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Home > Bankruptcy News

Bankruptcy News Nov 2013

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. (Fri, 01 Nov 2013 01:10:42 -0700)

Atari Wins Approval to Send Plan to Vote: Bankruptcy
Atari Inc., the bankrupt video-game maker, won court approval to seek creditors’ votes on its plan to exit bankruptcy protection as a going concern. (Fri, 01 Nov 2013 03:34:36 -0700)

Kodak Is Back On The Big Board After Bankruptcy
A Kodak moment if there ever was one: following a struggle to adapt to the digital world of photography and bankruptcy filing in 2012, today marks Kodak's return to the New York Stock Exchange. (Fri, 01 Nov 2013 09:59:00 -0700)

The Return of Kodak After Bankruptcy, It Is Public Again
If one bankruptcy in recent history was about as well telegraphed as you could ever imagine, it was the bankruptcy of Eastman Kodak Company (NYSE: KODK). This down and out company has made its return as ... (Fri, 01 Nov 2013 12:41:48 -0700)

Why Bankruptcy Is Rarely If Ever An Effective Means Of Dealing With A Tax Liability
Often I express the view that bankruptcy rarely if ever is an effective means of dealing with tax collection action. Some readers have challenged me on it, and I have promised elaboration. Here it is, in the form of an excerpt from my forthcoming West treatise Current Federal Tax Controversies: (Fri, 01 Nov 2013 20:54:51 -0700)

Bernard McNamara’s exit from bankruptcy delayed
Former billionaire developer was due to have his bankruptcy discharged on Nov 2nd (Sun, 03 Nov 2013 17:19:57 -0800)

Trial continues, but Detroit, creditors making plans that presume bankruptcy
Detroit — As Detroit's bankruptcy eligibility trial resumes today for a sixth day of testimony, the city and its creditors are already making plans that presume the Chapter 9 reorganization case will be approved for the contentious debt-cutting phase. (Sun, 03 Nov 2013 22:56:36 -0800)

Trial continues, but Detroit, creditors making plans that presume bankruptcy
Detroit — As Detroit's bankruptcy eligibility trial resumes today for a sixth day of testimony, the city and its creditors are already making plans that presume the Chapter 9 reorganization case will be approved for the contentious debt-cutting phase. (Mon, 04 Nov 2013 00:29:46 -0800)

Trial continues, but Detroit, creditors making plans that presume bankruptcy
Detroit — As Detroit's bankruptcy eligibility trial resumes today for a sixth day of testimony, the city and its creditors are already making plans that presume the Chapter 9 reorganization case will be approved for the contentious debt-cutting phase. (Mon, 04 Nov 2013 02:15:03 -0800)

New Equifax Risk Score Helps Lenders Minimize Bankruptcy Losses
ATLANTA -- Equifax announced today the launch of its fourth generation Bankruptcy Navigator Index (BNI) score, its most comprehensive and predictive bankruptcy risk score ever. With BNI 4.0, lenders can ... (Mon, 04 Nov 2013 05:58:02 -0800)

Bankruptcy eligibility trial continues: Orr ends testimony after judge puts him on spot
Wire reports - Detroit's emergency manager ended 10 hours of testimony in a federal court today by defending his decision to put the city into bankruptcy instead of trying to persuade unions to negotiate cuts to pensions and other benefits. (Mon, 04 Nov 2013 10:25:24 -0800)

Orr spars with judge as bankruptcy eligibility testimony ends
Wire reports - Detroit's emergency manager ended 10 hours of testimony in a federal court today by defending his decision to put the city into bankruptcy instead of trying to persuade unions to negotiate cuts to pensions and other benefits. (Mon, 04 Nov 2013 10:34:16 -0800)

Bankruptcy shadows Detroit's mayoral election
DETROIT—A candidate once thought to have little chance of getting past Detroit's primary election is the front runner Tuesday in the race for (Mon, 04 Nov 2013 11:09:35 -0800)

Stockton sales tax plan set to end bankruptcy, pensions spared
By Jim Christie SAN FRANCISCO (Reuters) - When Stockton, California, filed for bankruptcy last year, the stage was set for a precedent-setting battle with Wall Street over whether bondholders or retired public employees should pay the price when a local government goes broke. Retirees will keep their full pensions, though 1,100 of them will lose their retiree health insurance. On Tuesday ... (Mon, 04 Nov 2013 14:10:01 -0800)

Detroit emergency manager pressed on pension cuts at bankruptcy trial
By Joseph Lichterman DETROIT (Reuters) - Detroit's unions called witnesses on Monday to testify that the city does not belong in bankruptcy including representatives of a union and retirees who said a negotiated settlement of the city's debts had been possible before it filed for bankruptcy in mid-July. The testimony at the city's bankruptcy eligibility hearing in U.S. Bankruptcy Court followed ... (Mon, 04 Nov 2013 14:46:50 -0800)

Dillon likely to face questions in Detroit bankruptcy on sanctity of pensions
— Former state Treasurer Andy Dillon is likely to face questions today in Detroit's bankruptcy eligibility trial about whether he advised retired workers that their pensions were shielded from cuts by Michigan's constitution. (Mon, 04 Nov 2013 18:02:55 -0800)

Atlantic Express files for bankruptcy, may seek sale
Atlantic Express Transportation Corp filed for Chapter 11 bankruptcy protection late on Monday, a court filing showed, as the school bus operator faces a union battle, weak earnings, and cash shortage. Atlantic Express said it expects to use the Chapter 11 process to tap additional debt or equity financing, market its assets for sale and negotiate a new labor agreement with the union Local 1181 ... (Mon, 04 Nov 2013 20:09:57 -0800)

Franchise Services of North America Inc. announces bankruptcy filing by Simply Wheelz LLC
Franchise Services of North America Inc. announces bankruptcy filing by Simply Wheelz LLC (Mon, 04 Nov 2013 21:23:00 -0800)

Live blog: Detroit bankruptcy judge won't delay hearing over retiree health care cuts
Detroit's bankruptcy eligibility trial enters its seventh day today. Follow along as Detroit Free Press Staff Writers Nathan Bomey and Alisa Priddle report live from the courthouse. The historic trial will determine if the Detroit qualifies for bankruptcy protection. (Mon, 04 Nov 2013 22:21:20 -0800)

Atlantic Express Files for Bankruptcy on Union Disputes
Atlantic Express Transportation Corp., a school bus fleet operator, filed for bankruptcy in New York saying the operation is unsustainable because of union labor costs and operating expenses. (Tue, 05 Nov 2013 04:46:24 -0800)

Bankruptcy shadows Detroit's mayoral election
DETROIT (AP) — A former write-in candidate once thought to have little chance of surviving Detroit's primary election is favored to become the city's new mayor, a job with limited power as the debt-ridden city moves toward the largest municipal bankruptcy in U.S. history under a state overseer. (Tue, 05 Nov 2013 09:19:32 -0800)

Treasurer was concerned about Detroit bankruptcy
Eight days before Detroit filed for bankruptcy, Michigan's state treasurer expressed concern about the move, saying he agreed with it but wondered if the city first should give creditors a "take-it-or-leave-it ... (Tue, 05 Nov 2013 13:18:00 -0800)

Bankruptcy judge allows lawsuits to proceed against Casey Anthony
TAMPA, Fla., Nov. 5 (UPI) -- A federal bankruptcy judge in Florida decided Tuesday two lawsuits accusing Casey Anthony of defamation can move forward. (Tue, 05 Nov 2013 13:29:15 -0800)

Stockton Approves Sales-Tax Hike to Ease Bankruptcy Exit
Voters in Stockton, California, the biggest U.S. city to file for bankruptcy after Detroit, approved a proposed sales-tax increase that’s a key part of its plan to become solvent. (Tue, 05 Nov 2013 23:58:35 -0800)

Former treasurer was concerned about Detroit bankruptcy, trial hears
Andy Dillon had expressed concern eight days before bankruptcy filing, according to email revealed in court Tuesday (Wed, 06 Nov 2013 09:21:30 -0800)

Spanish appliance maker Fagor to declare bankruptcy
Heavily indebted Spanish electrical appliance maker Fagor, employing 5,700 people worldwide, will file for bankruptcy, Industry Minister Jose Manuel Soria said Wednesday. Fagor announced on October 16 that it had launched initial proceedings towards bankruptcy protection while it tried to refinance its debt pile of 800 million euros ($1.1 billion). But last week its parent company Mondragon ... (Wed, 06 Nov 2013 10:02:26 -0800)

OSX Vessels Said Excluded From Planned Bankruptcy Filing
Eike Batista’s shipbuilding company intends to leave out from a bankruptcy protection filing three oil vessels used as collateral for $1.77 billion of debt, said two people with direct knowledge of the matter. (Wed, 06 Nov 2013 13:29:39 -0800)

Creditors to vote on Patriot Coal's bankruptcy exit plan
The company said in a statement that a bankruptcy judge in St. Louis approved the plan outline, allowing it to be sent to creditors for their assessment of the overall plan. The milestone comes after months of wrangling in which Patriot fought with its unionized workforce, as well as former parent Peabody Energy Corp The court also approved a rights offering backstopped by Knighthead Capital ... (Wed, 06 Nov 2013 15:17:19 -0800)

Nearing bankruptcy exit, Jefferson County, Ala., plans $1.7B bond sale
Alabama's Jefferson County — nearing the end of its two-year municipal bankruptcy — plans to sell $1.74 billion in bonds later this month to partially repay lenders, but some experts fear the long-term debt could bankrupt the county all over again. (Wed, 06 Nov 2013 17:07:51 -0800)

Detroit bankruptcy judge says NAACP can't pursue lawsuit over EM
— U.S. Bankruptcy Judge Steven Rhodes on Wednesday denied the NAACP's request to pursue a lawsuit against Gov. Rick Snyder's administration over the constitutionality of the emergency manager law. (Wed, 06 Nov 2013 19:33:17 -0800)

Atlantic Club casino seeks bankruptcy protection
The struggling Atlantic City casino market reached a dubious milestone this week: Half of its 12 casinos have filed for bankruptcy protection in the past six years. The most recent was The Atlantic Club ... (Thu, 07 Nov 2013 10:11:43 -0800)

Patriot eyes bankruptcy emergence next month
Patriot Coal Corp. says it's still on pace to emerge from bankruptcy by the end of the year now that a judge has given the company the go-ahead to send its reorganization plan to creditors for a vote. ... (Thu, 07 Nov 2013 13:12:41 -0800)

Closing arguments next in Detroit bankruptcy trial
Labor union and retiree attorneys will get their final shot Friday to argue in court why Detroit is ineligible for bankruptcy when closing arguments begin in a historic trial over the city's financial collapse. (Thu, 07 Nov 2013 18:53:58 -0800)

Detroit Bankruptcy Trial Ends Today With Final Arguments
Detroit ends a federal trial today that will determine whether its record-setting bankruptcy should be thrown out, leaving it vulnerable to lawsuits and other actions that could disrupt its turnaround effort. (Thu, 07 Nov 2013 21:19:45 -0800)

Four Months After Bankruptcy, Michigan Leaders Reframe Detroit as America's Comeback City
On the day Detroit declared bankruptcy, Gerard Anderson, CEO of Detroit-based DTE Energy, got an email from a friend who lived in New Hampshire who had heard the news. He wanted to know if Anderson was considering moving his company?s headquarters. (Fri, 08 Nov 2013 08:27:11 -0800)

Lawyers wrapping case in Detroit bankruptcy trial
Objectors to a Detroit bankruptcy are confusing careful and deliberate planning by state officials with pursuing bankruptcy at all costs, attorneys representing Detroit's state-appointed manager argued Friday. (Fri, 08 Nov 2013 09:24:49 -0800)

Insurers want bankruptcy judge to force Detroit to make payments on debt
Detroit — Two insurers of Detroit's general obligation bonds want a federal bankruptcy judge to force the city to resume making payments on voter-approved debt the city defaulted on last month. (Fri, 08 Nov 2013 09:38:54 -0800)

Insurers want bankruptcy judge to safeguard funds intended for debt
Detroit — Threeinsurers of Detroit's general obligation bonds want a federal bankruptcy judgeto stop the city from diverting property taxesintended for voter-approved debt the city defaulted on last month. (Fri, 08 Nov 2013 10:18:27 -0800)

Bankruptcy was unavoidable, Detroit lawyer tells court
By Joseph Lichterman DETROIT (Reuters) - Detroit tried in good faith to negotiate an out-of-court settlement with creditors before declaring bankruptcy on July 18, even though it suspected that default was unavoidable, a lawyer for the city told a court on Friday. "I think what the city did was they said: 'This is extremely difficult to achieve, but we're going to try anyway,'" city attorney ... (Fri, 08 Nov 2013 10:46:59 -0800)

Michigan governor hopeful Detroit bankruptcy can be resolved quickly
By Dan Burns NEW YORK (Reuters) - Michigan Governor Rick Snyder is optimistic that Detroit's bankruptcy case can be wrapped up during the remaining tenure of the emergency manager he installed to run the cash-strapped city, he said Friday. Snyder, a first-term Republican, appointed bankruptcy attorney Kevyn Orr to an 18-month posting as the city's de facto chief executive in March, a role that ... (Fri, 08 Nov 2013 11:33:34 -0800)

Lawyers wrapping case in Detroit bankruptcy trial
Detroit bankruptcy opponents are confusing careful and deliberate planning by officials with pursuing bankruptcy at all costs, attorneys argued Friday at the end of a trial that will determine the future ... (Fri, 08 Nov 2013 12:41:55 -0800)

Batista's shipbuilder OSX Brasil to file for bankruptcy
Brazilian shipbuilder OSX Brasil SA said on Friday it will file for bankruptcy protection, another step in the decline of former billionaire Eike Batista's empire. The company said in a securities filing its shareholders approved the bankruptcy filing, which is expected to take place next week in a Rio de Janeiro court. OSX has 5.34 billion reais ($2.29 billion) in debt and could seek to ... (Fri, 08 Nov 2013 15:17:24 -0800)

Can Detroit bankruptcy proceed? What the judge must (and might) consider
After two weeks of testimony from city officials, an emergency manager, creditors, and even Michigan Gov. Rick Snyder (R), that's perhaps the chief question before federal bankruptcy judge Steven Rhodes, who on Friday heard closing arguments in the trial that will determine if Detroit can in fact seek bankruptcy protection. And what if the judge were to deny bankruptcy status for Detroit? Well ... (Fri, 08 Nov 2013 15:22:12 -0800)

Lawyers wrap case in Detroit bankruptcy trial
Attorneys gave closing arguments Friday in a rare trial to determine whether Detroit can become the largest municipality to fix its finances in bankruptcy court. The daylong remarks for and against Chapter ... (Fri, 08 Nov 2013 16:50:51 -0800)

Lawyers wrap case in Detroit bankruptcy trial
DETROIT (AP) — Attorneys gave closing arguments Friday in a rare trial to determine whether Detroit can become the largest municipality to fix its finances in bankruptcy court. (Fri, 08 Nov 2013 16:51:11 -0800)

Bankruptcy was unavoidable, Detroit lawyer tells court
By Joseph Lichterman DETROIT (Reuters) - Detroit on Friday wrapped up its effort to prove that it is eligible for the largest municipal bankruptcy in U.S. history, clashing with unions, retirees and pension funds over whether good faith negotiations were feasible before the city filed for court protection on July 18. During closing arguments of the nine-day eligibility trial, U.S. Bankruptcy ... (Fri, 08 Nov 2013 18:41:55 -0800)

Detroit bankruptcy eligibility trial case ends in tense exchange
A state attorney attacked theories Detroit's creditors have pushed that Gov. Rick Snyder's administration schemed to slash public pensions during closing arguments Friday in the city's historic bankruptcy eligibility trial. (Sat, 09 Nov 2013 00:02:41 -0800)

Can Detroit bankruptcy proceed? What the judge must (and might) consider.
As closing arguments wrap up Friday, the judge overseeing the Detroit bankruptcy trial will consider four criteria to determine if the city can seek bankruptcy protection. Some experts wonder if an unspoken fifth might come into play. (Sat, 09 Nov 2013 04:59:19 -0800)

Detroit nears deadline to clear lawsuits in bankruptcy case
Justice delayed may be justice denied, but when it comes to the nation's largest-ever Chapter 9 municipal bankruptcy, that's the only kind of justice available now for hundreds of people with civil suits pending against the city of Detroit. But that could change Tuesday. (Sun, 10 Nov 2013 22:03:38 -0800)

Indiana bankruptcy filing by equity firm owned by Steven Hilbert is dismissed
The bankruptcy filing by Steven Hilbert's private-equity management company has been withdrawn after one of the firm's law firms was disqualified from the case. (Mon, 11 Nov 2013 09:55:38 -0800)

Factbox: OSX's path through Brazil's bankruptcy process
(Reuters) - Brazilian shipbuilder OSX Brasil filed for bankruptcy on Monday, a source told Reuters, making it the second company controlled by former billionaire Eike Batista to seek court protection from creditors. OSX's filing comes less than two weeks after sister company OGX Petróleo e Gas Participações entered into Brazil's relatively new bankruptcy process. Brazil's bankruptcy law was ... (Mon, 11 Nov 2013 12:04:50 -0800)

OSX becomes 2nd Batista company to file for bankruptcy
Brazilian shipbuilder OSX Brasil SA filed for bankruptcy protection on Monday, becoming the second company controlled by former billionaire Eike Batista to seek court protection from creditors in just over a week. The move, confirmed by the company shortly after a source told Reuters the filing was underway, follows a decision by the OSX board on Friday to pursue bankruptcy proceedings. OGX is ... (Mon, 11 Nov 2013 14:25:55 -0800)

OSX becomes second Batista company to file for bankruptcy
By Sabrina Lorenzi RIO DE JANEIRO (Reuters) - Brazilian shipbuilder OSX Brasil SA filed for bankruptcy protection on Monday, becoming the second company controlled by former billionaire Eike Batista to seek court protection from creditors in just over a week. The move, confirmed by the company shortly after a source told Reuters the filing was underway, follows a decision by the OSX board on ... (Mon, 11 Nov 2013 14:26:47 -0800)

2nd Batista company to seek bankruptcy
OSX Brasil filed for bankruptcy, becoming the second company controlled by former billionaire Eike Batista to seek court protection. (Mon, 11 Nov 2013 15:40:33 -0800)

Going for broke: Company's fourth bankruptcy may be a record
Global Aviation Holdings Inc may not be a household name, but it should be familiar to bankruptcy lawyers. (Tue, 12 Nov 2013 14:41:00 -0800)

Good-faith bargaining not easy to define in Detroit bankruptcy case
The birthplace of the modern American labor movement's commonly accepted understanding of good-faith bargaining is headed for a potential reckoning, courtesy of Detroit's Chapter 9 bankruptcy. (Tue, 12 Nov 2013 23:26:25 -0800)

Good-faith bargaining not easy to define in Detroit bankruptcy case
The birthplace of the modern American labor movement's commonly accepted understanding of good-faith bargaining is headed for a potential reckoning, courtesy of Detroit's Chapter 9 bankruptcy. (Wed, 13 Nov 2013 01:05:04 -0800)

California’s Desert Hot Springs Holds Short of Bankruptcy
The City Council in the resort town of Desert Hot Springs, California, urged by aides to begin steps toward bankruptcy, stopped short yesterday, saying it may avoid running out of cash by finding savings to stay solvent. (Wed, 13 Nov 2013 05:43:30 -0800)

Detroit Union Seeks Automatic Appeal of Bankruptcy Ruling
A Detroit municipal workers’ union asked a judge to send any ruling he makes on the city’s eligibility for bankruptcy court protection to an appeals court for automatic review. (Wed, 13 Nov 2013 12:29:49 -0800)

Union asks judge for direct appeal in Detroit bankruptcy case
The city's largest union wants Detroit's bankruptcy judge to allow a direct appeal to the 6th U.S. Circuit Court of Appeals regardless of whether the city is ruled eligible for Chapter 9 relief, citing public interest in the case and the likelihood of a precedent-setting ruling. (Wed, 13 Nov 2013 18:56:15 -0800)

Affordable Bankruptcy Courses Offers Low Cost Solution for Credit Counseling and Debtor Education
FORT LAUDERDALE, Fla., Nov. 14, 2013 /PRNewswire/ -- Affordable Bankruptcy Courses has emerged as a low price leader of the Pre-Filing Credit Counseling and Pre-Discharge Debtor Education courses.  The ... (Thu, 14 Nov 2013 05:00:00 -0800)

How Bankruptcy Affects College, Grad School Financing
It allows borrowers suffocating under medical bills, credit card debt and home foreclosures to catch a breath and start to rebuild. Nearly 1.2 million people filed for bankruptcy in 2012, according to reports by the Administrative Office of the U.S. Courts. "Parents are ineligible to borrow from the PLUS loan program for five years after their discharge of debts in bankruptcy," says Shane ... (Thu, 14 Nov 2013 07:19:59 -0800)

Bankruptcy judge denies activist's request challenging Detroit EM appointments
U.S. Bankruptcy Judge Steven Rhodes on Thursday denied union activist Robert Davis' request for 'blanket' authority to challenge the legality of Emergency Manager Kevyn Orr's appointments, including Police Chief James Craig. (Thu, 14 Nov 2013 11:06:01 -0800)

Kodak bankruptcy advisers likely to see $240 mln payday
A lawyer tasked with reviewing advisers' fees in Eastman Kodak Co's bankruptcy on Thursday gave his blessing to more than $240 million in bills, priming them for court approval next week. Fee examiner Richard Stern recommended approval of about $235.8 million in fees and another $7.2 million in expenses, according to an 87-page report in U.S. Bankruptcy Court in Manhattan. The fees on Tuesday ... (Thu, 14 Nov 2013 14:49:04 -0800)

Kodak bankruptcy advisers likely to see $240 million payday
By Nick Brown NEW YORK (Reuters) - A lawyer tasked with reviewing advisers' fees in Eastman Kodak Co's bankruptcy on Thursday gave his blessing to more than $240 million in bills, priming them for court approval next week. Fee examiner Richard Stern recommended approval of about $235.8 million in fees and another $7.2 million in expenses, according to an 87-page report in U.S. Bankruptcy Court ... (Thu, 14 Nov 2013 14:51:18 -0800)

Detroit bankruptcy judge: Bank's lending agreement must be made public
Detroit — The city of Detroit cannot keep secret a bank's lending agreement for $350 million while in bankruptcy, U.S. Bankruptcy Judge Steven Rhodes ruled Thursday. (Thu, 14 Nov 2013 15:39:06 -0800)

Bankruptcy lawyers get a scolding from judge: Hey, write it in English
U.S. Bankruptcy Judge Steven Rhodes today told a lawyer for the city of Detroit that the city needs to dramatically simplify the wording on a critical document it plans to send to creditors. The document, which will notify creditors of their right to file a financial claim in the Chapter 9 bankruptcy case, was 'written by a lawyer,' acknowledged Jeffrey Ellman, an attorney for city law firm ... (Thu, 14 Nov 2013 16:26:47 -0800)

Way out of bankruptcy is hardest challenge
There are no guarantees in Detroit's bankruptcy, except one: Things change. (Thu, 14 Nov 2013 23:14:45 -0800)

Way out of bankruptcy is hardest challenge
There are no guarantees in Detroit's bankruptcy, except one: Things change. (Fri, 15 Nov 2013 02:43:30 -0800)

Southern California City Weighs Fiscal Emergency To Avoid Bankruptcy
A Southern California city that declared bankruptcy more than a decade ago is trying to avoid repeating history. (Sun, 17 Nov 2013 09:36:04 -0800)

Those Facing Bankruptcy Told To Seek Help Of Agencies
Most of the bankruptcy cases between 2005 and 2012 were mostly caused by the inability to sustain debt due to hire purchase transactions, mortgage (housing loans) and personal loans. (Sun, 17 Nov 2013 17:06:52 -0800)

Stockton, Calif. creditors to vote on bankruptcy exit in February
SACRAMENTO, Calif., Nov 18 (Reuters) - The judge hearing Stockton, California's bankruptcy case scheduled a vote on Monday by the city's creditors on its plan to exit bankruptcy for February after approving its notice of deals it has struck with nearly all of them. The only major creditors continuing to contest Stockton's plan are the Franklin High Yield Tax-Free Income Fund and Franklin ... (Mon, 18 Nov 2013 15:40:34 -0800)

DealBook: A Municipal Bankruptcy May Create a Template
Jefferson County, Ala., will ask a federal court on Wednesday to approve its plan for exiting bankruptcy, including court oversight for a period of 40 years.         (Mon, 18 Nov 2013 19:02:41 -0800)

Bankruptcy judge keeps Detroiters' plight in mind
Four months into Detroit's complex and unprecedented bankruptcy case, Judge Steven Rhodes appears to be showing little patience with creditor attorneys who are trying to delay efforts to fix city services. (Mon, 18 Nov 2013 22:30:19 -0800)

Key part of bankruptcy plan OK'd
SACRAMENTO - The city of Stockton cleared a hurdle in its bankruptcy case Monday, when a judge approved a key part of its strategy for exiting Chapter 9 protection over the objections of a lone creditor. (Tue, 19 Nov 2013 00:27:12 -0800)

Can't pay off home equity loan -- file bankruptcy?
Dear Bankruptcy Adviser, My parents are in their 80s. My mom and dad took out separate equity loans. My dad's was for $100,000 and he is currently paying it off. My mom's was for $120,000, but because of her shopping addictions she has not paid hers in nine months. (Tue, 19 Nov 2013 03:32:12 -0800)

ResCap Opens Last Bankruptcy Phase Fighting Hedge Funds
Residential Capital LLC, the defunct mortgage company, opened a weeklong bankruptcy trial in which it will fight hedge funds including Aurelius Capital Management LP over a liquidation plan that resolves more than $100 billion in claims. (Tue, 19 Nov 2013 09:44:49 -0800)

ResCap presents creditor payout plan to judge, criticizes bondholders
* ResCap seeking to end bankruptcy, pay back creditors NEW YORK, Nov 19 (Reuters) - A lawyer for bankrupt Residential Capital on Tuesday asked a judge to confirm the mortgage lender's plan to end its Chapter 11 case and pay back creditors, criticizing "scorched-earth" opposition by bondholders in the opening of what figures to be a marathon hearing. ResCap lawyer Gary Lee told an overflowing ... (Tue, 19 Nov 2013 14:26:26 -0800)

Bankruptcy seen looming for Finnish nickel miner Talvivaara
HELSINKI, Finland, Nov. 20 (UPI) -- A temporary shutdown and reorganization petition filed by Finland's Talvivaara nickel mining company has brought predictions of its eventual bankruptcy. (Tue, 19 Nov 2013 21:05:01 -0800)

Jefferson County Seeks Approval to End 2-Year Bankruptcy
Jefferson County, Alabama, is set to ask a federal judge to end its two-year-old bankruptcy by approving $1.5 billion in creditor concessions, the first time since the Great Depression a U.S. municipality has imposed principal losses on bondholders. (Tue, 19 Nov 2013 21:19:30 -0800)

All sides prepare for bankruptcy appeals
The city and several groups fighting to kick Detroit out of bankruptcy court have hired lawyers to launch immediate appeals of a judge's impending ruling on whether Detroit is eligible for Chapter 9 relief. (Tue, 19 Nov 2013 22:46:33 -0800)

Global Aviation Second Bankruptcy Can Stay in Delaware
Global Aviation Holdings Inc., the biggest charter-flight company for U.S. military troops, can go ahead in Delaware with its second bankruptcy in less than two years, a judge in New York ruled. (Wed, 20 Nov 2013 09:14:16 -0800)

Can't Pay Off Home Equity Loan -- File Bankruptcy?
Your parents took out two equity loans on their home and can't repay them. What should they do? (Wed, 20 Nov 2013 10:05:36 -0800)

Desert Hot Springs declares fiscal emergency to avoid bankruptcy
Officials in Desert Hot Springs have declared a fiscal emergency in an attempt to avert a second bankruptcy as the Palm Springs-area city approaches insolvency. (Wed, 20 Nov 2013 16:33:39 -0800)

OGX Offshore Units Left Out of Bankruptcy Case by Brazil Judge
Judge Gilberto Matos agreed to begin bankruptcy protection proceedings for Eike Batista ’s oil company while refusing to include the Vienna-based unit that sold $3.6 billion of dollar-denominated bonds, according to a decision published today on the Rio State Tribunal’s website. (Thu, 21 Nov 2013 15:14:19 -0800)

Judge denies bankruptcy protection for OGX foreign units
By Sabrina Lorenzi RIO DE JANEIRO (Reuters) - A Brazilian judge on Thursday denied bankruptcy protection for the foreign subsidiaries of OGX in a decision that may complicate the recovery of the oil company, which is controlled by former billionaire Eike Batista. Rio de Janeiro Judge Gilberto Matos did, however, accept bankruptcy protection for company's Brazil-based units OGX Petróleo e Gás SA ... (Thu, 21 Nov 2013 15:22:24 -0800)

Judge leaves OGX foreign units out of bankruptcy protection
A Brazilian judge on Thursday accepted a request for bankruptcy protection from former billionaire Eike Batista's oil company, OGX (OGXP3.SA), but denied the same protection for two small foreign subsidiaries in a potential setback for the company. Rio de Janeiro Judge Gilberto Matos granted bankruptcy protection for the company's Brazil-based units OGX Petróleo e Gás SA and OGX Petróleo e Gas ... (Thu, 21 Nov 2013 16:06:58 -0800)

Judge leaves OGX foreign units out of bankruptcy protection
By Sabrina Lorenzi RIO DE JANEIRO (Reuters) - A Brazilian judge on Thursday accepted a request for bankruptcy protection from former billionaire Eike Batista's oil company, OGX Rio de Janeiro Judge Gilberto Matos granted bankruptcy protection for the company's Brazil-based units OGX Petróleo e Gás SA and OGX Petróleo e Gas Participações SA. OGX sought court protection from creditors on October ... (Thu, 21 Nov 2013 16:06:58 -0800)

Bankruptcy filing 'very positive' for Aaron Carter, publicist says
Singer Aaron Carter filed a bankruptcy petition to shed more than $2 million in debt, mostly taxes owed from when he was making tons of money as a teen sensation. (Thu, 21 Nov 2013 16:20:41 -0800)

Aaron Carter files for bankruptcy
Singer Aaron Carter filed a bankruptcy petition to shed more than $2 million in debt, mostly taxes owed from when he was making tons of money as a teen sensation. (Fri, 22 Nov 2013 07:21:54 -0800)

Jefferson County’s Bankruptcy Left Few Winners as Debt Forgiven
The impact of Jefferson County’s bankruptcy will reverberate for decades in Alabama and in the $3.7 trillion U.S. municipal bond market. (Fri, 22 Nov 2013 11:14:02 -0800)

Nortel bankruptcy fees hit $1B US
Fees paid to lawyers and other professionals working on the ongoing bankruptcy proceedings of Nortel Networks Corp. have passed the $1 billion US mark. That's outraged former Nortel employees who saw their disability benefits cut after the company went under. (Fri, 22 Nov 2013 11:31:05 -0800)

US Justice Dept objects to LightSquared bankruptcy exit plans
The U.S. Department of Justice's bankruptcy watchdog on Friday questioned the feasibility of four competing restructuring plans for bankrupt LightSquared put forth by the company and its creditors. In a court filing in U.S. Bankruptcy Court in Manhattan, the DOJ's U.S. Trustee Program said the plans would provide third parties with overly broad releases from potential legal claims. LightSquared ... (Fri, 22 Nov 2013 14:28:14 -0800)

Justice Department objects to LightSquared bankruptcy exit plans
By Billy Cheung NEW YORK (Reuters) - The U.S. Department of Justice's bankruptcy watchdog on Friday questioned the feasibility of four competing restructuring plans for bankrupt LightSquared put forth by the company and its creditors. In a court filing in U.S. Bankruptcy Court in Manhattan, the DOJ's U.S. Trustee Program said the plans would provide third parties with overly broad releases from ... (Fri, 22 Nov 2013 14:30:22 -0800)

Electric carmaker Fisker files for bankruptcy
Fisker Automotive, whose sleek, sporty electric cars caught the eye of Justin Bieber and other celebrities, has filed for bankruptcy protection. The California-based company also announced it had entered an asset purchase agreement with Hybrid Tech Holdings, LLC. "After having evaluated and pursued all other alternatives, we believe the sale to Hybrid and the related Chapter 11 process is the ... (Sat, 23 Nov 2013 12:02:52 -0800)

Chapter 9 ruling due any day in Detroit
U.S. Bankruptcy Judge Steven Rhodes has moved along Detroit's bankruptcy at a brisk pace, concluding the eligibility phase in less than half the time it took recent municipal bankruptcies in California and Alabama. (Sun, 24 Nov 2013 23:32:01 -0800)

Fisker Automotive failure could hit U.S. taxpayers for years to come
The bankruptcy of Fisker Automotive could end up costing the U.S. government much more than the $168 million it loaned to the maker of the Karma plug-in hybrid sports car. According to its bankruptcy filing on Friday, Fisker owns tax breaks worth $320 million. Fisker's bankruptcy papers said the Southern California-based company plans to sell its automotive operations to a business affiliated ... (Mon, 25 Nov 2013 09:42:21 -0800)

New bankruptcy law ‘imminent’ following country’s first debt settlement deal
Under the new laws the period of bankruptcy will be reduced from 12 to three years. (Mon, 25 Nov 2013 11:17:00 -0800)

Detroit Judge Plans to Issue Bankruptcy Ruling on Dec 3
The judge overseeing Detroit’s bankruptcy case will issue an oral decision Dec. 3 on whether the city is eligible to remain under court protection, according to a court filing. (Mon, 25 Nov 2013 13:13:30 -0800)

Detroit bankruptcy eligibility to be decided Dec. 3
U.S. Bankruptcy Judge Steven Rhodes plans to rule Dec. 3 from the bench on whether Detroit is eligible for Chapter 9 bankruptcy relief from its creditors. Rhodes disclosed his plans Monday in a court filing. (Mon, 25 Nov 2013 14:07:23 -0800)

Judge to rule on Detroit bankruptcy petition on Dec. 3
The judge overseeing Detroit's historic bankruptcy petition set Dec. 3 as the date for issuing his decision on whether the cash-strapped city qualifies as bankrupt under federal law, according to a court filing posted Monday. U.S. Judge Steven Rhodes will hand down his ruling in federal bankruptcy court in Detroit at 9 a.m. EST on that day. Rhodes also is considering a request from one of the ... (Mon, 25 Nov 2013 14:52:39 -0800)

Judge to rule on Detroit bankruptcy petition on December 3
By Joseph Lichterman DETROIT (Reuters) - The judge overseeing Detroit's historic bankruptcy petition set December 3 as the date for issuing his decision on whether the cash-strapped city qualifies as bankrupt under federal law, according to a court filing posted Monday. U.S. Judge Steven Rhodes will hand down his ruling in federal bankruptcy court in Detroit at 9 a.m. EST on that day. Rhodes ... (Mon, 25 Nov 2013 14:55:59 -0800)

Judge to decide Detroit bankruptcy eligibility Dec. 3
U.S. Bankruptcy Judge Steven Rhodes plans to rule Dec. 3 from the bench on whether Detroit is eligible for Chapter 9 bankruptcy relief from its creditors. Rhodes disclosed his plans Monday in a court filing. (Mon, 25 Nov 2013 15:32:39 -0800)

Judge to rule on Detroit bankruptcy next week
The judge overseeing Detroit's historic bankruptcy petition set Dec. 3 as the date for issuing his decision on whether the cash-strapped city qualifies as bankrupt under federal bankruptcy law, according to a court filing posted Monday. U.S. (Mon, 25 Nov 2013 15:45:43 -0800)

GST is no magic cure for bankruptcy, say MPs
Malaysia will still face bankruptcy even after the goods and services tax (GST) is implemented if corruption and wastage are not addressed first, Pakatan Rakyat MPs said today. PKR's Rafizi Ramli, DAP's Tony Pua and PAS's Khalid Samad cautioned that the GST was not a "miracle drug" to fix the nation's finances. They were responding to Prime... (Mon, 25 Nov 2013 20:29:28 -0800)

Detroit’s Bankruptcy Bid Could Still Fall Apart
It seemed a slam dunk this summer that Detroit would receive Chapter 9 bankruptcy protection in the wake of the largest municipal financial crisis in history – and many experts continue to predict that will be the case. But the federal bankruptcy judge who will soon make that decision has raised just enough tough questions about the city’s petition for relief to leave Kevyn Orr, the state ... (Tue, 26 Nov 2013 02:15:00 -0800)

Ex Filed Bankruptcy -- is Mortgage All on Me?
A 12-year-old mortgage debt could all fall on your shoulders if your ex put it on his bankruptcy. (Tue, 26 Nov 2013 05:57:13 -0800)

U.S. high court to chart fate of inherited IRAs in bankruptcy
The U.S. Supreme Court will hear a dispute in the bankruptcy of a small-town pizza shop owner, taking on a case that could dictate how inherited individual retirement accounts are treated in bankruptcy. The nation's highest court on Tuesday said it would hear arguments in Clark v. Rameker in a fight over whether Heidi Heffron-Clark and her husband, Brandon Clark, can keep creditors from going ... (Tue, 26 Nov 2013 13:39:11 -0800)

Fisker Automotive bankruptcy case on fast track
A Delaware judge on Tuesday kept the bankruptcy case of electric carmaker Fisker Automotive on the fast track, with a hearing scheduled for Jan. 3 on its proposed sale. Anaheim, Calif.-based Fisker, which ... (Tue, 26 Nov 2013 14:42:28 -0800)

AMR Merger Settlement Approved by Bankruptcy Judge
American Airlines parent AMR Corp. (AAMRQ) won bankruptcy court approval of the deal it reached this month with regulators to consummate its $17.2 billion merger with US Airways Group Inc. (LCC) and create the world’s biggest airline. (Wed, 27 Nov 2013 07:35:32 -0800)

Bankruptcy judge OKs airlines merger settlement
A federal bankruptcy court on Friday approved an agreement reached earlier this month between American Airlines and anti-trust regulators, paving the way for the creation of the world’s largest airline. (Wed, 27 Nov 2013 07:52:05 -0800)

Federal judge clears airline merger for takeoff
A federal bankruptcy judge has cleared the way for American Airlines and US Airways to complete their merger and create the world's largest airline. (Wed, 27 Nov 2013 13:44:20 -0800)

Bankruptcy: A good thing for unsecured mortgage lenders?
When a borrower files bankruptcy, lenders frequently try to have the court lift or modify the bankruptcy stay under Section 362 of the bankruptcy code so the lender may foreclose on the real estate that secures its debt. (Wed, 27 Nov 2013 14:20:50 -0800)

With bankruptcy ruling pending, optimism arises for Detroit
Whatever the ruling Tuesday on Detroit's eligibility for Chapter 9 bankruptcy, the city's future looks brighter than it did this time a year ago — and many years before that. (Thu, 28 Nov 2013 01:06:07 -0800)


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