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  • "By granting Puerto Rico access to an orderly bankruptcy regime as soon as possible, Congress can help put Puerto Rico- and the millions of U.S. citizens who live there- on the best path to a sustained recovery," Treasury Secretary Jack Lew said in a letter to Orrin Hatch, a Republican who chairs the Senate Finance Committee. Lew said Puerto Rico had made "less than...

  • NEW YORK, July 28- New York City Mayor Bill de Blasio on Tuesday joined calls urging the U.S government to allow Puerto Rico's public entities to file for bankruptcy protection. A bill was introduced last year by Puerto Rico's representative in Congress Pedro Pierluisi to allow the U.S. territory to use federal bankruptcy laws to restructure the debt of its...

  • UPON REACHING AGREEMENT, DEVELOPER SAYS WILL WORK WITH CHINESE TO RESOLVE CHAPTER 11 BANKRUPTCY CASE PENDING IN U.S.

  • NEW YORK, July 24- The trustee liquidating the bankrupt brokerage unit of Jon Corzine's MF Global Holdings Ltd on Friday announced an agreement that would enable unsecured creditors to recoup nearly everything they are owed, and largely conclude the unit's nearly four-year liquidation. James Giddens, the trustee, said he would sell various claims held by the...

  • Judge rules against Chicago pension reform law Friday, 24 Jul 2015 | 1:32 PM ET
    Downtown Chicago flag

    A 2014 law aimed at shoring up two of Chicago's public worker retirement systems violates pension protections, a judge ruled on Friday.

  • July 23- The developer of the $3.5 billion Baha Mar mega-resort is willing to commit up to $200 million to jumpstart the stalled Bahamas project, lawyers told a U.S. bankruptcy judge on Thursday. The developer of the project is Sarkis Izmirlian, whose Baha Mar Ltd filed for bankruptcy protection in Delaware last month. During the bankruptcy court hearing on...

  • July 23- Hercules Offshore Inc, stung by slumping demand for drilling services in older Gulf of Mexico oilfields, said on Thursday it plans to file for creditor protection in about three weeks and emerge several months later with a restructured balance sheet. The company's balance sheet lists $266 million in current assets and $1.35 billion in current...

  • Judge: Caesars can be sued while unit in bankruptcy Wednesday, 22 Jul 2015 | 4:53 PM ET

    LAS VEGAS— A Chicago bankruptcy judge has ruled he won't stop pending lawsuits against Caesars Entertainment Corp. while its debt-heavy subsidiary is in bankruptcy. Judge Benjamin Goldgar decided Wednesday that the casino giant won't be immune to litigation, unlike its Caesars Entertainment Operation Co. unit which filed for bankruptcy in mid-January...

  • UPDATE 1-Caesars faces bankruptcy after losing key ruling Wednesday, 22 Jul 2015 | 3:41 PM ET

    CHICAGO/ WILMINGTON, Del., July 22- Caesars Entertainment Corp may be closer to joining its operating unit in bankruptcy after a federal judge refused to protect the casino company from creditor lawsuits seeking up to $11 billion, sending its stock plummeting. Caesars and its private equity backers Apollo Global Management LLC and TPG Capital, said staying...

  • July 22- A judge in the Bahamas has declined to recognize the U.S. bankruptcy filing by Baha Mar Ltd, the developer of a $3.5 billion mega resort, a source familiar with the ruling said on Wednesday. Recognition of the Chapter 11 U.S. bankruptcy filing would have prevented creditors from taking action against Baha Mar Ltd in the Bahamas. Baha Mar Ltd is trying to...

  • KINGSTON, Jamaica— A judge in the Bahamas ruled Wednesday that a U.S. bankruptcy filing by the developer of an unfinished $2.5 billion megaresort in Nassau will not be recognized in the Caribbean archipelago. The islands' attorney general strongly objected to the Chapter 11 filing in U.S. Bankruptcy Court in Delaware, arguing that having a U.S. court decide major...

  • Judge: Casino workers' union didn't violate bankruptcy law Wednesday, 22 Jul 2015 | 11:20 AM ET

    Trump Entertainment Resorts, Taj's corporate parent, wanted compensation for purportedly lost business. Trump Entertainment CEO Robert Griffin declined comment on the ruling. Trump Entertainment Resorts owns the property now, but lender Carl Icahn is taking ownership as it comes out of bankruptcy.

  • 50 Cent's bankruptcy: End of an era? Wednesday, 22 Jul 2015 | 2:00 AM ET
    50 Cent's bankruptcy: End of an era?

    Michael Browne, fund manager at Martin Currie, says that 50 Cent's bankruptcy may mark the end of an era of excesses that began in the early 2000s.

  • NEW YORK, July 21- Harbinger Capital Partners, the hedge fund firm run by Philip Falcone, filed a new lawsuit accusing satellite TV company Dish Network Corp and its chairman, Charles Ergen, of illegally trying to strip it of control of wireless company LightSquared during its bankruptcy. The reorganization called for Harbinger to retain a 44.5 percent equity...

  • LAS VEGAS— The bankruptcy of Caesars Entertainment Corp.' s debt-heavy subsidiary has racked up nearly $47 million in professional fees and expenses in about 4 1/ 2 months. In filing for bankruptcy in mid-January, Caesars Entertainment Operating Co. has been trying to shed about $10 billion of its $18.4 billion in debt. The company is due in Chicago bankruptcy...

  • WILMINGTON, Del., July 20- The Chinese company building the $3.5 billion Baha Mar resort in the Bahamas plans to file a motion to dismiss the bankruptcy case related to the project, which is nearly complete and seen as vital to the former British colony's fragile economy. A completed resort would employ more than 5,000 people in the Bahamas, where the unemployment...

  • July 20- The Chinese construction company building the $3.5 billion Baha Mar resort in the Bahamas plans to file a motion to dismiss the bankruptcy case related to the unfinished project. Bankruptcy Judge Kevin Carey during a hearing in Wilmington, Delaware. Baha Mar Ltd, led by developer Sarkis Izmirlian, filed for bankruptcy protection in the Delaware court...

  • July 20- Storied supermarket chain Great Atlantic& Pacific Tea Co Inc, better known as A&P, filed for Chapter 11 bankruptcy protection for the second time in five years and said it was in discussions with buyers for some of its stores. The company said was in talks with Acme Markets Inc, owner of Safeway and Albertsons grocery stores, Stop& Shop Supermarket Co LLC and...

  • Grocery store chain A&P files for bankruptcy Monday, 20 Jul 2015 | 2:21 AM ET

    Great Atlantic & Pacific Tea, the supermarket company known as A&P, and certain affiliates filed for Chapter 11 bankruptcy protection late on Sunday.

  • A&P, which was founded in 1859 by George Huntington Hartford and George Gilman, began operations as the Great American Tea Co. Its first store, on Vesey Street in Manhattan, sold coffee, tea and spices at low prices, according to its website. The grocer has received debtor-in-possession financing of $100 million from Fortress Credit Corp, court documents show.