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Home > Bankruptcy News

Bankruptcy News Dec 2013

Detroit bankruptcy ruling poses risks, challenges
A federal judge's scheduled ruling Tuesday on Detroit's application for bankruptcy relief will either set the stage for an orderly resolution of the city's debts or, some experts warn, lead to a financial free-for-all that could exacerbate the city's problems. (Sun, 01 Dec 2013 22:34:33 -0800)

Detroit bankruptcy ruling expected Tuesday
Ruling that the bankruptcy can proceed could open door for city to cut billions of dollars in payments owed to city employees, retirees, investors and other creditors. (Mon, 02 Dec 2013 07:39:33 -0800)

Detroit bankruptcy ruling due Tuesday
Ruling that the bankruptcy can proceed could open door for city to cut billions of dollars in payments owed to city employees, retirees, investors and other creditors. (Mon, 02 Dec 2013 08:08:24 -0800)

Landmark moment in making: judge to rule on Detroit bankruptcy
By Joseph Lichterman DETROIT (Reuters) - The largest-ever municipal bankruptcy petition in U.S. history faces a watershed moment on Tuesday, as the judge overseeing Detroit's bankruptcy case is scheduled to rule whether the city is eligible for protection from creditors - an event that has citizens, public officials, creditors, retirees and others awaiting the judge's words and preparing ... (Mon, 02 Dec 2013 15:19:38 -0800)

Detroit Braces for Bankruptcy Ruling
Many see bankruptcy protection as the only way for the city, which has $18 billion in debts, to get its finances in order and chart a new course. (Tue, 03 Dec 2013 07:48:12 -0800)

Detroit eligible for bankruptcy, judge rules
Detroit's historic bankruptcy will move forward after a judge ruled Tuesday that the financially crumbling city is eligible to shed billions in debt. (Tue, 03 Dec 2013 08:49:46 -0800)

Detroit to Remain Under Bankruptcy Protection, Judge Says
Detroit can remain under bankruptcy court protection, where it’s shielded from lawsuits or other actions that might interfere with its attempts to reduce debt and cut employee benefits. (Tue, 03 Dec 2013 08:51:38 -0800)

Bankruptcy Judge May Allow Detroit Pensions to Be Cut
Federal Bankruptcy Judge Steven Rhodes issued a 140-page opinion today ruling that Detroit is eligible for Chapter 9 bankruptcy. Rhodes, who said that Detroit meets the insolvency requirements to be considered for bankruptcy protection, also ruled that the court will allow pensions to be cut — but that he won't necessarily approve severe cuts. Reuters predicted yesterday a drawn-out appeals ... (Tue, 03 Dec 2013 08:54:46 -0800)

Federal Judge OK’s Detroit Bankruptcy
A federal judge ruled on Tuesday that Detroit can proceed with the largest municipal bankruptcy proceeding in history. Steven Rhodes, the bankruptcy court judge, overrode vigorous opposition from union lawyers representing city employees and retirees who argued that state-appointed emergency manager Kevyn Orr didn’t do enough before filing for Chapter 9 protection to persuade creditors to ... (Tue, 03 Dec 2013 08:55:00 -0800)

Detroit Is Eligible For Bankruptcy, And City Pensions Are At Risk
Federal Judge Steven W. Rhodes gave the go-ahead Tuesday to Detroit's historic bankruptcy filing, and dashed the hopes of city employees and retirees who hoped state law would protect their pensions. (Tue, 03 Dec 2013 08:59:34 -0800)

Detroit eligible for bankruptcy protection: U.S. judge
By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) - Detroit is eligible for the biggest municipal bankruptcy in U.S. history because the city is broke and negotiations with its thousands of creditors were unfeasible, a federal judge said on Tuesday in a wide-ranging ruling that also said the city could cut retiree pensions. The ruling by U.S. Judge Steven Rhodes marks a watershed in the ... (Tue, 03 Dec 2013 09:32:51 -0800)

Detroit bankruptcy case can go forward: US judge
The city of Detroit won judicial approval to move forward with its bankruptcy filing Tuesday despite objections from city workers fearful of losing their pensions and other creditors. After lengthy initial hearings and weeks of deliberation, Judge Steven Rhodes ruled Detroit is eligible to restructure its debt and liabilities under Chapter 9 of the US bankruptcy code that applies to ... (Tue, 03 Dec 2013 09:33:23 -0800)

Judge: Detroit eligible for Chapter 9 bankruptcy
Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history, a judge said Tuesday in a long-awaited decision that now shifts the case toward how the city will accomplish ... (Tue, 03 Dec 2013 09:41:56 -0800)

Detroit bankruptcy: City 'needs help,' can file for protection, judge rules
After a protracted legal battle, a federal judge is allowing Detroit to move forward with its application for Chapter 9 bankruptcy protections, and, in a blow to public sector unions, is allowing the city to seek a reduction in pensions. “The city needs help,” US Bankruptcy Judge Stephen Rhodes said Tuesday. The ruling makes Detroit the largest municipality in the US to file for a federal ... (Tue, 03 Dec 2013 11:15:16 -0800)

Judge: Detroit can use bankruptcy to confront debt
DETROIT (AP) — A federal judge ruled Tuesday that Detroit can use bankruptcy to cut employee pensions and relieve itself of other crushing debts, handing a defeat to the city's unions and retirees and shifting the case into a delicate new phase. (Tue, 03 Dec 2013 14:53:38 -0800)

Judge picks Supremacy Clause in Detroit’s bankruptcy battle
Federal bankruptcy Judge Steven Rhodes said on Tuesday that Detroit can possibly cut pensions for city workers as part of its bankruptcy proceedings, despite a Michigan constitutional provision that prevents such actions. (Tue, 03 Dec 2013 16:44:20 -0800)

Bankruptcy protection offers hope for Detroit, setback for its unions
U.S. bankruptcy judge rules that Detroit is insolvent and therefore eligible for Chapter 9 protection. The ruling also clears the way to cut pensions, deepening a rift with city labor unions. After a federal judge ruled Tuesday that Detroit was eligible for bankruptcy protection and cleared the way for municipal pensions to be cut, city officials were upbeat, called for unity and urged residents ... (Tue, 03 Dec 2013 19:08:47 -0800)

Who will get screwed in Detroit's bankruptcy?
On Tuesday, U.S. Bankruptcy Judge Steven Rhodes upheld Detroit's eligibility to file for Chapter 9 bankruptcy, then gave some bad news to the ailing city's municipal workers and retirees: Their pension funds are on the block. "In the long-running story of Detroit as Humpty Dumpty," says Laura Berman in The Detroit News, this "was another of the accumulating historic days confirming the city's ... (Wed, 04 Dec 2013 00:36:00 -0800)

Detroit bankruptcy decision puts pensions at risk
DETROIT (AP) — A judge has given Detroit the green light to cut pensions as a way out of the largest municipal bankruptcy in U.S. history, a decision that puts the case in the laps of thousands of retirees who had hoped that the Michigan Constitution would protect them from getting smaller checks in their golden years. (Wed, 04 Dec 2013 07:38:53 -0800)

Fitch: Detroit Bankruptcy Ruling
According to Fitch Ratings, the December 3rd ruling by a federal bankruptcy court judge that the city of Detroit is eligible for Chapter 9 was not a surprise, although the ruling r (Wed, 04 Dec 2013 08:17:00 -0800)

Objectors in Detroit bankruptcy ask to appeal directly to circuit court
Organizations that objected to Detroit's bankruptcy separately asked the U.S. judge overseeing the case late on Wednesday to allow an appeal of the case to go directly to the U.S. 6th Circuit Court of Appeals. Groups led by Detroit's largest union - Michigan Council 25 of the American Federation of State, County and Municipal Employees - and the city's two pension funds filed requests with the ... (Wed, 04 Dec 2013 19:49:42 -0800)

Biggest Bankruptcy Before Detroit, Alabama County Stages Comeback
When Detroit filed for bankruptcy in July, it hit home for David Fleming, CEO of REV Birmingham, an economic development organization in Birmingham, Alabama. (Thu, 05 Dec 2013 06:09:55 -0800)

Detroit's bankruptcy ruling makes headlines
Detroit made history when a U.S. bankruptcy judge approved the largest municipal bankruptcy in the nation on Tuesday, the news made the front page the next day of several newspapers throughout the country. (Thu, 05 Dec 2013 07:08:18 -0800)

Detroit bankruptcy ruling: debt, crime and Anna Nicole Smith
The 150-page court ruling finding Detroit eligible for bankruptcy focused on the city's soaring crime, crushing debt - and the late Anna Nicole Smith. The former Playboy Playmate spent years making headlines with a reality show, brief marriage to J. Howard Marshall, an octogenarian billionaire she met while working at a Houston strip club, and 2007 drug overdose death. But Smith's contribution ... (Fri, 06 Dec 2013 11:24:58 -0800)

Detroit bankruptcy judge OKs streetlight financing plan
Detroit's new Public Lighting Authority can go forward with $60 million in streetlight infrastructure repairs after the city's bankruptcy judge approved a financing deal Friday. (Fri, 06 Dec 2013 14:57:07 -0800)

Detroit ruling opens door to pension cuts across the nation
A bankruptcy judge's ruling that Detroit's pension funds — like its other creditors — can take a hit might lead other financially troubled cities down the same path, experts say. For 34 years, Gwendolyn Beasley worked as a clerk at the Detroit Public Library and paid a portion of her salary into a fund that would someday help pay for her pension.         (Sat, 07 Dec 2013 22:52:07 -0800)

Detroit bankruptcy ruling shows New York public worker pensions vulnerable
ALBANY (AP) -- A federal bankruptcy court's decision in Detroit last week putting that city's constitutionally protected public pension on the table for cuts cracks the door open for pension reductions in New York. (Sun, 08 Dec 2013 09:46:01 -0800)

Detroit Ruling Opens Threat to NY Worker Pensions
Detroit bankruptcy opens threat to guarantee of pensions as NY municipalities face insolvency         (Sun, 08 Dec 2013 12:14:34 -0800)

Guitar-playing bankruptcy judge tuned in to people
DETROIT (AP) — Much of what you need to know about Judge Steven Rhodes, friends and former colleagues say, can be gleaned from a handful of hours amid the hundreds he's logged overseeing the largest public bankruptcy filing in U.S. history.         (Mon, 09 Dec 2013 10:17:32 -0800)

Guitar-playing bankruptcy judge tuned in to people
Much of what you need to know about Judge Steven Rhodes, friends and former colleagues say, can be gleaned from a handful of hours amid the hundreds he's logged overseeing the largest public bankruptcy ... (Mon, 09 Dec 2013 10:31:36 -0800)

Dec. 16 hearing set to consider Detroit bankruptcy appeals
The U.S. judge overseeing Detroit's bankruptcy on Monday set a hearing for Dec. 16 to consider whether to expedite appeals of his ruling that declared Detroit eligible for bankruptcy protection, allowing the appeals to proceed straight to the U.S. 6th Circuit Court of Appeals. U.S. Bankruptcy Judge Steven Rhodes will hold a hearing at 10 a.m EST (1500 GMT) to take up requests from city unions ... (Mon, 09 Dec 2013 14:56:49 -0800)

December 16 hearing set to consider Detroit bankruptcy appeals
The U.S. judge overseeing Detroit's bankruptcy on Monday set a hearing for December 16 to consider whether to expedite appeals of his ruling that declared Detroit eligible for bankruptcy protection, allowing the appeals to proceed straight to the U.S. 6th Circuit Court of Appeals. U.S. Bankruptcy Judge Steven Rhodes will hold a hearing at 10 a.m EST (1500 GMT) to take up requests from city ... (Mon, 09 Dec 2013 14:58:11 -0800)

Judge Sets Hearing to Consider Detroit Bankruptcy Appeals for Dec. 16
A judge on Monday set a hearing for Dec. 16 to consider whether to expedite appeals of a ruling that declared Detroit eligible for bankruptcy protection. (Mon, 09 Dec 2013 15:51:36 -0800)

Judge sets hearing on Detroit bankruptcy appeal request
U.S. Bankruptcy Judge Steven Rhodes has set a hearing for Monday on whether to allow creditors to directly appeal to the 6th Circuit Court of Appeals his recent decision that Detroit is bankrupt and can cut pensions. (Mon, 09 Dec 2013 18:23:44 -0800)

A Silver Lining In Detroit's Bankruptcy
Most pundits interpret a recent court ruling in Detroit?s bankruptcy case as a win for municipal bond investors and a loss for municipal employee and retirees. That is a fair judgment in the short term. The longer-term ramifications of the ruling, however, could be positive for both camps. (Tue, 10 Dec 2013 06:57:03 -0800)

Quick sale in Fisker bankruptcy remains on track
A judge gave preliminary approval Tuesday to failed electric-vehicle maker Fisker Automotive's description of its proposed bankruptcy plan, despite expressing concerns that the bankruptcy case was moving ... (Tue, 10 Dec 2013 15:51:07 -0800)

GlassRatner Announces Bankruptcy Settlement and Plan Confirmation for El Centro Ford
GlassRatner, one of the foremost automotive and bankruptcy financial advisory firms in the country, announced today that it has reached a consensual settlement in the bankruptcy agreement for El Centro ... (Wed, 11 Dec 2013 06:00:00 -0800)

Can I Walk Away From Home in Bankruptcy?
Think about why you want to give up your home that's already in bankruptcy. (Wed, 11 Dec 2013 07:42:41 -0800)

U.S. judge approves ResCap's plan to end its bankruptcy
* Confirmation follows settlement with objecting bondholders NEW YORK, Dec 11 (Reuters) - A U.S. Bankrutpcy Court on Wednesday approved Residential Capital's plan to exit Chapter 11 putting the mortgage lender on track to end its 19-month bankruptcy before year's end. The former Ally Financial Inc subsidiary received the green light on the plan at a hearing in the U.S. Bankruptcy Court in ... (Wed, 11 Dec 2013 09:13:41 -0800)

Bankruptcy judge confirms ResCap liquidation plan
A U.S. bankruptcy court judge has confirmed Residential Capital's plan to exit Chapter 11 bankruptcy. The signing of the order Wednesday marks the court's formal approval and a major milestone in the bankruptcy ... (Wed, 11 Dec 2013 10:47:48 -0800)

Bankruptcy judge confirms Residential Capital's liquidation plan, marking milestone for Ally
A U.S. bankruptcy court judge has confirmed Residential Capital's plan to exit Chapter 11 bankruptcy. The signing of the order Wednesday marks the court's formal approval and a major milestone in the bankruptcy of the troubled mortgage lending and service company. ResCap filed for bankruptcy protection in May 2012 under the weight of toxic mortgages. It also closes a messy chapter for Ally ... (Wed, 11 Dec 2013 10:48:13 -0800)

Detroit seeks to delay bankruptcy appeals
The city's bankruptcy teams wants all appeals of Detroit's bankruptcy eligibility put on hold until after a debt-cutting plan is approved by a federal judge. (Thu, 12 Dec 2013 04:16:40 -0800)

ResCap Plan Confirmed. Kramer Levin Represents Creditor’s Committee in $2.1. Billion ResCap Bankruptcy Deal
Yesterday, Bankruptcy Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York confirmed the Joint Chapter 11 Plan proposed by Residential Capital and the Creditors’ Committee. (Thu, 12 Dec 2013 05:07:00 -0800)

Detroit seeks to delay bankruptcy appeals
The city's bankruptcy teams wants all appeals of Detroit's bankruptcy eligibility put on hold until after a debt-cutting plan is approved by a federal judge. (Thu, 12 Dec 2013 07:09:33 -0800)

Detroit's Bankruptcy Filing Is A Powerful Reminder That Policy Matters
As Detroit prepares to file the largest bankruptcy claim in our nation’s history, it’s worth taking a little time to think about what lessons the troubled city can teach the rest of us about public policies and their consequences. Too often, policy decisions – whether at the national or local level – are made in a vacuum by politicians and bureaucrats, with little regard for long-term ... (Fri, 13 Dec 2013 04:18:53 -0800)

Bankruptcy Court Hits Anadarko With Potentially Massive Damage Award
The U.S. Bankruptcy Court for the Southern District of New York issued a ruling on Thursday that could result in a damage award to Tronox Ltd. (NYSE: TROX) of as much as $14.5 billion from Anadarko Petroleum ... (Fri, 13 Dec 2013 07:50:32 -0800)

Bankruptcy judge denies Syncora request to delay Detroit's $350-million refinancing deal
U.S. Bankruptcy Judge Steven Rhodes today denied a request by Syncora, an insurer of some of Detroit's debt, to delay a trial scheduled for next week on a proposal for $350 million in new financing for the city. (Fri, 13 Dec 2013 09:51:06 -0800)

Bankruptcy judge reject activist's attempt to stop Mayor-elect Mike Duggan from taking office
Detroit — U.S. Bankruptcy Judge Steven Rhodes on Friday refused to hold an emergency hearing requested by union activist Robert Davis, who wanted to determine whether he could sue to try to stop Mayor-elect Mike Duggan from taking office. (Fri, 13 Dec 2013 12:42:04 -0800)

Judge: Trial on Detroit bankruptcy financing will proceed
U.S. Bankruptcy Judge Steven Rhodes today denied a request by an insurer of Detroit's debts to delay next week's trial over the city's request to borrow $350M in bankruptcy and end a pension debt financing arrangement. (Fri, 13 Dec 2013 17:40:46 -0800)

USEC, Enricher of Uranium for U.S., Seeks Bankruptcy
USEC will file for bankruptcy though it expects to continue operating. (Sun, 15 Dec 2013 18:02:53 -0800)

Business workshop: Getting paid in bankruptcy
Business bankruptcy filings declined 16 percent from 2011 to 2012, according to U.S. court statistics. (Sun, 15 Dec 2013 21:15:32 -0800)

Detroit faces week of critical bankruptcy hearings
Detroit's effort to exit bankruptcy quickly enters a critical phase this week as the city and its creditors suit up for a marathon of week-before-Christmas court hearings. (Sun, 15 Dec 2013 23:42:08 -0800)

Detroit faces week of critical bankruptcy hearings
Detroit's effort to exit bankruptcy quickly enters a critical phase this week as the city and its creditors suit up for a marathon of week-before-Christmas court hearings. (Mon, 16 Dec 2013 01:27:48 -0800)

Live tweets: Detroit bankruptcy judge allows appeal of eligibility, pension rulings
A bankruptcy judge Monday allowed creditors to appeal his recent eligibility and pension rulings directly to the U.S. 6th Circuit Court of Appeals. (Mon, 16 Dec 2013 07:48:47 -0800)

Judge: Unions Can Appeal Detroit Bankruptcy
A judge in Detroit’s bankruptcy case said unions opposing his Dec. 3 decision to allow the city to restructure its finances under bankruptcy protection can appeal that ruling immediately. (Mon, 16 Dec 2013 09:04:56 -0800)

Detroit bankruptcy appeals can go to 6th Circuit: judge
By Joseph Lichterman DETROIT (Reuters) - Appeals of Detroit's historic bankruptcy will be allowed to bypass a federal district court and head straight to the U.S. 6th Circuit Court of Appeals, the bankruptcy judge overseeing the case ruled from the bench on Monday. U.S. Bankruptcy Judge Steven Rhodes, after listening briefly to arguments from lawyers for the city's unions, retirees and others ... (Mon, 16 Dec 2013 09:12:32 -0800)

Appeals in Detroit bankruptcy can go straight to 6th Circuit: judge
Appeals of Detroit's historic bankruptcy will be allowed to bypass a federal district court and head straight to the U.S. 6th Circuit Court of Appeals, the bankruptcy judge overseeing the case said on Monday.         (Mon, 16 Dec 2013 09:34:34 -0800)

Detroit bankruptcy judge allows appeal of eligibility, pension rulings
A bankruptcy judge Monday allowed creditors to appeal his recent eligibility and pension rulings directly to the U.S. 6th Circuit Court of Appeals. (Mon, 16 Dec 2013 09:39:57 -0800)

Loehmann's files for bankruptcy
Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators. (Mon, 16 Dec 2013 10:52:58 -0800)

Loehmann's files for bankruptcy, plans sale to liquidators
Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators. (Mon, 16 Dec 2013 10:54:31 -0800)

Judge allows appeal in Detroit bankruptcy case
DETROIT (AP) — A crucial decision that keeps Detroit in bankruptcy court and puts pensions at risk can immediately be appealed to a higher court, a judge said Monday. (Mon, 16 Dec 2013 11:03:09 -0800)

Detroit bankruptcy judge allows appeal of eligibility, pension rulings
A bankruptcy judge Monday allowed creditors to appeal his recent eligibility and pension rulings directly to the U.S. 6th Circuit Court of Appeals. (Mon, 16 Dec 2013 14:57:57 -0800)

Worst-case scenarios when filing bankruptcy
Dear Bankruptcy Adviser, What is the worst-case scenario legally when filing for bankruptcy or credit counseling? -- Maureen Dear Maureen, I have written a few columns listing the advantages and disadvantages ... (Tue, 17 Dec 2013 02:00:00 -0800)

Bankruptcy lawyer: $350M loan 'best feasible' deal for city
A city lawyer Tuesday called a plan to borrow $350 million the 'best feasible' deal for a bankrupt city and said the money will help Detroit operate and improve services. (Tue, 17 Dec 2013 07:00:25 -0800)

As bond insurers drop objections, Detroit bankruptcy progresses
Detroit's path through bankruptcy began to take shape on Tuesday, with a second bond insurance firm ready to drop its objections to a controversial city financing plan, joining another bond insurer, bondholders and a committee of retired city workers in reaching agreements with the city. But other objectors remain, including bond insurers Syncora Guarantee Inc. and Financial Guaranty Insurance ... (Tue, 17 Dec 2013 10:29:50 -0800)

Patriot Coal poised to emerge from bankruptcy
ST. LOUIS (AP) — A federal bankruptcy court has approved Patriot Coal's reorganization plan, clearing the way for it to emerge from 17 months of bankruptcy, the St. Louis-based company said Tuesday as it finished wrapping up its exit financing. (Tue, 17 Dec 2013 11:35:03 -0800)

Bankruptcy auction under way for AC casino
A bankruptcy auction is underway for a struggling Atlantic City casino that hopes to emerge with a new owner. Bids are being taken for the Atlantic Club Casino Hotel, which filed for Chapter 11 protection ... (Tue, 17 Dec 2013 13:33:49 -0800)

Detroit Bankruptcy Judge Questions Timing of Loan Request
The judge overseeing Detroit’s bankruptcy asked why the city came to his court for permission to borrow $350 million to settle swaps contracts without first getting approval from a Michigan loan board. (Tue, 17 Dec 2013 15:59:31 -0800)

Bankruptcy auction held for Atlantic City casino
Participants in a bankruptcy auction for a struggling Atlantic City casino that hopes to emerge with a new owner are being tight-lipped hours after the proceedings began. Bids are being taken for the Atlantic ... (Tue, 17 Dec 2013 17:28:37 -0800)

Detroit judge takes note of city’s expenses during bankruptcy
The growing tab for municipal bankruptcy here is quickly becoming among the nation's priciest, drawing scrutiny from the judge in the case and some creditors who have to foot their own bills. (Wed, 18 Dec 2013 08:07:55 -0800)

Bankruptcy judge suspends hearing on Detroit's swaps deal
The judge overseeing Detroit's bankruptcy case on Wednesday suspended a hearing on a $350 million accord to end interest-rate swaps and provide working capital for the city, instead urging the city to renegotiate the deal. The hearing was scheduled to continue through Thursday, but U.S. Bankruptcy Court Judge Steven Rhodes asked Detroit to use the time scheduled for court instead to seek better ... (Wed, 18 Dec 2013 15:03:30 -0800)

Retailers find dead end at bankruptcy
Discount clothing chain Loehmann's this week filed for bankruptcy protection for the third, and likely final, time. It won't help. (Thu, 19 Dec 2013 15:38:26 -0800)

Mud Immortal organizer in personal bankruptcy during event
The organizer of Mud Immortal was in personal bankruptcy the entire time he promoted the controversial race — an event that generated up to hundreds of thousands in revenues, sparked a series of consumer complaints, and led to a review of provincial government policy and legal action. (Fri, 20 Dec 2013 00:37:50 -0800)

Bankruptcy judge lets legal challenge of emergency manager law proceed
Detroit's bankruptcy judge on Friday denied a request by Gov. Rick Snyder and former state Treasury Andy Dillon to block a lawsuit challenging the constitutionality of Michigan's emergency manager law from proceeding. (Fri, 20 Dec 2013 13:16:54 -0800)

Detroit bankruptcy judge allows appeal, asks higher court to reject
By Joseph Lichterman DETROIT (Reuters) - The judge in Detroit's bankruptcy case on Friday certified a direct appeal of his recent decision declaring the city eligible for bankruptcy protection, but recommended that a federal appellate court reject it because the case would best be dealt with in bankruptcy court. Judge Steven Rhodes, of U.S. Bankruptcy Court, in a written decision said he is ... (Fri, 20 Dec 2013 14:41:55 -0800)

Detroit bankruptcy judge won't expedite appeals
The judge who authorized Detroit's historic bankruptcy is refusing to allow appeals of his ruling until after the reorganization is complete. (Fri, 20 Dec 2013 14:57:42 -0800)

San Diego Bankruptcy Attorneys at the Golden State Law Group Share Suggestions for Holiday Spending
The San Diego bankruptcy attorneys at the Golden State Law Group have provided legal representation to thousands of consumer and business clients who encountered severe financial difficulties. This representation ... (Fri, 20 Dec 2013 14:59:49 -0800)

Detroit bankruptcy judge says no appeals
The judge who authorized Detroit’s bankruptcy is refusing to allow appeals of his ruling for now. (Fri, 20 Dec 2013 15:07:56 -0800)

Mud Immortal organizer in personal bankruptcy during event
The organizer of Mud Immortal was in personal bankruptcy the entire time he promoted the controversial race — an event that generated up to hundreds of thousands in revenues, sparked a series of consumer complaints, and led to a review of provincial government policy and legal action. (Sat, 21 Dec 2013 07:37:56 -0800)

Bankruptcy judge urges appeals court to insist on normal appeals process for pension groups
Bloomberg - Detroit’s bankruptcy judge urged a federal appeals court to reject an effort by pension groups and unions to overturn his ruling that the city’s $18 billion bankruptcy was legitimate. (Sat, 21 Dec 2013 15:53:27 -0800)

DealBook: ‘Safe Harbor’ in Bankruptcy Is Upended in Detroit Case
Before it declared bankruptcy Detroit made a deal with two banks on money it owed them in line with safe harbor rules for derivatives traders, in what could end up as a better deal than what other creditors receive.         (Sun, 22 Dec 2013 18:38:50 -0800)

‘Safe Harbor’ in Bankruptcy Is Upended in Detroit Case
Before it declared bankruptcy Detroit made a deal with two banks on money it owed them in line with safe harbor rules for derivatives traders, in what could end up as a better deal than what other creditors receive. (Mon, 23 Dec 2013 00:48:44 -0800)

Committee for unsecured creditors appointed in Detroit bankruptcy
(Corrects first sentence to reflect the committee was named by the bankruptcy trustee, not the judge) DETROIT, Dec 23 (Reuters) - An independent federal trustee helping to administer Detroit's historic bankruptcy case on Monday named a committee to represent interests of the unsecured creditors as the city prepares to submit a plan to the court to readjust its debt. United States Trustee Daniel ... (Mon, 23 Dec 2013 12:00:56 -0800)

Former rich-lister released from bankruptcy
Former rich-lister Jamie Peters has been released from bankruptcy by a High Court judge.Peters, an Auckland property developer who was declared insolvent in 2009 owing more than $100 million, fought an application by the Official... (Mon, 23 Dec 2013 15:56:33 -0800)

Foreclosure on property 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 it up for auction in September. Can they do that? (Tue, 24 Dec 2013 03:35:31 -0800)

DFW begins bankruptcy sale
NILES, Ohio (WKBN) - A local furniture retailer is liquidating its inventory as part of bankruptcy proceedings. Designer Furniture Warehouse, also known as DFW, filed for Chapter 11 bankruptcy Nov 13. (Tue, 24 Dec 2013 09:35:47 -0800)

Bankruptcy debt deal to save Detroit about $65M
Emergency Manager Kevyn Orr and lawyers for two banks reached a new $165 million agreement today for terminating a pension debt deal blamed for plunging Detroit into bankruptcy. (Tue, 24 Dec 2013 12:23:50 -0800)

Bankruptcy debt deal to save Detroit about $65M
Emergency Manager Kevyn Orr and lawyers for two banks reached a new $165 million agreement today for terminating a pension debt deal blamed for plunging Detroit into bankruptcy. (Tue, 24 Dec 2013 16:29:02 -0800)

DealBook: LightSquared Proposes New Financing as Way to Emerge From Bankruptcy
Lawyers for the wireless company filed documents in a New York bankruptcy court, outlining a plan to bring in at least $1.25 billion in new equity and $2.75 billion in loans.         (Thu, 26 Dec 2013 04:28:26 -0800)

Fortress, Harbinger back LightSquared latest bankruptcy exit plan
(Reuters) - U.S. wireless communications company LightSquared proposed exiting bankruptcy with financing from $2.75 billion in fresh loans and an equity investment of at least $1.25 billion, according to court documents. The plan is backed by Fortress Investment Group, Melody Capital Advisors, JPMorgan Chase & Co and Harbinger Capital Partners, according to papers filed in Manhattan's U.S ... (Thu, 26 Dec 2013 09:02:30 -0800)

Fortress, Harbinger back LightSquared latest bankruptcy exit plan
(Reuters) - U.S. wireless communications company LightSquared proposed exiting bankruptcy with financing from $2.75 billion in fresh loans and an equity investment of at least $1.25 billion, according... (Thu, 26 Dec 2013 09:02:42 -0800)

LightSquared Files Bankruptcy-Exit Plan
LightSquared Files Bankruptcy-Exit Plan (Thu, 26 Dec 2013 10:06:23 -0800)

LightSquared files bankruptcy-exit plan backed by Fortress, Melody
Wireless venture LightSquared Inc. is seeking to exit bankruptcy protection with backing from private-equity firm Fortress Investment Group LLC and Melody Capital Advisors LLC. (Thu, 26 Dec 2013 13:07:19 -0800)

Bankruptcy no friend to struggling US retailers
NEW YORK: Ninety-two years after it was founded, discount clothing chain Loehmann’s this week filed for bankruptcy protection for the third, and likely final, time. (Thu, 26 Dec 2013 13:09:11 -0800)

Lawyer sues Harrisburg, Pennsylvania over unpaid bankruptcy fees
The attorney who filed a now-defunct bankruptcy petition for the city of Harrisburg, Pennsylvania, sued the city and some of its officials for $289,000 plus interest on Friday for allegedly not paying him for the job. Mark Schwartz sued the city itself, which recently closed on the sale of its incinerator and a deal to lease parking lots in order to erase $360 million in debt that kept the city ... (Fri, 27 Dec 2013 13:40:18 -0800)

Bankruptcy fraud results in federal prison
Darren David Chaker, 41, of Beverly Hills, Calif., and Las Vegas, Nev., has been ordered to federal prison following his conviction of bankruptcy fraud, announced United States Attorney Kenneth Magidson. Chaker was found guilty April 4, 2013, following a five-day bench trial before U.S. District Judge Nancy Atlas. (Sun, 29 Dec 2013 21:45:44 -0800)

Mediators recommend approval of Detroit bankruptcy debt deal
Detroit — The judicial mediators who helped broker a deal with two banks to save Detroit $65 million recommended Monday a bankruptcy court approve the plan, saying it's a 'significant step' in resolving the city's record-setting restructuring. (Mon, 30 Dec 2013 17:06:58 -0800)

U.S. Patents Protected in Foreign Cases: Bankruptcy
The case involved Qimonda AG, a chipmaker that initiated insolvency proceedings in 2009 in Germany. (Mon, 30 Dec 2013 21:19:37 -0800)

Queens Bankruptcy Attorney Bruce Feinstein, Esq. Speaks About Upcoming Report on Modernizing the U.S. Bankruptcy Code
Mr. Feinstein shares his insights on a report coming in December of next year that seeks to update the country’s antiquated – and some say ineffective - bankruptcy code. (PRWeb December 31, 2013) Read the full story at http://www.prweb.com/releases/20 (Tue, 31 Dec 2013 08:28:06 -0800)

Judge orders bankruptcy mediation over Detroit water department
A judge mediating Detroit's bankruptcy has ordered discussions to continue next week on the fate of the city's water department. (Tue, 31 Dec 2013 11:07:19 -0800)


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