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Home > Bankruptcy News

Bankruptcy News May 2014

Bankruptcy deals' aid comes with strings attached
Accountability, that elusive ideal prized by whoever writes the checks, is all the rage in the accelerating talks to get Detroit through its historic bankruptcy. (Thu, 01 May 2014 00:14:58 -0700)

Energy Future Bankruptcy Opens With Battle Over Venue
Before Energy Future Holdings Corp. can start fighting junior creditors opposed to the company’s more-than $40 billion bankruptcy plan, the judge overseeing the case must pick the battleground. (Thu, 01 May 2014 02:49:41 -0700)

GM's fate in hands of bankruptcy judge - again
By Nick Brown and Jessica Dye NEW YORK (Reuters) - Five years ago, New York bankruptcy Judge Robert Gerber oversaw the historic bankruptcy of General Motors, establishing a new company that is shielded from liability for the actions of its precursor. Now, with thousands of drivers suing "New GM" for the alleged loss of value in their cars after an ignition defect sparked a massive recall, the ... (Thu, 01 May 2014 18:08:13 -0700)

GM's fate in hands of bankruptcy judge
New York bankruptcy Judge Robert Gerber oversaw GM's bankruptcy. Now the same judge must decide whether to lift the shield he put in place. (Fri, 02 May 2014 04:00:23 -0700)

Calpers Says Detroit Bankruptcy Ruling Threatens System
The California Public Employees’ Retirement System said a ruling by a judge in Detroit that federal bankruptcy law takes precedence over state law may threaten the soundness of public pension systems as a whole. (Fri, 02 May 2014 05:59:57 -0700)

Detroit bankruptcy: Judge to see city's plan to emerge from Chapter 9
The city of Detroit is preparing final documents to present to a federal bankruptcy judge Friday that could set the stage for the city's emergence from Chapter 9 bankruptcy as soon as October. But the plan still depends upon a $350 million cash injection from the State of Michigan, which lawmakers have yet to vote on. The judge in the case, Steven Rhodes, has indicated that he wants any plan ... (Fri, 02 May 2014 06:44:54 -0700)

Live tweets: GM seeks protection from suits in bankruptcy court
Nearly five years after General Motors filed for bankruptcy protection, the Detroit automaker is back before a federal bankruptcy judge, seeking to enforce the automaker's shield from legal liability for nearly all accidents that occurred before its July 2009 exit from bankruptcy. (Fri, 02 May 2014 07:34:42 -0700)

Largest public pension system: Detroit bankruptcy judge wrong on cuts
The nation's largest public pension system waded into Detroit's bankruptcy case Thursday, saying a judge was wrong to conclude pensions may be cut in bankruptcy court despite constitutional protections (Fri, 02 May 2014 08:19:11 -0700)

Pension systems: Detroit bankruptcy judge wrong on cuts
The nation's largest public pension system waded into Detroit's bankruptcy case Thursday, saying a judge was wrong to conclude pensions may be cut in bankruptcy court despite constitutional protections. (Fri, 02 May 2014 09:03:52 -0700)

Texas power company Energy Future gets smaller bankruptcy loan
WILMINGTON, Del, May 2 (Reuters) - Energy Future Holdings Corp, Texas's biggest power company that filed for bankruptcy on Tuesday, received court approval on Friday for its generating business to borrow more than $2 billion. TCEH, or Texas Competitive Electric Holdings Co, needed money to pay employees and suppliers and meet regulatory requirements. The business owns Luminant generating plants ... (Fri, 02 May 2014 09:32:11 -0700)

U.S. bankruptcy judge urges settlement on GM ignition defects
By Nick Brown NEW YORK (Reuters) - A U.S. bankruptcy judge on Friday urged settlement talks in a dispute between General Motors Co and plaintiffs seeking compensation for the lost value of their cars stemming from a massive recall over a faulty ignition switch. Judge Robert Gerber, of the U.S. Bankruptcy Court in Manhattan, said he would welcome the prospect of a resolution that avoided a ... (Fri, 02 May 2014 10:20:14 -0700)

Judge will consider whether GM committed bankruptcy fraud
A federal bankruptcy judge said today he will quickly consider whether General Motors committed bankruptcy fraud in 2009 by not disclosing ignition switch defects that are now linked to 13 deaths. (Fri, 02 May 2014 10:23:54 -0700)

Bankruptcy judge: GM may yet face lawsuits over defective ignition switch
General Motors could be exposed to nearly 60 class-action lawsuits related to its ignition-switch crisis affecting 2.6 million vehicles worldwide and linked to at least 13 deaths. US bankruptcy Judge Robert Gerber in New York ruled Friday that the 2009 Chapter 11 bankruptcy that allowed the Detroit automaker to restructure its operations does not necessarily shield the company from lawsuits ... (Fri, 02 May 2014 15:16:50 -0700)

GSE Environmental, Manhole Maker, Files for Bankruptcy
GSE Environmental Inc., which makes manholes and landfill liners, sought bankruptcy protection from creditors after working with turnaround firm Moelis & Co. for months to try to arrange a sale. (Mon, 05 May 2014 05:29:22 -0700)

Select Staffing Bankruptcy Plan Approved After Five Weeks
The temporary staffing firm known as Select Family of Staffing Cos. won approval of a bankruptcy reorganization plan that cuts debt by about 46 percent, or $300 million, five weeks after seeking court protection. (Mon, 05 May 2014 09:34:32 -0700)

U.S. judge OKs disclosure document for Detroit's debt plan
A U.S. Bankruptcy Court judge on Monday approved a key supporting document for Detroit's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. Judge Steven Rhodes ruled that the latest version of the so-called disclosure statement Detroit filed with the court earlier on Monday contains "adequate information" for creditors. Kevyn Orr, Detroit's state ... (Mon, 05 May 2014 14:27:31 -0700)

Bond insurers fight for 'survival' in Detroit's bankruptcy
There are nearly 170,000 creditors holding a stake in Detroit's bankruptcy, but a handful have thrown up more obstacles than all the rest put together: bond insurers. (Tue, 06 May 2014 00:49:06 -0700)

How do I establish credit after bankruptcy discharge?
I am trying to rebuild my credit after receiving a bankruptcy discharge. What are the chances of getting an unsecured credit card or loan, or should I just wait to apply? You definitely can get unsecured credit cards after receiving your bankruptcy discharge. There are many credit cards for bad credit. (Tue, 06 May 2014 03:00:00 -0700)

Debt judgment may trigger bankruptcy
Bankruptcy shields you from debt collectors, but comes with serious consequences that must be weighed (Tue, 06 May 2014 05:11:00 -0700)

Detroit bankruptcy plan moves ahead; more cities facing fiscal crises: Richard Ravitch
Richard Ravitch, who helped save New York City from bankruptcy in the mid-1970s, discusses the future of Detroit, which filed the largest municipal bankruptcy in U.S. history, as well as the fiscal challenges facing other states and cities. (Tue, 06 May 2014 06:17:12 -0700)

Negro Community Centre files for bankruptcy protection
The management of Montreal’s Negro Community Centre is filing for bankruptcy just weeks after the collapse of a wall at the organization’s historic headquarters in Little Burgundy. (Tue, 06 May 2014 06:44:14 -0700)

Detroit bankruptcy's next step: Vote by retirees, employees and creditors
Nearly 10 months after Detroit filed for bankruptcy protection, tens of thousands of people are about to get a say on plans to not pay them everything they are owed. The city filed for bankruptcy in July ... (Tue, 06 May 2014 08:52:00 -0700)

During Chapter 13 Bankruptcy, Secured Cards Tough to Get
Banks may reject your credit card application, even for a secured card, while you're under the strict money diet imposed by a Chapter 13 bankruptcy. (Tue, 06 May 2014 16:21:32 -0700)

Detroit Bankruptcy Vote Hinges on Creditors’ Homework
As creditors prepare to vote on a plan to end Detroit’s $18 billion bankruptcy, the city still needs help from state lawmakers to pay its obligations while avoiding a fire sale of its fine art collection. (Tue, 06 May 2014 19:21:36 -0700)

Detroit bankruptcy bill for 6 months: $36M
Lawyers and consultants have billed taxpayers $36.3 million in fees and expenses for six months of work on Detroit's landmark bankruptcy case, according to documents filed Tuesday in federal court. (Tue, 06 May 2014 20:49:11 -0700)

Detroit bankruptcy bill for 6 months: $36M
Lawyers and consultants have billed taxpayers $36.3 million in fees and expenses for six months of work on Detroit's landmark bankruptcy case, according to documents filed Tuesday in federal court. (Tue, 06 May 2014 20:55:05 -0700)

Bond insurers fight for 'survival' in Detroit's bankruptcy
There are nearly 170,000 creditors holding a stake in Detroit's bankruptcy, but a handful have thrown up more obstacles than all the rest put together: bond insurers. (Tue, 06 May 2014 22:45:40 -0700)

Detroit bankruptcy costs hit $36 million
The first six months of Detroit's bankruptcy case cost taxpayers $36 million in fees and expenses for lawyers and consultants, according to a court filing late Tuesday. The report by the independent fee ... (Wed, 07 May 2014 07:39:00 -0700)

Detroit bankruptcy costs hit $36 million
The first six months of Detroit's bankruptcy case cost taxpayers $36 million in fees and expenses for lawyers and consultants, according to a court filing late Tuesday. (Wed, 07 May 2014 08:40:48 -0700)

Bankruptcy Is Preferred Path When Banks Fail, Hoenig Says
Bankruptcy is the preferred path for resolving the largest U.S. banks when they collapse and firms should make fundamental changes to make that possible, Federal Deposit Insurance Corp. Vice Chairman Thomas Hoenig said today. (Wed, 07 May 2014 10:55:14 -0700)

You Can Get Student Loans Forgiven in Bankruptcy, but It’s Far From Easy
Conventional wisdom once held that it was almost impossible for debtors to get off the hook for student loans, even after they declared bankruptcy. That thinking was challenged by a 2012 paper in the American Bankruptcy Law Journal that showed that a high percentage of those who sought a release from their student debt were successful. (Wed, 07 May 2014 12:18:51 -0700)

Detroit bankruptcy costs hit $36 million
Cash-strapped Detroit has spent $36 million million on lawyers and other consultants during the first six months of its bankruptcy proceedings. (Wed, 07 May 2014 12:40:13 -0700)

Judge to consider new report in SME bankruptcy
BILLINGS, Mont. (AP) - A federal bankruptcy judge will consider a key report to Southern Montana Electric Generation and Transmission Cooperative's reorganization plans during a hearing Friday in Great Falls. The hearing by U.S. Bankruptcy Judge Ralph Kirscher is one of two scheduled for this month that could ... (Thu, 08 May 2014 10:19:53 -0700)

Judge in San Bernardino bankruptcy losing patience with city, Calpers
The federal judge overseeing the bankruptcy of San Bernardino expressed frustration on Thursday over the slow progress of talks between the city and its biggest creditor, the California Public Employees' Retirement System (Calpers). Federal bankruptcy judge Meredith Jury said she will probably set a deadline for the city to file a bankruptcy plan, known as a plan of adjustment, at the next ... (Thu, 08 May 2014 15:57:12 -0700)

Susan Tompor: What Detroit retirees need to know about the bankruptcy vote
Detroit Free Press bankruptcy voter guide: Susan Tompor breaks it down for retirees, who have spent nearly a year worrying about how deep pension cuts could go in the City of Detroit's bankruptcy. Now the next shoe is about to drop in the form of so-called solicitation packages involving a vote on Detroit's road map out of bankruptcy. (Sun, 11 May 2014 05:24:24 -0700)

Bankrupt California city poised for comeback
The largest city in California to file for bankruptcy protection is asking a judge Monday to approve its plan for reorganizing more than $900 million in long-term debt to rescue the city from two years ... (Sun, 11 May 2014 23:26:27 -0700)

Bankrupt Stockton defends financial plan in court
The largest city in California to file for bankruptcy protection is asking a judge Monday to approve its plan for reorganizing more than $900 million in long-term debt to rescue the city from two years ... (Mon, 12 May 2014 06:38:53 -0700)

Bankruptcy judge rips Detroit's law firm for sharing confidential info
The city's bankruptcy judge today chastised Detroit's high-priced law firm for inadvertently sharing confidential documents about closed-door negotiations among creditors. (Mon, 12 May 2014 09:35:43 -0700)

Manager says Penguin will stay open after landmark eatery’s bankruptcy case dismissed
A federal judge has thrown out a bankruptcy case filed last year by the manager of the Penguin Drive-In restaurant, after the eatery failed to pay court-ordered fees and file financial documents. (Mon, 12 May 2014 10:22:37 -0700)

Court approves Quiznos reorganization plan
Quiznos, which filed for bankruptcy protection in March, says that the court has confirmed its plan of reorganization. The Denver-based sandwich chain filed for Chapter 11 bankruptcy protection to reduce ... (Mon, 12 May 2014 11:11:48 -0700)

Quiznos says bankruptcy court approves its plan of reorganization
DENVER - Quiznos, which filed for bankruptcy protection in March, says that the court has confirmed its plan of reorganization. (Mon, 12 May 2014 11:12:13 -0700)

Quiznos says bankruptcy court approves its plan of reorganization
DENVER — Quiznos, which filed for bankruptcy protection in March, says that the court has confirmed its plan of reorganization. The Denver-based sandwich chain filed for Chapter 11 bankruptcy protection to reduce its debt after losing ground to competitors. (Mon, 12 May 2014 11:38:54 -0700)

Bankruptcy judge rips Detroit's law firm for sharing confidential info
The city's bankruptcy judge today chastised Detroit's high-priced law firm for inadvertently sharing confidential documents about closed-door negotiations among creditors. (Mon, 12 May 2014 11:40:12 -0700)

Relaunching American Airlines's Coverage: Exiting Bankruptcy Into A Successful Turnaround Has Added Value
We figure American Airlines is also in a similar position as Delta and United after their emergence from Chapter 11. Consequently, with the demand for air travel likely to remain stable for the foreseeable future, American?s results will likely also improve in the coming quarters. We currently have a stock price estimate of $39.50 for American Airlines, marginally above its current market price. (Mon, 12 May 2014 11:48:44 -0700)

Bankruptcy judge approves Quiznos restructuring plan
A judge on Monday approved Denver-based Quiznos's plan to reorganize in the hands of its senior lenders, including Oaktree Capital Management LP. (Mon, 12 May 2014 12:11:38 -0700)

Leveraged Loans: Quiznos Prepackaged Bankruptcy Reorganization Plan Nets OK
The bankruptcy court overseeing the Chapter 11 proceedings of Quiznos today approved the adequacy of the company’s disclosure statement and confirmed the company’s reorganization plan, Quiznos announced. Quiznos filed its prepackaged Chapter 11 on March 14 in Wilmington, Del. As reported, under the company’s plan first-lien lenders are to receive pro rata shares of [...] (Mon, 12 May 2014 13:59:30 -0700)

Creditor Tells Bankruptcy Judge Stockton Is Recovering, Firms Deserve Better Settlement
Franklin Templeton Investments attorney James Johnston says it is being offered 1 cent on the dollar for a $35 million loan given to Stockton in 2009 to build firehouses, parks and to move its police dispatch center, amounting to $350,000. (Mon, 12 May 2014 16:08:49 -0700)

Bankruptcy judge rips Detroit's law firm for sharing confidential info
The city's bankruptcy judge today chastised Detroit's high-priced law firm for inadvertently sharing confidential documents about closed-door negotiations among creditors. (Mon, 12 May 2014 16:36:12 -0700)

Stockton bankruptcy battle may foreshadow Detroit showdown
An attorney for the largest city in California to seek bankruptcy protection told a judge Monday that he has tried to reach a deal with Stockton's last major creditor, but the company is not budging. (Mon, 12 May 2014 23:00:15 -0700)

Stockton bankruptcy battle may foreshadow Detroit showdown
An attorney for the largest city in California to seek bankruptcy protection told a judge Monday that he has tried to reach a deal with Stockton's last major creditor, but the company is not budging. (Tue, 13 May 2014 01:25:53 -0700)

Divorce during Chapter 13 bankruptcy?
We are in a Chapter 13 bankruptcy plan. The question is: Will the Chapter 13 trustee revise the plan to compensate my spouse for separate living expenses and alimony, which will make the current plan impossible to succeed? The first is to reduce the Chapter 13 plan payment to reflect the two separate households and the second is to convert to a Chapter 7 bankruptcy. Can you reduce the Chapter 13 ... (Tue, 13 May 2014 03:00:00 -0700)

Automakers mull aid to art museum in Detroit bankruptcy
Detroit's three automakers are mulling a request by the city's art museum to help it raise money for a key component of Detroit's plan to restructure its debt and exit bankruptcy, representatives of the companies said on Tuesday. Under an $816 million so-called grand bargain, the Detroit Institute of Arts (DIA) would contribute $100 million to ease pension cuts on the city's retirees and avoid a ... (Tue, 13 May 2014 08:01:57 -0700)

Orr pressures lawmakers for state contribution to settle bankruptcy
Emergency Manager Kevyn Orr warned Tuesday of the 'catastrophic' consequences for retirees if lawmakers balk at contributing $194.8 million to a fund to aid city pensioners. (Tue, 13 May 2014 08:38:54 -0700)

DIA tells bankruptcy judge: Inspecting art puts it at risk
The Detroit Institute of Arts says a request by city creditors to let interested art buyers pull paintings off the museum's wall for a rushed 'yard-sale-like' bankruptcy appraisal just 'invites disaster.' (Tue, 13 May 2014 08:51:02 -0700)

DIA tells bankruptcy judge: Inspecting art puts it at risk
The Detroit Institute of Arts says a request by city creditors to let interested art buyers pull paintings off the museum's wall for a rushed 'yard-sale-like' bankruptcy appraisal just 'invites disaster.' (Tue, 13 May 2014 12:29:38 -0700)

Detroit Institute of Arts says bankruptcy appraisals would harm ‘irreplaceable’ art
Photo by Detroit Public Television On Tuesday, the Detroit Institute of Arts told a bankruptcy judge that allowing potential buyers to come into the museum for a “yard-sale-like” bankruptcy appraisal would be harmful to the 1,741 pieces of art currently hanging in the museum. “The risk associated with moving and handling works of art is considerable; moving and handling thousands of works in a ... (Tue, 13 May 2014 14:27:47 -0700)

DIA tells bankruptcy judge: Inspecting art puts it at risk
The Detroit Institute of Arts says a request by city creditors to let interested art buyers pull paintings off the museum's wall for a rushed 'yard-sale-like' bankruptcy appraisal just 'invites disaster.' (Tue, 13 May 2014 16:56:38 -0700)

Stockton bankruptcy judge to decide if pensions should share losses
SACRAMENTO, Calif., May 13 (Reuters) - The judge presiding over Stockton, California's bankruptcy case on Tuesday said he will question officials from Calpers to determine whether the nation's largest pension fund can be forced to take losses in the case along with other creditors. Describing the thorny question of whether the California Public Employees' Retirement System should remain whole ... (Tue, 13 May 2014 19:17:23 -0700)

Divorce During Chapter 13 Bankruptcy?
Divorce in bankruptcy is tough, but it may allow you to lower debt payments. (Wed, 14 May 2014 07:12:27 -0700)

State influence over Detroit after bankruptcy key issue
The state of Michigan's control over post-bankruptcy Detroit remains a top issue for lawmakers as they debate a $194.8 million aid package for city pensioners. (Wed, 14 May 2014 10:41:28 -0700)

More Changes Hit Bankruptcy Bar in Los Angeles
The Los Angeles bankruptcy bar is shuffling once again, this time through the combination of bankruptcy boutique Peitzman Weg LLP and litigation firm Robins, Kaplan, Miller & Ciresi LLP. Early next month, Peitzman Weg’s seven attorneys will walk down the block from their current office on Los Angeles’s west side to launch a bankruptcy and restructuring practice for the much larger Robins Kaplan ... (Wed, 14 May 2014 17:36:29 -0700)

Detroit Bankruptcy Deadline May Be Missed, Imperiling State Funds
The federal judge handling Detroit’s bankruptcy raised questions about whether Detroit can exit bankruptcy before the end of its emergency manager’s term. (Wed, 14 May 2014 18:13:02 -0700)

DealBook: Detroit Bankruptcy Deadline May Be Missed, Imperiling State Funds
The judge in Detroit’s bankruptcy case is warning that he may not be able to rule in the case by the Sept. 30 deadline, which would be beyond the term of the city’s emergency manager. (Wed, 14 May 2014 20:01:32 -0700)

Stockton Creditors Use Detroit’s Law Firm in Debt Fight
Stockton, California’s plan to exit bankruptcy by paying retired city workers more than some bondholders is being fought by the same law firm that helped Detroit craft a similar proposal to resolve its debt woes. (Wed, 14 May 2014 21:23:39 -0700)

Detroit bankruptcy creditors want access to art
Bond insurers fearing significant losses in Detroit's bankruptcy pleaded with a judge Thursday to give them hands-on access to valuable art, a treasure trove that the city has repeatedly said won't be ... (Thu, 15 May 2014 09:36:23 -0700)

U.S. judge in Stockton bankruptcy case extends trial to late May
The judge in the bankruptcy case for the city of Stockton, California, on Thursday extended the trial by a day to allow more time to hear argument in the case. On what initially was scheduled as the final day of a four-day trial to determine whether the northern California city is ready to exit Chapter 9 bankruptcy protection, U.S. Bankruptcy Judge Christopher Klein reluctantly agreed to give ... (Thu, 15 May 2014 12:40:31 -0700)

Detroit bankruptcy judge nixes art access request
A judge in Detroit's bankruptcy refused to grant hands-on access to a valuable trove of art Thursday, telling creditors who face steep losses in the case that they can visit a city museum and browse the ... (Thu, 15 May 2014 14:56:17 -0700)

Detroit bankruptcy judge rips Oakland County lawyer over witness list
— U.S. Bankruptcy Judge Steven Rhodes blasted a lawyer representing Oakland County on Thursday after the attorney said he would call 45 witnesses during the city's bankruptcy trial this summer. (Thu, 15 May 2014 16:14:04 -0700)

Detroit bankruptcy: Bondholders balk at plan for city's artworks
Judge Steven Rhodes, who is presiding over Detroit’s efforts to emerge from bankruptcy, agreed last week to a restructuring plan submitted by the city. In a three-hour hearing, attorneys representing two bondholders – creditors for the city that do not fare as well in the plan as some other groups – took aim at the arrangement that has been struck for the city’s art collection at the Detroit ... (Thu, 15 May 2014 16:27:22 -0700)

U.S. judge in Stockton bankruptcy case extends trial to June
The judge in the bankruptcy case for the city of Stockton, California, on Thursday extended the trial into June, after granting one more day to hear arguments. U.S. Bankruptcy Judge Christopher Klein proposed a fifth and final day of trial for June 4, rescheduled from May 29 that he had proposed earlier on Thursday. Klein made the decision on what initially was scheduled as the final day of a ... (Thu, 15 May 2014 17:41:50 -0700)

Detroit bankruptcy: Bondholders balk at plan for city's artworks
The collection is central to how the Detroit bankruptcy plan is carried out. Bondholders – one group in the bankruptcy – believe the art should be valued higher, but the judge in the case isn't making a reappraisal easy. (Thu, 15 May 2014 21:04:11 -0700)

Detroit bankruptcy judge rips Oakland County lawyer over witness list
— U.S. Bankruptcy Judge Steven Rhodes blasted a lawyer representing Oakland County on Thursday after the attorney said he would call 45 witnesses during the city's bankruptcy trial this summer. (Thu, 15 May 2014 22:21:44 -0700)

Energy Future sued over bankruptcy refinance plan
WILMINGTON, Del., May 16 (Reuters) - Texas' largest power company, the bankrupt Energy Future Holdings Corp, was sued by a representative for noteholders who said they are owed $665 million in return for refinancing their securities, a key part of the company's bankruptcy plan. Energy Future filed for bankruptcy in April with a complex plan to restructure its $42 billion in debt. Part of that ... (Fri, 16 May 2014 11:25:39 -0700)

Is bankruptcy Malaysia Airlines' best option?
The best option for Malaysia Airlines may be bankruptcy, analysts told CNBC, after last week's crushing earnings report sent the firm's shares tumbling over 18 percent on Monday. (Mon, 19 May 2014 00:43:55 -0700)

Brookstone wins approval for creditor vote on bankruptcy recovery plan
Brookstone, based in Merrimack, New Hampshire, filed for bankruptcy April 3 with a deal to sell its assets to Spencer Spirit Holdings Inc. for about $146 million. Brookstone has struggled to adapt to a retail landscape where online competitors dominate and consumers are cutting back on non-essentials. (Mon, 19 May 2014 09:04:36 -0700)

Retiree suit threatens to tip Flint into bankruptcy
Vehicle City has faced its share of setbacks over the years — shuttered factories, dwindling population and urban decay, to name a few — but none has cast as dark a shadow as the prospect of filing for municipal bankruptcy protection. (Mon, 19 May 2014 10:01:17 -0700)

U.S. court approves Sbarro's bankruptcy exit plan
Sbarro Inc, the pizza chain often found in shopping mall food courts, received a U.S. bankruptcy judge's approval on Monday to move forward with a restructuring plan that will allow it to end its second bankruptcy in three years. Judge Martin Glenn of Manhattan bankruptcy court signed an order approving a plan by Sbarro to cut its $148 million debt load by more than 85 percent, to about $20 ... (Mon, 19 May 2014 15:13:30 -0700)

Can I buy car after filing Ch. 7 bankruptcy?
Can I purchase a vehicle after filing Chapter 7 bankruptcy but before the case is closed? I will be filing soon and I know I can't keep my current vehicle, but I must have a car. In the past, I would say you definitely could not buy a car right after filing bankruptcy. Most car lenders wanted to see the bankruptcy filer re-establish credit before approving a car loan. (Tue, 20 May 2014 03:00:00 -0700)

Koch Brothers group prepares to fight Detroit bankruptcy deal
Lansing — Americans for Prosperity, the conservative advocacy group supported by the Koch brothers, has launched an effort to torpedo a proposed settlement in the Detroit bankruptcy case, potentially complicating chances for completing the deal just as it (Tue, 20 May 2014 08:27:14 -0700)

Detroit bankruptcy plan faces key vote by Michigan state committee
(Reuters) - Detroit's plan to deal with $18 billion of debt so it can exit municipal bankruptcy faces a crucial test on Wednesday, when a panel of Michigan state lawmakers votes on legislation, opposed by some conservatives, to provide state funding for the city. A special Michigan House committee on Detroit's Recovery and Michigan's Future began hearings last week on a package of bills ... (Tue, 20 May 2014 14:16:29 -0700)

Drumm to testify at US bankruptcy court
Three-and-a-half years after bankruptcy filing, ex-Anglo boss will be first witness (Wed, 21 May 2014 02:00:48 -0700)

Old GM Customer Loses Appeal of Bankruptcy Judge’s Ruling
A bankruptcy judge’s decision that a General Motors Co. (GM) customer failed to state a valid claim against the estate of so-called Old GM was upheld by a federal judge in Manhattan. (Wed, 21 May 2014 07:59:41 -0700)

Drumm arrives to testify at US bankruptcy court
Three-and-a-half years after bankruptcy filing, ex-Anglo boss will be first witness (Wed, 21 May 2014 08:30:30 -0700)

Michigan House panel OKs state money for Detroit bankruptcy plan
(Reuters) - A special Michigan House committee on Wednesday approved a nearly $195 million state contribution for a key element of Detroit's plan to adjust its $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. Legislation appropriating the money from Michigan's rainy day fund was part of an 11-bill package the committee approved and sent to the full House for ... (Wed, 21 May 2014 10:13:03 -0700)

Creditors Urge Court to Force Jacoby & Meyers Bankruptcy Into Chapter 11
A group of creditors attempting to force defunct consumer law firm Jacoby & Meyers Bankruptcy LLP into Chapter 11 protection are urging a court to rule that bankruptcy is the best way to protect unhappy clients left in the lurch by the firm's demise. (Wed, 21 May 2014 20:07:02 -0700)

Detroit Bankruptcy Comes Home as Retirees Get Customized Ballots
The resolution of Detroit’s record $18 billion bankruptcy won’t be decided just in a hushed courtroom, but buffeted by advertisements designed to sway Michigan lawmakers and dissected at pensioners’ kitchen tables. (Thu, 22 May 2014 05:58:37 -0700)

Anglo Irish Ex-CEO Concedes Errors in Bankruptcy Papers
Former Anglo Irish Bank Corp. Chief Executive Officer David K. Drumm, sued by the defunct lender over an unpaid personal loan, conceded to a U.S. judge he made “a lot of errors” in his bankruptcy filing and wasn’t aware he needed to disclose $1.2 million in cash transfers to his wife. (Thu, 22 May 2014 13:44:11 -0700)

Bankruptcy of Texas power firm Energy Future to stay in Delaware
WILMINGTON, Del, May 22 (Reuters) - Texas's largest power company, Energy Future Holdings, overcame the first challenge to its huge bankruptcy on Thursday when a Delaware judge ruled the Chapter 11 case should stay in his court rather than be transferred to Dallas, as some creditors wanted. Judge Christopher Sontchi said Energy Future could have filed in several courts, and that it was clearly ... (Thu, 22 May 2014 14:03:58 -0700)

Michigan House approves Detroit bankruptcy funds
LANSING, Mich. (AP) — Michigan's Republican-led House approved spending $195 million to help prevent steep cuts in Detroit retiree pensions and the sale of valuable art, a measure that would link the state with a broader deal designed to end the largest public bankruptcy in U.S. history. (Thu, 22 May 2014 18:49:23 -0700)

Judge holds off ruling on requests to delay Detroit bankruptcy trial
U.S. Bankruptcy Judge Steven Rhodes on Thursday declined to rule on some creditors' request to delay Detroit's upcoming bankruptcy trial, saying he soon will issue an order addressing their complaints. (Thu, 22 May 2014 23:13:27 -0700)

Bankruptcy judge to hear most of Crane’s lawsuit against Comcast, McLane
.share-print{margin-right: 130px !important;}Share this:Print—U.S. Bankruptcy Judge Marvin Isgur says he has subject matter jurisdiction to hear almost all elements of Astros owner Jim Crane’s lawsuit against Comcast and former Astros owner Drayton McLane. Isgur, in an opinion issued Thursday, said the only portion of the lawsuit that falls outside the bankruptcy court’s jurisdiction is a breach ... (Fri, 23 May 2014 09:56:59 -0700)

Momentive's $570 mln bankruptcy loan package approved by judge
A bankruptcy court judge on Friday approved a $570 million financing package to get Momentive Performance Materials through bankruptcy, over the objections of unsecured creditors who say the deal will threaten their recoveries. Momentive, the maker of silicone and quartz products that is owned by private equity group Apollo Global Management LLC , filed for Chapter 11 protection in April with a ... (Fri, 23 May 2014 10:03:02 -0700)

Overseas Shipholding says near deal to advance bankruptcy plan
WILMINGTON, Del., May 23 (Reuters) - An attorney for Overseas Shipholding Group Inc, one of the world's largest publicly traded tanker holding companies, told a U.S. judge on Friday a deal was close with noteholders that would clear the way for creditors to vote on its bankruptcy exit plan. Noteholders agreed to drop their objection to the company's $1.5 billion rights offering for a chance to ... (Fri, 23 May 2014 13:40:31 -0700)

Seán FitzPatrick to exit bankruptcy next month
Former Anglo Irish Bank chairman Seán FitzPatrick will exit the bankruptcy process early next month, it has been confirmed. (Mon, 26 May 2014 10:06:28 -0700)

Detroit's bankruptcy in Mackinac policy conference's spotlight
Michigan's business, nonprofit and political leaders will assemble this week for the Detroit Regional Chamber's annual Mackinac Policy Conference as a path has emerged for the state's largest city to get out of bankruptcy court later this year. (Mon, 26 May 2014 22:38:22 -0700)

Can your lender foreclose after bankruptcy?
Dear Bankruptcy Adviser, I filed Chapter 7 bankruptcy, and all debts listed were discharged in 2008. The bank has just notified me of plans to foreclose on a home that was discharged. They plan to put ... (Tue, 27 May 2014 03:00:00 -0700)

Bankruptcy witness: Detroit, accounting firm not sharing information
The court-appointed expert hired to assess Detroit's bankruptcy plan says Detroit and an accounting firm hired by the city are refusing to share information she needs to determine if the city's plan of adjustment is viable. (Tue, 27 May 2014 03:19:44 -0700)

Detroit's bankruptcy in Mackinac policy conference's spotlight
Michigan's business, nonprofit and political leaders will assemble this week for the Detroit Regional Chamber's annual Mackinac Policy Conference as a path has emerged for the state's largest city to get out of bankruptcy court later this year. (Tue, 27 May 2014 03:24:38 -0700)

Should Detroit Sell Off Assets in Bankruptcy Deal?
May 27 (Bloomberg) -- Scott Hagerstrom, Michigan director of Americans for Prosperity, and Leo Hindery, founder and managing partner at Intermedia Partners, discuss opposition to a bankruptcy plan for the city of Detroit which puts the burden on taxpayers and pensioners as the group looks for the city to sell off assets to cover their obligations. (Tue, 27 May 2014 06:29:01 -0700)

Drumm omitted ‘large amount’ from US bankruptcy filings
Trial told financial disclosures by ex-Anglo chief were ‘absolutely not’ adequate (Tue, 27 May 2014 10:15:52 -0700)

Detroit defends its plan to emerge from bankruptcy
The city defended its plan to restructure debt and emerge from bankruptcy protection and offered a preview of its legal strategy for a July trial in federal court. (Tue, 27 May 2014 16:38:11 -0700)

Drumm cash omissions not due to ‘mere oversight’, court told
Bankruptcy trustee says debtors often try to ‘wear you out’ by dragging out disclosures (Tue, 27 May 2014 17:21:00 -0700)

Detroit Faces $2 Billion Price Tag to Combat Blight
Long before Detroit became forever associated with the biggest municipal bankruptcy in history, some of this once-proud city’s leaders and benefactors dreamed of razing chunks of the sprawling, blighted city to make way for a brand new Motown. Leading the charge four years ago was a new mayor, Dave Bing, a former NBA all-star and successful steel entrepreneur.   (Wed, 28 May 2014 05:45:00 -0700)

Bankruptcy sale set for former Telatron building
One of three buildings in the former Telatron office complex is on schedule to be sold at auction in U.S. Bankruptcy Court in Erie at 11:30 a.m. on June 26. (Wed, 28 May 2014 07:22:19 -0700)

Jacoby & Meyers Bankruptcy liquidation stays alive -U.S. judge
The unusual case of defunct law firm Jacoby & Meyers Bankruptcy LLP will remain in New York, a judge ruled on Wednesday, rejecting the firm's efforts to dismiss litigation initiated by its creditors. J&M Bankruptcy's liquidation is one of the odder bankruptcy filings this year. Judge Shelley Chapman said in court on Wednesday that the morass of questions posed by the case, including the firm's ... (Wed, 28 May 2014 10:07:04 -0700)

Some Detroit retirees sent wrong bankruptcy ballots
Some Detroit retirees were sent erroneous ballots this month for voting on the city's plan to deal with $18 billion of debt, including public pensions and exiting bankruptcy, attorneys disclosed in federal court on Wednesday. About 2,000 of the ballots sent to members of the city's general retirement system contained errors, lawyers said. Carole Neville, an attorney representing a court ... (Wed, 28 May 2014 14:44:49 -0700)

Detroit bankruptcy team trying to put price tag on entire DIA collection
The city's bankruptcy team is trying to put a price tag on the entire Detroit Institute of Arts collection following demands from various creditors. (Wed, 28 May 2014 15:48:55 -0700)

Thousands of Detroit bankruptcy ballots inaccurate, will require revote
Thousands of Detroit retirees and workers who voted on the city's debt-cutting plan received inaccurate ballots and need to vote again, an error that lawyers and a judge said Wednesday complicates a historic, confusing process. (Wed, 28 May 2014 16:25:00 -0700)

Orr: Some Detroit pensioners to benefit from bankruptcy ballot error
Detroit will resend bankruptcy voting ballots to 2,000 retirees because of an error in calculations to pension changes, resulting in $15 million less being recouped by the city, Emergency Manager Kevyn Orr said Friday. (Fri, 30 May 2014 09:37:30 -0700)

Orr: Some Detroit pensioners to benefit from bankruptcy ballot error
Detroit will resend bankruptcy voting ballots to 2,000 retirees because of an error in calculations to pension changes, resulting in $15 million less being recouped by the city, Emergency Manager Kevyn Orr said Friday. (Fri, 30 May 2014 13:04:48 -0700)

Orr: $1 billion Detroit bankruptcy deal at risk
Detroit's emergency manager warned Friday that a complex package of nearly $1 billion in possible aid for the bankrupt city could unravel unless city employees and retirees approve a pension deal. Kevyn ... (Fri, 30 May 2014 13:23:20 -0700)


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