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Business Events Bankruptcy

  • WILMINGTON, Del., Jan 24- Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009.. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in...

  • WILMINGTON, Del., Jan 24- Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009.. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in...

  • Jan 24- A U.S. judge overseeing the bankruptcy of Linn Energy LLC said on Tuesday he is prepared to confirm its restructuring plan with slight tweaks, backing the oil-and-gas producer's goal of shedding $5.5 billion in debt and splitting into two companies. Bankruptcy Judge David Jones at the end of a hearing in Houston congratulated Linn's legal team and...

  • WILMINGTON, Del., Jan 24- The Canadian and U.S. judges overseeing Nortel Networks' 2009 bankruptcy proceeding said on Tuesday they would approve the plan by the former telecommunications company to repay its creditors, clearing the way for more than $7 billion to be distributed.

  • WILMINGTON, Del., Jan 24- The Canadian and U.S. judges overseeing Nortel Networks' 2009 bankruptcy proceeding said on Tuesday they would approve the plan by the former telecommunications company to repay its creditors, clearing the way for more than $7 billion to be distributed.

  • WILMINGTON, Del., Jan 24- The Canadian and U.S. judges overseeing Nortel Networks' 2009 bankruptcy proceeding said on Tuesday they would approve the plan by the former telecommunications company to repay its creditors, clearing the way for more than $7 billion to be distributed.

  • Peabody's plan to slash $5 billion of debt has the support of the vast majority of its creditors but is opposed by Indiana, Missouri, environmental groups and certain former employees, creditors and shareholders. In a filing with the U.S. Bankruptcy Court in St. Louis, Lazard's Tyler Cowan, who has been advising Peabody on its restructuring, said the alternative...

  • CHICAGO, Jan 23- Peabody Energy Corp's plan to emerge from Chapter 11 bankruptcy faces a "material risk" that the U.S. coal producer could suffer a $1 billion revenue loss due to a disputed lease at the world's largest coal mine, according to an objection filed to its reorganization plan. Oil and gas driller Berenergy Corp and Peabody hold overlapping federal...

  • CHICAGO, Jan 23- U.S. oilfield services company Forbes Energy Services Ltd said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it...

  • CHICAGO, Jan 23- Indiana and several environmental groups are objecting to a plan by Peabody Energy Corp to exit its $8 billion Chapter 11 bankruptcy, citing concerns over how the company will cover about $1 billion in future mine cleanup costs. Indiana and the environmental groups objected to Peabody's failure to disclose how it will finance the future...

  • NEW YORK, Jan 20- A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations. "The company has taken a decisive step to rightsize its balance sheet," Pat Nash, one of the...

  • Avaya

    Avaya filed for Chapter 11 bankruptcy to reduce its debt load of about $6.3 billion but said it would not sell its call center business.

  • ST. LOUIS, Jan 19- A U.S. bankruptcy judge denied on Thursday a request by Peabody Energy Corp shareholders to order the appointment of an official equity committee in the coal miner's Chapter 11 restructuring, crushing hopes of a recovery for investors. Bankruptcy Judge Barry Schermer asked why more money should be spent on legal fees when unsecured creditors...

  • ST. LOUIS, Jan 19- Peabody Energy Corp, the world's largest private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company's $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel. Shareholders led by hedge fund Mangrove Partners hope to prove at a hearing in St. Louis on Thursday...

  • CHICAGO, Jan 17- Caesars Entertainment Corp has wrapped up the $18 billion bankruptcy of its main operating unit, allowing the casino company to focus on restoring the tarnished Harrah's, Caesars and Horseshoe brands after two years of Chapter 11 proceedings. Caesars' subsidiary, Caesars Entertainment Operating Co Inc, won court approval on Tuesday for a plan...

  • Retailers filing for bankruptcy in the past year include Aeropostale Inc, Pacific Sunwear of California Inc, Sports Authority, Vestis Retail Group and American Apparel. An affiliate of private equity firm Sycamore Partners agreed to provide a $25.75 million "stalking horse" bid for the company's intellectual property, which includes its trademarks, website...

  • CHICAGO, Jan 17- Caesars Entertainment Corp's main operating unit won court approval on Tuesday for a plan to shed $10 billion of debt and end a contentious $18 billion bankruptcy filed nearly two years ago to the day. Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganization plan. The Caesars subsidiary, Caesars...

  • Jan 17- Limited Stores LLC, parent of U.S. women's apparel chain The Limited, said on Tuesday it filed for bankruptcy, the latest brick-and-mortar retailer to reorganize as shoppers shift to fast-fashion retailers and online competitors. Sun Capital Partners Inc, the private equity owner of Limited Stores LLC, disclosed on Friday in a letter to investors that...

  • Jan 17- Limited Stores LLC, owner of U.S. women's apparel chain The Limited, said on Tuesday it filed for bankruptcy. Limited Stores also said it agreed to sell its intellectual property and some related assets to an affiliate of private equity firm Sycamore Partners. Limited Stores, which filed for Chapter 11 protection in the Delaware bankruptcy court, said on...

  • The company had 2,166 employees at its headquarters in Los Angeles, and 959 employees at the nearby South Gate manufacturing facility. Francisco Morales, 56, who made clothes for seven years at the Los Angeles plant, was one of the American Apparel workers to be handed his employment termination notice and his last paycheck on Monday. Last week, American Apparel...