important milestone. The overall strategy will helping many residents in the city explore the firm's ... (Tue, 18 Dec 2012 07:46:28 -0800)

Centennial Beverage Group Seeks to Reorganize Under Chapter 11 of Bankruptcy Code
On December 17, 2012, Centennial Beverage Group filed a voluntary petition under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division . (Tue, 18 Dec 2012 09:26:00 -0800)

Pierces’ bankruptcy fraud case dismissed
OMAHA — Federal bankruptcy fraud charges against Buffalo County Board Chair Dick Pierce and his wife, Janna, of Miller have been dismissed. (Tue, 18 Dec 2012 10:24:10 -0800)

Court: Mont. can pursue ex-billionaire bankruptcy
Montana's bid to force ultra-luxury resort founder Tim Blixseth into bankruptcy and make him come up with up $57 million in purported back taxes has been resurrected by an appeals court ruling in the case. (Tue, 18 Dec 2012 11:06:30 -0800)

Fitch: EIX Won't Suffer in EME Bankruptcy
Edison Mission Energy and 16 of its wholly owned subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Dec. 17, 2012. Edison International h (Tue, 18 Dec 2012 13:18:00 -0800)

Calpers pits state court versus federal in San Bernardino bankruptcy
The biggest U.S. pension fund argued in a court filing that its status as a state agency gave it sweeping powers in the San Bernardino, California bankruptcy case and that the federal jurisdiction that ... (Tue, 18 Dec 2012 13:47:24 -0800)

Topeka lawyer named to bankruptcy panel
Rewriting bankruptcy forms may not sound exciting, but the committee Jill Michaux is joining could have a major impact on how Americans settle their debts. (Tue, 18 Dec 2012 14:10:05 -0800)

MF Global judge wary of letting customers depose Corzine
A bankruptcy judge responded on Wednesday with skepticism to a request by former MF Global customers to depose the collapsed brokerage's former chief Jon Corzine. At a hearing in U.S. Bankruptcy Court ... (Wed, 19 Dec 2012 08:40:39 -0800)

Kodak in $525 mln patent deal, eyes bankruptcy end
By Tom Hals REUTERS - Eastman Kodak Co (EKDKQ.PK) agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of ... (Wed, 19 Dec 2012 10:51:59 -0800)

Kodak in $525 million patent deal, eyes bankruptcy end
Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of 2013. The deal for the 1,100 patents ... (Wed, 19 Dec 2012 11:03:17 -0800)

Kodak in $525 million patent deal, eyes bankruptcy end
(Reuters) - Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of 2013. The deal for the 1,100 patents allows Kodak to fulfill a condition for securing $830 million in financing. The patent deal was reached with a consortium led by Intellectual Ventures and RPX Corp, and which ... (Wed, 19 Dec 2012 11:03:17 -0800)

THQ Inc. Files for Bankruptcy Month After CFO Quit
THQ Inc. (THQI) , the money-losing video- game maker, filed for bankruptcy protection less than a month after its finance chief resigned. (Wed, 19 Dec 2012 11:35:45 -0800)

THQ files for bankruptcy, Clearlake to bid for assets
SAN FRANCISCO (Reuters) - Videogame maker THQ Inc said on Wednesday it filed for bankruptcy protection, and entered into an agreement with private investment firm Clearlake Capital Group for a potential sale of its assets, in a bid to tackle its financial troubles. The assets to be sold include THQ's four studios and games in development. The filing was made in U.S. bankruptcy court in Delaware ... (Wed, 19 Dec 2012 13:55:40 -0800)

WWE Following THQ Bankruptcy Filing
WWE is following the developments of THQ’s bankruptcy filing today and proposed sale under Bankruptcy Code Section 363. The Company anticipates actively participating wi (Wed, 19 Dec 2012 15:01:00 -0800)

Game maker THQ files for bankruptcy
Struggling video game company THQ Inc. said Wednesday that it has filed for Chapter 11 bankruptcy protection and is selling its business.The Agoura Hills, Calif., company said investment firm Clearlake ... (Wed, 19 Dec 2012 15:59:40 -0800)

Credit cards after bankruptcy
Getting started again with on-time payments is a sound way to rebuild your credit scores after a financial disaster. (Wed, 19 Dec 2012 16:15:56 -0800)

THQ files for bankruptcy, will seek buyer
Video game publisher THQ has filed for Chapter 11 bankruptcy protection and will seek a buyer to help it recover from years of business and creative missteps. (Thu, 20 Dec 2012 05:19:14 -0800)

Exclusive: San Bernardino paid $2 million in cash-outs before bankruptcy filing
LOS ANGELES (Reuters) - The California city of San Bernardino paid $2 million in cash-outs to employees for unused vacation and sick time in the three months before declaring bankruptcy on August 1, data reviewed by Reuters show. City officials chalked up the payment spurt to coincidence and other factors. Still, the payments may run afoul of a core provision of the bankruptcy code that imposes ... (Thu, 20 Dec 2012 15:23:19 -0800)

Exclusive: San Bernardino paid $2 million in cash-outs before bankruptcy filing
LOS ANGELES (Reuters) - The California city of San Bernardino paid $2 million in cash-outs to employees for unused vacation and sick time in the three months before declaring bankruptcy on August 1, data reviewed by Reuters show. City officials chalked up the payment spurt to coincidence and other factors. Still, the payments may run afoul of a core provision of the bankruptcy code that imposes ... (Thu, 20 Dec 2012 16:38:35 -0800)

Challenge to San Bernardino's bankruptcy to be argued in court
San Bernardino officials will be in federal Bankruptcy Court on Friday morning to rebut efforts by CalPERS, the state retirement system, and other creditors to challenge the city’s filing for bankruptcy protection. San Bernardino stopped making payments to CalPERS, the... (Fri, 21 Dec 2012 07:01:20 -0800)

Lehman’s Year-End Fees, Filings Match Up With Biggest Bankruptcy
Lehman Brothers Holdings Inc., which aims to pay creditors $65 billion by 2016 or so, enters the New Year with statistics to match the biggest-ever bankruptcy it filed more than four years ago. (Fri, 21 Dec 2012 08:07:11 -0800)

Golden State Law Group Offering Free Initial Bankruptcy Consultation for Holiday Over-Spenders
The San Diego bankruptcy attorneys at the Golden State Law Group have been helping businesses and consumers deal with extreme financial circumstances for several years, and they have helped clients deal ... (Fri, 21 Dec 2012 09:59:48 -0800)

First Person: I Could Have Avoided My Bankruptcy
Declaring bankruptcy is one of the things I regret most in my life. I think about what I could have done differently all the time. Here are the mistakes I made and how you can avoid them. (Fri, 21 Dec 2012 10:15:00 -0800)

PRA Acquires Consumer Bankruptcy Claims From NCM
NORFOLK, Va. -- Portfolio Recovery Associates, Inc. , a financial and business services company, today announced a $115.3 million acquisition of certain assets from National Capital Management, LLC (NCM). ... (Fri, 21 Dec 2012 13:01:00 -0800)

Firm in fungal outbreak files for bankruptcy
The compounding pharmacy blamed for 620 infections and 39 deaths in an outbreak of fungal meningitis caused by contaminated drugs filed for bankruptcy Friday, and pledged to establish a fund to compensate victims. (Fri, 21 Dec 2012 15:41:29 -0800)

Framingham compounding pharmacy seeks bankruptcy protection
The company behind this year’s deadly nationwide outbreak of meningitis said today that it is filing for bankruptcy and working to establish a fund to compensate victims. In a statement released this evening, the New England Compounding Center said is has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court. (Fri, 21 Dec 2012 16:36:43 -0800)

Pharmacy linked to U.S. meningitis outbreak files for bankruptcy
(Reuters) - The Massachusetts pharmacy linked to a deadly U.S. meningitis outbreak filed for Chapter 11 bankruptcy on Friday and said it would establish a fund to compensate victims. According to the Centers for Disease Control and Prevention, 39 people have died and more than 600 have been injured from injections of methylprednisolone acetate, a drug typically used to ease back pain. ... (Fri, 21 Dec 2012 16:55:20 -0800)

Mass. firm in meningitis case eyes bankruptcy help
A pharmacy connected to a deadly nationwide meningitis outbreak filed for bankruptcy protection on Friday and said it was seeking to set up a fund to pay victims.Contaminated steroid injections from the ... (Fri, 21 Dec 2012 18:48:13 -0800)

San Bernardino wins round in bankruptcy battles
A U.S. bankruptcy judge derailed efforts by California's giant pension fund to get paid before other creditors in the city of San Bernardino's bankruptcy Friday, as creditors lined up to oppose the debt-ridden ... (Fri, 21 Dec 2012 19:29:32 -0800)

San Bernardino wins round in bankruptcy battles
A U.S. bankruptcy judge derailed efforts by California's giant pension fund to get paid before other creditors in the city of San Bernardino's bankruptcy Friday, as creditors lined up to oppose the debt-ridden ... (Fri, 21 Dec 2012 19:29:32 -0800)

New England Compounding Center, blamed for meningitis outbreak, files for bankruptcy
New England Compounding Center, the pharmacy accused of distributing tainted steroids that have killed 39 people and afflicted hundreds more nationwide with meningitis, filed for bankruptcy Friday. The filing was expected as the Framingham-based compounding pharmacy faces heavy litigation costs in personal injury lawsuits from around the country. Compounding center officials hope to set up a ... (Fri, 21 Dec 2012 19:38:42 -0800)

Demand for American Suzuki autos rises after bankruptcy
American Suzuki Motor Corp., the U.S. distributor of Suzuki cars and motorcycles, will import about 2,500 more autos to meet demand that jumped after the company filed for bankruptcy with plans to end U.S. sales. (Sun, 23 Dec 2012 00:28:11 -0800)

D.C. area bankruptcy court filings
These firms recently filed with the U.S. Bankruptcy Court’s local court clerk’s offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. Read full article >> (Sun, 23 Dec 2012 14:47:00 -0800)

Pharmacy linked to meningitis outbreak files for bankruptcy
The Massachusetts pharmacy linked to a deadly U.S. meningitis outbreak filed for Chapter 11 bankruptcy and said it would establish a fund to compensate victims (Mon, 24 Dec 2012 06:19:54 -0800)

Which bills help you rebuild your credit?
Dear Bankruptcy Adviser,Is taking out a cellphone contract a good way to rebuild your credit after bankruptcy?-- Chris Dear Chris,Re-establishing credit after bankruptcy is essential. You want to show ... (Tue, 25 Dec 2012 00:00:32 -0800)

Centax bankruptcy casts uncertainty on tax records
The law firm handling the bankruptcy of Luzerne County's former tax collection agency wants to have tax records destroyed, saying there's no money to pay for their storage. Not so fast, say representatives of local municipalities that are still owed a t (Tue, 25 Dec 2012 21:00:00 -0800)

Bankruptcy judge throws out AMR pilots' contract
American Airlines took a major step toward emerging from bankruptcy Tuesday, when a federal judge threw out its pilots' union contract. The airline's management has already negotiated concessions from its flight attendants, maintenance workers and other unionized employees. (Wed, 26 Dec 2012 14:13:09 -0800)

Riverside Bankruptcy Attorney Zhou & Chini Overwhelmed By The Immediate Response Of Its Holiday Package
Riverside bankruptcy attorneys Zhou & Chini have said they are excited by the current interest the company has been receiving over its holiday package, which is now up and running. The firm, which has been offering legal assistance for residents in the city wishing to apply for a bankruptcy petition, notes that after their recent launch of the holiday package, there has been an increase in the ... (Thu, 27 Dec 2012 00:12:16 -0800)

AMR Union Says Lack of Accord May Threaten Merger in Bankruptcy
An American Airlines merger with US Airways Group Inc. (LCC) may not occur during the AMR Corp. (AAMRQ) unit’s bankruptcy unless pilot groups from the carriers agree on interim contract terms, American’s pilot union warned. (Thu, 27 Dec 2012 21:13:44 -0800)

Often, when airlines exit bankruptcy, their executives exit, too
Tom Horton can only hope that his future at American Airlines Inc. is better than Ed Beauvais, Hollis Harris and Bruce Lakefield enjoyed at their own carriers. (Thu, 27 Dec 2012 23:45:32 -0800)

Bankruptcy claim bad for business
CEBU CITY-- Mandaue Chamber of Commerce and Industry (MCCI) Board Director Glenn Soco said Friday reports that Cebu... (Fri, 28 Dec 2012 10:10:11 -0800)

Publisher Tribune to exit bankruptcy December 31: sources
(Reuters) - The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, will emerge from bankruptcy on December 31, sources said on Friday, ending four years of Chapter 11 protection and setting the stage for the new company to sell off its newspapers to focus on the WGN cable channel and other TV assets. ... (Fri, 28 Dec 2012 14:30:15 -0800)

Year in review: Bankruptcy dominates San Bernardino life
SAN BERNARDINO - Officials here and throughout the state often divide time in two: pre-petition and post-petition. (Fri, 28 Dec 2012 14:54:04 -0800)

Tribune Co. likely to emerge from bankruptcy Monday
The Tribune Co., the media giant that owns the Chicago Tribune, WGN-TV and radio, and many other newspapers and television stations across the country is likely to emerge from bankruptcy on Dec. 31, a source tells the Sun-Times. On Friday, Reuters reported the company expects to emerge with all of its assets and name former Fox TV and Discovery Communications executive Peter Liguori as chief ... (Fri, 28 Dec 2012 18:00:30 -0800)

Private school cash crunch threatens bankruptcy deal
The bankruptcy attorney for Community Country Day School says the next month could determine whether the financially troubled school stays open. (Fri, 28 Dec 2012 23:12:44 -0800)

Blixseth - Ninth Circuit Bankruptcy Appellate Panel Rules Nevada Is Proper Venue For Involuntary Bankruptcy Against ...
Our debtor, Timothy L. Blixseth, grew up poor in Oregon, built by trading in timber and real estate worked his way up to one of Forbes' richest 400 Americans. Blixseth and his wife, Edra, lived a jetsetter lifestyle that included two Gulfstream jets, a fleet of luxury cars, and multiple [...] (Sun, 30 Dec 2012 10:53:26 -0800)

Tiffany Alston declared bankruptcy before running for office
Former Maryland State Del. Tiffany Alston declared bankruptcy seven months before she tried to use her campaign funds to cover her wedding expenses, according to court records. Alston’s $182,758 in debts included $26,000 she owed her former law partner, who alleged in a lawsuit that Alston had charged tens of thousands of dollars in personal expenses to the firm, the court records show. Read ... (Sun, 30 Dec 2012 16:10:55 -0800)

Tribune Co. set to exit bankruptcy protection
The media giant whose assets include the Los Angeles Times and KTLA-TV Channel 5 is expected to emerge with a board of several entertainment industry veterans. Tribune Co. is expected to emerge from bankruptcy protection Monday with a new board of directors composed largely of entertainment-industry veterans. (Sun, 30 Dec 2012 22:11:02 -0800)

Publisher Tribune to emerge from bankruptcy on Dec 31
REUTERS - U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on December 31, ending four years of Chapter 11 reorganization. ... (Mon, 31 Dec 2012 00:57:14 -0800)

Tribune Co. set to exit bankruptcy protection
The media giant whose assets include the Los Angeles Times and KTLA-TV Channel 5 is expected to emerge with a board of several entertainment industry veterans. Tribune Co. is expected to emerge from bankruptcy protection Monday with a new board of directors composed largely of entertainment-industry veterans. (Mon, 31 Dec 2012 01:32:46 -0800)

Publisher Tribune to emerge from bankruptcy on December 31
U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on December 31, ending four years of Chapter 11 reorganization. (Mon, 31 Dec 2012 06:17:47 -0800)

Tribune leaves bankruptcy after 4 years
CHICAGO (AP) — Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after the media company sought bankruptcy protection. (Mon, 31 Dec 2012 06:43:10 -0800)

Publisher Tribune emerges from bankruptcy
Media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization. (Mon, 31 Dec 2012 07:01:24 -0800)

Publisher Tribune emerges from bankruptcy
(Reuters) - Media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization. Chicago-based Tribune said on Sunday that its portfolio would include eight major daily newspapers and 23 TV stations. Tribune's controlling owners, which include hedge funds Oaktree Capital and Angelo, Gordon & Co, and ... (Mon, 31 Dec 2012 07:10:57 -0800)

LodgeNet filing for bankruptcy protection
LodgeNet Investment Corp. said Monday that it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.LodgeNet provides video, Internet and advertising services ... (Mon, 31 Dec 2012 08:18:59 -0800)

First Person: What I Learned About Divorce and Bankruptcy
When I started looking into bankruptcy, I learned about how tricky it can be to file for bankruptcy when you have been divorced. Here's what I learned when I went through the process. (Mon, 31 Dec 2012 08:56:00 -0800)

First Person: Re-Establishing Credit After Bankruptcy
When I filed for bankruptcy, I knew that the biggest challenge facing me after my bankruptcy would be re-establishing my credit. I lost all of my credit cards, even the ones that were not included in the bankruptcy. This meant that I needed to find new companies that were willing to offer me credit. (Mon, 31 Dec 2012 08:56:00 -0800)

Tribune Co. emerges from bankruptcy
CHICAGO, Dec. 31 (UPI) -- Tribune Co.'s prolonged stay in bankruptcy court is over, said officials of the multimedia company that began as a Chicago newspaper. (Mon, 31 Dec 2012 09:40:00 -0800)

Tribune Co. exits bankruptcy, assets likely to be sold
US media conglomerate Tribune Co. exited bankruptcy Monday after four years of court supervision, with the future of assets such as The Chicago Tribune and Los Angeles Times uncertain. (Mon, 31 Dec 2012 10:32:47 -0800)

Tribune bankruptcy over, time for buyers; perhaps Murdoch
Rupert Murdoch knows that the lines to Tribune Co. are now open. On Monday, Tribune emerged from Chapter 11 bankruptcy after four years. The media giant, which owns the Chicago Tribune and WGN TV and radio, is expected to be sold in chunks large or small now that it’s owned by the financial firms who were its biggest creditors. Murdoch, the media baron who runs News Corp., is one possible buyer ... (Mon, 31 Dec 2012 14:15:44 -0800)

Tribune exits bankruptcy with new TV-focused board
CHICAGO (AP) — More than four years after crushing debt and plunging advertising sales forced it to file for Chapter 11 bankruptcy protection, Tribune Co. has emerged with a new television-focused board and over $1 billion in new financing. (Mon, 31 Dec 2012 15:23:25 -0800)

Tribune Co. exits bankruptcy after four years
Tribune Co., owner of the Chicago Tribune, Los Angeles Times and six other daily papers, emerged from bankruptcy, four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings. (Mon, 31 Dec 2012 23:03:09 -0800)


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