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Home > Bankruptcy News

Bankruptcy News Jun 2014

Religious freedom law a focus in church bankruptcy
CHICAGO (AP) — A lawsuit tied to the Archdiocese of Milwaukee's bankruptcy will go before the federal appeals court in Chicago on Monday, with judges hearing arguments in a case that experts say could make millions of dollars held in trust available to victims of clergy sexual abuse and impact other cases involving gay marriage, health care and religion. (Sun, 01 Jun 2014 22:00:33 -0700)

Milwaukee Archdiocece's bankruptcy case moves Chicago court
CHICAGO — A lawsuit tied to the Archdiocese of Milwaukee's bankruptcy will go before the federal appeals court in Chicago on Monday, with judges hearing arguments in a case that experts say could make millions of dollars held in trust available to victims of clergy sexual abuse and impact other cases involving gay marriage, health care and religion. (Sun, 01 Jun 2014 22:19:12 -0700)

Detroit bankruptcy adviser: More U.S. cities to go bankrupt
Detroit's bankruptcy is not an isolated case of fiscal mismanagement of a city in decline, Richard Ravitch, adviser to the judge handling Detroit's bankruptcy case said in an interview on CBC's The Lang & O'Leary Exchange. (Mon, 02 Jun 2014 17:45:00 -0700)

STXNEWS LATAM-Brazil bankruptcy requests rise in May, Serasa says
The number of companies filing for bankruptcy protection in Brazil rose 8.5 percent in May to 141, compared with 130 requests in the prior month, credit research company Serasa Experian said on Tuesday. ... (Tue, 03 Jun 2014 06:02:17 -0700)

Sbarro Exits Bankruptcy Protection
Pizza chain Sbarro says it has exited bankruptcy protection.According to court filings, a judge approved the company's reorganization plan on May 19, and that plan took effect Monday. (Tue, 03 Jun 2014 10:48:56 -0700)

Sbarro says it exited bankruptcy protection
NEW YORK (AP) — Pizza chain Sbarro says it has exited bankruptcy protection and is moving its headquarters from New York to Ohio. (Tue, 03 Jun 2014 10:52:00 -0700)

Sbarro says it exited bankruptcy protection
Pizza chain Sbarro says it has exited bankruptcy protection and is moving its headquarters from New York to Ohio. According to court filings, a judge approved the company's reorganization plan on May 19, ... (Tue, 03 Jun 2014 10:52:00 -0700)

Michigan Senate committee approves Detroit bankruptcy bills
A Michigan Senate committee on Tuesday unanimously passed a package of bills that include state money to aid Detroit retirees, a key element in the city's plan to adjust its debt and exit bankruptcy. The affirmative votes by the five-member Senate Government Operations Committee sent nine bills to the full Republican-controlled chamber for consideration possibly later on Tuesday. Under the so ... (Tue, 03 Jun 2014 12:50:50 -0700)

Michigan Senate gives final OK to Detroit bankruptcy bills
The Michigan Senate on Tuesday passed a package of bills that includes state money to aid Detroit retirees, a key element in the city's plan to adjust its debt and exit the biggest municipal bankruptcy in U.S. history. The action by the Republican-controlled Senate sends the nine bills to Governor Rick Snyder, who has pushed lawmakers for state money for Michigan's biggest city. Under the so ... (Tue, 03 Jun 2014 15:20:17 -0700)

State Senate approves $195M in bankruptcy aid for Detroit
The Michigan Senate on Tuesday greenlighted the state's participation in Detroit's bankruptcy 'grand bargain,' approving $195 million in aid for Detroit pensioners and long-term oversight of city finances. (Tue, 03 Jun 2014 17:02:06 -0700)

Bankruptcy trial to resume today
STOCKTON — The city’s bankruptcy trial, originally scheduled to conclude nearly three weeks ago, will resume this morning in federal court in Sacramento, but the day’s most noteworthy development probably won’t occur until late in... (Wed, 04 Jun 2014 00:15:08 -0700)

Detroit police, fire retirees to hear details about bankruptcy plan today
Detroit — The city's Police and Fire Retirement System on Wednesday afternoon will host its first informational meeting on Detroit's bankruptcy Plan of Adjustment at the IBEW Hall on Abbott Street. (Wed, 04 Jun 2014 10:59:17 -0700)

Bankruptcy judge impatient in Deer Meadows case
A bankruptcy judge in Philadelphia showed a trace of impatience with creditors of Deer Meadows Retirement Community at a hearing Wednesday. (Wed, 04 Jun 2014 16:36:56 -0700)

Stockton Seeks to End Bankruptcy After 2 Years of Talks
Stockton, California, made a final plea to a judge to let it exit bankruptcy after spending $13.9 million in fees and almost two years under court oversight trying to restructure $1.18 billion in creditor claims. (Wed, 04 Jun 2014 17:59:02 -0700)

Drumm showed ‘disdain’ for US bankruptcy rules, court hears
Boston trial hears of ex-Anglo chief’s ‘unquestionable recklessness’ (Thu, 05 Jun 2014 00:02:28 -0700)

JPMorgan Unit’s MModal Wins Approval of Bankruptcy Terms
MModal Inc., the medical- transcription company indirectly controlled by JPMorgan Chase & Co., won court approval of the rough terms of a plan to reorganize and will seek final approval July 15 to exit bankruptcy. (Thu, 05 Jun 2014 07:59:12 -0700)

Detroit retirees crowd meeting to hear more about bankruptcy plan
Detroit — A divided crowd filed out of Fellowship Chapel Thursday, some vowing a fight, others saying they will concede to pension cuts as part of Detroit's historic bankruptcy. (Thu, 05 Jun 2014 10:46:38 -0700)

A critical summer for Detroit bankruptcy case
DETROIT (AP) — Nearly a year after filing the largest public bankruptcy in U.S. history, Detroit has put its exit plan in the hands of creditors, especially 32,000 retirees and current and former workers. Here's a look at where things stand: (Sun, 08 Jun 2014 10:20:16 -0700)

A critical summer for Detroit bankruptcy case
Nearly a year after filing the largest public bankruptcy in U.S. history, Detroit has put its exit plan in the hands of creditors, especially 32,000 retirees and current and former workers. Here's a look ... (Sun, 08 Jun 2014 10:20:17 -0700)

No shortage of info in Detroit bankruptcy
DETROIT (AP) — Retired Detroit bus driver Art Vardiman recently received a computer disk in the mail that contains hundreds of pages of documents. He also got a six-page blue ballot about cuts to his pension and a white one about health insurance. A 25-page notice explains why the changes are being proposed in Detroit's historic bankruptcy. (Sun, 08 Jun 2014 10:41:59 -0700)

EFIH Announces Bankruptcy Court Approval of First Lien Notes Settlement and First Lien DIP Facility, Extension of ...
Energy Future Intermediate Holding Company LLC , a wholly-owned subsidiary of Energy Future Holdings Corp. , and EFIH Finance Inc. today announced that the United States Bankruptcy Court for the District of Delaware has issued an order approving, subject to a stay of such order until 12:01 a.m., New York City time, on June 12, 2014, the voluntary settlement provided for in the Issuer’s ... (Mon, 09 Jun 2014 05:00:00 -0700)

High court rules on scope of bankruptcy authority
The Supreme Court says bankruptcy courts have limited authority to rule on disputes outside the traditional bankruptcy process. The justices ruled unanimously Monday that a Washington state bankruptcy ... (Mon, 09 Jun 2014 07:24:51 -0700)

Automakers to help save Detroit's art treasures
General Motors, Ford and Chrysler are driving into Detroit's bankruptcy reorganization by pledging $26 million to help support retiree pensions while keeping the city's art treasures off the auction block, ... (Mon, 09 Jun 2014 10:18:38 -0700)

Detroit Judge Delays Bankruptcy Trial by Almost a Month
Detroit 's court battle over its plan pay creditors less than they are owed in order to exit bankruptcy was delayed almost a month by the federal judge overseeing the case to give the parties more time ... (Mon, 09 Jun 2014 12:59:21 -0700)

Detroit bankruptcy judge pushes hearing on debt plan to Aug. 14
The federal judge overseeing Detroit's bankruptcy delayed, by three weeks, the start of a hearing to confirm the city's debt adjustment plan, raising the possibility that the case could drag on beyond the term of Detroit's emergency manager. Judge Steven Rhodes on Monday released the case's fifth revised schedule, pushing back the start of the hearing until Aug. 14 from July 24. That means the ... (Mon, 09 Jun 2014 13:38:29 -0700)

Bankruptcy Court Confirms The Dolan Company Prepackaged Chapter 11 Plan Following Settlement
The Dolan Company and its subsidiaries announced today that the United States Bankruptcy Court for the District of Delaware has confirmed their prepackaged chapter 11 plan of reorganization. (Mon, 09 Jun 2014 14:52:00 -0700)

Veris Gold Files Nevada Bankruptcy to Shield U.S. Assets
Veris Gold Corp., a Canadian miner, filed for bankruptcy in the U.S. and Canada after Deutsche Bank AG (DBK) declared it in default and the company was unable to refinance debt, according to court papers. (Mon, 09 Jun 2014 16:30:33 -0700)

After bankruptcy, do I owe on 2nd mortgage?
I filed a Chapter 7 bankruptcy that was discharged in 2009. I was paying my second mortgage loan to the bank for four years without a reaffirmation agreement. I recently found out the bank wrote off that loan and gave it to a credit collection agency, which I have not heard from. You are correct that the second mortgage lender cannot sue you. (Tue, 10 Jun 2014 03:00:00 -0700)

Detroit bankruptcy advances; the city will be saved, says venture capitalist
Josh Linkner, CEO of Detroit Venture Partners and author of the new book, "The Road to Reinvention: How to Drive Disruption and Accelerate Transformation," discusses why Detroit will be saved and emerge from bankruptcy a stronger city. (Tue, 10 Jun 2014 07:24:20 -0700)

Another act decided in Anna Nicole Smith’s Supreme Court legacy
Without a lot of fanfare, the Supreme Court this week resolved an important bankruptcy court question left in the wake of the historic Anna Nicole Smith estate case from 2011, while it left a second big question unresolved. (Tue, 10 Jun 2014 10:14:07 -0700)

Ky. pension board to discuss bankruptcy ruling
The Kentucky Retirement System Board of Trustees will have a private meeting Wednesday to decide whether to appeal a recent bankruptcy ruling that could threaten the financial future of the system and ... (Wed, 11 Jun 2014 07:37:01 -0700)

Supplement maker Natrol seeks bankruptcy in wake of class actions
Natrol Inc filed for bankruptcy on Wednesday, a day after a U.S. judicial panel consolidated several class actions accusing the health supplement maker of false marketing of its joint relief products. Natrol, a unit of Plethico Pharmaceuticals Ltd of India, also owns the Laci Le Beau dieter's teas, NuHair and Shen Min hair loss treatments and MRI and Prolab strength supplements. In documents ... (Wed, 11 Jun 2014 09:55:33 -0700)

Lawyers: GM seeks bankruptcy shield from lawsuit
DETROIT (AP) — Lawyers for a Georgia family that is trying to reopen a wrongful death lawsuit against General Motors say the company is trying to move the case to federal court so it can use bankruptcy as a shield from the claim. (Thu, 12 Jun 2014 02:32:38 -0700)

Ky. retirement system to appeal bankruptcy ruling
Kentucky's troubled retirement system will appeal a recent federal bankruptcy ruling that officials fear could threaten the solvency of the state's $15.7 billion pension fund. Seven Counties - a nonprofit ... (Thu, 12 Jun 2014 06:36:06 -0700)

Court: Inherited IRAs not protected in bankruptcy
WASHINGTON (AP) — A unanimous Supreme Court ruled Thursday that inherited Individual Retirement Accounts are not shielded from creditors in bankruptcy proceedings, a decision that clears up confusion about the status of unspent IRAs that parents leave to their children. (Thu, 12 Jun 2014 08:18:18 -0700)

Inherited IRAs in play for bankruptcy creditors -US high court
The U.S. Supreme Court on Thursday said inherited individual retirement accounts are not protected from creditors in bankruptcy, in a ruling that impacts one of the most popular ways to save for retirement. In a unanimous opinion, the nation's highest court held that IRAs inherited by someone other than a spouse cannot be considered retirement funds, because beneficiaries cannot invest ... (Thu, 12 Jun 2014 10:38:37 -0700)

Inherited IRAs in play for bankruptcy creditors: U.S. high court
The U.S. Supreme Court on Thursday said inherited individual retirement accounts are not protected from creditors in bankruptcy, in a ruling that impacts one of the most popular ways to save for retirement. In a unanimous opinion, the nation's highest court held that IRAs inherited by someone other than a spouse cannot be considered retirement funds, because beneficiaries cannot invest ... (Thu, 12 Jun 2014 10:51:46 -0700)

Settlement reached over Detroit bonds - court mediators
(Reuters) - A settlement has been reached in Detroit's historic bankruptcy case over the treatment of unsecured limited-tax general obligation bonds, U.S. Bankruptcy Court mediators announced on Friday. Details of the settlement, reached between the city and two unnamed parties that either own or insure "a large majority" of the bonds, are in "the final documentation process," and were not ... (Fri, 13 Jun 2014 15:55:49 -0700)

Detroit Reaches Deal With Bondholers in Bankruptcy Talks
Detroit got closer to resolving its record $18 billion municipal bankruptcy, reaching a deal with the insurer of taxpayer-backed bonds on how to treat debt holders. (Fri, 13 Jun 2014 22:14:11 -0700)

Mattress Source files for bankruptcy, closing some stores
Its creditors include KSDK, which has a $43,050 claim for advertising.  (Mon, 16 Jun 2014 06:33:00 -0700)

Aramid Entertainment Fund Files for Bankruptcy Over Suits
Aramid Entertainment Fund Ltd., a hedge fund specializing in financing movies, sought bankruptcy court protection from creditors to deal with the costs of suing borrowers who failed to repay loans. (Mon, 16 Jun 2014 10:19:30 -0700)

PSL Units File for Bankruptcy With Plan to Sell Assets
The U.S. and North American units of PSL Ltd., an Indian steel-pipe maker for the oil and gas industry, sought bankruptcy protection with a plan to sell assets to Jindal Tubular USA LLC for about $100 million. (Mon, 16 Jun 2014 10:59:49 -0700)

‘Real Housewives’ Sonja Morgan Loses French Villa in Bankruptcy Case
While Sonja Morgan has been putting a positive spin on her bankruptcy proceedings, it looks like things may have been more out of her control than she's admitted. She's talked in the media about considering a sale  of her French villa to help her come out of Chapter 11 bankruptcy, listing it for $7-8 million, but her bankruptcy court documents tell a different story. Those documents state that ... (Tue, 17 Jun 2014 01:53:00 -0700)

New York Federal Court Rules that Refco Bankruptcy Estate Can Proceed with Lawsuit against Cantor Fitzgerald and CEO ...
NEW YORK, June 17, 2014 /PRNewswire/ -- A federal judge in New York's Southern District has upheld all of the key claims in a lawsuit filed against financial services firm Cantor Fitzgerald and its primary owner and chief executive Howard Lutnick by the bankruptcy estate of former futures broker Refco Inc. The suit, filed in 2013, alleges that Cantor's Nevada gaming businesses acquired ... (Tue, 17 Jun 2014 07:02:00 -0700)

Mt. Gox U.S. Bankruptcy Approved to Help Bitcoin Hunt
Mt. Gox Co., once the world's largest bitcoin exchange, won approval of its U.S. bankruptcy filing, giving a boost to a Japanese investigation into the disappearance of 650,000 units of the digital currency. U.S. Bankruptcy Judge Stacey G. Jernigan said today in Dallas she has "ample legal authority" to accept the U.S. filing and recognize Mt. Gox's Japanese bankruptcy as the foreign main ... (Tue, 17 Jun 2014 10:59:38 -0700)

Failed bitcoin exchange Mt Gox gets U.S. bankruptcy protection
The failed Tokyo-based bitcoin exchange, Mt Gox, received court approval on Tuesday to begin Chapter 15 bankruptcy proceedings in the United States as it awaits approval of a settlement with U.S. customers and a sale of its business. Mt Gox was once the world's leading exchange for trading the digital currency, but shut its website earlier this year after saying it lost some 850,000 bitcoins ... (Tue, 17 Jun 2014 15:44:52 -0700)

Failed Bitcoin Exchange MtGox Approved for US Chapter 15 Bankruptcy Protection
Collapsed bitcoin exchange MtGox has received court approval to begin Chapter 15 bankruptcy proceedings in the US, paving the way for the company to complete the sale of its business. Judge Stacey Jernigan of the US Bankruptcy Court in Dallas, Texas, approved MtGox's application to get Chapter 15 recognition, which would allow the company to pursue potential funds from its remaining assets. (Tue, 17 Jun 2014 23:27:57 -0700)

Desert Hot Springs Debates Police Versus Bankruptcy Path
A California city still burdened by debt payments from its 2001 bankruptcy is struggling to avoid defaulting on those bonds or going insolvent for a second time in 13 years. (Wed, 18 Jun 2014 04:47:47 -0700)

Holdout creditors in Detroit bankruptcy question secret order
(Reuters) - A group of holdout creditors is asking the federal judge overseeing Detroit historic bankruptcy case to unseal an unusual secret mediation order made last week so that they can understand the terms of mediation. The "supplemental order regarding mediation confidentiality" was filed June 12 under seal, meaning its contents were not publicly disclosed. Syncora Guarantee Inc and ... (Wed, 18 Jun 2014 10:57:07 -0700)

Bankrupt city of San Bernardino reaches deal with Calpers
Bankrupt San Bernardino has reached an interim deal with its biggest creditor, the California Public Employees' Retirement System (Calpers), that will help the city plan its exit from bankruptcy, according to a court filing. In a status report ahead of a hearing on Thursday with the judge overseeing the bankruptcy, the city's lawyers said the deal has led San Bernardino to start paying back its ... (Wed, 18 Jun 2014 14:07:50 -0700)

Kid Brands Files Bankruptcy With Plan to Sell Business
Kid Brands Inc. (KIDB) , which designs and makes infant bedding, furniture and toys sold under brands including Carters and Graco, filed for bankruptcy protection with a plan to sell its assets. (Thu, 19 Jun 2014 08:04:30 -0700)

Detroit pension fund urges 'yes' vote on bankruptcy plan
(Reuters) - Detroit's Police and Fire Retirement System board on Thursday voted to recommend that its 13,000 current and retired members vote in favor of the city's plan to adjust its debts and exit bankruptcy. Last week, the city's other pension fund, the General Retirement System, took similar action, urging its 20,200 members to vote "yes" on the plan. It said a letter will be mailed early ... (Thu, 19 Jun 2014 15:01:49 -0700)

Atlantic City's Revel Casino files for bankruptcy, seeks buyer
Atlantic City's troubled Revel Casino Hotel on Thursday filed its second bankruptcy in just over a year and said it is hunting for a buyer. The casino, which had gone through Chapter 11 bankruptcy in March 2013, warned employees on Thursday that it would lay them all off beginning on Aug. 18 if it could not find a buyer, according to a letter sent to staff, a copy of which was obtained by ... (Thu, 19 Jun 2014 16:56:09 -0700)

Revel Files for Bankruptcy Seeking Savior at Auction
Revel AC Inc., whose Atlantic City, New Jersey, casino resort has struggled since it opened in 2012, sought bankruptcy protection to pursue a sale after going through reorganization a little more than a year ago. (Fri, 20 Jun 2014 05:55:12 -0700)

Michigan governor signs bills for Detroit bankruptcy plan
Michigan Governor Rick Snyder on Friday signed into law bills that complete funding for a key component of Detroit's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. The legislation allocates nearly $195 million in state funds for the so-called grand bargain, which includes $366 million pledged over 20 years by philanthropic foundations and $100 ... (Fri, 20 Jun 2014 08:26:34 -0700)

Detroit 'Grand Bargain' vote key to bankruptcy end
DETROIT (AP) — An effort by deep-pocketed philanthropists to save the bankrupt city of Detroit's art treasures began with a chance meeting last year and culminated Friday when Michigan Gov. Rick Snyder signed a bill authorizing millions in state help. (Fri, 20 Jun 2014 10:03:40 -0700)

Detroit’s Creative ‘Dig Out of Bankruptcy’ Plan
Detroit’s massive bankruptcy woes were born of some of the worst municipal financial management and corruption imaginable. Arguably, one of the biggest obstacles to the Motor City’s efforts to resolve more than $18 billion of long-term debt was persuading major banks to let the city out of the preposterously unfavorable loan terms that were negotiated by former mayor Kwame M. Kilpatrick who was ... (Fri, 20 Jun 2014 11:06:00 -0700)

Michigan governor signs bills for Detroit bankruptcy plan
Michigan Governor Rick Snyder on Friday signed into law bills that complete funding for a key component of Detroit's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. The legislation allocates nearly $195 million in state funds for the so-called grand bargain, which includes $366 million pledged over 20 years by philanthropic foundations and $100 ... (Fri, 20 Jun 2014 11:32:50 -0700)

Detroit bankruptcy creditor seeks to grill Snyder in court
A bond insurer facing losses of up to $1.1 billion in Detroit's bankruptcy wants to depose Gov. Rick Snyder under oath about his role in facilitating a deal to aid pensioners. (Sat, 21 Jun 2014 03:10:04 -0700)

Judge delays start of Detroit bankruptcy trial
Detroit's bankruptcy judge has delayed the start of a planned late July trial over the city's debt-cutting plan by three weeks. (Sat, 21 Jun 2014 17:31:20 -0700)

Freedom bankruptcy raises questions about chemical cleanup
By Ken Ward Jr. The ongoing Freedom Industries bankruptcy could easily turn into a tug-of-war over the cleanup of contamination at the site of the January chemical leak that polluted the drinking water supply that serves 300,000 people in Charleston and the surrounding region, according to experts on bankruptcy and environmental law. Freedom's case highlights an inherent conflict between the ... (Sat, 21 Jun 2014 18:01:21 -0700)

Detroit bankruptcy trial delayed three weeks
Detroit's bankruptcy judge has delayed by three weeks the start of a planned July trial over the city's debt-cutting plan. (Sat, 21 Jun 2014 21:48:35 -0700)

Pettit Oil bankruptcy turns into a train wreck
More than 700 court documents, dozens of boxes of company records and a smattering of corporate assets scattered throughout Western Washington are all that remain of a once-proud Pierce County company that last year served some 10,000 customers from Port Angeles to Tacoma. (Sun, 22 Jun 2014 00:27:25 -0700)

Judge delays start of Detroit bankruptcy trial
Detroit's bankruptcy judge has delayed the start of a planned late July trial over the city's debt-cutting plan by three weeks. (Sun, 22 Jun 2014 11:34:10 -0700)

U.S. Supreme Court rules bankruptcy courts have limited authority
Washington — The Supreme Court says bankruptcy courts have limited authority to rule on disputes outside the traditional bankruptcy process. (Sun, 22 Jun 2014 21:32:08 -0700)

Detroit bankruptcy trial delayed three weeks
Detroit's bankruptcy judge has delayed by three weeks the start of a planned July trial over the city's debt-cutting plan. (Sun, 22 Jun 2014 22:01:06 -0700)

Detroit attorneys say bankruptcy trial needs 5 weeks, creditors want much longer
A bankruptcy trial over Detroit's debt-cutting reorganization plan can be accomplished in five weeks, city attorneys said Friday. (Mon, 23 Jun 2014 00:04:01 -0700)

Supreme Court Finds Inherited IRAs Not Protected In Bankruptcy
Once an IRA is inherited, it is not a "retirement" account within the meaning of the bankruptcy law. (Mon, 23 Jun 2014 00:57:22 -0700)

For College Credit: B in Bankruptcy... D in Debt
Escalating college costs -- old news. Parents being legally bound to pay for college for their children, currently in debate. Student loan debt crippling future generations before they even have a job ... (Mon, 23 Jun 2014 06:00:00 -0700)

Source Home Files Bankruptcy as Readers Turn to Web
Source Home Entertainment LLC, a closely held magazine publisher and distributor, filed for bankruptcy protection as more readers abandon print and turn to electronic media. (Mon, 23 Jun 2014 06:29:44 -0700)

U.S. judge approves $135.7 million sale of Brookstone to investor consortium
Retailer Brookstone Inc [TEMSHB.UL] announced on Monday that a federal bankruptcy court judge in Delaware has approved its sale to a consortium of Chinese investors that will run its 240 stores after exiting bankruptcy. Sailing Innovation Inc will acquire Brookstone for $135.7 million, net of cash and assumed liabilities, as the New Hampshire company expects to emerge from bankruptcy by early ... (Mon, 23 Jun 2014 17:32:06 -0700)

U.S. judge approves $135.7 mln sale of Brookstone to investor consortium
Retailer Brookstone Inc announced on Monday that a federal bankruptcy court judge in Delaware has approved its sale to a consortium of Chinese investors that will run its 240 stores after exiting bankruptcy. Sailing Innovation Inc will acquire Brookstone for $135.7 million, net of cash and assumed liabilities, as the New Hampshire company expects to emerge from bankruptcy by early July ... (Mon, 23 Jun 2014 17:35:48 -0700)

Supreme Court Finds Inherited IRAs Not Protected In Bankruptcy
Once an IRA is inherited, it is not a "retirement" account within the meaning of the bankruptcy law. (Mon, 23 Jun 2014 19:18:04 -0700)

Shipping company Nautilus files for U.S. bankruptcy
Nautilus Holdings Ltd, a Bermuda-chartered company that leases container ships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S. Bankruptcy Court in Manhattan. Nautilus said it had some profitable charter contracts and believed it ... (Tue, 24 Jun 2014 08:22:07 -0700)

Energy Future unit rejects NextEra's $2.3 bln bankruptcy plan
Energy Future Holdings rejected a $2.3 billion restructuring plan by NextEra Energy Inc that would have given the alternative energy group a large stake in Energy Future's power lines unit, according to court filings. The proposal was made by NextEra and a group of investors that hold second-lien notes issued by Energy Future's EFIH unit, which in turn controls the Oncor power distribution ... (Tue, 24 Jun 2014 10:31:38 -0700)

Genco takes on shareholders as shipper looks to exit bankruptcy
Lawyers for bankrupt Genco Shipping & Trading Ltd on Tuesday insisted the dry bulk shipper is not being undervalued during the closing of a trial pitting the company against angry shareholders who wanted better treatment in the restructuring. The four-day trial in U.S. Bankruptcy Court in Manhattan posed the question of how to value a shipping company. The answer will determine what is left for ... (Tue, 24 Jun 2014 14:49:30 -0700)

Dunne bankruptcy official seeks Swiss and Irish legal actions
Official asks US court for permission to examine documents related to developer (Tue, 24 Jun 2014 19:16:06 -0700)

Bankruptcy Attorneys Can Save on Credit Reports Direct Through Start Fresh Today
FORT LAUDERDALE, Fla., June 25, 2014 /PRNewswire/ -- Start Fresh Today, a leading provider of Credit Counseling and Debtor Education since 2005, is now also offering credit reports to credit bureau-approved bankruptcy attorneys. For bankruptcy attorneys already approved by another due diligence provider, a $420 credit will be offered as an incentive to switch by July 2, 2014. One or two source ... (Wed, 25 Jun 2014 09:00:00 -0700)

Leading New York Bankruptcy Lawyer Gordon Novod Joins Grant & Eisenhofer to Head Bankruptcy Litigation Practice
NEW YORK, June 25, 2014 /PRNewswire/ -- Leading financial litigation law firm Grant & Eisenhofer P.A. announced that prominent creditor-side bankruptcy lawyer Gordon Z. Novod has joined the firm to head its bankruptcy litigation practice. Mr. Novod, who joins G&E's New York office as a director, was previously a partner in the bankruptcy & corporate restructuring practice of Brown Rudnick in New ... (Wed, 25 Jun 2014 11:12:00 -0700)

Detroit bankruptcy judge rejects big-ticket creditor claims
Detroit is off the hook for $150 million to buy garbage trucks that one resident claimed or to compensate a California man $1 trillion for the loss of nuclear research materials, a U.S. Bankruptcy Court judge ruled on Wednesday. Judge Steven Rhodes, who is overseeing the city's historic bankruptcy case, agreed with the city's objections to claims filed by some individual would-be creditors. The ... (Wed, 25 Jun 2014 13:54:53 -0700)

Creditors balk at bankruptcy loan teeing up Energy Future sale
Bankrupt Energy Future Holdings' novel plan to sell itself through a loan provision has Texas's largest power company in hot water with creditors, who accuse it of trying to skirt a public sale process and hiding its true value. The company and its creditors are heading for a courtroom showdown on Monday when Energy Future will seek a judge's approval to take on a $2 billion loan that would give ... (Wed, 25 Jun 2014 14:38:18 -0700)

Bankruptcy case costs American Airlines nearly $400 million
Fee examiner Robert Keach gives the judge handling the case a final accounting of fees and expenses, and calls the case “among the most successful of all time.” (Wed, 25 Jun 2014 19:24:30 -0700)

Bond insurer Syncora is stubborn city rival in Detroit's bankruptcy
Since Detroit filed the biggest municipal bankruptcy in U.S. history last July, Syncora has objected to the city's moves nearly every step of the way - from an early agreement with investment banks over interest rate swaps to the more recent “grand bargain” designed to save the Detroit Institute of Arts. The company's latest pleading, set for argument Thursday in a federal courtroom, demands ... (Wed, 25 Jun 2014 22:20:39 -0700)

A second bankruptcy for struggling Revel casino
The Revel Casino Hotel in Atlantic City, a $2.4 billion property that has operated at a loss since opening in 2012, filed for its second bankruptcy Thursday. (Wed, 25 Jun 2014 23:16:02 -0700)

City attorneys lobby bankruptcy judge to take bus tour of Detroit
City bankruptcy attorneys are continuing to press a U.S. Bankruptcy judge to partake in a three-hour bus tour of Detroit they claim is 'view-changing' and will be secure. (Thu, 26 Jun 2014 04:04:37 -0700)

Bankruptcy judge favors bus tour, deals some setbacks to Syncora
U.S. Bankruptcy Judge Steven Rhodes on Thursday says he wants to move forward with plans for a three-hour bus tour of Detroit despite potential organizational roadblocks. (Thu, 26 Jun 2014 05:33:52 -0700)

City attorneys lobby bankruptcy judge to take bus tour of Detroit
City bankruptcy attorneys are continuing to press a U.S. Bankruptcy judge to partake in a three-hour bus tour of Detroit they claim is 'view-changing' and will be secure. (Thu, 26 Jun 2014 09:13:46 -0700)

Experts in American Air bankruptcy could get $371M
Lawyers and other specialists who worked on the American Airlines bankruptcy case could get $371 million plus expenses. The biggest haul: $74.5 million in fees for Weil, Gotshal & Manges, American's lead ... (Thu, 26 Jun 2014 12:25:03 -0700)

Detroit bankruptcy judge on board for bus tour of city
The federal judge overseeing Detroit's historic bankruptcy case on Thursday indicated he is willing to join a bus tour proposed by the city, while rejecting demands by a major creditor in the case for an explanation of how a legal opinion was reached. Judge Steven Rhodes, who is no stranger to Detroit having served there as a bankruptcy judge since 1985, said in court he was open to the idea of ... (Thu, 26 Jun 2014 14:59:30 -0700)

Experts in American Air bankruptcy could get $371M
DALLAS (AP) — Lawyers and other specialists who worked on the American Airlines bankruptcy case could get $371 million plus expenses. (Thu, 26 Jun 2014 15:10:28 -0700)

Detroit bankruptcy raises Orr's profile across U.S.
Sixteen months after being called to serve as Detroit's emergency manager, Kevyn Orr has emerged as a public figure, famous within municipal finance circles and recognizable to legions of Detroit followers from Woodward Avenue to Wall Street and beyond. (Fri, 27 Jun 2014 01:09:51 -0700)

LightSquared reaches bankruptcy deal, without Ergen
LightSquared has reached a mediated deal to bring the wireless communications company out of its Chapter 11 bankruptcy, according to report from the mediator who lashed out at Charles Ergen, a large creditor and satellite TV mogul. "All of the parties to the mediation have agreed on the key business terms of a chapter 11 plan for the debtors that should be confirmable without the support of the ... (Fri, 27 Jun 2014 14:48:14 -0700)

N.Y. lawmaker pleads guilty to immigration, bankruptcy fraud
By Joseph Ax NEW YORK (Reuters) - A New York state assemblywoman pleaded guilty on Friday in federal court to entering into a sham marriage to secure U.S. citizenship and lying about her assets when filing for bankruptcy. Gabriela Rosa, 47, who represents a district in northern Manhattan, also agreed to resign from the state legislature, the office of Manhattan U.S. Attorney Preet Bharara said ... (Fri, 27 Jun 2014 15:34:36 -0700)

Bankruptcy judge agrees to take confidential bus tour of Detroit
U.S. bankruptcy Judge Steven Rhodes signaled that a proposed tour of Detroit to give him an up-close look at the city's conditions must be kept confidential as a matter of safety. (Fri, 27 Jun 2014 15:59:31 -0700)

LightSquared reaches bankruptcy deal; mediator blasts Ergen
Wireless venture LightSquared has reached a deal to end its Chapter 11 bankruptcy, but its largest creditor, satellite operator Charles Ergen, is not on board and "wasted the parties' time," according to a report from the court-appointed mediator. The mediator, Judge Robert Drain, said he believed the plan would be confirmable by the Bankruptcy Court judge overseeing the case even without Ergen ... (Fri, 27 Jun 2014 16:19:36 -0700)

Bid to overturn Bond bankruptcy
The estranged partner of businessman Craig Bond is trying to overturn his bankruptcy. (Sun, 29 Jun 2014 16:26:27 -0700)

U.S. bond funds sue Puerto Rico, worried about bankruptcy threat
U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing it of passing a law modeled after the U.S. bankruptcy code that could undermine the rights of American investors. Last week's rushed passage of the law has spooked the $3.7 trillion U.S. municipal bond market, sending down prices of revenue bonds issued by Puerto Rico's electric ... (Mon, 30 Jun 2014 09:01:38 -0700)

Cricket-Pakistan board faced bankruptcy before ICC changes
(Reuters) - The Pakistan Cricket Board (PCB) faced bankruptcy and isolation if it did not back the radical changes made by the International Cricket Council (ICC) last week, chairman Najam Sethi said on Monday. Sethi told a news conference in Lahore that the PCB could have collapsed within two years if it did not support the sweeping reforms introduced in Melbourne. Sethi said the PCB had ... (Mon, 30 Jun 2014 11:04:38 -0700)

Phone Provider MIG Files Second Bankruptcy in Five Years
MIG LLC, part-owner of the largest provider of mobile-phone services in the Republic of Georgia, sought bankruptcy protection for the second time in five years. (Mon, 30 Jun 2014 13:29:26 -0700)


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