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Home > Bankruptcy News

Bankruptcy News Oct 2013

Shutdown may force me into bankruptcy: Federal worker
Federal defense worker Rob Merritt fears he may have to file for bankruptcy if he is furloughed from the government shutdown that started Tuesday. Merritt showed up to work Tuesday morning, expecting to ... (Tue, 01 Oct 2013 07:11:00 -0700)

Two years after bankruptcy, California city again mired in pension debt
By Tim Reid (Reuters) - Less than two years after exiting bankruptcy, the city of Vallejo, California, is again facing a budget crisis as soaring pension costs, which were left untouched in the bankruptcy reorganization, eat up an ever-growing share of tax revenues. Vallejo's plight, so soon after bankruptcy, is an object lesson for three U.S. cities going through that process today - Detroit ... (Tue, 01 Oct 2013 09:43:15 -0700)

Snyder deposition in Detroit bankruptcy case set for Oct. 9
Detroit — Gov. Rick Snyder will be questioned under oath Oct. 9 about his decision to authorize the biggest municipal bankruptcy in U.S. history, according to court records filed Tuesday. (Tue, 01 Oct 2013 10:04:11 -0700)

Michael Brown's divorce trial sidelined by bankruptcy case
Scheduled to begin Sept. 30 in Harris County's 309th State District Court, the former hand surgeon's divorce trial is on hold until the stay triggered by the bankruptcy case is lifted, a court official said. U.S. District Judge Jeff Bohm, the Houston judge overseeing the bankruptcy case, on Sept. 30 named Houston attorney Ronald J. Sommers as the Chapter 11 trustee who, among other things, will ... (Tue, 01 Oct 2013 12:32:59 -0700)

Federal worker fearing bankruptcy is spared furlough, for now
Federal defense worker Rob Merritt feared he would have to file for bankruptcy if he was furloughed from the government shutdown. Merritt showed up to work Tuesday morning, expecting to sign his furlough ... (Tue, 01 Oct 2013 14:08:00 -0700)

File Bankruptcy to Stall Foreclosure?
Filing bankruptcy once you're in foreclosure could slow the process. Is it worth it? (Wed, 02 Oct 2013 05:40:21 -0700)

Detroit bankruptcy back in court
Detroit Bankruptcy Judge Steven Rhodes is hearing 3 cases today that are seeking to have the automatic stay lifted on other cases pending with the City of Detroit.   (Wed, 02 Oct 2013 08:34:28 -0700)

Bankruptcy judge: Union can pursue retiree bonus checks
U.S. Bankruptcy Judge Steven Rhodes lifted the automatic stay freezing lawsuits against the city Wednesday to let Detroit's biggest municipal union pursue a fight over bonus payments for retirees and Detroit employees. (Wed, 02 Oct 2013 14:04:36 -0700)

Bankruptcy complaint follows Parsons to Texas
THR & Associates founder Jeff Parsons improperly took $86,200 worth of furniture and collectibles to a new residence in Texas, according to a complaint filed in federal bankruptcy court in Springfield. (Wed, 02 Oct 2013 14:14:55 -0700)

Bankruptcy judge: Union can pursue retiree bonus checks
U.S. Bankruptcy Judge Steven Rhodes lifted the automatic stay freezing lawsuits against the city Wednesday to let Detroit's biggest municipal union pursue a fight over bonus payments for retirees and Detroit employees. (Wed, 02 Oct 2013 18:06:42 -0700)

Detroit bankruptcy weighs down banks around the world
The list of creditors in Detroit's historic bankruptcy filing includes a number of European financial institutions that stand to lose millions, according to reports and banking documents examined by The Detroit News. (Wed, 02 Oct 2013 23:43:16 -0700)

Bankruptcy's credit damage worse than debt settlement's
Both hurt badly, as they should, since they're serious debt defaults. But bankruptcy causes the greater credit score damage (Thu, 03 Oct 2013 04:59:00 -0700)

Bankruptcy Plans for Big Bank Released
The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve’s Board of Governors Thursday morning released the public portions of the so-called annual resolution plans for 11 of the country’s ... (Thu, 03 Oct 2013 09:05:41 -0700)

Stockton, Calif. and Assured Guaranty reach bankruptcy exit deal
By Jim Christie STOCKTON, California (Reuters) - Stockton, California and Assured Guaranty have reached an agreement to restructure more than $150 million of outstanding debt to help the city exit from bankruptcy, a top city official and the bond insurer said on Thursday. Under the terms of the agreement, Assured will take possession of a city building and receive the revenue it generates to ... (Thu, 03 Oct 2013 18:22:44 -0700)

Stockton, Calif. city council backs plan to exit bankruptcy
Stockton, California's city council approved a plan on Thursday for the city to adjust its debt to exit from bankruptcy after reaching a deal with bond insurer Assured Guaranty to restructure more than ... (Thu, 03 Oct 2013 20:21:49 -0700)

Stockton city council backs plan to exit bankruptcy
By Jim Christie STOCKTON, California (Reuters) - Stockton, California's city council approved a plan on Thursday for the city to adjust its debt to exit from bankruptcy after reaching a deal with bond insurer Assured Guaranty to restructure more than $150 million of outstanding debt. The deal marks the end of a long and often bitter fight between Stockton and its biggest bond insurers since the ... (Thu, 03 Oct 2013 20:38:02 -0700)

Detroit's bankruptcy creates a chance for change, leaders say
Sixty years of decline and its historic bankruptcy have created a unique opportunity, leaders say. The city can not only wipe away debts and improve services, but its collapse has lowered real estate and other costs for new businesses, they say. (Thu, 03 Oct 2013 23:30:59 -0700)

Detroit's bankruptcy creates a chance for change, leaders say
Sixty years of decline and its historic bankruptcy have created a unique opportunity, leaders say. The city can not only wipe away debts and improve services, but its collapse has lowered real estate and other costs for new businesses, they say. (Fri, 04 Oct 2013 05:04:36 -0700)

Detroit bankruptcy could change muni market, Chicago Fed says
Detroit's historic bankruptcy filing could upend long-established market views on the high standing of general obligation bonds, the form of debt sold most frequently in the U.S. municipal bond market, ... (Fri, 04 Oct 2013 13:24:56 -0700)

Detroit bankruptcy could change municipal market, Chicago Fed says
CHICAGO (Reuters) - Detroit's historic bankruptcy filing could upend long-established market views on the high standing of general obligation bonds, the form of debt sold most frequently in the U.S. municipal bond market, Chicago Federal Reserve Bank researchers said Friday. The city's move in July to seek protection from creditors so far has had only a modest effect on the overall muni market ... (Fri, 04 Oct 2013 13:27:14 -0700)

Chicago Fed: Detroit bankruptcy may reshape municipal bond markets
Economists at the Chicago Federal Reserve said Friday Detroit's record-setting Chapter 9 bankruptcy filing may dramatically reshape the U.S. municipal bond markets and pension financing. (Fri, 04 Oct 2013 17:05:16 -0700)

8 years after bankruptcy reform law
Next week marks eight years since the country’s bankruptcy laws received a huge makeover, ostensibly to reduce abuses of the system and shift more debtors with the ability to pay into repayment plans, rather than have their slates wiped clean. (Sat, 05 Oct 2013 21:10:44 -0700)

Political, popular obstacles block pension changes
Detroit's bankruptcy is casting a shadow over a long list of cities across the U.S. and giving mayors new urgency in the search for solutions to the greatest challenge to face America's cities in a generation. ... (Sun, 06 Oct 2013 19:06:11 -0700)

Astros to Seek Dismissal of CSN Houston Bankruptcy Case
On Monday the Houston Astros will file a motion to dismiss an involuntary bankruptcy case of Comcast SportsNet Houston filed by several creditors associated with NBC Universal/Comcast. (Mon, 07 Oct 2013 07:09:22 -0700)

Experts dispute Serbia's 'bankruptcy' scare
After Serbia's deputy prime minister told local TV his country faced bankruptcy, analysts were quick to point out that Serbia actually has sufficient funding to last through 2013. (Mon, 07 Oct 2013 07:56:10 -0700)

Federal judge must rule on Astros’ request to dismiss bankruptcy case in CSN flap
The Astros asked a federal bankruptcy judge Monday to dismiss an involuntary Chapter 11 bankruptcy case filed Sept. 27 against the parent company of Comcast SportsNet Houston, describing the effort by Comcast and its affiliates to restructure the Astros-Rockets-Comcast partnership through bankruptcy as a “road to nowhere.” The 35-page document was filed with U.S. Bankruptcy Court Judge Marvin ... (Mon, 07 Oct 2013 16:42:06 -0700)

Snyder won't have to disclose names of EM candidates, judge rules
U.S. Bankruptcy Judge Steven Rhodes signed an order this morning prohibiting labor union attorneys from asking Gov. Rick Snyder for the names of the other Detroit emergency manager candidates during a sworn deposition Wednesday. (Tue, 08 Oct 2013 08:48:47 -0700)

Creditors back Alabama county's bankruptcy plan
By Melinda Dickinson BIRMINGHAM, Alabama (Reuters) - Creditors in the $4.2 billion municipal bankruptcy case involving Alabama's Jefferson County have "overwhelmingly approved" the county's plan of adjustment, Jefferson County Commission President David Carrington said on Tuesday. Creditors had until an October 7 deadline to submit their votes on a bankruptcy exit plan approved in August by the ... (Tue, 08 Oct 2013 10:38:16 -0700)

Bankruptcy judge orders Detroit to deal with pending lawsuits
U.S. Bankruptcy Judge Steven Rhodes today gave Detroit 35 days to come up with a plan for disposing of nearly 500 lawsuits that were pending against the city when it filed for bankruptcy in July. (Tue, 08 Oct 2013 10:56:20 -0700)

Alitalia risks bankruptcy without capital increase: source
By Giselda Vagnoni ROME (Reuters) - Loss-making Italian airline Alitalia risks having to file for bankruptcy if it fails to agree a deal for a capital increase in the next couple of weeks, a government source said on Tuesday. Alitalia needs about 500 million euros ($680 million) to stay in business and invest in a new turnaround strategy, analysts have said, after accumulating losses of more ... (Tue, 08 Oct 2013 11:13:41 -0700)

Bankruptcy judge orders Detroit to deal with pending lawsuits
U.S. Bankruptcy Judge Steven Rhodes today gave Detroit 35 days to come up with a plan for disposing of nearly 500 lawsuits that were pending against the city when it filed for bankruptcy in July. (Tue, 08 Oct 2013 11:26:16 -0700)

Bankruptcy judge orders Detroit to deal with pending lawsuits
U.S. Bankruptcy Judge Steven Rhodes today gave Detroit 35 days to come up with a plan for disposing of nearly 500 lawsuits that were pending against the city when it filed for bankruptcy in July. (Tue, 08 Oct 2013 12:52:04 -0700)

Bankruptcy judge orders Detroit to deal with pending lawsuits
U.S. Bankruptcy Judge Steven Rhodes today gave Detroit 35 days to come up with a plan for disposing of nearly 500 lawsuits that were pending against the city when it filed for bankruptcy in July. (Tue, 08 Oct 2013 14:14:12 -0700)

Alitalia risks bankruptcy without cash: Source
Italian airline Alitalia risks having to file for bankruptcy if no deal on a capital increase is reached in a couple of weeks, a source said. (Tue, 08 Oct 2013 17:37:15 -0700)

Mich. governor to testify about Detroit bankruptcy
DETROIT (AP) — Michigan Gov. Rick Snyder will take questions under oath Wednesday as labor unions and other creditors in Detroit's bankruptcy try to understand why he signed off on the largest public filing in U.S. history. (Wed, 09 Oct 2013 04:45:02 -0700)

Snyder to be deposed in bankruptcy case this morning
Gov. Rick Snyder is to be questioned under oath for three hours in the Detroit bankruptcy case this morning in what experts say is likely a historical first. (Wed, 09 Oct 2013 08:06:38 -0700)

Michigan governor testifies about Detroit bankruptcy
In this Feb. 7, 2013 file photo, Michigan Gov. Rick Snyder presents his third state budget before the state Legislature in Lansing, Mich. Snyder is taking questions under oath as labor unions and other creditors in Detroit's bankruptcy try to understand why he signed off on the largest public filing in U.S. history. (Wed, 09 Oct 2013 08:53:31 -0700)

Bankruptcy judge approves $3 million loan to allow Montreal, Maine and Atlantic Railway to continue operating
In this September 2013 photo, Robert Keach, the Bernstein Shur lawyer who was appointed to serve as trustee during Montreal, Maine and Atlantic Railway's bankruptcy proceedings, talks about a hearing on motions in the bankruptcy held in federal court in Bangor. (Wed, 09 Oct 2013 09:53:40 -0700)

Snyder under oath explains decision behind Detroit's bankruptcy filing
Gov. Rick Snyder took the unprecedented action today of testifying for three hours under oath in a sworn deposition about why he authorized Detroit's bankruptcy filing. (Wed, 09 Oct 2013 09:56:08 -0700)

Snyder under oath explains decision behind Detroit's bankruptcy filing
Gov. Rick Snyder took the unprecedented action today of testifying for three hours under oath in a sworn deposition about why he authorized Detroit's bankruptcy filing. (Wed, 09 Oct 2013 10:48:58 -0700)

Mich. governor testifies about Detroit bankruptcy
LANSING, Mich. (AP) — Michigan Gov. Rick Snyder testified behind closed doors Wednesday about his role taking Detroit into bankruptcy, a rare interview with lawyers for creditors who pressed him about retiree pensions and asked if the city could have done more to avoid the historic filing. (Wed, 09 Oct 2013 12:30:00 -0700)

Snyder's office downplays significance of timing of Detroit's bankruptcy filing
Detroit filed for bankruptcy in July a day before it actually planned to, according to an internal governor's office document, fueling suspicions by city unions and retirees that the filing was a hasty attempt to dodge a court injunction. (Wed, 09 Oct 2013 15:14:07 -0700)

Patriot Plans Bankruptcy Exit After Accord With Peabody
Patriot Coal Corp. and Peabody Energy Corp. (BTU) reached an agreement that will compensate retired miners for health-care benefits, one of three agreements that will help Patriot exit bankruptcy. (Thu, 10 Oct 2013 08:14:13 -0700)

Bankruptcy's Credit Damage Worse than Debt Settlement's
Both hurt badly, as they should, since they're serious debt defaults. But bankruptcy causes the greater credit score damage (Thu, 10 Oct 2013 14:43:44 -0700)

Energy Future Said Near Bankruptcy Loan Exceeding $3 Billion
Energy Future Holdings Corp., the Texas power generator taken private in the biggest leveraged buyout ever, is close to obtaining a loan of more than $3 billion ahead of a bankruptcy filing that may come this month, said four people with knowledge of the matter. (Fri, 11 Oct 2013 02:10:04 -0700)

Kept Home After Bankruptcy, Can I Refi?
Trying to refi if your home wasn't reaffirmed in bankruptcy? It can have consequences. (Fri, 11 Oct 2013 05:36:07 -0700)

Key Michigan official in Detroit bankruptcy resigns
Michigan Treasurer Andy Dillon, a key player in Detroit's historic bankruptcy filing, resigned on Friday, citing personal reasons. "It has become clear to me - as it likely is to most - that it is ... (Fri, 11 Oct 2013 12:30:03 -0700)

Bankruptcy at Marathon Grill; owners promise to stay open
Founders of the Marathon Grill restaurants, a chain that began as a 10-seat hamburger eatery in 1984, filed for bankruptcy restructuring Wednesday for their largest restaurant at 1818 Market St. (Fri, 11 Oct 2013 14:41:00 -0700)

Bankruptcy trustee targets Catholic schools
What’s a parochial education worth in New York City? Nothing, claims a bankruptcy trustee. In an unprecedented case, trustee Robert Geltzer is trying to claw back roughly $45,000 in tuition... (Sun, 13 Oct 2013 03:13:34 -0700)

Energy Future creditors still at odds on bankruptcy talks -sources
The creditors of Energy Future Holdings remain at odds over how to split the Texas power company's equity in an expected bankruptcy as their confidentiality agreements lapse, several sources familiar with ... (Mon, 14 Oct 2013 15:15:02 -0700)

Savient Pharmaceuticals files for Chapter 11 bankruptcy
(Reuters) - U.S. biotech firm Savient Pharmaceuticals Inc filed for Chapter 11 bankruptcy protection in a Delaware court on Monday and said it has agreed to sell most of its assets to Sloan Holdings CV for about $55 million. The agreement with Sloan, a unit of US WorldMeds LLC, would serve as a "stalking horse" bid in a court-supervised auction of Savient's assets, the company said in a ... (Mon, 14 Oct 2013 17:45:56 -0700)

Savient Pharmaceuticals Files for Bankruptcy Protection
Savient Pharmaceuticals Inc. (SVNT) , the developer of a treatment for gout, sought bankruptcy protection and court approval to sell its assets to a US WorldMeds LLC unit for $55 million, the company said. (Mon, 14 Oct 2013 17:54:29 -0700)

Detroit bankruptcy eligibility decision moves forward with hearings Tuesday
Detroit's bid to win federal bankruptcy court protection from its nearly 100,000 creditors enters a critical phase today with the start of what could be weeks of hearings. (Mon, 14 Oct 2013 22:26:32 -0700)

Orr cuts Detroit retirees' health care benefits
Detroit's bankruptcy is starting to hit home for 28,500 current and retired city workers who are getting the first glimpse this week at drastic cuts to their health insurance plans. (Mon, 14 Oct 2013 23:11:19 -0700)

Detroit bankruptcy eligibility decision moves forward with hearings Tuesday
Detroit's bid to win federal bankruptcy court protection from its nearly 100,000 creditors enters a critical phase today with the start of what could be weeks of hearings. (Tue, 15 Oct 2013 02:02:26 -0700)

Detroit bankruptcy case in court
A full day of legal arguments are taking place inside court in Detroit's bankruptcy case. (Tue, 15 Oct 2013 08:49:26 -0700)

Union, Retirees Argue Against Detroit Bankruptcy
Lawyers for city unions and retirees are presenting reasons why Detroit's historic bankruptcy request should be denied. (Tue, 15 Oct 2013 10:13:01 -0700)

JC Penney shares sink on bankruptcy rumor
Troubled retailer denies it hired bankruptcy attorneys Shares of J.C. Penney Co Inc. fell more than 8 percent on a rumor that the troubled retailer has retained bankruptcy lawyers, but the company has denied the move.         (Tue, 15 Oct 2013 12:26:00 -0700)

Legality of Detroit bankruptcy argued in court
A lawyer representing Detroit's largest public union argued on Tuesday that Chapter 9 municipal bankruptcy is unconstitutional because it impairs states' rights to manage their own finances. "States ... (Tue, 15 Oct 2013 12:44:11 -0700)

Union, retirees argue against Detroit bankruptcy
Lawyers for city unions and retirees are presenting reasons why Detroit's historic bankruptcy request should be denied. Federal Judge Steven Rhodes is holding hearings Tuesday and Wednesday ahead of next ... (Tue, 15 Oct 2013 12:47:22 -0700)

Detroit Judge Questions Bankruptcy Critics’ Pension Claim
A federal judge questioned whether pension rights for Detroit’s municipal workers can be guaranteed by Michigan’s constitution, as claimed by current and retired employees seeking to have the city’s $18 billion bankruptcy case thrown out. (Tue, 15 Oct 2013 13:59:02 -0700)

Detroit's lawyers argue in support of bankruptcy
Attorneys on both sides of Detroit's historic bankruptcy filing were in federal court Tuesday trying to convince a judge why he should or shouldn't allow the financially troubled city's Chapter 9 petition ... (Tue, 15 Oct 2013 15:01:56 -0700)

Puerto Rico denies rumors of bankruptcy, takeover
The government of Puerto Rico denied Tuesday that it is near bankruptcy or might need U.S. federal intervention, offering those assurances during a conference call with investors aimed at alleviating concerns ... (Tue, 15 Oct 2013 15:24:15 -0700)

Legality of Detroit bankruptcy contested in court
DETROIT (Reuters) - Lawyers representing Detroit unions, retirees and creditors tussled with city attorneys on Tuesday in bankruptcy court, seeking to derail the city's claim of bankruptcy with an assertion that Michigan's constitution protects retiree pension benefits from being slashed. The lawyer representing Detroit's largest public union also said that Chapter 9 municipal bankruptcy is ... (Tue, 15 Oct 2013 15:39:05 -0700)

Puerto Rico denies bankruptcy and takeover rumors
San Juan, Puerto Rico – The government of Puerto Rico denied Tuesday that it is near bankruptcy or might need U.S. federal intervention, offering those assurances during a conference call with investors aimed at alleviating concerns about a recent cut in planned bond sales and the island's continuing financial crisis. (Wed, 16 Oct 2013 07:04:02 -0700)

Judge hearing Detroit bankruptcy case grills state attorney over EM law
U.S. Bankruptcy Judge Steven Rhodes grilled a state attorney Wednesday about whether Michigan's Legislature made 'a mockery' of the referendum process when it passed a new emergency manager law a month after voters rejected the law last November. (Wed, 16 Oct 2013 12:02:42 -0700)

Dept. of Justice defends constitutionality of Ch. 9 bankruptcy
A U.S. Department of Justice attorney on Wednesday defended the legality of Chapter 9 municipal bankruptcy in the second day of hearings addressing legal issues surrounding Detroit's bankruptcy case. Municipal ... (Wed, 16 Oct 2013 12:38:22 -0700)

OGX CEO ouster may open door for bankruptcy protection filing
The ouster of OGX's chief executive opens the door for embattled Brazilian tycoon Eike Batista to exit the oil company and for OGX to seek bankruptcy protection, sources told Reuters. Luiz Carneiro was ... (Wed, 16 Oct 2013 14:07:33 -0700)

Judge hearing Detroit bankruptcy case grills state attorney over EM law
U.S. Bankruptcy Judge Steven Rhodes grilled a state attorney Wednesday about whether Michigan's Legislature made 'a mockery' of the referendum process when it passed a new emergency manager law a month after voters rejected the law last November. (Wed, 16 Oct 2013 15:34:20 -0700)

Park Cities’ Bank Holding Company Files for Bankruptcy
Park Cities Bank’s holding company, North Texas Bancshares Inc., filed for bankruptcy, citing soured commercial real-estate loans and declining natural gas prices. (Wed, 16 Oct 2013 15:59:33 -0700)

Brazil: OGX may keep blocks under bankruptcy protection
Cash-strapped Brazilian oil company OGX Petróleo e Gás Participaçãoes SA may get to keep its oil exploration blocks even if it files for bankruptcy protection, the head of Brazil's petroleum regulator, ... (Thu, 17 Oct 2013 10:39:13 -0700)

California pension fund to appeal San Bernardino bankruptcy eligibility
(Reuters) - The largest U.S. public employee pension fund said Thursday that it would appeal an August court ruling granting Chapter 9 bankruptcy protection to the city of San Bernardino, California. The California Public Employees' Retirement System (Calpers) has fiercely opposed San Bernardino's bankruptcy since the Southern California city asked for protection from its creditors in 2012. The ... (Thu, 17 Oct 2013 19:20:58 -0700)

Detroit's bankruptcy woes: five key things to know
It’s a city in continued crisis: There’s historic population loss, an auto industry in peril but fighting back, a former mayor heading to federal prison for 28 years, notorious infighting between city hall and its unionized workforce, and pending insolvency that would make Detroit the largest US city to declare Chapter 9 bankruptcy. (Fri, 18 Oct 2013 10:38:38 -0700)

Judge: No legal action against 36th District Court during bankruptcy
A federal judge ruled today that the city's 36th District Court will be protected against any judgments awarded in lawsuits against the troubled court while the City of Detroit's bankruptcy proceedings continue. (Fri, 18 Oct 2013 15:16:56 -0700)

Widow’s Bankruptcy Case Poses Risk to Rent-Stabilized Tenants
At issue is whether a valuable lease can be treated as an asset in a personal bankruptcy, just like a car or a piece of land, and used to pay off debts. (Sun, 20 Oct 2013 03:09:21 -0700)

Bankruptcy judge extends stay on claims against 36th District Court
A federal bankruptcy judge's ruling today will freeze attempted collections of certain monetary claims against the 36th District Court, including an arbitrator's award in August for more than $5.5 million in back pay for four former court officers. (Sun, 20 Oct 2013 06:59:33 -0700)

KKR to Goldman Joined in Scraps Skirmish as LBO Bankruptcy Looms
KKR & Co., Goldman Sachs Capital Partners and TPG Capital, the firms that led the $48 billion buyout of Energy Future Holdings Corp. in 2007, are fighting to receive barely 3 percent of their initial investment when the power generator files for bankruptcy as soon as this month. (Sun, 20 Oct 2013 21:25:28 -0700)

The good thing about bankruptcy
Although some are at odds with Suze Orman's advice, she maintains that bankruptcy is a viable alternative to being over your head in debt. (Mon, 21 Oct 2013 07:35:26 -0700)

Marketing of Detroit Heats up Despite Bankruptcy
Marketing campaign highlights Detroit's pearls despite city's historic bankruptcy filing         (Mon, 21 Oct 2013 07:58:59 -0700)

Detroit bankruptcy hits pivotal phase
The city's Chapter 9 filing puts bankruptcy law at a historic crossroads that could end with the city violating the state constitution by shedding billions of dollars in public pension debt, a union lawyer said Monday. (Mon, 21 Oct 2013 08:31:20 -0700)

UAW subpoenas Snyder in Detroit bankruptcy
The UAW is trying to force Michigan Gov. Rick Snyder to testify during Detroit's bankruptcy eligibility trial, which starts Wednesday. (Mon, 21 Oct 2013 09:30:57 -0700)

Casey Anthony, Texas group that searched for her daughter reach settlement in bankruptcy case
Casey Anthony has reached a settlement in her bankruptcy case with a Texas search group that helped look for her missing 2-year-old daughter. (Mon, 21 Oct 2013 10:37:09 -0700)

Protecting Detroit pensions may violate bankruptcy code: judge
By Joseph Lichterman DETROIT (Reuters) - The federal judge overseeing Detroit's bankruptcy filing called the city's pension funds "unsecured creditors" and stated that any special protections for them would violate federal bankruptcy law. The statement by U.S. Bankruptcy Judge Steven Rhodes, in an exchange with an attorney representing Detroit's two pension funds, came in the closing session of ... (Mon, 21 Oct 2013 16:39:38 -0700)

Can your lender foreclose after bankruptcy?
Dear Bankruptcy Adviser, I filed Chapter 7 bankruptcy, and all debts listed were discharged in 2008. The bank has just notified me of plans to foreclose on a home that was discharged. They plan to put ... (Tue, 22 Oct 2013 03:00:00 -0700)

Vallejo Water-Bond Deal to Be City’s First Since 2008 Bankruptcy
Vallejo, the Northern California city that sought Chapter 9 bankruptcy protection in 2008, is set to sell about $19 million in water-revenue bonds next week in its first municipal-debt sale since the filing. (Tue, 22 Oct 2013 11:13:29 -0700)

Detroit to Make Case for Bankruptcy Before Judge
DETROIT—Before this troubled city gets a chance to restructure its finances in federal bankruptcy court, it needs to prove it belongs there.  A trial over Detroit's eligibility for bankruptcy protection ... (Tue, 22 Oct 2013 17:01:00 -0700)

Detroit Unions, Retirees Face Battle to Kill Bankruptcy
Detroit’s unions and retired workers face longer odds of ending the record-setting bankruptcy than the city does of winning continued court protection in a trial set to open today, lawyers not involved in the case say. (Tue, 22 Oct 2013 21:29:49 -0700)

Detroit bankruptcy trial begins Wednesday
The city of Detroit for months has disclosed the awful condition of its finances. Now it's up to a judge to determine if the largest public bankruptcy in U.S. history really can go forward. (Wed, 23 Oct 2013 00:30:51 -0700)

Trial to examine if Detroit eligible in bankruptcy
DETROIT (AP) — The city of Detroit for months has disclosed the awful condition of its finances. Now it's up to a judge to determine if the largest public bankruptcy in U.S. history really can go forward. (Wed, 23 Oct 2013 00:32:02 -0700)

Detroit bankruptcy: Judge to decide whether city hoodwinked opponents
The city of Detroit on Wednesday will ask a federal judge to declare it financially insolvent, paving the way for what will likely be the largest municipal bankruptcy in US history. (Wed, 23 Oct 2013 05:33:06 -0700)

Trial starts; Is Detroit eligible for bankruptcy?
DETROIT (AP) — The city of Detroit will present a "mountain of evidence" to show that its perilous finances qualify for a turnaround in bankruptcy court, an attorney said Wednesday as a judge opened an extraordinary trial to determine if the largest public filing in U.S. history will go forward. (Wed, 23 Oct 2013 09:38:25 -0700)

U.S. Bankruptcy Court to decide if Detroit really is broke
By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) - Is Detroit bankrupt? A federal judge began hearing arguments Wednesday morning in Detroit on the largest municipal bankruptcy filing in U.S. history that will ultimately will answer that question. For a city saddled with massive debts and fighting to deliver services to its residents, the answer may sound simple. But the decision by U.S ... (Wed, 23 Oct 2013 09:57:43 -0700)

California pension fund appeals San Bernardino bankruptcy
The largest U.S. public employee pension fund filed an appeal on Wednesday against a judge's ruling in August that the city of San Bernardino, California, is eligible for bankruptcy protection. The California ... (Wed, 23 Oct 2013 10:36:03 -0700)

Detroit bankruptcy trial: City says it got ‘a lot of no’ in negotiation tries
An attorney for the City of Detroit told a federal judge Wednesday that the city received “a lot of no” when it tried to negotiate with creditors and the city’s labor organizations in the weeks leading up to its decision to file for Chapter 9 bankruptcy protection. (Wed, 23 Oct 2013 16:54:41 -0700)

Blog replay: Day 2 of Detroit bankruptcy trial
Detroit's bankruptcy eligibility trial continues today with the city gearing up to prove that it meets the specific legal criteria for Chapter 9 bankruptcy. Upon the trial's conclusion, Rhodes will decide whether to authorize the largest municipal bankruptcy filing in U.S. history, positioning the city to dramatically reduce its estimated $18 billion in debt and long-term liabilities. (Wed, 23 Oct 2013 21:22:52 -0700)

Unions, retirees attack city's path to bankruptcy
— The historic trial over whether Detroit is eligible for bankruptcy may shape up to be as much about how Michigan's largest city ended up in court as its well-documented financial collapse. (Wed, 23 Oct 2013 22:40:19 -0700)

Detroit operating on 'razor's edge' before bankruptcy: adviser
DETROIT (Reuters) - Detroit was operating on a "razor's edge" and had no options to avoid running out of cash and filing bankruptcy, the city's top adviser testified on Thursday in a trial to determine whether the city is eligible to file the largest municipal bankruptcy in U.S. history.         (Thu, 24 Oct 2013 17:54:12 -0700)

Detroit Manager Denies Role in Bankruptcy Filing
Kevyn Orr, the emergency manager, said in court his hiring was not contingent on pursuing bankruptcy. (Thu, 24 Oct 2013 21:09:57 -0700)

Foreclosure on Property After Bankruptcy?
As they anticipate the Federal Reserve's eventual tapering of quantitative easing, investors worried about rising interest rates are wondering if they should hedge their bets on fixed income by putting money in ultrashort-term bond funds.         (Fri, 25 Oct 2013 06:43:48 -0700)

Detroit Bankruptcy Trial Pits City Against Its Creditors
In Detroit, a trial continues to determine whether the cash-strapped city is eligible for the largest Chapter 9 bankruptcy protection in U.S. history. But hundreds of creditors Detroit owes money to argue the city did not explore all the options if had to avoid bankruptcy and simply focused on Chapter 9 as its only salvation. (Fri, 25 Oct 2013 06:55:59 -0700)

Snyder says he's not frustrated by Detroit bankruptcy trial
Ahead of his scheduled appearance Monday at Detroit's bankruptcy eligibility trial, Gov. Rick Snyder today said he hasn't been frustrated by recent court developments. (Fri, 25 Oct 2013 10:45:39 -0700)

Detroit Bankruptcy Trial Pits City Against Its Creditors
In Detroit, a trial continues to determine whether the cash-strapped city is eligible for the largest Chapter 9 bankruptcy protection in U.S. history. But hundreds of creditors Detroit owes money to argue the city did not explore all the options if had to avoid bankruptcy and simply focused on Chapter 9 as its only salvation. (Fri, 25 Oct 2013 12:11:02 -0700)

Bankruptcy not a topic in early talks with state, Detroit emergency manager says
By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) - Detroit Emergency Manager Kevyn Orr did not speak about filing for Chapter 9 municipal bankruptcy in his first meetings with Michigan state officials before he was named to his post, according to testimony he delivered on the third day of the city's bankruptcy eligibility trial. ... (Fri, 25 Oct 2013 16:15:54 -0700)

Orr: Bankruptcy filing not condition of job
DETROIT (AP) — Detroit's emergency manager testified Friday that he did not promise to seek bankruptcy protection for the city as a condition of getting the job. (Fri, 25 Oct 2013 17:45:05 -0700)

4 Revelations From The Detroit Bankruptcy Trial
Detroit's federal courthouse this past week has seen dozens of protestors, legions of lawyers and flocks of journalists, all gathered because of the city's Chapter 9 bankruptcy trial. (Sat, 26 Oct 2013 07:54:27 -0700)

Digging into Detroit's bankruptcy filing
A municipal bankruptcy expert helps explain why the city and its creditors are duking it out in court over Detroit's eligibility to receive protection. Detroit has once again been in the headlines as the city and its creditors battle in court over whether the city is eligible to receive bankruptcy protection.         (Sat, 26 Oct 2013 18:09:05 -0700)

Detroit Emergency Manager Denies Taking Job to Force Bankruptcy
Kevyn Orr told a federal judge he didn’t agree to become Detroit’s emergency manager as part of a plan to force the city into bankruptcy, denying one prong of an attack by union and retired city workers at a trial this week. (Sun, 27 Oct 2013 09:29:53 -0700)

Live blog: Gov. Snyder to testify in Detroit bankruptcy eligibility hearing
Detroit's bankruptcy eligibility trial continues today with the city gearing up to prove that it meets the specific legal criteria for Chapter 9 bankruptcy. Follow along as Detroit Free Press Staff Writers Nathan Bomey, Alisa Priddle and Matt Helms report live from the courthouse. (Sun, 27 Oct 2013 22:38:04 -0700)

Detroit EM says bankruptcy filing unavoidable
Detroit's emergency manager testified Monday that he had thought as late as June that a bankruptcy filing could be avoided but that he knew time was running out for the city and its creditors to agree ... (Mon, 28 Oct 2013 09:43:36 -0700)

Michigan’s Snyder Calls Detroit Bankruptcy Largest Issue
Michigan Governor Rick Snyder told a federal judge that he considers Detroit’s bankruptcy the “largest issue” facing the U.S. (Mon, 28 Oct 2013 12:04:40 -0700)

Michigan governor defends Detroit bankruptcy filing approval
By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) - Michigan Governor Rick Snyder defended Detroit's bankruptcy filing on Monday, stating in court that he followed the state and federal constitutions while addressing fiscal issues that had built up in Detroit for more than half a century. Snyder said the Michigan and U.S. constitutions do not prevent actions that he took, even though the ... (Mon, 28 Oct 2013 14:57:32 -0700)

Detroit bankruptcy trial veers off course as Gov. Rick Snyder takes stand
In more than three hours of often-contentious testimony Monday, Michigan Gov. Rick Snyder defended his decision to move Detroit toward a Chapter 9 bankruptcy. (Mon, 28 Oct 2013 16:00:40 -0700)

Mich. gov., emergency manager defend bankruptcy
Michigan Gov. Rick Snyder and Detroit emergency manager Kevyn Orr, the two men most involved in the decision to make the city the nation's largest to file for bankruptcy, testified Monday that a court-led ... (Mon, 28 Oct 2013 16:56:47 -0700)

Gov. Snyder testifies Detroit bankruptcy was 'last resort'
Gov. Rick Snyder revealed few details about the behind-the-scenes deliberations that led to Detroit's bankruptcy filing while testifying Monday in the city's Chapter 9 eligibility trial. (Mon, 28 Oct 2013 20:07:47 -0700)

Detroit bankruptcy trial veers off course as Gov. Rick Snyder takes stand
Michigan Gov. Rick Snyder testified Monday in federal court about his Detroit bankruptcy decision. But opposing lawyers sought to pin him down on what he might do about pensions. (Mon, 28 Oct 2013 20:47:31 -0700)

Detroit bankruptcy judge snaps at Orr for going 'on and on and on'
— The city's bankruptcy trial got bogged down Tuesday in legal wrangling and the lengthy testimony of Emergency Manager Kevyn Orr, prompting a scolding from the judge in a rare flash of frustration with the pace of the proceedings. (Tue, 29 Oct 2013 18:31:17 -0700)

Detroit Bankruptcy-Eligibility Trial Spills Into November
The judge overseeing Detroit’s bankruptcy trial extended the case into the first week of November after pressing the city’s emergency financial manager to speed up his testimony. (Wed, 30 Oct 2013 06:30:16 -0700)

OGX Bankruptcy Filing Caps Batista’s $30 Billion Demise
The oil company that transformed Eike Batista into Brazil’s richest man filed for bankruptcy protection today, culminating a 16-month decline that wiped out more than $30 billion of his personal fortune. (Wed, 30 Oct 2013 13:02:54 -0700)

Brazilian oil giant OGX files for bankruptcy
Brazilian tycoon Eike Batista's OGX oil firm on Wednesday filed for bankruptcy protection in Rio to avert default after debt-restructuring talks with creditors failed. "The company filed its request for bankruptcy protection this afternoon," said a court spokeswoman. Credit rating agency Moody's said that with OGX's debts of up to $5.4 billion, it would be the biggest bankruptcy protection ... (Wed, 30 Oct 2013 13:19:48 -0700)

Batista's OGX files for bankruptcy protection in Brazil
By Sabrina Lorenzi and Jeb Blount RIO DE JANEIRO (Reuters) - OGX Petróleo e Gas Participações SA, the Brazilian oil company controlled by former billionaire Eike Batista, sought court protection from creditors on Wednesday in Latin America's largest-ever corporate bankruptcy filing. The bankruptcy protection request, filed in a Rio de Janeiro court, came after OGX failed to reach an agreement ... (Wed, 30 Oct 2013 16:21:02 -0700)

Does bankruptcy for OGX indicate continued slide for Brazilian economy?
Despite the recent bankruptcy declaration by OXG, the oil company managed by Eike Batista, analysts say Brazil is gaining through improvements in the areas of infrastructure, taxes, and education.  (Wed, 30 Oct 2013 20:19:54 -0700)

Big bankruptcy to test Brazil's new laws
The largest corporate bankruptcy in Latin American history could have wide ramifications for investment in the region. (Thu, 31 Oct 2013 11:26:46 -0700)

After OGX's bankruptcy, time for the big questions
Perceptions about the handling of Latin America's largest bankruptcy ever could have wide ramifications for investment in the region. (Thu, 31 Oct 2013 11:35:52 -0700)

Detroit's bankruptcy case draws national spotlight
The looming legal question in Detroit's bankruptcy case of whether pension benefits can be slashed despite state constitutional protections was a prominent topic of debate at a national bankruptcy judges' meeting. (Thu, 31 Oct 2013 22:08:43 -0700)

Detroit's bankruptcy case draws national spotlight
The looming legal question in Detroit's bankruptcy case of whether pension benefits can be slashed despite state constitutional protections was a prominent topic of debate at a national bankruptcy judges' meeting. (Thu, 31 Oct 2013 23:27:45 -0700)


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