CHEYENNE, Wyo.— Wyoming regulators have reached a deal with Arch Coal to accept up to $75 million in place of the company's $486 million in bonding obligations in the state while the company goes through Chapter 11 bankruptcy. Among Arch's two active mines in Wyoming is Black Thunder, one of the world's largest coal complexes. For years, an ongoing agreement...» Read More
nternet phone service provider Vonage Holdings, which was found to have infringed on three patents owned by Verizon Communications by a U.S. court, said its legal woes could lead to bankruptcy, according to a regulatory filing.
Delta Air Lines said more than 95% of its lenders voted in support of the bankrupt carrier's reorganization plan.
New Century Financial, the largest U.S. subprime lender under bankruptcy protection, was authorized to obtain up to $150 million of financing to keep it operating while in Chapter 11.
New Century Financial on Monday filed for Chapter 11 bankruptcy protection and said it would cut 3,200 jobs, or 54% of its work force, in the biggest collapse of a mortgage lender in the U.S. housing downturn.
Delta Air Lines said Thursday it applied to list its new common stock on the New York Stock Exchange, trading under its old symbol of "DAL" once it emerges from bankruptcy.
Edward Bastian, chief financial officer for Delta Air Lines, said the company’s plan to emerge from bankruptcy assumes oil will be priced at $65 a barrel or higher.
People's Choice Home Loan, a California-based mortgage lender to people with poor credit histories, on Tuesday filed for Chapter 11 bankruptcy protection from creditors, court papers show.
About 39,000 Delta employees will share $480 million in lump-sum payouts and equity in the company when the nation's third-largest carrier emerges from Chapter 11 protection in May, according to material to be disclosed in a bankruptcy court filing Tuesday.
We could very well see a big publicly-traded subprime lender go bankrupt. That's what one of the biggest subprime investors in the U.S. told Erin Burnett on "Street Signs." "We had a lot of rumors going around about liquidations of CDOs and Wall Street banks pulling warehouse lines and potentially pulling lines for additional originators and what it led to was a drive...
After a nightmarish ride through bankruptcy and the threats of corporate murder-suicide, Delta Air Lines is poised to emerge from Chapter 11 limbo. And that, says CNBC's Phil LeBeau, may spell "the last stand of Doug Parker," the CEO of US Airways Group.
"The problem is not the price," Grinstein said of the proposed $10.5 billion deal. "The problem is whether it can be done and the cost of doing it."
The Mills Corp. warned that a heavy debt load could force the mall developer into bankruptcy if it is unable to follow through with its plans to sell all or part of the company.
Delta Air Lines said it narrowed its loss in November to $49 million, keeping it on track to exit bankruptcy as a stand-alone company in the spring.
US Airways has no intention right now to increase its $8.4 billion offer for Delta Air Lines and it can't see itself backing out of its pursuit of Delta for any reason, Chief Executive Doug Parker said.
Lawyers for Delta Air Lines, the nation's third-largest carrier, said Wednesday they have scheduled a Feb. 7 hearing in bankruptcy court to consider approval of the disclosure statement to the carrier's reorganization plan.
"It expects Delta to consider methodically, proactively and fairly strategic alternatives to its proposed stand-alone Chapter 11 plan," said Jefferies & Co., the group's financial advisor.
Highland Capital Management proposed a refinancing plan worth up to $4.7 billion to Delphi Corp.'s board on Thursday, competing with a plan already accepted by the nation's largest auto parts maker earlier this week.
Delta Air Lines has rejected US Airways' $8.4 billion hostile bid in favor of a plan to re-emerge from bankruptcy as a standalone company. CNBC's Phil LeBeau says Delta focused today on convincing creditors their plan is best for them.
Delphi laid out a road map for its reorganization on Monday that includes up to a $3.4 billion investment from a private equity group in the bankrupt auto parts maker, potential creditor recoveries and an executive succession plan.
Delta Air Lines, working to beat back an $8.4 billion merger bid from US Airways Group, is expected as soon as Tuesday to file a sweeping bankruptcy reorganization plan, the Wall Street Journal said on its Web site, citing people familiar with the matter.