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Home > Bankruptcy News

Bankruptcy News Aug 2014

Fines owed to city exempt from bankruptcy
In most cases, back taxes, student loans, child support and fines owed to a governmental body are exempt from being discharged in bankruptcy (Fri, 01 Aug 2014 05:00:00 -0700)

Filing bankruptcy? How to protect loved ones who cosign loans
Wanda says her daughter is the cosigner for two auto loans. Wanda also is considering a bankruptcy filing. (Fri, 01 Aug 2014 10:44:25 -0700)

Federal court agrees to suspend Detroit bankruptcy appeals
(Reuters) - A federal court agreed on Friday to suspend seven cases seeking to overturn a lower court ruling that found Detroit was eligible for municipal bankruptcy. The Sixth Circuit U.S. Court of Appeals' action followed motions filed on Thursday by attorneys for Detroit pension funds, unions and others requesting that the cases be suspended instead of dismissed until the city concludes a ... (Fri, 01 Aug 2014 11:32:19 -0700)

Detroit Bankruptcy bus tour: Your turn to tell creditors where to go
Help us create the best route for the Detroit bankruptcy bus tour by entering locations into this interactive map. (Sat, 02 Aug 2014 20:54:47 -0700)

D.C. area bankruptcy filings for Aug. 4
These firms recently filed with one of 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 i... (Sun, 03 Aug 2014 14:58:00 -0700)

7 Signs You're Heading Into Bankruptcy
If you’ve been grappling with a lot of personal debt, ignoring the problem won’t make it go way. Here are seven signs that you may be headed for bankruptcy. (Mon, 04 Aug 2014 03:30:43 -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. (Mon, 04 Aug 2014 05:22:39 -0700)

Phoenix Payment Systems Files for Bankruptcy Protection
Phoenix Payment Systems Inc., a processor of credit card and electronic check transactions, sought bankruptcy protection from creditors saying it plans to sell the company to a North American Bancard LLC unit or a higher bidder. (Mon, 04 Aug 2014 07:29:21 -0700)

Bankruptcy helped former Lions DT Luther Elliss grow, teach others
In 2010, six years after his football career ended, former Detroit Lions fan favorite Luther Elliss filed for bankruptcy. Now, he's trying to help young NFL players from making the mistakes that he made. (Mon, 04 Aug 2014 10:24:35 -0700)

Al Togut of Togut, Segal, On Avoiding Law Firm Bankruptcies
Unless you are a high-profile bankruptcy attorney, you probably haven’t heard of Al Togut. A man known more for his actions than his words, he founded a bankruptcy boutique in 1980—Togut, Segal & Segal LLP—and has since established himself as one of the bankruptcy world's Magnus Apollos. In fact, even [...] (Mon, 04 Aug 2014 10:31:45 -0700)

Bankruptcy sought by levee district protecting St. Peters business park
City administrator says the debt restructuring will make development more feasible. (Mon, 04 Aug 2014 13:00:00 -0700)

Impsa’s Wind Power Energy Declared in Bankruptcy by Brazil Judge
Pernambuco state judge Rafael Jose de Menezes declared Wind Power Energy in bankruptcy in response to requests from two creditors, Libra Terminal Valongo SA and Libra Terminais SA, which said the company hadn’t paid debts of 10.6 million reais ($4.7 million), according to a July 30 ruling on the court’s website. (Mon, 04 Aug 2014 17:09:20 -0700)

Local bankruptcy cases drop
Bankruptcy filings in U.S. Bankruptcy Court in Toledo fell 1 percent in July compared with a year ago. It marked the 15th straight month that filings either declined or were flat, according to figures from the federal clerk of courts office. (Mon, 04 Aug 2014 21:37:27 -0700)

Entegra Power Group Seeks Bankruptcy Protection
Entegra Power Group LLC, a U.S. pipeline and power plant operator, filed for bankruptcy after reaching a deal with creditors to swap more than $1 billion of debt for equity, the company said in court filings. (Tue, 05 Aug 2014 11:44:17 -0700)

Entegra Power files for bankruptcy, to cede control to lenders
Independent power company Entegra Power Group LLC filed a prepackaged bankruptcy and expects to emerge from Chapter 11 under the control of its junior secured lenders, according to documents in Delaware's U.S. Bankruptcy Court. Entegra owns El Dorado, Arkansas-based Union River Power Station, which has an operating capacity of 2,100 megawatts, and Trans-Union Interstate Pipeline, a 42-mile ... (Tue, 05 Aug 2014 13:30:31 -0700)

Bankruptcy Judge Wants 'Girls Gone Wild' Founder Joe Francis Jailed
A recommendation comes after a stolen car goes missing in Mexico, Francis confronts police at the company's offices, and, especially, a 2011 Supreme Court ruling involving former Playmate Anna Nicole Smith. read more (Tue, 05 Aug 2014 16:03:54 -0700)

Bankruptcy judge suggests arrest of 'Girls Gone Wild' founder Joe Francis
Joe Francis could be headed for a jail cell. Again. (Tue, 05 Aug 2014 18:12:45 -0700)

Bankruptcy judge seeks to shorten trial over Detroit debts
Detroit — The city's bankruptcy judge wants to know Wednesday how much time Detroit's legal team and holdout creditors need to argue during this month's trial over the feasibility of Detroit's debt-cutting plan. (Wed, 06 Aug 2014 00:09:08 -0700)

Eagle Bulk Shipping files for Chapter 11 bankruptcy
Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Eagle Bulk filed in Manhattan's U.S ... (Wed, 06 Aug 2014 07:11:35 -0700)

Puerto Rico Muni Bankruptcy Plan Would Aid Investors, Fitch Says
Allowing Puerto Rico’s public corporations to file for Chapter 9 bankruptcy protection would benefit holders of the agencies’ debt as well as the commonwealth, according to Fitch Ratings. (Wed, 06 Aug 2014 07:36:56 -0700)

Detroit's bankruptcy tab tops $50 mln, likely to grow
The tab for the first nine months of Detroit's historic bankruptcy case is at least $51.19 million, according to a report on fees and expenses charged by the city's team of lawyers and consultants from July 2013 through March 2014. Meanwhile, the report only included fees and expenses from accountants Ernst & Young for January through March of this year, $3.69 million. (Wed, 06 Aug 2014 07:55:05 -0700)

Toyota to pitch in $1 mln for Detroit bankruptcy bargain
Toyota Motor Corp is pledging $1 million toward an agreement intended to help the city of Detroit exit bankruptcy without having to sell off its art collection, the Japanese auto company announced on Wednesday. The "grand bargain" is the lynchpin to Detroit's plan to adjust $18 billion of debt and exit bankruptcy. Under the agreement, the Detroit Institute of Arts and other groups will ... (Wed, 06 Aug 2014 08:21:13 -0700)

Detroit bankruptcy judge: No more delays for debt-cutting trial
Detroit — The city's bankruptcy judge Wednesday refused to delay an Aug. 21 trial that will determine the feasibility of Detroit's debt-cutting plan. (Wed, 06 Aug 2014 10:04:59 -0700)

Detroit working to secure loan for bankruptcy exit -lawyers
The city of Detroit is zeroing in on financing for its exit from bankruptcy and intends to have a committed lender in coming weeks, its lawyers told Bankruptcy Judge Steven Rhodes on Wednesday. It intends to confirm the lead lender by the start of the hearing to confirm the bankruptcy plan on Aug. 21, according to city attorneys. The exit financing will likely be laid out in an amended version ... (Wed, 06 Aug 2014 13:22:53 -0700)

Revel casino bankruptcy auction postponed a week
The bankruptcy auction of the Revel Casino Hotel that was scheduled for Thursday has been postponed until next week because lawyers need more time to review the bids made on the casino. Lawyers for the ... (Wed, 06 Aug 2014 17:55:07 -0700)

Revel Postpones Bankruptcy Auction a Week to Analyze Bids
Revel AC Inc., whose Atlantic City, New Jersey, casino has been in bankruptcy twice since it opened in 2012, postponed its auction set for today one week to Aug. 14 so it can analyze multiple purchase offers it received. (Wed, 06 Aug 2014 22:14:25 -0700)

Revel bankruptcy auction postponed
ATLANTIC CITY - The bankruptcy auction of the troubled Revel casino hotel, which had been scheduled for Thursday, has been postponed until next week. (Thu, 07 Aug 2014 00:15:44 -0700)

DirecTV, AT&T to own Houston sports network post-bankruptcy-filing
DirecTV and AT&T Inc will jointly own the television sports network that broadcasts Houston Astros baseball and Houston Rockets basketball games under the network's plan to end its bankruptcy, according to court documents. DirecTV Sports Networks will own 60 percent of Houston Regional Sports Network and AT&T will own 40 percent, according to documents filed late Wednesday with the U.S ... (Thu, 07 Aug 2014 09:09:06 -0700)

DirecTV, AT&T to own Houston sports network post-bankruptcy-filing
DirecTV and AT&T Inc will jointly own the television sports network that broadcasts Houston Astros baseball and Houston Rockets basketball games under the network's plan to end its bankruptcy, according to court documents. DirecTV Sports Networks will own 60 percent of Houston Regional Sports Network and AT&T will own 40 percent, according to documents filed late Wednesday with the U.S ... (Thu, 07 Aug 2014 10:04:35 -0700)

Delay of Revel bankruptcy is hardly a good sign, experts say
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. (Thu, 07 Aug 2014 14:29:19 -0700)

Delay of Revel bankruptcy is hardly a good sign, experts say
With the process of selling the $2.4 billion Revel Casino Hotel after its second bankruptcy cloaked in secrecy, it is difficult to determine what the postponement of its bankruptcy auction until next week really means. (Fri, 08 Aug 2014 00:24:45 -0700)

Washington region feels effects of the Truland bankruptcy
Dozens of construction companies are hustling to find replacement electrical subcontractors (Fri, 08 Aug 2014 06:22:00 -0700)

Rhodes, bankruptcy lawyers take in thrills, chills on Detroit bus tour
U.S. Bankruptcy Judge Steven Rhodes on Friday toured one of Detroit's most notorious neighborhoods, admired a van Gogh painting, examined the start of a streetcar project and drove past charred and blighted buildings during an unprecedented bus tour of the bankrupt city. (Fri, 08 Aug 2014 15:11:52 -0700)

Detroit bankruptcy judge sees good, bad and ugly in bus tour
By Peter Suciu DETROIT (Reuters) - The federal judge overseeing Detroit's bankruptcy case took a three-hour bus tour on Friday to view various aspects of the troubled city, from notorious blighted areas to bright spots such as the Detroit Institute of Arts. Detroit had argued the tour would provide important evidence for U.S. Bankruptcy Judge Steven Rhodes of the challenges facing the city as it ... (Fri, 08 Aug 2014 15:19:51 -0700)

Bankruptcy judge, creditors take bus tour of Detroit; watch it on video
Two weeks before a trial to determine the fate of Detroit's bankruptcy plan, the judge and the city's creditors conducted a hearing on wheels in a bus tour of neighborhoods and cultural landmarks. (Sat, 09 Aug 2014 06:30:50 -0700)

Detroit Bankruptcy Judge Tours City Whose Fate He’ll Decide
The federal judge overseeing Detroit’s bankruptcy case took a 58-mile tour of the insolvent city, less than two weeks before he will open a trial over its proposed debt-cutting plan. (Sat, 09 Aug 2014 14:59:02 -0700)

D.C. area bankruptcy filing for Aug. 11
This firm recently filed with one of 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... (Sun, 10 Aug 2014 10:30:11 -0700)

Detroit bankruptcy judge tours city whose fate he'll soon decide
Bloomberg - The federal judge overseeing Detroit’s bankruptcy case took a 58-mile tour of the insolvent city, less than two weeks before he begins a trial over its proposed debt-cutting plan. U.S. Bankruptcy Judge Steven Rhodes treated the Aug. 8 tour as an official court hearing, with a court reporter making a transcript of the event while lawyers supporting and opposing the plan rode along ... (Mon, 11 Aug 2014 08:02:26 -0700)

Martino bankruptcy nears end; $3.2 million distributed to creditors
Almost precisely three years from the date he went bankrupt, self-proclaimed troubleshooting consumer advocate Tom Martino's case is about to be settled and closed. (Mon, 11 Aug 2014 13:44:59 -0700)

Union says Detroit bankruptcy disrupting contract negotiations
Detroit's largest union said on Monday that the city's historic bankruptcy proceedings have given the management of the water and sewer department opportunities to disrupt bargaining units and strip union members of job protections. The American Federation of State, County and Municipal Employees Michigan Council 25 filed a motion late Monday to clarify or lift an automatic court stay on ... (Mon, 11 Aug 2014 17:08:03 -0700)

Bankruptcy Industry Overcharging Canada's Poorest $10 Million a Year
Each year it is estimated that more than 30,000 of Canada's poorest overpay for their bankruptcies, according to Personal Bankruptcy Canada Inc., a national network of independent personal bankruptcy trustees.... (Tue, 12 Aug 2014 05:00:00 -0700)

Saab owner faces bankruptcy petition
The company that lifted Swedish automaker Saab out of bankruptcy is now facing financial difficulties of its own. On Tuesday a supplier petitioned a Swedish court to declare National Electric Vehicle of ... (Tue, 12 Aug 2014 07:03:28 -0700)

Saab story continues: new owner facing bankruptcy petition
The company that lifted Swedish automaker Saab out of bankruptcy is now facing financial difficulties of its own. (Tue, 12 Aug 2014 07:24:28 -0700)

Judge weighs delay in Detroit bankruptcy trial, deadline for union contracts
U.S. Bankruptcy Judge Steven Rhodes on Tuesday was weighing whether to further delay Detroit's bankruptcy trial and impose a deadline for two public safety unions to reach contract agreements with the city. (Tue, 12 Aug 2014 08:53:27 -0700)

Judge weighs another possible delay in Detroit bankruptcy trial
U.S. Bankruptcy Judge Steven Rhodes is expected to decide later today whether he will delay Detroit's bankruptcy trial and impose a deadline for two public safety unions to reach contract agreements with the city. (Tue, 12 Aug 2014 09:03:07 -0700)

Judge weighs another possible delay in Detroit bankruptcy trial
U.S. Bankruptcy Judge Steven Rhodes is expected to decide later today whether he will delay Detroit's bankruptcy trial and impose a deadline for two public safety unions to reach contract agreements with the city. (Tue, 12 Aug 2014 09:12:36 -0700)

5 Bankrupt Companies You Can Still Trade
When a company files for Chapter 11 bankruptcy, its life as a publicly traded company has not necessarily come to an end. Shares often trade over-the-counter (OTC) while the company undergoes the bankruptcy ... (Tue, 12 Aug 2014 09:33:41 -0700)

Detroit bankruptcy creditor blasts mediators over 'fraudulent' grand bargain
The financial insurance giant that has vigorously attacked Detroit's 'grand bargain' is accusing court-appointed mediators of engineering a 'fraudulent' plan to rescue city pensioners and preserve city-owned art at the expense of other creditors. (Tue, 12 Aug 2014 10:49:01 -0700)

Detroit bankruptcy creditor blasts mediators over 'fraudulent' grand bargain
The financial insurance giant that has vigorously attacked Detroit's 'grand bargain' is accusing court-appointed mediators of engineering a 'fraudulent' plan to rescue city pensioners and preserve city-owned art at the expense of other creditors. (Tue, 12 Aug 2014 14:14:00 -0700)

Judge weighs delay in Detroit bankruptcy trial, deadline for union contracts
U.S. Bankruptcy Judge Steven Rhodes on Tuesday was weighing whether to further delay Detroit's bankruptcy trial and impose a deadline for two public safety unions to reach contract agreements with the city. (Tue, 12 Aug 2014 14:29:33 -0700)

Stockton, Calif., amends bankruptcy plan, but pension issue hovers
The bankrupt city of Stockton, California, on Friday submitted a revised plan to exit Chapter 9 that reflects the judge's ruling over the value of a holdout creditor's collateral, but a larger question still looms over whether public pensions will be cut. The Northern California city, which entered bankruptcy in 2012 and hopes to exit Chapter 9 protection later this year, promised it would pay a ... (Tue, 12 Aug 2014 15:54:21 -0700)

Detroit bankruptcy creditor blasts mediators over grand bargain
The financial insurance giant that has vigorously attacked Detroit's 'grand bargain' is accusing court-appointed mediators of engineering a 'fraudulent' plan to rescue city pensioners and preserve city-owned art at the expense of other creditors. (Tue, 12 Aug 2014 16:13:16 -0700)

Bankruptcy will not solve ALL IRS tax debts - New book explains to taxpayers what IRS options are available if ...
Houston, Texas / ACCESSWIRE / Aug 13, 2014 / Many consumers who have financial problems seek relief under the Federal Bankruptcy Laws. For many of these consumers, bankruptcy is an excellent solution to ... (Wed, 13 Aug 2014 06:00:00 -0700)

Debunking the Student Loan Bankruptcy Myth
You actually can get your student loan discharged in bankruptcy in some limited cases. In fact, according to a study published in 2011 by Jason Iuliano , at least 40 percent of borrowers who do include their student loans in their bankruptcy filing end up with some or all of their student debt discharged. Iuliano's report found that only about 0.1 percent of consumers with student loans attempt ... (Wed, 13 Aug 2014 07:00:00 -0700)

Bankruptcy official given leave to examine papers
The Official Assignee in bankruptcy proceedings against developer Sean Dunne has been granted leave of the High Court to examine family law documents discovered in a search of a house Mr Dunne owned at the K-Club. (Wed, 13 Aug 2014 10:03:10 -0700)

Start of Detroit bankruptcy trial pushed to Aug. 29
A federal judge on Wednesday once again delayed the start of the key phase of Detroit's historic bankruptcy case, pushing it to Aug. 29 from Aug. 21. U.S. Bankruptcy Judge Steven Rhodes on Tuesday had raised the possibility that the confirmation trial, on Detroit's plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy, may be delayed to allow time for the city to ... (Wed, 13 Aug 2014 16:28:48 -0700)

Judge delays Detroit bankruptcy trial until Aug. 29
Citing 'extraordinary cause,' U.S. Bankruptcy Judge Steven Rhodes has delayed the city's bankruptcy trial until the end of August. (Wed, 13 Aug 2014 16:49:02 -0700)

Judge delays Detroit bankruptcy trial until Aug. 29
Citing 'extraordinary cause,' U.S. Bankruptcy Judge Steven Rhodes has delayed the city's bankruptcy trial until the end of August. (Wed, 13 Aug 2014 19:24:01 -0700)

Puerto Rico Debt Law Briefing Dates Set: Bankruptcy
The judge asked to consider the constitutionality of a new Puerto Rico law that allows government-owned entities to restructure debt outside of federal bankruptcy court wants each side to make its case by October. (Wed, 13 Aug 2014 21:29:44 -0700)

San Bernardino starts bondholder talks two years after bankruptcy
By Tim Reid RIVERSIDE Calif. (Reuters) - San Bernardino, California, has begun face-to-face talks with some of its biggest creditors - bondholders and insurers - for the first time, two years after filing for bankruptcy in a case that has slowed to a crawl in the past 12 months. Paul Glassman, an attorney representing the city, said in a court hearing on Thursday that an all-day mediation ... (Thu, 14 Aug 2014 16:21:43 -0700)

Detroit bankruptcy expert bills city more than $300,000 for services
A court-appointed bankruptcy expert filed a new invoice today, charging the city nearly $313,000 in professional service fees for her firm's efforts to evaluate Detroit's debt-cutting plan. (Fri, 15 Aug 2014 14:58:28 -0700)

RR Donnelley Letter Regarding the Bankruptcy of R.R. Donnelley Argentina S.A.
CHICAGO -- R. R. Donnelley & Sons Company issues the following letter concerning the filing for bankruptcy on Monday, August 11, 2014 by R.R. Donnelley Argentina S. A. ("RRDA"), a subsidiary ... (Fri, 15 Aug 2014 21:44:24 -0700)

Column: Syncora stinking up bankruptcy
Whether Detroit's bankruptcy ends in a neatly wrapped package or drags into a long and expensive court fight depends on how the poker game plays out over the next 12 days between the city and its last holdout creditor. (Sat, 16 Aug 2014 23:03:25 -0700)

D.C. area bankruptcy filing for Aug. 18
These firms recently filed with one of 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 i... (Sun, 17 Aug 2014 11:03:54 -0700)

Momentive to face critics as bankruptcy-exit plan goes before court
Momentive Performance Materials, the quartz and silicone maker owned by Apollo Global Management, will embark Monday on a week of hotly contested hearings seeking court approval of a plan to cut $3 billion in debt and exit bankruptcy. The Waterford, New York-based company filed for Chapter 11 bankruptcy in April with an agreement to transfer control to a class of bondholders, but most other ... (Mon, 18 Aug 2014 04:00:00 -0700)

Detroit Witness Defends Tax Estimates Behind Debt Plan
Detroit’s leading tax estimator, appearing as part of the city’s historic bankruptcy trial, defended the 10-year revenue model used to help justify imposing $7.4 billion in cuts on creditors including bondholders and pensioners. (Mon, 18 Aug 2014 09:49:42 -0700)

Momentive faces critics as bankruptcy-exit plan goes before court
A judge said he will rule on Tuesday whether junior bondholders of Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, are being fairly pushed behind other creditors, a decision that could make or break Momentive's plan to cut $3 billion in debt and exit bankruptcy. Judge Robert Drain heard hours of argument from the bondholders and the company at the ... (Mon, 18 Aug 2014 14:14:17 -0700)

Bankruptcy restructuring plan may test city pols
The soft opening Monday of Detroit's landmark bankruptcy trial, scheduled to begin late next week, is coming down to a simple test: (Tue, 19 Aug 2014 00:20:40 -0700)

Fitch: US TMT Companies Lower Reorganization Multiples in Bankruptcy Compared to Other Corp Sectors
U.S. companies in telecom, media and technology sector that defaulted between 2008-2013 reorganized at a median 5.6x enterprise value to EBITDA multiple, which is lower than the cross-U.S. (Tue, 19 Aug 2014 06:49:00 -0700)

City lawyers accuse bond insurer of 'distortions,' 'half-truths' in Detroit's bankruptcy case
A bond insurer on the hook for hundreds of millions of dollars in Detroit's bankruptcy is desperate, underhanded and should apologize for accusing mediators of engineering a 'fraudulent' grand bargain to rescue pensioners and preserve city-owned art. (Tue, 19 Aug 2014 08:04:58 -0700)

City lawyers criticize bond insurer of 'distortions,' 'half-truths' in Detroit's bankruptcy case
A bond insurer on the hook for hundreds of millions of dollars in Detroit's bankruptcy is desperate, underhanded and should apologize for accusing mediators of engineering a 'fraudulent' grand bargain to rescue pensioners and preserve city-owned art, the city said late Monday. (Tue, 19 Aug 2014 08:10:00 -0700)

UPDATE 1-Momentive faces critics as bankruptcy-exit plan goes before court
Bank is trustee for junior bondholders) NEW YORK, Aug 18 (Reuters) - A judge said he will rule on Tuesday whether junior bondholders of Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, are being fairly pushed behind other creditors, a decision that could make or break Momentive's plan to cut $3 billion in debt and exit bankruptcy. Judge Robert Drain ... (Tue, 19 Aug 2014 09:04:12 -0700)

Momentive to face critics as bankruptcy-exit plan goes before court
Momentive Performance Materials, the quartz and silicone maker owned by Apollo Global Management, will embark Monday on a week of hotly contested hearings seeking court approval of a plan to cut $3 billion in debt and exit bankruptcy. The Waterford, New York-based company filed for Chapter 11 bankruptcy in April with an agreement to transfer control to a class of bondholders, but most other ... (Tue, 19 Aug 2014 09:04:19 -0700)

Should I Stop Paying Bills Before Filing Bankruptcy?
You can stop paying some bills before filing bankruptcy, but it might mean more headaches. (Tue, 19 Aug 2014 16:11:34 -0700)

Stop paying bills before filing bankruptcy?
Dear Bankruptcy Adviser, I have a loan that will be included in my bankruptcy, but I am not going to start my case for another three months. Should I make payments or just stop paying now? (Wed, 20 Aug 2014 04:44:45 -0700)

Credit card life after bankruptcy
After bankruptcy, issuers will be wary of lending to you. Applying for a secured card is a way to boost your FICO score and show lenders you can be trusted again (Wed, 20 Aug 2014 05:00:00 -0700)

Massachusetts cutlery maker files for bankruptcy
The nation's oldest cutlery manufacturer has filed for bankruptcy after 177 years of making knives and other kitchen tools. The Recorder of Greenfield (http://bit.ly/1n9sVuo ) reports that Lamson & Goodnow ... (Wed, 20 Aug 2014 05:50:09 -0700)

Iconic Massachusetts cutlery maker, nation's oldest after 177 years, files for bankruptcy
The nation's oldest cutlery manufacturer has filed for bankruptcy after 177 years of making knives and other kitchen tools. (Wed, 20 Aug 2014 06:33:28 -0700)

Charges Laid in 'Bust-Out' Bankruptcy Fraud Investigation
TORONTO, Aug. 20, 2014 /CNW/ - The Integrated Bankruptcy Enforcement Unit, comprised of the Royal Canadian Mounted Police (RCMP) Greater Toronto Area Financial Crime Section and the Ontario Region Special Investigation Unit of the Office of the Superintendent of Bankruptcy (OSB SIU), charged Manoharan SINNADURAI, a 61 year old male from Brampton, with offences under the Criminal Code (CC) and ... (Wed, 20 Aug 2014 07:00:00 -0700)

Detroit bankruptcy trial to begin Sept. 2
Detroit bankruptcy Judge Steven Rhodes canceled an Aug. 29 hearing that was set to kick off the city's bankruptcy trial, meaning the historic proceeding will begin Sept. 2. (Wed, 20 Aug 2014 12:40:37 -0700)

Judge delays start of Detroit bankruptcy trial until Sept. 2
Detroit — U.S. Bankruptcy Judge Steven Rhodes on Wednesday delayed the start of the city's bankruptcy trial until Sept. (Wed, 20 Aug 2014 13:20:45 -0700)

Detroit bankruptcy trial delayed; city details water bond refinancing plan
U.S. Bankruptcy Judge Steven Rhodes on Wednesday delayed the start of the city's bankruptcy trial until Sept. 2, hours before the city filed an updated debt-cutting plan that incorporated a previously announced agreement with creditors. (Wed, 20 Aug 2014 13:37:02 -0700)

Detroit Residents to Take Part in Bankruptcy Trial
The judge overseeing Detroit’s historic bankruptcy agreed to let about a dozen people who are not lawyers question witnesses under oath when a trial over the city’s debt-cutting plan starts. (Wed, 20 Aug 2014 14:34:30 -0700)

Judge delays start of Detroit bankruptcy trial until Sept. 2
Detroit — U.S. Bankruptcy Judge Steven Rhodes on Wednesday delayed the start of the city's bankruptcy trial until Sept. (Wed, 20 Aug 2014 15:16:26 -0700)

Regional water authority envisaged in latest Detroit bankruptcy plan
(Reuters) - Detroit has once again raised the possibility of having a regional water and sewer system authority in the latest version of a debt adjustment plan the city filed in the U.S. The new draft of the plan -- the last one expected ahead of a financial feasibility trial scheduled to open in early September -- also includes the city's current effort to repurchase $5.2 billion of outstanding ... (Wed, 20 Aug 2014 23:33:42 -0700)

Detroit Updates Bankruptcy Plan Saying Water Agency Possible
Detroit, the biggest U.S. city to file for bankruptcy, updated its debt-cutting plan with details about its offer to exchange more than $5 billion in water and sewer bonds for new debt and said a deal on a new water agency may emerge from mediation talks with its suburbs. (Thu, 21 Aug 2014 06:29:02 -0700)

Assignee drops bankruptcy bid
Authorities are giving up the fight to put former property developer Jamie Peters back into bankruptcy and will withdraw their case against him from the Court of Appeal.Peters, an ex-rich lister who by his own estimation bought... (Thu, 21 Aug 2014 10:28:25 -0700)

Credit Card Life After Bankruptcy
After bankruptcy, issuers will be wary of lending to you. Applying for a secured card is a way to boost your FICO score and show lenders you can be trusted again. (Thu, 21 Aug 2014 13:52:16 -0700)

4 Tips For Coping With The Emotional Cost Of Bankruptcy
Filing for bankruptcy is much more than just a stressful day at the office and a big pile of paperwork. It means the loss of a precious possession, one that may have taken years (perhaps even decades) to create. And for many business owners, even coming close to losing their company can have a devastating impact on their personal life and mental health. (Thu, 21 Aug 2014 14:15:55 -0700)

Hot Dog on a Stick is purchased from bankruptcy for $12.2 million
Mall snack staple Hot Dog on a Stick has been purchased from bankruptcy by a portfolio company of Los Angeles private equity firm Levine Leichtman Capital Partners. (Thu, 21 Aug 2014 18:32:37 -0700)

Energy Future judge appoints committee to review lawyer fees
The judge overseeing Energy Future Holdings' massive bankruptcy appointed a committee to review the fees of lawyers and other professionals in the case. Law firm Godfrey & Kahn, which advised a fee committee in the bankruptcy of Lehman Brothers, the largest and most expensive Chapter 11 filing in history, will advise a similar four-member committee in Energy Future's case, according to an order ... (Fri, 22 Aug 2014 13:12:01 -0700)

D.C. area bankruptcy filing for Aug. 25
This firm recently filed with one of the U.S. Bankruptcy Court?s local court clerk?s offices. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors? claims. The company then ceases... (Fri, 22 Aug 2014 19:32:17 -0700)

Power of Appointment Causes Bankruptcy Estate Inclusion in Behan
Denis Behan created a Trust in 1994, and into he placed his personal residence. Denis made his four children the beneficiaries of the Behan Trust, and three of the children (but not the fourth, Philip) were also made Trustees. Each of Denis' children were given a 1/4th interest in the Trust, [...] (Fri, 22 Aug 2014 23:38:13 -0700)

Momentive Creditors Face Reckoning on Bankruptcy Plan
Momentive Performance Materials Inc. is set to face court rulings on its bankruptcy plan, including on a proposal to withhold some payments for unpaid interest that has senior lenders at odds with lower-ranked creditors. (Sun, 24 Aug 2014 21:19:30 -0700)

Detroit bankruptcy judge may consider sanctions for Syncora attorneys
Detroit bankruptcy Judge Steven Rhodes today will consider whether to impose sanctions on attorneys for bond insurer Syncora. (Sun, 24 Aug 2014 23:19:42 -0700)

Research and Markets: 2015 Bankruptcy Attorney Billing Rate Report
Research and Markets has announced the addition of the "2015 Bankruptcy Attorney Billing Rate Report" report to (Mon, 25 Aug 2014 04:28:00 -0700)

Syncora may face sanctions after attack on bankruptcy mediators
Holdout creditor Syncora attorneys could get slapped with sanctions today after accusing bankruptcy mediators of engineering a 'fraudulent' plan to rescue city pensioners and preserve city-owned art at the expense of other creditors. (Mon, 25 Aug 2014 07:35:23 -0700)

5 Billion-Dollar Companies That Got Personal With Bankruptcy
Many people assume that just because a particular company is in business, it must have been consistently in the black. The CEOs and CFOs of the following companies, however, would likely tell you otherwise. ... (Mon, 25 Aug 2014 07:52:34 -0700)

Detroit bankruptcy judge approves $1.5B water bond deal
The city's bankruptcy judge today approved a deal to refinance about $1.5 billion in Detroit water bonds. (Mon, 25 Aug 2014 08:01:54 -0700)

US bankruptcy judge approves Detroit water/sewer bond plan
The ruling by Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, clears the way for the sale of about $1.8 billion of refunding bonds to pay for the tender and raise $162 million for new projects. In testimony prior to Rhodes' ruling, Nicolette Bateson, chief financial officer of Detroit's water and sewerage department (DWSD), said the bonds would be sold in the municipal ... (Mon, 25 Aug 2014 08:51:36 -0700)

Live tweets: Detroit bankruptcy judge pondering $1.5B water bond deal
The city's bankruptcy judge today could approve a deal to refinance about $1.5 billion in Detroit water bonds. (Mon, 25 Aug 2014 09:12:17 -0700)

U.S. bankruptcy judge approves Detroit water/sewer bond plan
The ruling by Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, clears the way for the sale of about $1.8 billion of refunding bonds to pay for the tender and raise $162 million for new projects. Treatment of the city's $5.2 billion of outstanding water and sewer bonds was a big hole in Detroit's plan to adjust $18 billion of debt after most investors in those bonds ... (Mon, 25 Aug 2014 09:19:00 -0700)

Detroit Water Bond Exchange Approved by Bankruptcy Court
Detroit can exchange at least $1.67 billion of its water and sewer debt for new bonds, a federal judge ruled, removing one more hurdle in the city’s path to exiting its record municipal bankruptcy. (Mon, 25 Aug 2014 10:42:26 -0700)

Bankruptcy judge approves Detroit water/sewer bond plan
A bankruptcy court judge on Monday approved Detroit's proposal to repurchase nearly $1.5 billion of existing water and sewer revenue bonds tendered by investors and to refinance the debt to save money. The ruling by Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, clears the way for the sale of about $1.8 billion of refunding bonds to pay for the tender and raise $162 ... (Mon, 25 Aug 2014 13:38:47 -0700)

Bankruptcy judge approves Detroit water department bond buyback plan
Detroit's bankruptcy judge today approved a $1.5-billion deal for the city's water and sewer system to buy back bonds and refinance them at lower interest rates, a move that could save the department $241 million over 27 years. (Mon, 25 Aug 2014 14:21:09 -0700)

Detroit bankruptcy lawyer: Snycora engaging in 'sandbagging of an Olympic sort'
Detroit — A holdout creditor is trying to blow up the grand bargain softening pension cuts and shielding Detroit's art collection from creditors by making a last-minute objection, the city's bankruptcy lawyer said Monday. (Mon, 25 Aug 2014 19:18:45 -0700)

Commit bankruptcy fraud to pay back Mom?
Dear Bankruptcy Adviser, Can I file bankruptcy even though I only get $600 a month from Social Security? I owe my mom $15,000. Can I use my credit card to pay her and then file on that card? (Tue, 26 Aug 2014 04:46:17 -0700)

Mercator Seeks to Avoid Bankruptcy Filing in Canada
Mercator Minerals Ltd. (ML) , the copper miner whose stock plummeted 80 percent last year, is trying to avoid bankruptcy in Canada after four units filed to reorganize in the U.S. (Tue, 26 Aug 2014 07:54:09 -0700)

Detroit, hold-out creditors must go to bankruptcy mediation: judge
Bankruptcy Judge Steven Rhodes on Detroit's objection to bond insurer Syncora Guarantee Inc's allegations of improper conduct and conflicts of interest in the case by court-appointed mediators. District Court Judge Gerald Rosen, the chief mediator in the case, set a Wednesday and possibly Thursday mediation session over $1.4 billion of certificates of participation (COPs) that Detroit sold in ... (Tue, 26 Aug 2014 10:28:45 -0700)

Commit Bankruptcy Fraud to Pay Back Mom?
Sure you want to pay your Mom back, but do you think filing bankruptcy is the only answer? (Tue, 26 Aug 2014 14:23:25 -0700)

U.S. bankruptcy judge sides with Momentive, rejects creditor objections
A judge on Tuesday approved the bulk of Momentive Performance Materials' bankruptcy exit plan, rejecting creditor objections and pushing the quartz and silicone maker a step closer to cutting its debt by $3 billion. In a four-hour-long ruling read in a White Plains, New York, courtroom, bankruptcy Judge Robert Drain stopped short of confirming the plan outright, rejecting the interest rate being ... (Tue, 26 Aug 2014 15:38:23 -0700)

Speed of ABQ Bankruptcy Court is best in nation
The "median time interval" in New Mexico was 104 days (Wed, 27 Aug 2014 13:35:37 -0700)

Dunne bankruptcy dismissal application challenged
Property developer Sean Dunne's efforts to have his US bankruptcy application dismissed have been challenged by his biggest creditors and a US court official. (Wed, 27 Aug 2014 22:59:14 -0700)

Nama and Ulster Bank block Sean Dunne’s bid to dismiss bankruptcy
Showdown… (Thu, 28 Aug 2014 00:40:39 -0700)

Charges laid in bankruptcy fraud investigation
TORONTO , Aug. 28, 2014 /CNW/ - The Integrated Bankruptcy Enforcement Unit comprised of the Royal Canadian Mounted Police (RCMP) - GTA Financial Crime Section and the Ontario Region Special Investigation ... (Thu, 28 Aug 2014 07:12:00 -0700)

Tax Implications of Filing for Bankruptcy
If you find yourself weighing filing for bankruptcy, you should know how the tax code applies to the situation.  (Thu, 28 Aug 2014 11:38:23 -0700)

Detroit bankruptcy judge tosses hold-out creditor's charges
Bankruptcy Court judge late on Thursday removed allegations made by one of Detroit's remaining hold-out creditors against mediators in the city's historic municipal bankruptcy case. Judge Steven Rhodes chastised Syncora Guarantee Inc for claiming in an Aug. 12 court filing that mediators, Chief U.S. District Court Judge Gerald Rosen and attorney Eugene Driker, are biased. James H.M. Sprayregen ... (Thu, 28 Aug 2014 21:01:10 -0700)

Detroit bankruptcy judge says Syncora owes apology, may face sanctions
Judge Steven Rhodes rejected an aggressive creditor's accusations that bankruptcy mediators are biased, calling the assertions 'scandalous and defamatory.' (Thu, 28 Aug 2014 22:25:16 -0700)

Detroit bankruptcy trial moving into final phase
Detroit's bankruptcy case is moving into the final phase, the trial on confirmation of the Plan of Adjustment. (Fri, 29 Aug 2014 14:39:37 -0700)

HOA: Assessments after bankruptcy?
If you filed for bankruptcy protection, do you still responsible for back HOA dues? (Sat, 30 Aug 2014 06:17:02 -0700)

Detroit may sweeten bankruptcy deal with real estate to persuade creditor to settle
City attorneys are in private talks this weekend about giving away some of its assets — including possibly Coleman A. Young Municipal Airport — to settle with a holdout creditor on the eve of a landmark bankruptcy trial, sources told The Detroit News on Friday. (Sat, 30 Aug 2014 06:37:55 -0700)

Inepar, Units File for Bankruptcy Protection on Financial Woes
Inepar SA Industria e Construcoes, a Brazilian manufacturer of equipment for transmission of electricity, filed for bankruptcy protection along with two subsidiaries because of difficulties in meeting financial obligations. (Sat, 30 Aug 2014 08:04:03 -0700)

Detroit may sweeten bankruptcy deal with real estate to persuade creditor to settle
City attorneys are in private talks this weekend about giving away some of its assets — including possibly Coleman A. Young Municipal Airport — to settle with a holdout creditor on the eve of a landmark bankruptcy trial, sources told The Detroit News on Friday. (Sat, 30 Aug 2014 09:36:01 -0700)

Detroit raced toward this week's bankruptcy trial
It took decades of mismanagement, malfeasance and meltdowns in its bread-and-butter manufacturing sector for Detroit to hit fiscal rock bottom. The path to exit bankruptcy could take less than a year and ... (Sun, 31 Aug 2014 07:19:47 -0700)

People to watch: Key players in Detroit's historic bankruptcy trial
The high-stakes fight in Detroit's bankruptcy trial will feature some of the country's top bankruptcy lawyers, hundreds of exhibits and potentially more than 80 witnesses. (Sun, 31 Aug 2014 07:27:15 -0700)

Detroit's bankruptcy battle begins: Trial to decide city's fate
With the fate of pensions, the DIA, financial creditors and the city's future on the line, Detroit is facing extraordinary pressure to prove that the grand bargain to resolve the bankruptcy is fair. (Sun, 31 Aug 2014 07:31:34 -0700)

Detroit's breakneck speed hastened start of largest US municipal bankruptcy trial this week
It took decades of mismanagement, malfeasance and meltdowns in its bread-and-butter manufacturing sector for Detroit to hit fiscal rock bottom. (Sun, 31 Aug 2014 07:37:08 -0700)

Detroit on track to exit bankruptcy in record time
Confirmation trial for largest municipal bankruptcy in US history scheduled to start Tuesday, with debts set to be cut to $5bn It took decades of mismanagement, malfeasance and meltdowns in its bread-and-butter manufacturing sector for Detroit to hit fiscal rock bottom, but the path to exit bankruptcy could take less than a year and a half. After some delays, the confirmation trial for the ... (Sun, 31 Aug 2014 07:45:20 -0700)

D.C.-area bankruptcy filings for Sept. 1
These firms recently filed with the U.S. Bankruptcy Court?s local court clerk?s offices. (Sun, 31 Aug 2014 11:49:37 -0700)


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