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Home > Bankruptcy News

Bankruptcy News Apr 2014

New bankruptcy fee to net Federal Government $25 million over four years
The Federal Government is hoping to earn $25 million over the next four years by charging people a fee to prove they are broke. From today, filing for bankruptcy protection will cost $120, while travelling overseas while bankrupt will attract a $150 charge. It has been revealed the fees can be paid by credit card, meaning the cost could ultimately be borne by a bankrupt person's lender. The ... (Tue, 01 Apr 2014 05:20:01 -0700)

Cengage emerges from bankruptcy with Boston as its electronic publishing base
Publishing giant Cengage Learning emerged from bankruptcy Tuesday, pledging to focus on electronic versions of its textbooks and teaching aides anchored by its growing Boston office.         (Tue, 01 Apr 2014 09:02:41 -0700)

Cengage exits bankruptcy, cuts $5.8 bln debt more than two-thirds
Textbook publisher Cengage Learning has ended its nine-month bankruptcy, emerging from Chapter 11 after reducing its $5.8 billion debt by more than two-thirds. In a statement on Tuesday, Stamford, Connecticut-based Cengage said it cut $4 billion in debt and secured $1.75 billion in new loans to fund its bankruptcy exit. Created in a leveraged buyout led by Apax Partners in 2007, Cengage had been ... (Tue, 01 Apr 2014 10:48:16 -0700)

Volokh Conspiracy: Constitutional challenges to the Detroit bankruptcy
My Reason.org blog post on how the federal and Michigan Contract Clauses, and the Michigan Pension Clause, may affect the validity of the Detroit bankruptcy. (Wed, 02 Apr 2014 06:30:13 -0700)

U.S. bankruptcy judge OKs $120 million loan for Detroit: reports
(Reuters) - A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million from Barclays PLC to improve services in the cash-strapped city, according to newspaper reports. The loan deal received previous approval from the Detroit City Council and Michigan's Local Emergency Financial Assistance Loan Board. (Reporting by Karen Pierog; Editing by James Dalgleish) (Wed, 02 Apr 2014 07:18:23 -0700)

Bankruptcy judge OKs $120-million loan to fund Detroit public services
Judge Steven Rhodes made it clear that the loan fits in with his emphasis on restoring public services as a top priority in the city's bankruptcy case. (Wed, 02 Apr 2014 07:34:15 -0700)

Bankruptcy judge approves $120M for Detroit
The judge assigned to oversee Detroit's bankruptcy case has approved a $120 million loan that will allow the city to start making improvements to ... (Wed, 02 Apr 2014 08:53:06 -0700)

U.S. bankruptcy judge OK's $120 mln loan for Detroit
A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million from Barclays PLC to improve services in the cash-strapped city. Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, overruled objections by city creditors who took issue with the timing and structure of the loan. Detroit has said it plans to use some of the loan proceeds on public safety ... (Wed, 02 Apr 2014 12:11:09 -0700)

Bankruptcy judge OK's $120 million loan for Detroit
(Reuters) - A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million from Barclays PLC to improve services in the cash-strapped city. Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, overruled objections by city creditors who took issue with the timing and structure of the loan. Detroit has said it plans to use some of the loan proceeds on ... (Wed, 02 Apr 2014 12:13:04 -0700)

Can I Use My Credit Card After Bankruptcy?
There is no specific amount of time you have to wait before you can start charging again after bankruptcy. In fact, it can even help rebuild your credit. (Wed, 02 Apr 2014 13:56:28 -0700)

Bankruptcy judge orders Mt. Gox CEO to answer questions in US by April 17
Mark Karpeles needs to answer questions in person to proceed with Chapter 15. (Wed, 02 Apr 2014 13:56:35 -0700)

Blog replay: Closing arguments at bankruptcy hearing
For the third time, the City of Detroit today will try to convince U.S. Bankruptcy Judge Steven Rhodes to approve a settlement with two global banks over a disastrous pension debt interest-rate transaction that helped drive Detroit into bankruptcy. (Thu, 03 Apr 2014 06:47:11 -0700)

Mall Staple Brookstone Seeks Bankruptcy Cover
Mall staple Brookstone seeks bankruptcy cover (Thu, 03 Apr 2014 07:09:15 -0700)

Take Charge America Introduces Counseling Program for Consumers Facing Bankruptcy
Consumers facing bankruptcy have a new option for completing the bankruptcy counseling courses required by law. Take Charge America, a national non-profit credit counseling and deb (Thu, 03 Apr 2014 08:56:00 -0700)

Detroit Manager Says City May Exit Bankruptcy by October
Detroit’s emergency financial manager, Kevyn Orr, said the city may be able to conclude its record $18 billion bankruptcy in October, less than 18 months after seeking court protection from creditors. (Thu, 03 Apr 2014 09:29:05 -0700)

Detroit bankruptcy judge to rule next week on pension debt settlement
U.S. Bankruptcy Judge Steven Rhodes plans to rule April 11 from the bench on whether he will approve Detroit's proposed $85 million settlement with two banks over a troubled pension debt deal. (Thu, 03 Apr 2014 09:52:35 -0700)

Detroit manager seeks city's bankruptcy exit by Oct. 15
Detroit's emergency manager, Kevin Orr, on Thursday said in testimony before a U.S. bankruptcy court that he wants the city to exit bankruptcy by Oct. 15, just weeks after his 18-month term as state-appointed emergency manager is scheduled to end. The city's Chapter 9 bankruptcy case, the biggest in U.S. history, was filed in July 2013 amid high hopes expressed by the Kevin Orr that the ... (Thu, 03 Apr 2014 11:24:35 -0700)

Detroit manager seeks city's bankruptcy exit by October 15
Detroit's emergency manager, Kevin Orr, on Thursday said in testimony before a U.S. bankruptcy court that he wants the city to exit bankruptcy by October 15, just weeks after his 18-month term as state-appointed emergency manager is scheduled to end. The city's Chapter 9 bankruptcy case, the biggest in U.S. history, was filed in July 2013 amid high hopes expressed by the Kevin Orr that the ... (Thu, 03 Apr 2014 11:40:12 -0700)

Detroit bankruptcy judge sets swaps ruling for April 11
A federal judge overseeing Detroit's historic bankruptcy case said on Thursday he will rule April 11 on a proposal to end costly interest-rate swap agreements, a key issue as the city seeks to exit bankruptcy later this year. Judge Steven Rhodes made the announcement after a day-long hearing that included testimony by Detroit Emergency Manager Kevyn Orr, who defended a proposed $85 million ... (Thu, 03 Apr 2014 15:55:02 -0700)

Creditor seeks bankruptcy steps for China bond default solar firm
A creditor sought bankruptcy restructuring for Chaori Solar, the firm that caused ripples in world markets last month with China's first domestic bond default, and the company said on Friday it had not yet agreed any deal to stay solvent. Metals and materials company Shanghai Yihua applied to Shanghai's intermediate court to put the solar equipment company into bankruptcy restructuring, Chaori ... (Fri, 04 Apr 2014 10:32:37 -0700)

Victims object to Wis. archdiocese bankruptcy plan
Attorneys representing sexual abuse victims filed an objection Friday to the Archdiocese of Milwaukee's bankruptcy reorganization plan. The archdiocese filed for bankruptcy in 2011, saying it would not ... (Fri, 04 Apr 2014 16:20:42 -0700)

Area bankruptcy filings fall 14 percent in March
Bankruptcy filings continued their regional slide in March. The number of cases filed in Buffalo and Rochester dropped 14 percent from a year ago, to 486, according to the U.S. Bankruptcy Court’s Western District. (Fri, 04 Apr 2014 18:06:38 -0700)

Orr vows Detroit will help retirees understand bankruptcy plan
Detroit — As the city prepares to send out ballots for its bankruptcy restructuring plan, Emergency Manager Kevyn Orr is vowing more transparency and stressing the importance of gaining support for a proposed $816 million aid package for the city's pensio (Mon, 07 Apr 2014 16:18:49 -0700)

James River files for bankruptcy protection
It's the second trip to bankruptcy court for the coal company. (Mon, 07 Apr 2014 18:22:00 -0700)

James River Files Bankruptcy After Price Drops Idle Mines
James River Coal Co. (JRCC) , a mine operator in the U.S. Midwest and Appalachia, filed for bankruptcy for a second time, listing $818.7 million in debt, after declining prices caused it to idle 12 mines since September. (Mon, 07 Apr 2014 19:14:32 -0700)

Creditors say Detroit bankruptcy plan lacks needed details
(Reuters) - Creditor objections flowed into a U.S. bankruptcy court on Monday, claiming a document supporting Detroit's plan to deal with $18 billion of debt and other obligations is missing crucial details. Labor unions, bond insurers, bondholders, city retiree groups and Michigan county governments met Monday's deadline set by the court and filed laundry lists of objections to the city's ... (Mon, 07 Apr 2014 19:30:44 -0700)

Answers to 10 tough bankruptcy questions
Bankruptcy can be a bewildering process. Here are some of the most common questions sent to Bankrate about Chapter 7 and Chapter 13 bankruptcy. Is credit counseling as damaging as bankruptcy? (Tue, 08 Apr 2014 04:43:59 -0700)

5 Steps to Backing Away From Bankruptcy
NEW YORK (TheStreet) -- The economy might be inching toward firmer ground, but there are still plenty of Americans facing personal bankruptcy. According to the U.S. Courts system, there were 1.07 million bankruptcies filed last year, down from 1.22 million the year before. Debt collection litigation was the primary reason for bankruptcy given by 78% of respondents in a Center For Consumer ... (Tue, 08 Apr 2014 08:17:47 -0700)

James River Coal Company Files for Bankruptcy Protection
James River Coal Company filed for protection under chapter 11 of the Bankruptcy Code as the coal provider struggled to reorganize its debt. JRCC's bankruptcy petition indicated that it has 10,001 to 25,000 ... (Tue, 08 Apr 2014 13:13:58 -0700)

Bankruptcy filing stalls cleanup of blighted mobile home park
TAMPA — As the rain came down outside his open mobile home door, Leroy Carnegie sat inside and watched television on the couch with his dog, Rambo. (Tue, 08 Apr 2014 22:27:54 -0700)

Bankruptcy cases rising, warns minister
Last year, over 20,000 individuals were declared bankrupt, almost double from 2007. (Tue, 08 Apr 2014 23:10:30 -0700)

Detroit could announce bankruptcy deal today with some bondholders
Detroit is expected to announce today that it has reached a settlement with bond insurers in the city's bankruptcy, according to a source familiar with the deal. (Wed, 09 Apr 2014 05:51:51 -0700)

Detroit Bankruptcy: City to Announce Deal with Unsecured Bondholders
The City of Detroit could, on 9 April, announce a bankruptcy settlement with unsecured bondholders, a deal that could make it easier for the economically ravaged city to compel other unsecured creditors, including pensioners, to accept cuts. A deal, which will see Detroit pay bondholders less than what are owed, will free-up cash to pay other creditors and leave the city with more funds to ... (Wed, 09 Apr 2014 08:46:28 -0700)

Detroit reaches bankruptcy deal over some bonds
DETROIT (AP) — The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement. (Wed, 09 Apr 2014 09:40:20 -0700)

Bond insurer in bankruptcy case has several bids for Detroit's DIA artwork
A bond insurer facing massive losses in Detroit's bankruptcy said today it has solicited and received four preliminary bids by investors who are interested in buying city-owned art or loaning the city money against the massive collection. (Wed, 09 Apr 2014 13:42:41 -0700)

Detroit reaches bankruptcy agreement over $388M in bonds; mediators hope for more deals
DETROIT - The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement. Detroit will pay 74 cents for each dollar. Roughly $50 million in tax revenue that won't be needed to pay the balance instead will go to a fund to help low-income retirees who are expected to ... (Wed, 09 Apr 2014 15:25:43 -0700)

Bankruptcy: What a difference a day makes!
When interviewed, veteran baseball players will say they never get too high and never get too low because it is a long season ... (Wed, 09 Apr 2014 15:28:24 -0700)

Bankruptcy judge to rule today on Detroit swaps deal
Bloomberg - Detroit's three attempts to cancel interest-rate swaps for less than $100 million show how tough a fight it may face in July to reduce $18 billion in debt without cooperation from thousands of creditors in its record municipal bankruptcy. U.S. Bankruptcy Judge Steven Rhodes is scheduled to tell the city today whether he will approve its proposed settlement. (Fri, 11 Apr 2014 03:27:57 -0700)

Coldwater Creek files for bankruptcy, retailer plans to close
Women's clothing retailer Coldwater Creek Inc on Friday filed for Chapter 11 bankruptcy and plans to go out of business after failing to find a buyer. Coldwater Creek joins other retailers to seek protection from creditors in recent months as consumers keep a lid on spending. Coldwater Creek said it has 365 stores and employs about 6,000 people. The Sandpoint, Idaho-based company has assets of ... (Fri, 11 Apr 2014 05:48:31 -0700)

Coldwater Creek files for bankruptcy protection
Sandpoint, Idaho — The women's clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts. (Fri, 11 Apr 2014 07:23:02 -0700)

Coldwater Creek files bankruptcy, to close all stores by summer
Women's retailer failed to find a buyer Women's clothing retailer Coldwater Creek Inc. on Friday filed for Chapter 11 bankruptcy after failing to find a buyer said it plans to close its stores by summer. (Fri, 11 Apr 2014 08:56:02 -0700)

Detroit Bankruptcy Judge OKs Key Debt Settlement With Banks
A federal bankruptcy judge approved Detroit's plan to settle a bad multi-million dollar pension debt deal with two banks, a key to restructuring the city 's debt.Judge Steven Rhodes signed off on the agreement on Friday to pay $85 million to UBS and Bank of America. (Fri, 11 Apr 2014 09:03:56 -0700)

Detroit closer to exiting bankruptcy after swaps deal approval
By Cherie Curry DETROIT (Reuters) - Detroit's plan to get out of bankruptcy cleared a major hurdle on Friday when a U.S. Bankruptcy Court judge approved the cash-strapped city's third attempt at settling costly interest-rate swap agreements with two investment banks. The banks join a growing list of supporters for Detroit's plan to adjust $18 billion of debt and other obligations. In his bench ... (Fri, 11 Apr 2014 14:46:54 -0700)

Detroit Bankruptcy Judge OKs Key Debt Settlement With Banks
A federal bankruptcy judge approved Detroit's plan to settle a bad multimillion-dollar pension debt deal with two banks, a key to restructuring the city 's debt.Judge Steven Rhodes signed off on the agreement on Friday to pay $85 million to UBS and Bank of America. (Fri, 11 Apr 2014 15:45:56 -0700)

Coldwater Creek Bankruptcy Is Not a Canary in the Coal Mine
After failing to find a buyer, struggling women’s clothing retailer Coldwater Creek Inc. (NASDAQ: CWTR) has filed for Chapter 11 bankruptcy protection while it liquidates its stock and closes its stores. ... (Sat, 12 Apr 2014 07:27:09 -0700)

US businessman indicted for bankruptcy fraud
Jackson, Apr 12 : William D. "Butch" Dickson, 58, of Jackson, was indicted by a federal grand jury on April 8, 2014, on six counts of bankruptcy fraud, six counts of bank fraud, and five counts of wire fraud, announced U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen. (Sat, 12 Apr 2014 09:05:47 -0700)

Detroit's bankruptcy dilemma: pay pensions or banks?
Fears grow that fight to stave off city bankruptcy may hit the poorest hardest This is David Allen's second visit to Engine 40's fire station on Detroit's west side since February 2012 when a wall collapsed on him during a fire leaving him unable to walk without an aide. Last time he was here to clean out his locker. This time, as Detroit careens towards bankruptcy, he is back to talk with ... (Sun, 13 Apr 2014 00:40:47 -0700)

Detroit's decision to fend off bankruptcy: pay pensions or banks?
Fears grow that fight to stave off city bankruptcy may hit the poorest hardest This is David Allen's second visit to Engine 40's fire station on Detroit's west side since February 2012 when a wall collapsed on him during a fire leaving him unable to walk without an aide. Last time he was here to clean out his locker. This time, as Detroit careens towards bankruptcy, he is back to talk with ... (Sun, 13 Apr 2014 09:37:31 -0700)

Detroit's decision to fend off bankruptcy: pay pensions or banks?
Fears grow that fight to stave off city bankruptcy may hit the poorest hardest This is David Allen's second visit to Engine 40's fire station on Detroit's west side since February 2012 when a wall collapsed on him during a fire leaving him unable to walk without an aide. Last time he was here to clean out his locker. This time, as Detroit careens towards bankruptcy, he is back to talk with ... (Sun, 13 Apr 2014 15:04:48 -0700)

Apollo’s Momentive Performance Files for Bankruptcy
The chemical producer listed $2.69 billion in assets and $4.17 billion in debt in its Chapter 11 filing yesterday in U.S. Bankruptcy Court in White Plains , New York. Momentive hasn’t posted an annual profit since Apollo bought it for $3.8 billion, according to data compiled by Bloomberg. (Sun, 13 Apr 2014 19:49:54 -0700)

Bankruptcy negotiations delay Detroit budget presentation
Ongoing negotiations between the city of Detroit and its creditors in bankruptcy court delayed the scheduled rollout today of the city's budget. (Mon, 14 Apr 2014 10:37:59 -0700)

Bankruptcy negotiations delay Detroit budget presentation
Ongoing negotiations between the city of Detroit and its creditors in bankruptcy court delayed the scheduled rollout today of the city's budget. (Mon, 14 Apr 2014 11:17:38 -0700)

Moody's sees 'signs of progress' in Detroit bankruptcy
Moody's Investors Service says it expects general obligation bondholders in Detroit's bankruptcy will receive less than unlimited tax obligation bondholders — and said there are 'signs of progress' in the nation's largest Chapter 9 filing. (Mon, 14 Apr 2014 13:25:12 -0700)

Detroit closes in on pension fund deal
Bankruptcy negotiators appeared to be close to a deal Monday with at least one of Detroit's pension funds, while the city began to abandon the idea of a cash-generating regional water authority in the face of suburban opposition. (Mon, 14 Apr 2014 23:55:46 -0700)

Bankruptcy, charter highlight busy agenda
STOCKTON - The city's bankruptcy and a document that essentially serves as Stockton's constitution will be among the key topics on a packed agenda at tonight's City Council meeting. (Tue, 15 Apr 2014 00:21:17 -0700)

Detroit bankruptcy manager: 'I don't recall' asking governor for bailout
Bankruptcy lawyer frustrates judge with vague testimony about negotiations leading to the city's Chapter 9 filing Detroit's emergency manager testified Tuesday that he would have listened to any proposal to preserve retiree pensions before the city's bankruptcy filing last summer – but that he probably would not have agreed to a deal. Kevyn Orr testified under cross examination on the fifth day ... (Tue, 15 Apr 2014 06:01:01 -0700)

Judges dismisses Gannon International bankruptcy
Creditors filed an involuntary bankruptcy petition for Creve Coeur-based Gannon in 2013.  (Tue, 15 Apr 2014 13:18:00 -0700)

Detroit bankruptcy manager: 'I don't recall' asking governor for bailout
Bankruptcy lawyer frustrates judge with vague testimony about negotiations leading to the city's Chapter 9 filing Detroit's emergency manager testified Tuesday that he would have listened to any proposal to preserve retiree pensions before the city's bankruptcy filing last summer – but that he probably would not have agreed to a deal. Kevyn Orr testified under cross examination on the fifth day ... (Tue, 15 Apr 2014 18:46:16 -0700)

General Motors to ask bankruptcy court to shield it from ignition claims before bankruptcy
DETROIT - General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy.... (Tue, 15 Apr 2014 20:08:35 -0700)

GM to ask bankruptcy court for lawsuit protection
DETROIT (AP) — General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy. (Tue, 15 Apr 2014 20:09:03 -0700)

GM to seek US court protection from ignition lawsuits
General Motors plans to ask a bankruptcy court to rule that it is protected from lawsuits potentially worth billions of dollars arising from faulty ignitions tied to 13 deaths and numerous crashes. In a federal court filing, GM said it plans to ask the New York court which oversaw its 2009 bankruptcy to determine whether it can be sued for liabilities arising from the company's operations pre ... (Tue, 15 Apr 2014 23:48:07 -0700)

GM seeks pre-bankruptcy protection from ignition claims
General Motors revealed in court filings late Tuesday that it will soon ask a federal bankruptcy judge to shield the company from legal claims for conduct that occurred before its 2009 bankruptcy. (Wed, 16 Apr 2014 05:57:23 -0700)

GM asks bankruptcy judge for special protection to head off lawsuits
Car giant wants court to shield 'new GM' from legal claims for problems with its cars that occurred before its 2009 bankruptcy Continue reading... (Wed, 16 Apr 2014 06:02:06 -0700)

Court rejects bankruptcy protection for Mt. Gox
The Mt. Gox bitcoin exchange in Tokyo is headed for liquidation after a court rejected its bankruptcy protection application. Mt. Gox said Wednesday the Tokyo District Court decided the company, which ... (Wed, 16 Apr 2014 06:46:15 -0700)

Biggest LBO Demise Poised to Put Oncor in Play: Real M&A
The prospective bankruptcy filing of Energy Future Holdings Corp., taken private in the biggest leveraged buyout in history, is poised to put the most profitable unit of the power producer up for grabs. (Wed, 16 Apr 2014 07:23:43 -0700)

Bitcoin exchange MtGox in administration, bankruptcy eyed
A Japanese court Wednesday placed failed Bitcoin exchange MtGox in administration, with an order for bankruptcy expected to be issued soon, its administrator and chief executive said. "The Tokyo District Court decided today to dismiss the application for commencement of a civil rehabilitation and at the same time, an order for Provisional Administration was issued," a statement from CEO Mark ... (Wed, 16 Apr 2014 07:25:53 -0700)

GM to seek US court protection from ignition lawsuits
General Motors plans to ask a bankruptcy court to rule that it is protected from lawsuits potentially worth billions of dollars arising from faulty ignitions tied to 13 deaths and numerous crashes. In a federal court filing, GM said it plans to ask the New York court which oversaw its 2009 bankruptcy to determine whether it can be sued for liabilities arising from the company's operations pre ... (Wed, 16 Apr 2014 09:47:56 -0700)

Signs of Hope in Detroit’s Historic Bankruptcy Case
After months of turmoil and uncertainty, the broad outlines of a settlement of Detroit’s historic bankruptcy case are beginning to take shape. Kevyn Orr, the emergency manager appointed by Republican Gov. Rick Snyder to take charge of the beleaguered city and lead it through one of its worst periods ever, has set his sights on exiting the bankruptcy proceedings by Oct. 15. A prominent Washington ... (Wed, 16 Apr 2014 12:16:00 -0700)

Should 'new GM' be liable for pre-bankruptcy ignition accidents?
GM will ask a bankruptcy judge to protect it from many of the lawsuits related to the faulty ignition switch behind a massive recall. And it wants all lawsuits delayed until the ruling is made. (Wed, 16 Apr 2014 15:00:18 -0700)

Should 'new GM' be liable for pre-bankruptcy ignition accidents?
GM will ask a bankruptcy judge to protect it from many of the lawsuits related to the faulty ignition switch behind a massive recall. And it wants all lawsuits delayed until the ruling is made. (Wed, 16 Apr 2014 16:45:47 -0700)

Detroit's changing numbers in bankruptcy deal to face scrutiny
A sudden change of fortune for 32,400 Detroit pensioners in the city's historic bankruptcy — from the threat of draconian pension cuts to a modest reduction in lifetime benefits — could face mathematical scrutiny as the case proceeds, experts say. (Wed, 16 Apr 2014 23:17:30 -0700)

Debt settlement vs. bankruptcy: Which damages credit score worse?
Debt settlement means the creditor gets at least something back, so it damages credit scores less than bankruptcy, which wipes out debt (Thu, 17 Apr 2014 05:00:00 -0700)

Detroit bankruptcy judge revives concept of regional water plan
The federal judge overseeing Detroit's historic bankruptcy case brought the idea of a regional water authority back to life on Thursday, ordering the city and three counties to mediate over the issue. The order by Judge Steven Rhodes comes after Detroit said in a court filing earlier this week that it had dropped the concept of a Great Lakes Water Authority from its plan to adjust $18 billion of ... (Thu, 17 Apr 2014 08:35:38 -0700)

Live tweets: Detroit bankruptcy judge orders city, counties to discuss water department spinoff
The city's bankruptcy judge today ordered Detroit and suburban counties into closed-door negotiations that could lead to a spinoff of the Detroit Water and Sewerage Department. (Thu, 17 Apr 2014 10:33:10 -0700)

Bid to end Detroit bankruptcy by October gains momentum
A plan that would get Detroit out of bankruptcy by mid-October, and which appears to have crucial support from the city's two major pension funds, is going before a federal judge for certification today. If US Bankruptcy Judge Steven Rhodes agrees to it, the certification would mark the most significant milestone in the city's bid to get out from under $18 billion in debt since it filed for ... (Thu, 17 Apr 2014 11:24:16 -0700)

Rhodes to Duggan, Detroit council: Embrace bankruptcy plan
An attorney for Detroit's largest labor union today questioned how retirees could vote to accept monthly pension cuts without a guarantee that the Michigan Legislature will approve funding to bolster city pensions. (Thu, 17 Apr 2014 12:25:20 -0700)

Judge wants Detroit mayor to back bankruptcy plan
DETROIT (AP) — Looking years ahead, the judge overseeing Detroit's bankruptcy said Thursday he wants assurances from the mayor and other elected leaders that they'll follow a final plan that likely cuts pensions, sheds debt and plows millions into better services. (Thu, 17 Apr 2014 15:24:35 -0700)

Detroit bankruptcy judge revives idea of regional water agency
The federal judge overseeing Detroit's historic bankruptcy case has revived the idea of a regional water authority and also suggested the city may need court oversight after it emerges from bankruptcy. U.S. Judge Steven Rhodes ordered the city and three counties to work with a court-appointed mediator to create a regional water authority. Detroit's emergency manager, Kevyn Orr, had previously ... (Thu, 17 Apr 2014 16:06:49 -0700)

Will Bankruptcy Wipe Out All of My Debt?
A reader asked us if revised laws mean that bankruptcy no longer wipes out debt, and instead requires that debts be repaid. The answer: It all depends. (Fri, 18 Apr 2014 05:30:57 -0700)

Detroit Bankruptcy Judge Interviews Candidates Adviser
The judge overseeing Detroit’s bankruptcy completed interviews of five candidates to serve as an adviser for his evaluation of the city’s debt-adjustment plan. (Fri, 18 Apr 2014 13:29:20 -0700)

Bankruptcy judge rejects objections to bankruptcy disclosure statement
Judge Steven Rhodes today rejected objections to Detroit's bankruptcy disclosure statement as long as the city provides some additional information on its restructuring plans. (Sat, 19 Apr 2014 13:45:38 -0700)

Detroit granted bankruptcy protection after judge rules in city's favour
Detroit allowed to proceed with cuts after judge rejects attempt by unions and pension funds to have bankruptcy action thrown out Dominic Rushe (Sun, 20 Apr 2014 00:26:36 -0700)

Bankruptcy filings in New Mexico below US average
ALBUQUERQUE, N.M. (AP) - Bankruptcy filings in New Mexico dipped in 2013, continuing a downward trend that started in 2010. The clerk's office for the U.S. Bankruptcy Court in Albuquerque says the state overall had a rate of two bankruptcy filings per capita last year. The rate falls ... (Sun, 20 Apr 2014 11:05:20 -0700)

AMR loses bid to end retiree benefits
A U.S. bankruptcy judge largely declined to rule that AMR Corp. had a unilateral right to terminate benefits for nearly 47,000 retirees. (Mon, 21 Apr 2014 03:30:36 -0700)

Genco Shipping Files for Bankruptcy on Weak Charter Rates
Peter Georgiopoulos’s Genco Shipping & Trading Ltd. (GNK) , an operator of dry-bulk cargo ships, filed for bankruptcy as weakness in charter rates made it difficult for the company to pay its creditors. (Mon, 21 Apr 2014 09:14:02 -0700)

Experts tapped to help judge in Detroit bankruptcy
A judge overseeing Detroit's bankruptcy has selected experts from Boston and New York to advise him on the city's plan to get out of Chapter 9. (Tue, 22 Apr 2014 08:29:18 -0700)

Detroit bankruptcy judge taps consultants for city's plan
(Reuters) - The federal judge overseeing Detroit's historic bankruptcy case tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if the city's plan to adjust its $18 billion of debt is feasible. U.S. Bankruptcy Judge Steven Rhodes also named Richard Ravitch as a consultant to the court on municipal finance matters. Ravitch, who advised New ... (Tue, 22 Apr 2014 08:36:26 -0700)

Detroit bankruptcy judge taps consultants
Detroit filed the largest municipal bankruptcy in U.S. history last June. (Tue, 22 Apr 2014 09:25:39 -0700)

General Motors asks bankruptcy court for protection from ignition claims before bankruptcy
DETROIT - General Motors Co. is asking a U.S. bankruptcy judge to shield it from legal claims for actions that took place before the company's 2009 bankruptcy. (Tue, 22 Apr 2014 09:28:41 -0700)

GM hid ignition flaw in bankruptcy - lawsuit
Plaintiffs lawyers argue that GM lost liability protections by concealing flawed ignition switch from bankruptcy court. (Tue, 22 Apr 2014 09:42:49 -0700)

GM accused of hiding ignition flaws in 2009 bankruptcy
Plaintiffs lawyers argue that GM lost liability protections by concealing flawed ignition switch from bankruptcy court. (Tue, 22 Apr 2014 09:45:03 -0700)

GM asks bankruptcy court to bar most ignition claims
General Motors asked a US bankruptcy court to bar most suits filed over its faulty ignition system, arguing its 2009 court-approved bankruptcy reorganization shields it from liability in most cases. In papers filed late Monday, GM said it is not seeking protection from suits over the 13 fatalities and other injuries linked to the defect. But GM argued that under the 2009 bankruptcy agreement ... (Tue, 22 Apr 2014 10:56:39 -0700)

Top L.A. bankruptcy law firm to close doors
April 22, (Reuters) - The well-known Los Angeles-based bankruptcy law firm Stutman Treister & Glatt, which once advised on the Chapter 11 proceedings of companies including Lehman Brothers and Enron Corp, has announced it is closing. "We're in an economy that has had a significant dropoff in Chapter 11 activity," Stutman shareholder Jeffrey Davidson said in an interview on Tuesday. Stutman ... (Tue, 22 Apr 2014 14:16:21 -0700)

How Do I Establish Credit After Bankruptcy Discharge?
Rebuilding your credit will take time, but there are some ways to get started on the right path. (Tue, 22 Apr 2014 16:41:09 -0700)

Getting unsecured credit cards after bankruptcy
Dear Bankruptcy Adviser, I am trying to rebuild my credit after receiving a bankruptcy discharge. I had pretty decent credit prior to bankruptcy, but my debt got out of hand. What are the chances of getting an unsecured credit card or loan, or should I just wait to apply? (Wed, 23 Apr 2014 04:43:46 -0700)

DealBook: G.M.’s Bankruptcy Will Probably Shield It From Most New Claims
It’s hard to see how a court can allow any claims without altering the basic terms of a 2009 bankruptcy deal, Stephen J. Lubben writes in his In Debt column. (Wed, 23 Apr 2014 13:03:14 -0700)

G.M.’s Bankruptcy Will Probably Shield It From Most New Claims
It's hard to see how a court can allow any claims without altering the basic terms of a 2009 bankruptcy deal, Stephen J. Lubben writes in his In Debt column. (Wed, 23 Apr 2014 13:32:32 -0700)

Detroit CFO says post-bankruptcy oversight critical for city
Detroit's future once it exits the biggest municipal bankruptcy in U.S. history will depend on oversight, the city's chief financial officer said on Wednesday. "I believe the post-bankruptcy structure is absolutely critical and that right now is a big question mark," John Hill told a conference sponsored by the Federal Reserve Bank of Chicago and the Civic Federation, a Chicago-based government ... (Wed, 23 Apr 2014 15:00:04 -0700)

Bankruptcy Boutique Law Firm Closes, Sending Lawyers Elsewhere
After more than 60 years of practice, Los Angeles bankruptcy law boutique Stutman Treister & Glatt is closing its doors. The 25-lawyer firm will cease operations at the end of April, shareholder Jeffrey Davidson confirmed Wednesday. Mr. Davidson declined to comment on the reasons behind the closure past a press statement calling it "a decision not made lightly." (Wed, 23 Apr 2014 15:06:26 -0700)

Debt Settlement vs. Bankruptcy: Which is Worse for Credit Score?
Debt settlement means the creditor gets at least something back, so it damages credit scores less than bankruptcy, which wipes out debt. (Wed, 23 Apr 2014 16:46:46 -0700)

Tokyo court starts Mt. Gox bankruptcy proceedings
TOKYO (AP) — Bankruptcy proceedings began Thursday for the Mt. Gox bitcoin exchange, a move that was widely expected after the Tokyo District Court decided earlier this month that the company would not be able to resurrect itself. (Thu, 24 Apr 2014 03:13:18 -0700)

Bankruptcy Law Center Bolsters Industry Leadership with High Number of Bankruptcy Filings in 2013
San Diego, CA / ACCESSWIRE / April 25, 2014 / The Bankruptcy Law Center of San Diego, California filed the 2nd highest number of bankruptcy cases in the city, the 7th in the entire State, and the 36th ... (Fri, 25 Apr 2014 09:00:00 -0700)

McKenna bankruptcy ends
Former high-profile property developer Nigel McKenna, who worked on projects including Auckland Viaduct's lighter quay and Queenstown's Kawarau Falls, is out of bankruptcy.The Irish migrant, who is in his 50s, was automatically... (Fri, 25 Apr 2014 09:54:15 -0700)

Texas power company EFH bankruptcy filing seen as soon as Monday-sources
Leading Texas power company Energy Future Holdings is expected to file for bankruptcy as early as Monday evening, sources close to the situation said on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices. The former TXU Corp, which owns 14 power plants, faces a deadline next Thursday, when a 30-day grace period stemming from a missed ... (Fri, 25 Apr 2014 10:34:52 -0700)

GM asks bankruptcy court to bar suits
General Motors has asked a US bankruptcy court to bar most suits over its faulty ignition system. (Sat, 26 Apr 2014 00:39:23 -0700)

Bankruptcy filing affects a creditor already paid
By James Haroutunian Q: I run a real-estate appraisal business. One of my mortgage-company customers recently filed for bankruptcy. (Sat, 26 Apr 2014 11:06:22 -0700)

Top Bankruptcy Specialist Gary Klausner to Become Senior Partner at Los Angeles' Levene, Neale, Bender, Yoo & Brill
Gary Klausner, a highly respected bankruptcy law specialist, will become a senior partner at Levene, Neale, Bender, Yoo & Brill L.L.P. , one of Los Angeles' lead (Mon, 28 Apr 2014 06:00:00 -0700)

Leading Florida bankruptcy investigators form new firm
Two bankruptcy investigators who handled some of Florida's biggest frauds are joining forces to launch a new firm. (Mon, 28 Apr 2014 10:02:15 -0700)

Meet Detroit's Fiercest Bankruptcy Foe
An obscure but combative insurance company deeply entangled in Detroit's financial problems has become one of the city's fiercest foes in Bankruptcy Court, presenting a stiff legal obstacle to the city's restructuring plans. (Mon, 28 Apr 2014 10:30:25 -0700)

Detroit bankruptcy deals at mercy of politics, votes
The pieces appear to be falling rapidly into place in Detroit's historic bankruptcy, but a done deal is no sure thing. (Tue, 29 Apr 2014 00:56:53 -0700)

Suntech Seeks New Cash After China Bankruptcy, Liquidator Says
Suntech Power Holdings Co., the Chinese solar panel maker that’s in bankruptcy proceedings, is seeking as much as $150 million to revive its business, according to its court-appointed liquidators. (Tue, 29 Apr 2014 02:39:02 -0700)

Does dad's bankruptcy erase student loan debt?
Dear Bankruptcy Adviser, My ex-husband filed bankruptcy on our daughter's student loan after our divorce and it wiped out everything. Can they come after our daughter who is responsible for the loan? (Tue, 29 Apr 2014 04:42:35 -0700)

Texas power company Energy Future files for bankruptcy
Energy Future Holdings, the largest power company in Texas, filed for bankruptcy protection on Tuesday, seven years after its record leveraged buyout stacked it with debt just as prices for its electricity plunged. The former TXU Corp owes tens of billions of dollars to hedge funds and investment firms, and the Chapter 11 filing is among the largest ever. Energy Future said it entered bankruptcy ... (Tue, 29 Apr 2014 07:18:09 -0700)

Texas energy firm files for bankruptcy
Energy Future filed for bankruptcy protection, seven years after its record leveraged buyout stacked it with debt just as prices for its electricity plunged. (Tue, 29 Apr 2014 09:30:40 -0700)

Biggest LBO Ends in Bankruptcy as Energy Future Files; Ranks With Enron's Collapse
Energy Future Holdings Corp., the Texas power company Henry Kravis and David Bonderman took private in 2007 in the biggest-ever leveraged buyout, filed for bankruptcy after reaching a deal to cut billions in debt. The filing today in Wilmington, Delaware, is the result of months of wrangling among creditors, owners and management, and comes after a wave of deregulation opened Texas's wholesale ... (Tue, 29 Apr 2014 09:45:41 -0700)

TXU Bankruptcy Potential Has Rivals ‘Licking Their Chops’
Energy Future Holdings Corp.’s bankruptcy will leave 1.7 million retail electricity customers ripe for poaching in a state that consumes the most power in the U.S. (Tue, 29 Apr 2014 10:44:02 -0700)

Delaware messes with Texas, sparks fight over mega-bankruptcy
WILMINGTON, Del, April 29 (Reuters) - Energy Future Holdings is all Texas: It's the state's biggest power company with the state's largest network of power lines, and it is run by a Houston native. But when Energy Future's owners filed for bankruptcy early Tuesday, they went to a court more than 1,000 miles away, in Wilmington, Delaware. That immediately sparked an unusual, long-shot bid by a ... (Tue, 29 Apr 2014 15:49:40 -0700)

Bankruptcy’s Silver Lining for Energy Future’s Coal Power Plants
Bankruptcy may be the best thing to happen to Energy Future Holdings' coal-burning power plants. Saddled with $49.7 billion in debt under the stewardship of private-equity firms that included KKR & Co. (KKR), the Texas electricity generator is poised for a turnaround after emerging from bankruptcy court. Its five coal plants, some at risk for closure, will have more staying power as debt gets ... (Tue, 29 Apr 2014 21:00:03 -0700)

Energy Future Junior Creditors Test Bid for Fast Bankruptcy Deal
Energy Future Holdings Corp., the Texas power company that plans to leave bankruptcy in less than a year, can't reduce its $50 billion in debt without fighting junior creditors who face losing their investment. The Dallas-based electricity provider, taken private seven years ago by Henry Kravis and David Bonderman in a record leveraged buyout, filed for bankruptcy yesterday in Wilmington ... (Tue, 29 Apr 2014 23:30:44 -0700)

Does Dad's Bankruptcy Erase Student Loan Debt?
Simply listing student loan debt in a bankruptcy doesn't free the co-signer from liability. (Wed, 30 Apr 2014 06:45:39 -0700)

Bankruptcy of Biggest Buyout Reshapes How Megadeals Are Done
The failure of Energy Future Holdings Corp., known as TXU Corp. when KKR (KKR) & Co., TPG Capital and Goldman Sachs Capital Partners acquired it for $48 billion in 2007, and the stumbles of other huge deals of the past decade have reshaped how major buyout firms go about their trade. The Dallas-based utility's bankruptcy yesterday ended the biggest leveraged buyout on record and will wipe out ... (Wed, 30 Apr 2014 09:25:10 -0700)

Even Winners in Energy Future Bankruptcy Can’t Celebrate
Even the winners in the bankruptcy of Energy Future Holdings Corp. have little to celebrate after months of wrangling resulted in compromises for everyone. Creditors Apollo Global Management LLC (APO), Oaktree Capital Group LLC, Centerbridge Capital Partners LP and Angelo Gordon & Co. may be the least unhappy. While they'll exchange $23 billion in debt to own the company's unregulated business ... (Wed, 30 Apr 2014 13:41:05 -0700)

Energy Future Bankruptcy Pits Marathon Against Apollo
Energy Future Holdings Corp.’s bankruptcy has already spurred disputes, pitting Bruce Richards’s Marathon Asset Management LP against hedge fund heavyweights such as billionaire Marc Lasry’s Avenue Capital Group and Apollo Global Management LLC. (Wed, 30 Apr 2014 16:44:15 -0700)


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