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Home > Bankruptcy News

Bankruptcy News Sep 2014

Detroit Defends Bankruptcy Plan
After a long and painful year of negotiations, city officials head to court tomorrow to defend Detroit's plan to exit bankruptcy. (Mon, 01 Sep 2014 11:09:44 -0700)

Detroit Brings Bankruptcy Plan to Court With Billionaires
Detroit's plan to fix its finances with hundreds of millions of dollars in private donations comes years after the U.S. Bankruptcy Judge Steven Rhodes is to start a trial today in Detroit on whether to approve the city's plan to exit its record $18 billion municipal bankruptcy with handouts from some of the richest foundations in the world. Under a deal with state lawmakers and wealthy donors ... (Mon, 01 Sep 2014 21:01:00 -0700)

Doubts over whether Detroit bankruptcy plan gets job done
By David Greising, Karen Pierog and Tim Reid DETROIT Reuters) - Detroit’s plan to recover from bankruptcy includes several blueprints for a new future. Detroit is far short of the $1.7 billion it needs over the next 10 years to remove abandoned buildings, replace outdated technology and increase public safety to stem the exodus from the city. “What Detroit needed to start with was a reinvestment ... (Mon, 01 Sep 2014 22:02:35 -0700)

Historic bankruptcy trial starting in Detroit; city hopes to wipe out billions in debt
Lawyers for Detroit will attempt to convince a federal judge at the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved. (Mon, 01 Sep 2014 22:43:03 -0700)

Pivotal trial to begin for Detroit's bankruptcy
The legality of Detroit's 'grand bargain' — the linchpin of the city's plan to dump $7 billion in debt in bankruptcy court — will be put to the test in a long-awaited trial set to begin today in federal court. (Tue, 02 Sep 2014 00:34:10 -0700)

Detroit's bankruptcy judge weighs action on water shut-offs
U.S. Bankruptcy Judge Steven Rhodes is contemplating whether to issue a temporary restraining order against Detroit and halt the city's controversial shut-offs of delinquent residential water accounts. (Tue, 02 Sep 2014 05:39:07 -0700)

Live tweets: Detroit's bankruptcy judge weighs action on water shut-offs
U.S. Bankruptcy Judge Steven Rhodes is contemplating whether to issue a temporary restraining order against Detroit and halt the city's controversial shut-offs of delinquent residential water accounts. (Tue, 02 Sep 2014 06:30:41 -0700)

Detroit on edge as judge prepares to consider bankruptcy plan
It's crunch time for the largest municipal bankruptcy in U.S. history. (Tue, 02 Sep 2014 07:15:55 -0700)

Detroit Bankruptcy Battle Begins In Federal Court
The city's plan to restructure its debt has been praised as a creative way to protect both pensioners and its art museum. But some creditors — and residents — feel like they're being railroaded. (Tue, 02 Sep 2014 07:22:27 -0700)

Detroit's historic bankruptcy trial to begin
DETROIT (AP) — Opening arguments in Detroit's historic bankruptcy trial are expected to begin Tuesday afternoon in federal court, where lawyers for the city will attempt to convince a judge that its plans to wipe out billions of dollars in debt should be approved. (Tue, 02 Sep 2014 10:04:48 -0700)

Detroit's historic bankruptcy trial has its first day in court
Detroit’s bankruptcy finally entered the courtroom Tuesday, beginning the final phase of a trial to determine if the city can emerge from under the weight of $18 billion in debt. It has taken Detroit 14 months of mediation, legal wrangling, and behind-closed-door negotiations with creditors and pension groups to bring the city to the courtroom of U.S. The five-week trial will, in the words of ... (Tue, 02 Sep 2014 17:47:00 -0700)

Detroit bankruptcy trial gets underway
Heather Records DETROIT, Sept. 2 (UPI) -- The bankruptcy trial for the city of Detroit started on Tuesday. Opening arguments said progress is being made. (Tue, 02 Sep 2014 21:23:08 -0700)

Editorial: Find consensus to end bankruptcy trial
It is in the best interest of the city, pensioners, and creditors to see that the so-called 'grand bargain' — the $816 million plan to lessen pension cuts and preserve city-owned art — reaches final closure and is adopted as quickly as possible. (Tue, 02 Sep 2014 23:15:08 -0700)

Detroit's historic bankruptcy trial has its first day in court
The five-week trial will determine the fate of a "grand bargain" to protect both retirees' pensions and the Detroit Institute of Art's collection. (Wed, 03 Sep 2014 05:04:53 -0700)

Fitch Publishes Special Report 'Pension Liabilities in Bankruptcy'
Fitch Ratings has published a special report 'Pension Liabilities in Bankruptcy.' In this special report, Fitch conducted extensive and in-depth research on what type of impacts pension liabilities have on other creditors' recovery prospects. (Wed, 03 Sep 2014 06:07:00 -0700)

Bankruptcy judge orders mediation on Detroit water
Detroit — The judge handling Detroit's bankruptcy case has ordered mediation in a lawsuit that seeks to block the city from shutting off water to customers for unpaid bills. (Wed, 03 Sep 2014 10:29:51 -0700)

Creditor rips debt plan in Detroit bankruptcy case
An attorney for Detroit concluded his opening statement Wednesday in the city's bankruptcy trial by saying the debt-restructuring plan focused first on resolving a dire financial situation and does not ... (Wed, 03 Sep 2014 10:43:08 -0700)

Bankruptcy judge orders mediation on Detroit water shutoffs
U.S. Bankruptcy Judge Steven Rhodes has delayed a decision on whether to block Detroit from continuing water shut-offs for residential customers with chronically unpaid bills. (Wed, 03 Sep 2014 12:30:50 -0700)

Battlelines drawn over creditor recoveries in Detroit bankruptcy hearing
Detroit's chief detractor in its historic bankruptcy case said it is seeking a 75 percent recovery on its $400 million exposure after a federal judge pushed its attorney on Wednesday to reveal a figure. Marc Kieselstein, an attorney with Kirkland & Ellis representing hold-out Detroit creditor Syncora Guarantee Inc, threw out the percentage after being asked for it repeatedly by U.S. The judge ... (Wed, 03 Sep 2014 13:26:33 -0700)

Bankruptcy judge orders mediation on Detroit water shutoffs
U.S. Bankruptcy Judge Steven Rhodes has delayed a decision on whether to block Detroit from continuing water shut-offs for residential customers with chronically unpaid bills. (Wed, 03 Sep 2014 15:54:00 -0700)

Money's bottom line in Detroit bankruptcy battle
You wouldn't know the municipal bankruptcy trial of the century is underway at the federal courthouse downtown. (Thu, 04 Sep 2014 07:15:55 -0700)

Money's bottom line in Detroit bankruptcy battle
You wouldn't know the municipal bankruptcy trial of the century is underway at the federal courthouse downtown. (Thu, 04 Sep 2014 07:35:32 -0700)

Bankruptcy testimony: Detroit's fire alert method is pop can falling off printer
The city's fire department has its bells and whistles, but they are not to be confused with anything state-of-the-art. (Fri, 05 Sep 2014 06:20:39 -0700)

Chuck Jaffe: Why Detroit’s bankruptcy case could impact you
If you invest in municipal bonds or live in a community that has its own financial issues, what’s happening in a Detroit court is going to matter, writes Chuck Jaffe. (Fri, 05 Sep 2014 09:23:07 -0700)

Creditor Rips Debt Plan in Detroit Bankruptcy Case
Detroit attorney says bankruptcy plan best beleaguered city can do; creditor calls it unfair (Fri, 05 Sep 2014 14:45:28 -0700)

Bankruptcy experts say time could be right for settlement in Milwaukee archdiocese case
MILWAUKEE — The Archdiocese of Milwaukee is returning to mediation with hundreds of sexual abuse victims, and experts say it wouldn't be surprising if they reached at least a partial deal that would help resolve the archdiocese's long and costly bankruptcy case. (Sat, 06 Sep 2014 07:45:05 -0700)

Judge Asserts Control as Bankruptcy Trial Commences
Sept. 07--The City of Detroit wrapped up its first week of trial for its bankruptcy plan of adjustment, which essentially is the blueprint it says it will follow as a way of digging out from under $18 billion in debt and long-term obligations. Here's how it went. (Sun, 07 Sep 2014 09:16:44 -0700)

D.C.-area bankruptcy filings for Sept. 8
These firms recently filed with the U.S. Bankruptcy Court?s local court clerk?s offices. (Sun, 07 Sep 2014 09:50:56 -0700)

Judge asserts control as bankruptcy trial gets under way
Week 1 of the bankruptcy trial offered an interesting look into how the City of Detroit and its creditors are pursuing their cases. (Sun, 07 Sep 2014 15:37:58 -0700)

Detroit bankruptcy trial stretches into second week
The city's historic bankruptcy trial enters its second week Monday with testimony anticipated from Detroit's lead information officer, police chief and fire commissioner. (Mon, 08 Sep 2014 06:08:11 -0700)

Fitch: U.S. Personal Bankruptcy Filings to Drop to Lowest Level in 7 Years
Link to Fitch Ratings' Report: 2014 Consumer Bankruptcy Update (Mon, 08 Sep 2014 08:17:00 -0700)

Why the poor are paying for Detroit's bankruptcy
Detroit's bankruptcy is a model for how wealthier and whiter Americans escape the costs of public goods they’d otherwise share with poorer and darker Americans. Are Detroit, its public employees, poor residents, and bondholders the only ones who should sacrifice when 'Detroit' can’t pay its bills? Or does the relevant sphere of responsibility include Detroit’s affluent suburbs? (Mon, 08 Sep 2014 09:20:23 -0700)

Detroit bankruptcy trial turns to poor technology
Detroit's new head of information technology says the computer system was in awful shape when she took over. Beth Niblock is on the witness stand Monday, the third person to testify since Detroit's bankruptcy ... (Mon, 08 Sep 2014 10:03:38 -0700)

Trump Entertainment Said Planning to File for Bankruptcy Again
The Trump Taj Mahal building stands in Atlantic City, U.S., on Thursday, July 17, 2014. Close The Trump Taj Mahal building stands in Atlantic City, U.S., on Thursday, July 17, 2014. (Mon, 08 Sep 2014 11:37:07 -0700)

Bankruptcy Protection For Your Accounts
Will the plan assets you've worked hard for be safe if you experience a personal financial crisis? (Mon, 08 Sep 2014 14:04:20 -0700)

Price tag for Detroit's bankruptcy law firm hits $26 million
(Reuters) - The law firm shepherding Detroit through the biggest-ever municipal bankruptcy has charged the city just over $26 million, according to a report on Monday from a court-appointed fee examiner. The supplemental report adds $3 million in fees and nearly $83,000 in expenses billed in March by Jones Day, the former law firm of Detroit's state-appointed emergency manager, Kevyn Orr. Those ... (Mon, 08 Sep 2014 14:25:05 -0700)

Finding a New Car Loan While in Bankruptcy
Going through bankruptcy is tough enough. Can you get a new car loan while in the process? (Mon, 08 Sep 2014 15:19:47 -0700)

Trump Entertainment Plans to File for Bankruptcy Again
Trump Entertainment Resorts Inc., the company founded by Donald Trump, will file for bankruptcy again this week, people with knowledge of the situation said, putting a fifth Atlantic City casino in danger of closing. Trump Plaza is set to cease operations on Sept. 16, and the Trump Taj Mahal may also shut in November, the people said. Three other casinos have closed in the city this year ... (Mon, 08 Sep 2014 21:00:01 -0700)

Associated Wholesalers Seeks Bankruptcy, Plans Asset Sale
Associated Wholesalers Inc., a food distributor, filed for bankruptcy with a plan to sell its assets, citing “fierce competition” in the grocery supply business. (Tue, 09 Sep 2014 06:31:36 -0700)

Trump casinos file for bankruptcy
Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth casino to close this year. (Tue, 09 Sep 2014 07:15:04 -0700)

White Rose food distributor files bankruptcy, to be sold to C&S
The parent of White Rose Inc, one of the biggest independent food distributors in the New York City area, on Tuesday filed for bankruptcy and said it had agreed to sell substantially all its assets to C&S Wholesale Grocers Inc, one of the largest privately held U.S. White Rose, parent Associated Wholesalers Inc and several affiliates filed for Chapter 11 protection with the U.S. (Tue, 09 Sep 2014 07:16:49 -0700)

Trump casinos file Chapter 11; seek concessions
ATLANTIC CITY, N.J. (AP) — Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth Atlantic City casino to close this year. (Tue, 09 Sep 2014 09:26:17 -0700)

Another Atlantic City casino company files for bankruptcy
Trump Entertainment Resorts Inc , which runs two casinos in Atlantic City, filed for bankruptcy protection for a third time, in another blow to the city's crumbling casino industry. Atlantic City's casinos have been losing their glitz and gambling dollars to the more than 40 new rivals that have opened in neighboring states, with gaming revenue nearly halving from its 2006 peak of $5.2 billion ... (Tue, 09 Sep 2014 09:34:06 -0700)

Detroit bankruptcy trial on hold as city tries to repay creditor
Michigan's largest city is negotiating with a bond issuer on paring down its debt and may be close to a settlement. (Wed, 10 Sep 2014 07:35:05 -0700)

Correction: Detroit-Bankruptcy story
In a story Sept. 9 about a tentative agreement reached between Detroit and major creditor Syncora in its bankruptcy trial, The Associated Press reported erroneously that Steven Schlein is a spokesman for ... (Wed, 10 Sep 2014 07:53:12 -0700)

Detroit Bankruptcy Trial Put on Hold
There may be a deal with a major creditor who had opposed the city's plan to emerge from the largest U.S. municipal bankruptcy ever. (Wed, 10 Sep 2014 08:22:19 -0700)

Deal with creditor prompts judge to halt Detroit bankruptcy trial until Monday
The city's bankruptcy judge temporarily halted the biggest municipal bankruptcy trial in U.S. history Wednesday after Detroit reached a last-minute deal with a holdout creditor. (Wed, 10 Sep 2014 08:32:24 -0700)

Detroit bankruptcy trial on hold after major deal
A judge on Wednesday suspended Detroit's bankruptcy trial until next week to give lawyers time to work out the details of a settlement that would satisfy a major creditor that opposed the city's plan to ... (Wed, 10 Sep 2014 09:02:43 -0700)

Detroit reaches deal that could speed bankruptcy exit
The city of Detroit has struck a deal with a major bondholder that could expedite the city’s exit from the largest municipal bankruptcy in US history. Syncora Guarantee Inc., an international bond insurer based in New York and London that had been one of the fiercest opponents of the city’s original bankruptcy recovery plan, entered into a tentative agreement with city officials Tuesday. “If ... (Wed, 10 Sep 2014 09:52:21 -0700)

Detroit bankruptcy on brink of key breakthrough with major creditor
In what would be a key breakthrough, one of the most vociferous objectors to Detroit’s plan to emerge from bankruptcy is on the brink of making a deal with the city and withdrawing its complaints, according to court documents. (Wed, 10 Sep 2014 11:06:15 -0700)

Detroit bankruptcy trial on hold after major deal
DETROIT (AP) — One of Detroit's fiercest opponents in bankruptcy once compared the city's fix-it plan to an automobile "lemon" fit for the "scrapyard." (Wed, 10 Sep 2014 13:50:15 -0700)

Lawmakers Seek to Smooth Banks' Path Through Bankruptcy
Lawmakers are moving to address issues they say must be fixed if the bankruptcy law "can expeditiously restore trust in the financial marketplace as soon as possible after a major collapse of a financial institution," said Rep. John Conyers, the top Democrat on the House Judiciary Committee and a sponsor of the bill. Seton Hall law professor Stephen J. Lubben, who generally supports the bill ... (Wed, 10 Sep 2014 16:18:00 -0700)

Detroit reaches deal that could speed bankruptcy exit
One of the fiercest opponents to the city's original bankruptcy recovery plan, Syncora Guarantee Inc., entered into a tentative agreement with city officials Tuesday. (Wed, 10 Sep 2014 17:04:53 -0700)

Bankruptcy cleared way for change
The road blocks are disappearing. In the space of one long work day, the city and its bankruptcy lawyers reached two key agreements that should speed the conclusion of the largest municipal bankruptcy in American history and share the costs of running Detroit once it emerges from Chapter 9. (Wed, 10 Sep 2014 22:31:23 -0700)

Bankruptcy cleared way for change
The road blocks are disappearing. In the space of one long work day, the city and its bankruptcy lawyers reached two key agreements that should speed the conclusion of the largest municipal bankruptcy in American history and share the costs of running Detroit once it emerges from Chapter 9. (Thu, 11 Sep 2014 00:36:32 -0700)

RadioShack says may file for bankruptcy
Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy protection if its cash situation worsens, after reporting its tenth straight quarterly loss. RadioShack, whose sales have been in free-fall since 2010 as it struggles to compete with internet retailers, said in a regulatory filing it was working with its lenders and landlords to restructure its debt and cut ... (Thu, 11 Sep 2014 06:37:21 -0700)

House Panel OKs Bankruptcy Path for Big Bank Failures
The House Judiciary Committee in a bipartisan manner on Wednesday approved legislation amending the bankruptcy code for large financial institutions. (Thu, 11 Sep 2014 07:10:00 -0700)

RadioShack says may file for bankruptcy
Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy protection if its cash situation worsens, after reporting its tenth straight quarterly loss. (Thu, 11 Sep 2014 07:25:49 -0700)

House Panel OKs Bankruptcy Path for Big Bank Failures
WASHINGTON (The Deal) -- The House Judiciary Committee in a bipartisan manner on Wednesday approved legislation amending the bankruptcy code for large financial institutions as part of an ongoing response to Lehman Brothers infamous Chapter 11 bankruptcy filing in the midst of the 2008 financial crisis. Lawmakers voted to approve an amendment to the bankruptcy code with a provision known as ... (Thu, 11 Sep 2014 07:35:46 -0700)

More mediation ordered over potential Detroit bankruptcy deal
A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required. District Judge Gerald Rosen, the chief mediator in the bankruptcy case, ordered that mediation, which began on ... (Thu, 11 Sep 2014 09:59:09 -0700)

Bankruptcy creates 'unique opportunity' for regional water board
If Detroit's historic water deal is an opportunity seized, the proof is in the details — and who pushed hardest to get it done. (Thu, 11 Sep 2014 23:06:53 -0700)

Bankruptcy creates 'unique opportunity' for regional water board
If Detroit's historic water deal is an opportunity seized, the proof is in the details — and who pushed hardest to get it done. (Fri, 12 Sep 2014 01:02:14 -0700)

Be careful with inheritance, spending before bankruptcy filing
If you're about to file for bankruptcy, what do you do when you know you're about to inherit some money? Can you spend it? (Fri, 12 Sep 2014 05:00:00 -0700)

RadioShack stumbles down road taken by many failed U.S. retailers
RadioShack Corp confronts an uncomfortable fact as it considers filing for bankruptcy to give it time to overhaul its 4,400 electronics stores: Retailers rarely emerge from bankruptcy. Founded in 1921, the Fort Worth, Texas-based RadioShack said on Thursday that it may file for Chapter 11 bankruptcy protection in the United States, potentially adding itself to the list of non-food retail chains ... (Fri, 12 Sep 2014 12:47:19 -0700)

Detroit end in sight as deals leave FGIC last major bankruptcy holdout
By Karen Pierog and Lisa Lambert DETROIT (Reuters) - With key players in Detroit's historic bankruptcy case locked in marathon mediation sessions, the pressure is on bond insurer Financial Guaranty Insurance Co., the last major holdout creditor, to settle with the city. Judicial mediator Gerald Rosen has ordered the city and some of its major creditors including FGIC to keep talking until they ... (Fri, 12 Sep 2014 15:08:51 -0700)

D.C. area bankruptcy filing for Sept. 15
This firm recently filed with the U.S. Bankruptcy Court?s local court clerk?s offices. (Sun, 14 Sep 2014 10:56:43 -0700)

Creditors seek delay in Detroit bankruptcy trial
Detroit's remaining holdout creditors are asking for a one-week delay in the city's bankruptcy trial to adjust their litigation plans after one of the city's fiercest opponents settled. (Sun, 14 Sep 2014 20:46:05 -0700)

Scranton Stalked by Bankruptcy Mulls Selling Sewers: Muni Credit
A road leads to downtown Scranton, Pennsylvania. The former manufacturing community will tax commuters starting next month and may sell its sewer system to buttress its retirement funds. (Mon, 15 Sep 2014 06:29:23 -0700)

Live tweets: Syncora reaches deal in Detroit bankruptcy
Bond insurer Syncora Guarantee Inc. reached a comprehensive deal Monday with Detroit following marathon weekend negotiations on the sidelines of the city's bankruptcy case. (Mon, 15 Sep 2014 06:37:56 -0700)

Syncora, Detroit have 'laid down the swords' in bankruptcy battle
More than a year of litigation between the city and its most aggressive creditor has come to a close with a comprehensive settlement, attorneys in the city's bankruptcy case said Monday. (Mon, 15 Sep 2014 06:52:41 -0700)

Nextel carrier NII to seek bankruptcy as early as Monday -sources
NII Holdings Inc, the Nextel operator struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico, plans to file for bankruptcy protection in the United States as early as Monday, according to two sources with direct knowledge of the situation. According to one source, who requested anonymity since the process is underway, the so-called Chapter 11 filing would allow Reston ... (Mon, 15 Sep 2014 07:56:40 -0700)

Detroit reaches bankruptcy deal with fiercest creditor
Detroit has reached a settlement with bond insurer Syncora Guarantee Inc, its fiercest opponent in its historic bankruptcy case, a lawyer for the city said on Monday. David Heiman of law firm Jones Day told U.S. Bankruptcy Judge Steven Rhodes that Syncora and the city "have laid down their swords." In a court filing on Monday, Syncora confirmed a "comprehensive settlement" with the city that was ... (Mon, 15 Sep 2014 08:03:35 -0700)

Detroit bankruptcy trial resumes after settlement
A judge refused to extend a timeout Monday in Detroit's bankruptcy trial after a deal with a major creditor removed another opponent from the city's plan to exit the largest Chapter 9 case in U.S. history. ... (Mon, 15 Sep 2014 09:59:44 -0700)

Detroit reaches settlement with key creditor in bankruptcy case
A key opponent of Detroit's plan to reduce its debt has reached a final settlement with the city, a significant step that could allow the municipality to emerge from bankruptcy protection. (Mon, 15 Sep 2014 10:21:21 -0700)

Where things stand with Detroit's bankruptcy plan
DETROIT (AP) — More than a year after Detroit filed for the largest public bankruptcy in U.S. history, a federal judge is hearing evidence on whether he should approve the city's plan to emerge from billions of dollars in debt. Here's a look at the past, present and future of the city's finances: (Mon, 15 Sep 2014 10:58:38 -0700)

UPDATE 3-Nextel carrier NII files for bankruptcy protection as debt soars
NII Holdings Inc, the parent of Nextel operators in Latin America, filed for U.S. The decision should allow Reston, Virginia-based NII Holdings to restructure debt with creditors by turning them into shareholders, sources with direct knowledge of the situation said. NII Holdings operates in several countries in Latin America under the Nextel brand. Chapter 11 is a form of bankruptcy that ... (Mon, 15 Sep 2014 18:48:36 -0700)

Detroit City Council approves $275M in bankruptcy exit financing
The Detroit City Council unanimously approved a resolution Monday supporting the $275 million in financing the city needs when it exits bankruptcy. (Mon, 15 Sep 2014 18:51:22 -0700)

Nextel carrier NII files for bankruptcy protection as debt soars
By Guillermo Parra-Bernal and Brad Haynes SAO PAULO (Reuters) - NII Holdings Inc, the parent of Nextel operators in Latin America, filed for U.S. bankruptcy protection on Monday after struggling for years with debt, fierce competition in Brazil and Mexico, and a dispute with a U.S. hedge fund. The company filed a voluntary petition for so-called Chapter 11 in U.S. Bankruptcy Court in New York ... (Mon, 15 Sep 2014 18:58:41 -0700)

Detroit reaches bankruptcy deal with fiercest creditor
By Lisa Lambert DETROIT (Reuters) - Detroit on Monday officially settled with one of its fiercest creditors, removing a major hurdle for the city to exit its historic bankruptcy but possibly creating another delay in the trial on restructuring its $18 billion in debt and obligations. The settlement with Syncora Guarantee Inc. – to be included in another version of the plan that will be released ... (Mon, 15 Sep 2014 20:33:35 -0700)

BANKRUPTCY SCORECARD: DAY 8
A scorecard of Day 8 of Detroit's bankruptcy confirmation hearings. (Tue, 16 Sep 2014 01:51:28 -0700)

Reality saps drama out of Detroit bankruptcy
A court-appointed financial expert asked to assess whether the city's restructuring plan is 'feasible' concluded Monday that it is, marking another critical turn in Detroit's effort to negotiate successfully the largest municipal bankruptcy in American history. (Tue, 16 Sep 2014 04:18:43 -0700)

Reality saps drama out of Detroit bankruptcy
A court-appointed financial expert asked to assess whether the city's restructuring plan is 'feasible' concluded Monday that it is, marking another critical turn in Detroit's effort to negotiate successfully the largest municipal bankruptcy in American history. (Tue, 16 Sep 2014 04:23:20 -0700)

Live tweets: Detroit bankruptcy trial continues after key settlement
Testimony in the city's historic bankruptcy is slated to resume Tuesday morning, a day after Detroit and its most aggressive creditor announced a comprehensive settlement. (Tue, 16 Sep 2014 05:50:44 -0700)

Margaritaville casino owners seek bankruptcy
The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding ... (Tue, 16 Sep 2014 14:55:56 -0700)

Court's expert witness on Detroit bankruptcy qualified to testify: judge
By Lisa Lambert DETROIT (Reuters) - An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday. U.S. Bankruptcy Judge Steven Rhodes said Martha Kopacz, a senior managing director at Phoenix Management Services in Boston, is qualified to give ... (Tue, 16 Sep 2014 14:57:39 -0700)

Judge Orders Week-Long Break in Detroit Bankruptcy Trial
U.S. Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case. (Wed, 17 Sep 2014 06:44:06 -0700)

Bankruptcy judge OKs $2.9M W.Va. spill settlement
A federal bankruptcy judge in West Virginia has approved a $2.9 million settlement to benefit 300,000 people whose water was contaminated in a January chemical spill. Judge Ronald Pearson filed the order ... (Wed, 17 Sep 2014 08:18:24 -0700)

Judge pauses Detroit's bankruptcy trial again
By Lisa Lambert DETROIT (Reuters) - U.S. Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case. The hearing will be adjourned from Friday and reconvene on Monday, Sept. 29. It was also placed on hiatus last week for three days while the city applied the finishing ... (Wed, 17 Sep 2014 08:36:33 -0700)

Live tweets: Obama official lauds retiree deal in Detroit bankruptcy trial
The first witness Wednesday in the city's historic bankruptcy trial detailed a hard-fought agreement for Detroit's retirees that he acknowledged will be painful, but ultimately, appropriate for the good of revitalizing the city. (Wed, 17 Sep 2014 08:47:57 -0700)

Siga Bankruptcy Hearing Too Soon for Suit Fight: Judge
The initial bankruptcy hearing for Siga Technologies Inc. (SIGA) , supplier of the only smallpox medicine for the U.S. strategic drug stockpile, isn’t the right place for a competitor to discuss liability in a lawsuit with the company, a judge said. (Wed, 17 Sep 2014 11:09:17 -0700)

Veteran bankruptcy lawyer Cieri to retire from Kirkland -sources
Attorney Richard Cieri, a bankruptcy veteran who helps run law firm Kirkland & Ellis' pre-eminent restructuring practice, is retiring, according to three people familiar with the matter. Cieri, who helped turn around companies like Calpine Corp and Tronox Ltd, is set to step down in early 2015, the people told Reuters on Wednesday. Cieri joined Chicago-based Kirkland in 2005 after stints leading ... (Thu, 18 Sep 2014 04:00:00 -0700)

Detroit art museum will sue if city's bankruptcy plan not approved
By Lisa Lambert DETROIT (Reuters) - The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday. When Detroit filed for the largest-ever U.S. municipal bankruptcy 14 months ago, the museum began preparing for possible litigation to keep ... (Thu, 18 Sep 2014 15:14:30 -0700)

Steelworker union: U.S. Steel filing is 'bankruptcy fraud'
Steel is “bankruptcy fraud” and a path to abandoning Hamilton altogether—not only ditching the liability of its pensioners, but the cleanup costs of leaving the city, too. Union head Rolf Gerstenberger made the statement at Local 1005’s headquarters at Barton and Kenilworth, questioning the company’s motives, repeatedly recalling a $58-million settlement U.S. Steel was has agreed to pay for ... (Thu, 18 Sep 2014 16:51:40 -0700)

Swiss begin bankruptcy proceedings against Espirito Santo private bank
Switzerland's financial regulator, FINMA, said on Friday it had initiated bankruptcy proceedings against Banque Privee Espirito Santo SA (BPES), part of the Portuguese Espirito Santo family's troubled business empire. FINMA, had said earlier this month that it was investigating the role of the private bank, in distributing securities and financial products to the wider Espirito Santo group. The ... (Fri, 19 Sep 2014 02:43:22 -0700)

Bankruptcy calls for Toll Road transfer
The debt-ridden private company running the Indiana Toll Road intends to transfer its operations to a new entity under a bankruptcy filing planned for Monday, but a spokeswoman stressed Saturday that tolls, motorists and employees won't be affected. (Sun, 21 Sep 2014 01:05:01 -0700)

D.C. area bankruptcy filing for Sept. 22
These firms recently filed with the U.S. Bankruptcy Court?s local court clerk?s offices. (Sun, 21 Sep 2014 10:48:19 -0700)

Indiana Toll Road Seeks Bankruptcy as Traffic Declines
Operating since 1956, the road spans 157 miles (252 kilometers) across northern Indiana, connecting Chicago to major east-coast traffic arteries, according to its website . It took more than 6,200 engineers and laborers 786 days to complete the project. (Mon, 22 Sep 2014 06:23:40 -0700)

Court bid to set aside Sean Dunne’s interest in €17m hotel
Bankruptcy official initiates proceedings against transfer of hotel interest to businessman’s wife (Mon, 22 Sep 2014 08:06:31 -0700)

The Wall Street Journal: Indiana toll-road operator files for bankruptcy
The debt-stricken operator of an Indiana Toll Road filed for bankruptcy protection with a plan to restructure some $6 billion in debt. (Mon, 22 Sep 2014 08:26:13 -0700)

Court bid to assert Sean Dunne’s interest in €17m hotel
Bankruptcy official initiates proceedings against transfer of hotel interest to businessman’s wife (Mon, 22 Sep 2014 09:05:57 -0700)

Nortel bankruptcy trial starts to wrap up in Toronto and Delaware
TORONTO - The Nortel bankruptcy trial is nearing the finish line, with lawyers for competing groups that all want a chunk of the former tech company's assets focusing on a 10-year-old agreement on patents and other intellectual property. (Mon, 22 Sep 2014 09:12:28 -0700)

Indiana Toll Road operator files for bankruptcy
A judge and creditors will have to decide who runs the Indiana Toll Road after the highway's private operator filed for bankruptcy protection, formally acknowledging that it couldn't afford the debt from ... (Mon, 22 Sep 2014 10:55:33 -0700)

Trump Entertainment wants to sell Plaza equipment
The parent company of Trump Plaza wants permission from a bankruptcy court to sell off its assets, including gambling equipment and furniture. Trump Entertainment Resorts filed a motion in federal bankruptcy ... (Mon, 22 Sep 2014 11:17:34 -0700)

Detroit City Council Negotiating to Keep Orr During Bankruptcy
A deal is in the works to keep Detroit Emergency Manager Kevyn Orr aboard for the city’s bankruptcy case, even though city officials could remove him as soon as next week, according to a councilman. (Mon, 22 Sep 2014 13:27:44 -0700)

U.S. bankruptcy judge hears testimony on Detroit water shutoffs
By Lisa Lambert DETROIT (Reuters) - A federal bankruptcy judge on Monday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again. U.S. Bankruptcy Judge Steven Rhodes - currently overseeing Detroit's historic bankruptcy case - is hearing arguments Monday and ... (Mon, 22 Sep 2014 15:10:49 -0700)

Momentive Performance Judge Won’t Delay Bankruptcy Plan
Creditors opposed to Momentive Performance Materials Inc.’s bankruptcy reorganization lost a bid to keep the plan from being implemented while they challenge its approval. (Mon, 22 Sep 2014 17:51:02 -0700)

Mechel Sinks 30% as Russia Expects Bankruptcy
OAO Mechel (MTL) sank 30 percent to a record low as Russia’s economy minister said he saw no alternative but bankruptcy for the mining company after nine months of unsuccessful efforts to refinance its debt. (Mon, 22 Sep 2014 17:53:44 -0700)

Critics worry of Indiana Toll Road spending cuts
Critics of privatizing the Indiana Toll Road said they are worried that the operator's bankruptcy filing this week will result in less money being spent on the highway. Chicago-based ITR Concession Co. ... (Tue, 23 Sep 2014 09:08:23 -0700)

Maine's Great Northern Paper files for bankruptcy
Once a giant in the paper industry, Great Northern Paper Co. LLC has filed for bankruptcy. The company, based in East Millinocket, Maine, filed for Chapter 7 bankruptcy Tuesday in a Delaware court with ... (Tue, 23 Sep 2014 14:25:34 -0700)

Archdiocese spokesman: Mediation ends without deal
A second round of talks in the Archdiocese of Milwaukee's bankruptcy case failed to yield a deal, and mediation has ended, an archdiocese spokesman said Tuesday. Attorneys for the archdiocese, victims ... (Tue, 23 Sep 2014 15:33:00 -0700)

Charges laid in bankruptcy fraud investigation
TORONTO, Sept. 24, 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 Kugathasan ARUNAGIRI, a 38 year old male from Scarborough, Ontario with offences under the Criminal Code ... (Wed, 24 Sep 2014 06:00:00 -0700)

Report: Three bidders for Revel in Wednesday's bankruptcy auction
Three people or groups are reportedly bidding in the Revel casino bankruptcy auction Wednesday in New York, including Florida investor Glenn Straub who set the baseline for the auction with a $90 million offer. (Wed, 24 Sep 2014 08:32:39 -0700)

Judge denies bankruptcy protection to Denver marijuana business
Buzz kill? A U.S. bankruptcy judge has dismissed the case of a Denver marijuana business owner, saying that though his activities are legal under Colorado law, he is violating the federal Controlled Substances Act. (Wed, 24 Sep 2014 14:23:02 -0700)

Shelly Sterling's attorney for Clippers' sale files for bankruptcy
Pierce O’Donnell, the veteran attorney who represented Shelly Sterling in the record $2-billion sale of the Clippers, filed for bankruptcy last month, according to court records. (Wed, 24 Sep 2014 16:36:13 -0700)

No bankruptcy protection for pot business owner
The judge ruled the man is violating the federal Controlled Substances Act. (Thu, 25 Sep 2014 08:06:27 -0700)

Why Pot Companies Can't File For Bankruptcy
The pot industry in Colorado is starting to... (Thu, 25 Sep 2014 12:35:00 -0700)

Detroit Gives Emergency Manager New Role for Bankruptcy
The Detroit City Council approved a measure that will allow Emergency Manager Kevyn Orr to remain in the role until the city’s bankruptcy plan takes effect. (Thu, 25 Sep 2014 15:32:20 -0700)

Bankruptcy judge allows waiver request
A bankruptcy court judge has approved the government's request to waive attorney-client privilege in TelexFREE's bankruptcy case.Chapter 11 Trustee Stephen Darr, who has been charged with managing the former Marlborough company through bankruptcy, had argued waiving the privilege would allow him to more quickly access information and assets obtained in the U.S.'s civil and criminal cases against ... (Fri, 26 Sep 2014 09:46:25 -0700)

Michigan OK's bonds to fund Detroit's bankruptcy plan
Michigan officials on Friday signed off on four bond issues totaling $1.1 billion that would fund Detroit's exit from the biggest-ever municipal bankruptcy. The Local Emergency Financial Assistance Loan Board said proceeds from the issues "will assist the city in addressing several settlements and claims against the city, as it nears the end of its bankruptcy process." The bond sales, which were ... (Fri, 26 Sep 2014 10:55:29 -0700)

Bankruptcy threat for Habib
EX-GUANTANAMO Bay detainee Mamdouh Habib is being sued for bankruptcy by his former lawyer over unpaid bills exceeding $22,000. (Sun, 28 Sep 2014 07:00:00 -0700)

D.C. area bankruptcy filing for Sept. 29
These firms recently filed with the U.S. Bankruptcy Court?s local court clerk?s offices. (Sun, 28 Sep 2014 09:14:56 -0700)

Kevyn Orr: No discussions taking place on new job until Detroit clears historic bankruptcy
DETROIT — Kevyn Orr's success in shepherding Detroit through its historic bankruptcy will leave him unemployed, at least temporarily, when and if his task in the Motor City is complete. (Sun, 28 Sep 2014 09:31:54 -0700)

Bankruptcy's end more clear than Orr's future
DETROIT (AP) — Kevyn Orr's success in shepherding Detroit through its historic bankruptcy will leave him unemployed, at least temporarily, when and if his task in the Motor City is complete. (Sun, 28 Sep 2014 10:33:05 -0700)


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