101 bankruptcy Online Bankruptcy Resources
Home Bankruptcy Guide Bankruptcy Resources Links About
Bankruptcy News Archive
Apr 2015 | Mar 2015 | Feb 2015 | Jan 2015 | Dec 2014 | Nov 2014 | Oct 2014 | Sep 2014 | Aug 2014 | Jul 2014 | Jun 2014 | May 2014 | Apr 2014 | Mar 2014 | Feb 2014 | Jan 2014 | Dec 2013 | Nov 2013 | Oct 2013 | Sep 2013 | Aug 2013 | Jul 2013 | Jun 2013 | May 2013 | Apr 2013 | Mar 2013 | Feb 2013 | Jan 2013 | Dec 2012 | Nov 2012 | Oct 2012 | Sep 2012 | Aug 2012 | Jul 2012 | Jun 2012 | May 2012 | Apr 2012 | Mar 2012 | Feb 2012 | Jan 2012 | Dec 2011 | Nov 2011 | Oct 2011 | Sep 2011 | Aug 2011 | Jul 2011 | Jun 2011 | May 2011 | Apr 2011 | Mar 2011 | Feb 2011 | Nov 2010 | Oct 2010 | Sep 2010 | Aug 2010 | Jul 2010 | Jun 2010 | May 2010 | Apr 2010 | Mar 2010 | Feb 2010 | Jan 2010 | Dec 2009 | Nov 2009 | Oct 2009 | Sep 2009 | Aug 2009 | Jul 2009 | Jun 2009 | May 2009 | Apr 2009 | Mar 2009 | Feb 2009 | Jan 2009 | Dec 2008 | Nov 2008 | Oct 2008 | Sep 2008 | Aug 2008 | Jul 2008 | Jun 2008 | May 2008 | Apr 2008 | Mar 2008 | Feb 2008 | Jan 2008 | Dec 2007 | Nov 2007 | Oct 2007 | Sep 2007 | Aug 2007 | Jul 2007 | Jun 2007 | May 2007 | Apr 2007 | Mar 2007 | Feb 2007 | Jan 2007 | Dec 2006 | Nov 2006 | Oct 2006 | Sep 2006 | Aug 2006 | Jul 2006

Home > Bankruptcy News

Bankruptcy News Jul 2014

Reaffirm mortgage post-bankruptcy?
In some cases, lenders do not work with borrowers to reaffirm mortgage loans during the bankruptcy process. This causes problems for homeowners because the lender may also refuse to send monthly statements after the bankruptcy. (Tue, 01 Jul 2014 03:00:00 -0700)

Quiznos emerges from bankruptcy
Quiznos said Tuesday that it has emerged from bankruptcy after restructuring its finances. The toasted sandwich chain filed for Chapter 11 bankruptcy protection in March and reduced its debt by more than ... (Tue, 01 Jul 2014 07:47:17 -0700)

Key hearings in Energy Future bankruptcy extended to July 11
Court hearings to determine if Energy Future Holdings Corp, Texas's biggest power company, can adopt a refinancing package that is key to its massive bankruptcy have been extended through July 11 from the original schedule to end on Tuesday. "I'm worried about that amount of time being sufficient," Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Delaware said at the start ... (Tue, 01 Jul 2014 07:57:41 -0700)

LightSquared Has Tentative Bankruptcy Plan, Lawyer Says
LightSquared Inc., Philip Falcone ’s wireless broadband company, agreed on tentative terms of a reorganization plan that would give majority ownership to JPMorgan Chase & Co. (JPM) , Fortress Investment Group LLC (FIG) and Cerberus Capital Management LP, a lawyer said. (Tue, 01 Jul 2014 09:14:59 -0700)

Detroit bankruptcy judge keeps city lawsuit on pension debt alive
(Reuters) - A federal judge has blocked an initial attempt to stop Detroit from trying to invalidate $1.4 billion of debt sold to boost funding for the city's two retirement systems. U.S. Bankruptcy Judge Steven Rhodes on Monday denied a motion by two service corporations created for the 2005 and 2006 debt sales that asked the court to dismiss the city's lawsuit. In his ruling, Rhodes noted the ... (Tue, 01 Jul 2014 09:38:15 -0700)

JPMorgan, funds to own LightSquared under bankruptcy exit plan
Bankrupt wireless venture LightSquared on Tuesday revealed a new restructuring proposal that would cede 74 percent of its equity to a new investor group that includes JPMorgan Chase & Co, Cerberus Capital Management and Fortress Investment Group. Phil Falcone's Harbinger Capital Partners, which now controls LightSquared, would retain about 12.5 percent of the new equity, according to Joshua ... (Tue, 01 Jul 2014 10:18:28 -0700)

Bankruptcy filings drop by 18% in WNY area
How low can they go? Bankruptcy filings in the area covering Buffalo and Rochester continued to fall in June, dropping by 18 percent from a year ago, to 399, according to the U.S. Bankruptcy Court’s Western District. That compares with 486 filed a year ago. (Tue, 01 Jul 2014 15:05:57 -0700)

GM Bankruptcy Judge to Review Recall Legal-Dispute Rules
General Motors Co. (GM) customers demanding compensation for the eroded value of recalled Cobalts and Ions will hear today how their lawyers plan to fight for the right to sue the carmaker. (Tue, 01 Jul 2014 22:55:13 -0700)

Lender to reaffirm mortgage post-bankruptcy?
Dear Bankruptcy Adviser, We declared bankruptcy and tried to reaffirm our mortgage, but our mortgage company wouldn't allow it. How long before another financial institution will let us refinance our mortgage? Do we have to sell our home? (Wed, 02 Jul 2014 03:13:44 -0700)

Dems Rush To Gather Support From Student Borrowers In Election Year
Expect student loan bankruptcy to be a hot political issue with legislation proposed and re-proposed this midterm election year -- and for a long time to come. (Wed, 02 Jul 2014 09:56:23 -0700)

Dems Rush To Propose Student Loan Legislation In Election Year
Expect student loan bankruptcy to be a hot political issue with legislation proposed and re-proposed this midterm election year -- and for a long time to come. (Wed, 02 Jul 2014 09:57:46 -0700)

Fresh & Easy Bankruptcy Exot Plan Approved, Creditors Ful
The company, now known as Old FENM Inc. after selling most of its assets to an affiliate of billionaire Ron Burkle ’s Yucaipa Cos., obtained approval from U.S. Bankruptcy Judge Kevin J. Carey after resolving objections before today’s hearing in Wilmington, Delaware. (Wed, 02 Jul 2014 10:04:41 -0700)

Bankruptcy Judge Sets Schedule for GM ‘Economic Victims’ Fight
Getty Images A judge on Wednesday set a schedule for General Motors Co.'s bankruptcy court fight with the so-called "economic victims" of GM's ignition switch defect, urging both sides to work together toward a resolution. Judge Robert Gerber of U.S. Bankruptcy Court in Manhattan must ultimately decide, among other issues, whether his approval of a 2009 sale of the so-called "old GM" absolves ... (Wed, 02 Jul 2014 11:50:06 -0700)

U.S. judge clears way for Genco Shipping to exit bankruptcy
By Nick Brown NEW YORK Del (Reuters) - A U.S. bankruptcy judge said he will confirm Genco Shipping & Trading’s plan to exit bankruptcy under the control of its senior creditors, rejecting arguments by shareholders that the proposal undervalues the dry bulk shipper’s assets. At a hearing on Wednesday in U.S. Bankruptcy Court in Manhattan, Judge Sean Lane said he agreed with the company's estimate ... (Wed, 02 Jul 2014 13:01:04 -0700)

Detroit bankruptcy lawyers probe award for Kilpatrick pension deal
Detroit — The city's bankruptcy team wants to know how and why a prominent financial trade publication gave the city an award in 2005 for an infamous pension deal backed by Kwame Kilpatrick and later blamed for helping plunge Detroit into bankruptcy. (Wed, 02 Jul 2014 13:25:49 -0700)

Detroit bankruptcy lawyers probe award for Kilpatrick pension deal
Detroit — The city's bankruptcy team wants to know how and why a prominent financial trade publication gave the city an award in 2005 for an infamous pension deal backed by Kwame Kilpatrick and later blamed for helping plunge Detroit into bankruptcy. (Wed, 02 Jul 2014 15:46:27 -0700)

Bankruptcy Judge Sets Schedule for GM ‘Economic Victims’ Fight
Getty Images A judge on Wednesday set a schedule for General Motors Co.'s bankruptcy court fight with the so-called "economic victims" of GM's ignition switch defect, urging both sides to work together toward a resolution. Judge Robert Gerber of U.S. Bankruptcy Court in Manhattan must ultimately decide, among other issues, whether his approval of a 2009 sale of the so-called "old GM" absolves ... (Wed, 02 Jul 2014 18:05:37 -0700)

Can I File Bankruptcy on the Taxes I Owe the IRS?
If you owe Uncle Sam a lot of money, bankruptcy might help, but before you take that route, consider this option. (Thu, 03 Jul 2014 08:45:16 -0700)

Bond Insurer Wins Bid to Challenge Detroit Bankruptcy
A legal challenge in Detroit's municipal bankruptcy case must be heard before a trial on the city's debt-cutting plan, a federal appeals court ruled. (Thu, 03 Jul 2014 09:50:03 -0700)

Bond Insurer Wins Bid to Challenge Detroit Bankruptcy
A legal challenge in Detroit's municipal bankruptcy case must be heard before a trial on the city's debt-cutting plan, a federal appeals court ruled. (Fri, 04 Jul 2014 00:05:41 -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, 04 Jul 2014 05:44:17 -0700)

Detroit bankruptcy hearing set as deadline for voting on pension, benefit cuts nears
Detroit — Retirees and other creditors have until Friday to vote on proposed pension and benefit cuts that could help Detroit emerge from bankruptcy court and restructure $18 billion in debt. (Fri, 04 Jul 2014 08:07:15 -0700)

Have a Look on Major Factors Causing Problems in Bankruptcy
Bankruptcy expert and writer Daniel Clark looks at some of the key factors to be considered in the case of New Jersey bankruptcy law, but which are also applicable to other jurisdictions too. (Sat, 05 Jul 2014 08:55:48 -0700)

Detroit bankruptcy bills top $75M so far
Chad Halcom - Detroit's municipal bankruptcy, which was already the nation's largest by debt, population affected and number of creditors, now appears to have become its costliest in legal and professional fees after just one year. With the anniversary of its $18 billion Chapter 9 petition coming on July 18, Detroit has been billed more than $75 million in fees and expenses from 19 professional ... (Sun, 06 Jul 2014 05:22:43 -0700)

Creditors face deadline for bankruptcy plan vote
DETROIT (AP) — The most anticipated vote in Detroit this summer isn't for a city office. Instead, ballots submitted by city retirees could determine how quickly Detroit exits its historic bankruptcy and how much of the financial weight pensioners will bear. (Sun, 06 Jul 2014 08:04:47 -0700)

Consider filing for bankruptcy if debt repayment would take five years
Dear Liz: I'm a 33-year-old mother who lost my full-time job during the recession in 2009. I may have my "stuff" together again, but am considering filing bankruptcy. Each month I'm spending almost half (yes half!) of my income on debt payments to credit cards, loans and medical bills. Each... (Sun, 06 Jul 2014 08:24:30 -0700)

Final bankruptcy ruling not likely this week
STOCKTON - The city's bankruptcy trial resumes Tuesday afternoon in Sacramento following a break of more than a month, but those expecting a final ruling from Judge Christopher Klein probably are in for a disappointment. (Mon, 07 Jul 2014 00:44:49 -0700)

Nortel bankruptcy trial turns to European concerns in battle over money
TORONTO - The next stage of the Nortel Networks Ltd. bankruptcy trial begins Monday as U.K. lawyers make arguments for a share of the US$7.3 billion earned in the sale of the former technology giant's ... (Mon, 07 Jul 2014 01:00:15 -0700)

The Wall Street Journal: Gowex files for bankruptcy protection; chairman quits
Spanish technology firm Gowex SA says it has filed for bankruptcy protection after the company’s chairman acknowledged falsifying accounts and resigned. (Mon, 07 Jul 2014 03:30:10 -0700)

Nortel bankruptcy trial turns to Europe in battle over money
The next stage of the Nortel Networks Ltd. bankruptcy trial begins Monday as U.K. lawyers make arguments for a share of the US$7.3 billion earned in the sale of the former technology giant's assets. (Mon, 07 Jul 2014 04:04:45 -0700)

Hot biz files bankruptcy, admits fraud
Spanish stock star Gowex was forced to declare bankruptcy after its CEO admitted to falsifying accounts. FT reports. (Mon, 07 Jul 2014 08:05:07 -0700)

Dunne’s US bankruptcy official seeks private hearing
Connecticut court asked to exclude the public in order to discuss private family law proceedings (Mon, 07 Jul 2014 17:17:36 -0700)

Is 401(k) safe in bankruptcy?
Dear Bankruptcy Adviser, I am retired and am struggling with credit card debt. If I file for bankruptcy, will my 401(k) be seized to pay creditors, or will my 401(k) remain intact? (Tue, 08 Jul 2014 04:43:15 -0700)

North Charleston taxicab company files for bankruptcy protection
A North Charleston-based taxicab company is making another trip through bankruptcy. North Area Taxi Inc. and the affiliated Charleston Transportation Leasing LLC sought protection from creditors Monday in U.S. Bankruptcy Court in Columbia, according to filings. (Tue, 08 Jul 2014 08:44:44 -0700)

Crane: Judge won’t allow third delay in CSN Houston bankruptcy reorganization
.share-print{margin-right: 130px !important;} var nggallery_data_24877 = new Array(); nggallery_data_24877[0] = {"image":"http:\/\/blog.chron.com\/ultimateastros\/wp-content\/blogs.dir\/778\/files\/astros-rangers-july-7-9\/451820238.jpg","thumb":"http:\/\/blog.chron.com\/ultimateastros\/wp-content\/blogs.dir\/778\/files\/astros-rangers-july-7-9\/thumbs\/thumbs_451820238.jpg","big":"http:\/\/blog ... (Tue, 08 Jul 2014 09:15:26 -0700)

Cooley Corporate Restructuring & Bankruptcy Group Obtains Precedential Ninth Circuit Decisions
Cooley LLP announced today that it successfully represented Kismet Acquisition, LLC, in obtaining affirmance in several related appeals before the Ninth Circuit Court of Appeals in a case that has spanned ... (Tue, 08 Jul 2014 10:17:45 -0700)

After Detroit, another city ponders bankruptcy
As Detroit works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign ... (Tue, 08 Jul 2014 10:53:32 -0700)

After Detroit, another city ponders bankruptcy
FLINT, Mich. (AP) — As Detroit struggles to climb out of bankruptcy, another Michigan city with strong ties to the auto industry may be about to fall into the same hole. (Tue, 08 Jul 2014 13:03:41 -0700)

Stockton Judge Tells Calpers to Justify Bankruptcy Claims
The California Public Employees’ Retirement System may not be a creditor with collateral rights over a city’s assets, the judge overseeing Stockton’s bankruptcy said today during a court hearing. (Tue, 08 Jul 2014 17:44:12 -0700)

Stockton bankruptcy judge says city's collateral not worthless
By Robin Respaut SACRAMENTO Calif. (Reuters) - The judge in Stockton, California's bankruptcy on Tuesday ruled that the city has collateral worth $4 million with which it could pay holdout creditor Franklin Templeton, dismissing the city's contention its collateral was worthless. At the same time, U.S. Bankruptcy Judge Christopher Klein made no ruling on Tuesday on whether the California Public ... (Tue, 08 Jul 2014 19:28:13 -0700)

Detroit reaches key labor deal with police union amid bankruptcy
The city reached an agreement late Tuesday with a key police union that could speed the city's exit from bankruptcy and shorten next month's trial over Detroit's debt-cutting plan. (Tue, 08 Jul 2014 20:18:48 -0700)

Detroit reaches key labor deal with police union amid bankruptcy
The city reached an agreement late Tuesday with a key police union that could speed the city's exit from bankruptcy and shorten next month's trial over Detroit's debt-cutting plan. (Tue, 08 Jul 2014 21:36:01 -0700)

Bankruptcy ruling on hold until Oct. 1
SACRAMENTO - Federal Judge Christopher Klein will not rule on Stockton's bankruptcy exit plan until at least October as he continues scrutinizing California's public-employee pension system, but he did make a determination Tuesday that rendered... (Wed, 09 Jul 2014 00:14:36 -0700)

GHOST TOWN, USA: Bankruptcy Claims Another Big City
AS DETROIT works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign that the spate of municipal defaults may not have ended. (Wed, 09 Jul 2014 01:25:04 -0700)

Report: Detroit art valued at more than $4.6B
Treasures in the Detroit Institute of Arts eyed for sale by some creditors in the city's historic bankruptcy could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a ... (Wed, 09 Jul 2014 15:09:15 -0700)

Genco Exits Chapter 11 Bankruptcy Protection
Drybulk shipper Genco emerges from bankruptcy reorganization after reducing debt by $1.2B (Wed, 09 Jul 2014 15:21:25 -0700)

GHOST TOWN, USA: Bankruptcy Claims Another Big City
AS DETROIT works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign that the spate of municipal defaults may not have ended. (Wed, 09 Jul 2014 18:20:50 -0700)

Using e-insolvency for quick bankruptcy checks
Bankruptcy doesn't affect just a person or a company, as it is possible for an entire state or country to be bankrupt as well. Just last year, the US saw one of their biggest states, Detroit, file for bankruptcy and … Continue reading (Wed, 09 Jul 2014 20:20:12 -0700)

Bankruptcy law is option for Russia's Mechel, minister says
Russian Industry Minister Denis Manturov supports returning indebted miner Mechel to financial health within the framework of bankruptcy law or by creating a managing company, RIA news agency reported on Thursday. State-owned development bank Vnesheconombank (VEB) said on Wednesday it would not take part in a bailout of Mechel, extinguishing hopes for a convertible bond scheme that was seen as ... (Thu, 10 Jul 2014 02:12:48 -0700)

Detroit plans $7 billion debt cut in bankruptcy
A consultant working on Detroit's restructuring will pocket a $28 million bonus if the city successfully emerges from the biggest municipal bankruptcy in U.S. history and dumps about $7 billion in debt. (Thu, 10 Jul 2014 15:16:21 -0700)

Hoping for progress, San Bernardino sets bankruptcy case deadlines
By Robin Respaut RIVERSIDE Calif. (Reuters) - The city of San Bernardino, California, set new deadlines in an effort to accomplish some measure of progress in a municipal bankruptcy case that has slowed to a crawl over the past two years. On Thursday, U.S. Bankruptcy Court Judge Meredith Jury agreed to a series of dates presented by San Bernardino that outlined a roadmap for the city to ... (Thu, 10 Jul 2014 16:06:03 -0700)

Detroit Vote Deadline Sets Stage for Bankruptcy Showdown
Detroit’s public workers, retirees and bondholders finish voting today on a plan that would impose $7.4 billion in cuts on investors and pensioners, just short of a year after Michigan’s biggest city filed a record $18 billion bankruptcy. (Thu, 10 Jul 2014 21:30:13 -0700)

Cutoff passes in Detroit bankruptcy creditor vote
The deadline passed Friday for thousands of creditors to vote on Detroit emergency manager Kevyn Orr's bankruptcy restructuring plan for the city. Ballots had to be received no later than 5 p.m. EDT by ... (Fri, 11 Jul 2014 15:09:58 -0700)

Deadline passes for thousands of creditors in Detroit bankruptcy restructuring vote
The deadline passed Friday for thousands of creditors to vote on Detroit emergency manager Kevyn Orr's bankruptcy restructuring plan for the city. (Fri, 11 Jul 2014 16:34:45 -0700)

Creditors Vote on Detroit Bankruptcy Plan
Creditors have voted on Detroit emergency manager Kevyn Orr's bankruptcy restructuring plan for the city, a key move ahead of its bankruptcy trial. (Fri, 11 Jul 2014 20:31:59 -0700)

Bankruptcy court returns little to Bernie's Oil creditors
New London - Nearly 500 customers and business associates of the now defunct Bernie's Fuel Oil Co. Inc. are expected to receive 8 cents for every dollar they are owed while dozens of others will (Fri, 11 Jul 2014 21:13:36 -0700)

Crumbs Might Not Crumble After All
A bankruptcy filing could be Crumbs' lifesaver, as investors move to take a bite out of the cupcake company (Sat, 12 Jul 2014 07:29:52 -0700)

Back from Bankruptcy: The Billion-Dollar Families Whose Fortunes Survived Near Brush With Death
Its credit lines were on the verge of drying up. It was the worst of the recession in 2009 and the nation’s second-largest real estate owner, shopping mall giant , filed for chapter 11 bankruptcy. Cofounder Matthew Bucksbaum had already stepped down as chairman of the board in 2007. His son, John left his CEO post in 2008. They watched as the then six-decade long company filed the largest-ever ... (Sun, 13 Jul 2014 07:34:38 -0700)

D.C. area bankruptcy filings for July 14
These firms recently filed with the U.S. Bankruptcy Court’s local court clerk’s offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attem... (Sun, 13 Jul 2014 17:14:30 -0700)

Spain's Gowex files for bankruptcy, ex-CEO could face 10 years in jail
Spanish wireless networks provider Gowex filed for bankruptcy on Monday, a week after an accounting fraud at the firm was revealed, while the High Court said its founder could face a jail sentence of more than 10 years. Law firm Velez & Urbina said Gowex had decided to file for bankruptcy because it was in a state of "imminent insolvency" and faced a "financial standstill" after a high number of ... (Mon, 14 Jul 2014 10:34:56 -0700)

Windsor Petroleum Transport Seeks Bankruptcy Protection
Windsor Petroleum Transport Corp. of Bermuda, which owns four oil tankers, filed for Bankruptcy protection from creditors with more than $100 million in debt, citing “depressed demand” for crude oil and ships to carry it. (Tue, 15 Jul 2014 06:09:08 -0700)

Detroit bankruptcy judge opens court to critics
A judge overseeing Detroit's bankruptcy is getting an earful from retirees who are opposed to the city's plan to get back on its feet. (Tue, 15 Jul 2014 09:38:59 -0700)

Bankruptcy judge: Water shut-offs bad publicity for Detroit
A bankruptcy judge called the thousands of Detroit water shut-offs 'bad publicity for the city' and told a representative for the Detroit Water and Sewerage Department to come up with more ways to help residents pay their bills. (Tue, 15 Jul 2014 15:13:58 -0700)

Bankruptcy judge urges help with Detroiters' water bills
A bankruptcy judge called the thousands of Detroit water shut-offs 'bad publicity for the city' and told a representative for the Detroit Water and Sewerage Department to come up with more ways to help residents pay their bills. (Tue, 15 Jul 2014 15:41:19 -0700)

A year into Detroit's bankruptcy, many residents still feel abandoned
In the year since this city filed for bankruptcy, becoming the largest municipality ever to do so, leaders have adopted a more optimistic tone about the future, pledging to fix streetlights and attract new residents and jobs. (Wed, 16 Jul 2014 07:20:22 -0700)

A year into Detroit's bankruptcy, many residents still feel abandoned
In the year since this city filed for bankruptcy, becoming the largest municipality ever to do so, leaders have adopted a more optimistic tone about the future, pledging to fix streetlights and attract new residents and jobs. (Wed, 16 Jul 2014 07:44:46 -0700)

Detroit Judge Trims Disputes for August Bankruptcy Trial
The federal judge overseeing Detroit’s record $18 billion bankruptcy is trying to shrink the number of legal disputes he must resolve before an August trial on the city’s debt-adjustment plan. (Wed, 16 Jul 2014 08:19:39 -0700)

Detroit Institute of Arts secures $26.8 mln for bankruptcy bargain
The Detroit Institute of Arts said on Wednesday it has secured another $26.8 million in pledged donations to cover its portion of the "grand bargain" intended to help Detroit emerge from bankruptcy while sparing a sale of the museum's art works. The bargain is the lynchpin to the city's bankruptcy plan, providing a way for Detroit to pay its pensioners and avoid a sale of the city-owned museum's ... (Wed, 16 Jul 2014 10:11:40 -0700)

Detroit Institute of Arts secures $26.8 million for bankruptcy bargain
(Reuters) - The Detroit Institute of Arts said on Wednesday it has secured another $26.8 million in pledged donations to cover its portion of the "grand bargain" intended to help Detroit emerge from bankruptcy while sparing a sale of the museum's art works. The bargain is the lynchpin to the city's bankruptcy plan, providing a way for Detroit to pay its pensioners and avoid a sale of the city ... (Wed, 16 Jul 2014 10:16:58 -0700)

Bankruptcy Courts and How They Fit into the US Bankruptcy Landscape
Dechert – Around the globe, bankruptcy courts are constituted in different ways. In the United States, they are constituted as courts of equity. (Wed, 16 Jul 2014 11:10:56 -0700)

Clothing chain Love Culture files for bankruptcy, may be sold
Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy and said it is up for sale, becoming the latest women's apparel retailer to seek protection from creditors. The company, which according to its website has 82 stores stretching from Massachusetts to Hawaii, joins Ashley Stewart Holdings Inc, Coldwater Creek Inc, Dots LLC and Loehmann's Inc among retailers to file for bankruptcy since ... (Wed, 16 Jul 2014 12:53:45 -0700)

Legal disputes over debt plan aired in Detroit bankruptcy case
Detroit's historic bankruptcy case on Wednesday moved on to legal issues underpinning the city's debt adjustment plan, including locking in pension changes for 10 years. The two days of arguments on legal disputes before U.S. Bankruptcy Judge Steven Rhodes are a prelude to a key hearing starting on Aug. 14 on whether the city's plan to deal with $18 billion of debt and other obligations is fair ... (Wed, 16 Jul 2014 13:38:57 -0700)

Clothing chain Love Culture files bankruptcy, may be sold
Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy, becoming the latest women's apparel retailer to seek protection from creditors, and said it may be sold after having received interest from possible buyers. The company, which according to its website has 82 stores stretching from Massachusetts to Hawaii, joins Ashley Stewart Holdings Inc, Coldwater Creek Inc, Dots LLC and Loehmann's ... (Wed, 16 Jul 2014 15:05:27 -0700)

First year of Detroit's bankruptcy could have been much worse
There will be no celebrations at 4:06 p.m. Friday, only quiet acknowledgment that the largest municipal bankruptcy in American history is marking its first year. (Wed, 16 Jul 2014 21:48:49 -0700)

First year of Detroit's bankruptcy could have been much worse
There will be no celebrations at 4:06 p.m. Friday, only quiet acknowledgment that the largest municipal bankruptcy in American history is marking its first year. (Thu, 17 Jul 2014 00:09:32 -0700)

Big or small, bankruptcy hurts
Things would be different if her husband were still alive. No, not just different, because Sherry Kurzynowski is learning that different isn't always better. (Thu, 17 Jul 2014 01:56:18 -0700)

Flint Manager Warns of Bankruptcy Over Retiree Cost: Muni Credit
More than 80,000 Flint-area residents were employed by GM in 1978. Now, that number is about 7,500, according to a 2011 report by Michigan State University. (Thu, 17 Jul 2014 04:51:38 -0700)

Macomb drainage district seeks bigger claim in Detroit bankruptcy
Detroit — The city's bankruptcy judge is expected to decide Monday on a Macomb County creditor's request to increase the value of its claim, a move that could give the unsecured creditor more standing in the voting tabulation of the city's debt-cutting pl (Thu, 17 Jul 2014 18:14:49 -0700)

Energy Future Bankruptcy Plan in Jeopardy as Lenders Balk
Energy Future Holdings Corp. said it may reconsider its restructuring plan to pay hundreds of millions of dollars to select creditors after lenders left out in the cold forced talks on a rival deal. (Fri, 18 Jul 2014 10:59:22 -0700)

Creditor again asks judge to delay Detroit bankruptcy trial
A holdout creditor asked Detroit's bankruptcy judge late Friday to delay a trial over the city's plan to cut $7 billion in debt until late September. (Fri, 18 Jul 2014 19:10:01 -0700)

Trading gavel for guitar, Detroit bankruptcy judge Rhodes doesn't miss a beat
The 29-song setlist is packed with tunes to go broke to. There's 'Gimme Some Lovin'' for impaired creditors and 'Keep Your Hands to Yourself,' for secured creditors. For debtors: 'Running on Empty.' (Sat, 19 Jul 2014 10:44:33 -0700)

Pittsburgh region seeing fewer personal bankruptcy filings
Personal bankruptcies in Western Pennsylvania and across the nation have been falling for the past four years, a lull that might reflect a tightening of the rules governing how often individuals can file or how much banks have been willing to lend, rather than simply a sign of improving financial conditions. (Sat, 19 Jul 2014 21:11:49 -0700)

Detroit Seeing Upgrades Ahead of Bankruptcy Trial
Recent upgrades to Detroit quality of life to affect decisions at upcoming bankruptcy trial (Sun, 20 Jul 2014 08:55:44 -0700)

Detroit seeing upgrades ahead of bankruptcy trial
Detroit neighborhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule and the city has renegotiated some burdensome union ... (Sun, 20 Jul 2014 09:51:16 -0700)

Bankruptcy vote to be released
DETROIT — Detroit neighborhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule, and the city has renegotiated some burdensome union contracts. (Sun, 20 Jul 2014 21:16:49 -0700)

Detroit’s Bankruptcy Losers Vote on City’s Plans: Muni We
The bankruptcy of Detroit, a capital of U.S. industry that collapsed after a decades-long population exodus, rippled beyond its borders. (Sun, 20 Jul 2014 21:21:36 -0700)

Detroit's turnaround is moving fast
Detroit has rebounded much more than expected by many in the year since its bankruptcy filing. It's been a surprisingly good year for Detroit. (Mon, 21 Jul 2014 07:47:28 -0700)

Expert witness concludes Detroit bankruptcy plan is feasible
Detroit's plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history is feasible, according to an expert witness report obtained by Reuters on Monday. Martha Kopacz, a senior managing director at Phoenix Management Services in Boston, who was chosen by U.S. Bankruptcy Judge Steven Rhodes in April as an expert witness in the case, also concluded in her report ... (Mon, 21 Jul 2014 09:56:09 -0700)

Expert: Detroit's bankruptcy plan could be 'more feasible' with key improvements
A court-appointed expert says the city's debt-cutting bankruptcy plan is feasible, but stressed Detroit needs more municipal workers and commitment from its leadership to carry out the massive restructuring. (Mon, 21 Jul 2014 17:00:16 -0700)

Detroit workers, retirees OK pension cuts in city's bankruptcy plan
DETROIT – Workers and retirees approved pension cuts in Detroit's bankruptcy by a landslide, the city reported Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history. (Mon, 21 Jul 2014 21:23:17 -0700)

Detroit agrees to bankruptcy plan, pension cuts
In a major step forward for Detroit's efforts to overcome bankruptcy, the city's retirees and active employees have approved the city's proposed debt-cutting plan late Monday. (Mon, 21 Jul 2014 21:24:14 -0700)

Detroit retirees endorse pension cuts in bankruptcy; city praises 'positive decision'
A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history. (Tue, 22 Jul 2014 01:10:35 -0700)

Which debts can be discharged in bankruptcy?
Dear Bankruptcy Adviser, I have debts in the form of credit cards, material to suppliers, a car wreck (I was not insured and it was my fault) and a truck repo. Most of these creditors have judgments against me. I am so far underwater I cannot possibly make good on these debts. (Tue, 22 Jul 2014 03:58:23 -0700)

Detroit retirees back pension cuts by a landslide
DETROIT (AP) — A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history. (Tue, 22 Jul 2014 06:13:10 -0700)

Detroit Agrees to Pension Cuts, Allowing Bankruptcy Case to Move Forward
Late last night, Detroit passed a vote on an agreement that will help city get out of the bankruptcy they filed for a year ago. Workers and retirees in the economically damaged city have voted in favor of pension changes as part of the plan to reduce municipal debt. This comes just several weeks before a trial begins to end the largest public bankruptcy filing in U.S. history.  For retired city ... (Tue, 22 Jul 2014 06:56:28 -0700)

Detroit Pensioners Approve City's Bankruptcy Plan
The vote marked a major step in moving the city's bankruptcy forward. Retired police and firefighters overwhelmingly approved some cuts in their pensions. (Tue, 22 Jul 2014 07:47:24 -0700)

Detroit workers, retirees give bankruptcy plan a boost
Detroit will head into the critical phase of its historic bankruptcy case next month with the backing of an overwhelming majority of its active and retired workers and with opposition from a small, hard-core group of hold-out creditors. It puts U.S. Judge Steven Rhodes in a position to impose the plan to adjust $18 billion in debt on objecting creditors or for the city to settle with those ... (Tue, 22 Jul 2014 11:54:40 -0700)

Detroit bankruptcy pension cuts approved, with only half casting votes
Detroit’s current and retired city employees have overwhelmingly voted to support a path out of bankruptcy that will include cuts to their pensions, the city said. (Tue, 22 Jul 2014 13:30:42 -0700)

Wonkblog: Detroit’s record bankruptcy is likely to hit investors much harder than pensioners
Emerging bankruptcy plan largely preserves retiree pensions, while some bondholders will lose (Tue, 22 Jul 2014 14:50:19 -0700)

Detroit bankruptcy: Pensioners clear plan, creditors erect new hurdle
Just when it looked as if Detroit would have clear sailing to end the largest municipal bankruptcy in US history, a couple of storm clouds popped up on the horizon – in the form of two major bond insurers that don't like the repayment terms Detroit is offering them. The duo – Financial Guaranty Insurance Co. (FGIC) and Syncora – said Tuesday they plan to fight the city in federal court, on ... (Tue, 22 Jul 2014 15:10:12 -0700)

Detroit bankruptcy: Pensioners clear plan, creditors erect new hurdle
Two bondholders said Tuesday they'll fight terms of debt repayment outlined in Detroit's bankruptcy recovery plan. City pension groups, which approved the plan Monday, receive a much better deal, the creditors complain. (Tue, 22 Jul 2014 19:39:37 -0700)

Puerto Rico debt crisis headed for U.S.-style bankruptcy resolution
The Puerto Rican government and most of its creditors have hired U.S.-based bankruptcy experts to advise them through the Caribbean island’s efforts to solve its debt problem, and the resolution figures to look a lot like a U.S.-style bankruptcy. The crisis came to a head late last month when Governor Alejandro Garcia Padilla pushed through the Public Corporations Debt Enforcement and Recovery ... (Tue, 22 Jul 2014 22:06:40 -0700)

Analysis- Puerto Rico debt crisis headed for US-style bankruptcy resolution
The Puerto Rican government and most of its creditors have hired U.S.-based bankruptcy experts to advise them through the Caribbean island’s efforts to solve its debt problem, and the resolution figures to look a lot like a U.S.-style bankruptcy. The crisis came to a head late last month when Governor Alejandro Garcia Padilla pushed through the Public Corporations Debt Enforcement and Recovery ... (Wed, 23 Jul 2014 04:13:17 -0700)

Brokers Bankruptcy Filings Keep Them In Business And Investors Potentially In Peril
Is your investment representative’s bankruptcy your business? It should be. But Wall Street—as usual—is fighting full disclosure, and bankruptcy courts may be helping them temporarily do it. (Wed, 23 Jul 2014 11:20:12 -0700)

Puerto Rico debt crisis headed for U.S.-style bankruptcy resolution
Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring. The Puerto Rican government and most of its creditors have hired U.S.-based bankruptcy experts ... (Wed, 23 Jul 2014 11:22:35 -0700)

Broker's Bankruptcy Filings Keep Them In Business, But Potentially Put You At Peril
Is your investment representative’s bankruptcy your business? It should be. But Wall Street—as usual—is fighting full disclosure, and bankruptcy courts may be helping them temporarily do it. (Wed, 23 Jul 2014 21:10:30 -0700)

Energy Future seeks longer bankruptcy as it scraps plan
Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit. The company asked Delaware Bankruptcy Judge Christopher Sontchi to extend its exclusive right to seek a creditor vote on a plan of reorganization until April ... (Thu, 24 Jul 2014 09:08:07 -0700)

Mintz Levin’s Bankruptcy Practice Recognized by Legal 500 USA
The Legal 500 United States has recognized Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as a leading municipal bankruptcy firm in the 2014 edition. According to the guide, t (Thu, 24 Jul 2014 09:58:00 -0700)

Coal Company Pain Accelerates as Bankruptcy Cases Rise
The coal business, after fueling the Industrial Revolution and powering U.S. growth for much of the past century, is now beset by a glut of cheap natural gas and tighter regulation. James River Coal Co. in many ways epitomizes these ills. "Even assuming some level of modest price recovery, these companies are still burning cash for the foreseeable future," Kuni Chen, an analyst at UBS AG in New ... (Thu, 24 Jul 2014 10:34:07 -0700)

Fitch: Bankruptcy Shows Pressures on Some Retirement Communities
The bankruptcy filing by The Amsterdam at Harborside is reflective of the continued challenges faced by both start-ups and large-scale expansions of continuing care retirement communities that were financed and opened during the challenging 2006-2010 economic environment. (Fri, 25 Jul 2014 10:56:00 -0700)

Detroit revs up for approval of bankruptcy plan
Detroit could be on the fast track to complete the final, crucial phase of its historic bankruptcy case, as settlements with key creditors line up and city workers and retirees demonstrate overwhelming support for cost-saving retirement benefit changes. (Fri, 25 Jul 2014 11:56:07 -0700)

Coal Company Pain Accelerates as Bankruptcy Cases Rise
The coal business, after fueling the Industrial Revolution and powering U.S. growth for much of the past century, is now beset by a glut of cheap natural gas and tighter regulation. "Even assuming some level of modest price recovery, these companies are still burning cash for the foreseeable future," Kuni Chen, an analyst at UBS AG (UBSN) in New York said in an interview. James River, more than ... (Fri, 25 Jul 2014 12:33:51 -0700)

Detroit's revised bankruptcy plan sheds light on bonds, monitor
Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors. The fifth revision of the plan filed in U.S. Bankruptcy Court creates a litigation trust related to Detroit's lawsuit seeking to void $1.45 billion of pension certificates of participation (COPs) sold in 2005 ... (Fri, 25 Jul 2014 14:16:13 -0700)

Company challenging Detroit bankruptcy plan estimates art holdings at $8.5B, real estate $1.2B
One of the companies challenging Detroit's bankruptcy plan says the possible value of the Detroit Institute of Arts' collection is $8.5 billion — a figure that's higher than previous estimates. (Mon, 28 Jul 2014 08:47:55 -0700)

Bankruptcy Court Confirms Fisker Automotive Plan
COSTA MESA, Calif., July 28, 2014 /PRNewswire/ -- FA Liquidating Corp. (F/K/A Fisker Automotive. Inc.) and FAH Liquidating Corp. (F/K/A Fisker Automotive Holdings, Inc.) (collectively, the "Company") ... (Mon, 28 Jul 2014 09:44:00 -0700)

Fisker Liquidation Approved After Wanxiang Asset Sale
Fisker Automotive Holdings Inc., the defunct maker of luxury plug-in cars, won bankruptcy court approval of a liquidation plan that will distribute proceeds from a $149.2 million asset sale. (Mon, 28 Jul 2014 10:29:02 -0700)

Bankruptcy court approves Fisker sale to Chinese firm
A bankruptcy court has approved the sale of one-time star electric carmaker Fisker Automotive to the Chinese auto parts group Wanxiang, the US firm said Monday. California-based Fisker said it received approval from the bankruptcy court in Delaware of its sale for $149.2 million. Fisker was started in southern California in 2007 by former Aston Martin and BMW designer Henrik Fisker and German ... (Mon, 28 Jul 2014 12:20:40 -0700)

Hold-out creditor argues for dismissal of Detroit bankruptcy case
One of the biggest hold-out creditors in Detroit's bankruptcy will argue next month for a dismissal of the historic case to lead to more equitable treatment of all the city's creditors, according to a report obtained by Reuters on Monday. Detroit's plan to adjust $18 billion of debt has been approved by most, but not all, of the city's unsecured creditors, bringing to center stage the ... (Mon, 28 Jul 2014 12:22:34 -0700)

Detroit Was Insolvent When Bankruptcy Filed, Auditor Says
Detroit was insolvent when it filed its record $18 billion municipal bankruptcy last year, with a deficit of $130 million, according to a financial report released by the city. (Mon, 28 Jul 2014 15:19:32 -0700)

Fitch: Another Jump in US HY Default Rate Looms
A potential bankruptcy filing from another struggling giant, Caesars Entertainment Operating Co., would propel the trailing 12-month US high yield default rate to 3.4% from its June perch of 2.7%, according to Fitch Ratings. (Tue, 29 Jul 2014 07:17:00 -0700)

Is the Milwaukee archdiocese too broke to pay its legal bills?
The Milwaukee archdiocese has filed for bankruptcy, but is it too broke to pay its legal bills? Currently, the archdiocese has paid or owes just shy of $14 million in legal and professional fees related to the bankruptcy. (Tue, 29 Jul 2014 07:41:41 -0700)

Judge sets Thursday deadline for bankruptcy eligibility challenges
A federal appeals court judge late Tuesday challenged creditors to decide within 48 hours if they'll continue to contest Detroit's eligibility for bankruptcy and its plan to cut pensions. (Tue, 29 Jul 2014 09:26:43 -0700)

Bankruptcy appeals canceled for public safety unions, pension funds; Syncora to proceed
Detroit — A federal appeals court Tuesday canceled oral arguments for at least two public safety unions and the city's pension funds, which are trying to overturn the city's eligibility for bankruptcy and its ability to slash pensions. (Tue, 29 Jul 2014 09:31:57 -0700)

Pending settlements stall appeals of Detroit bankruptcy ruling
Detroit has been making progress in settling disputes with its public safety unions, a development that has put the brakes on several appeals in federal court of a ruling that the city was eligible for municipal bankruptcy, attorneys said on Tuesday. Robert Gordon, an attorney representing the city's two retirement systems, said two of the three appeals of the December ruling, including one by ... (Tue, 29 Jul 2014 10:22:25 -0700)

Judge sets 48-hour deadline on bankruptcy appeals
A federal appeals court judge late Tuesday challenged creditors to decide within 48 hours if they'll continue to contest Detroit's eligibility for bankruptcy and its plan to cut pensions. (Tue, 29 Jul 2014 11:26:55 -0700)

Critical Detroit bankruptcy hearing delayed by one week
(Reuters) - The start of a critical hearing on Detroit's plan to adjust $18 billion of debt and exit bankruptcy will be delayed by one week to Aug. 21, a federal judge ruled on Tuesday. U.S. Bankruptcy Court Judge Steven Rhodes rejected a request by city creditor Syncora Guarantee Inc to postpone the hearing until Sept. 29, but said in his order that the bond insurer had demonstrated the need ... (Tue, 29 Jul 2014 14:28:15 -0700)

Judge sets Thursday deadline for bankruptcy eligibility challenges
A federal appeals court judge late Tuesday challenged creditors to decide within 48 hours if they'll continue to contest Detroit's eligibility for bankruptcy and its plan to cut pensions. (Tue, 29 Jul 2014 15:04:45 -0700)

Judge delays Detroit bankruptcy restructuring hearing until Aug. 21
U.S. Bankruptcy Judge Steven Rhodes said he made the decision after the city filed the fifth version of its plan of adjustment - a technical term for the city's restructuring plan - on July 25, giving creditors limited time to prepare. (Tue, 29 Jul 2014 16:11:54 -0700)

When is a bankruptcy officially discharged?
The day you no longer are responsible for debt repayment after you file for bankruptcy depends on whether you filed under Chapter 7 or Chapter 13 (Wed, 30 Jul 2014 05:00:00 -0700)

Detroit drops post-bankruptcy monitor from exit plan
(Reuters) - Detroit has dropped the idea of having a court-appointed monitor keep an eye on its finances when it exits bankruptcy after determining the move was not needed, a city spokesman said on Wednesday. The city scratched references to a monitor in a filing in U.S. Bankruptcy Court late Tuesday, just days after it submitted a revised bankruptcy plan that called for creating the watchdog ... (Wed, 30 Jul 2014 08:34:49 -0700)

Detroit drops proposal for bankruptcy 'plan monitor'
The city dropped plans late Tuesday to install a court-appointed official to oversee compliance with Emergency Manager Kevyn Orr's plan to shed more than $7 billion in debt. (Wed, 30 Jul 2014 10:05:12 -0700)

Detroit bankruptcy fight detours to Ohio courtroom
The nation's largest municipal bankruptcy case shifts to Ohio today where Detroit's legal team and a holdout creditor are fighting over the city's best revenue stream — $15 million a month in casino taxes. (Wed, 30 Jul 2014 10:05:44 -0700)

Detroit drops proposal for bankruptcy 'plan monitor'
The city dropped plans late Tuesday to install a court-appointed official to oversee compliance with Emergency Manager Kevyn Orr's plan to shed more than $7 billion in debt. (Wed, 30 Jul 2014 11:15:43 -0700)

Zodiac Pool Care Supplier Seeks Bankruptcy Protection
Zodiac Pool Solutions SAS, a supplier of swimming pool care products controlled by asset manager Carlyle Group LP (CG) , filed for U.S. bankruptcy protection seeking recognition of U.K. court proceedings. (Thu, 31 Jul 2014 10:14:24 -0700)

Texas Lawyer Tests GM's Bankruptcy Shield On Behalf Of 156 Plaintiffs
CORPUS CHRISTI, Texas, July 31, 2014 /PRNewswire/ -- Today, Texas lawyer Bob Hilliard, one of the nation's key players in pursuing claims against General Motors for deaths and injuries caused by faulty ignition switches, filed a lawsuit on behalf of 156 individuals who were injured or killed in GM's defective vehicles. Unlike Hilliard's filing of July 28th, which involved 658 victims whose ... (Thu, 31 Jul 2014 10:28:00 -0700)

Truland bankruptcy could delay GWU work
Truland was subcontractor for project; could lead to hundreds of thousands of dollars in delays (Thu, 31 Jul 2014 13:13:00 -0700)

Federal court asked to suspend Detroit bankruptcy appeals
A federal court was asked on Thursday to suspend seven pending appeals over Detroit's eligibility for bankruptcy until the city concludes a confirmation process for its plan to adjust $18 billion of debt. Attorneys for the city, Michigan, Detroit pension funds, unions and others that filed five of the appeals said moving forward with the cases now would "significantly undermine" settlements and ... (Thu, 31 Jul 2014 16:42:06 -0700)


Home Bankruptcy Guide Bankruptcy Resources Links About
© Copyright 101Bankruptcy.com. All rights reserved.