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  • NEW YORK, Feb 5- Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut. After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi...

  • CHARLESTON, W.Va.— A bankrupt chemical company responsible for a spill that contaminated a West Virginia river and fouled the drinking water supply of 300,000 residents was fined $900,000 on pollution charges Thursday, with a judge noting that Freedom Industries likely could never pay it. Johnston said there were millions more in claims against the company...

  • BALDWYN, Miss.— Fabric and sewing supply retailer Hancock Fabrics filed for Chapter 11 bankruptcy protection Tuesday, seeking to reorganize for the second time in nine years. The company, based in Baldwyn, Mississippi, made the filing Tuesday in U.S. Bankruptcy Court in Delaware, saying that revenues for the holiday retail season were $8 million below...

  • SAN FRANCISCO, Feb 1- The outlook is so bleak for a bankrupt biotechnology company briefly led by controversial investor Martin Shkreli that its management should be replaced by an independent trustee, a government bankruptcy watchdog argued on Monday. Trustee, an arm of the Justice Department that oversees bankruptcy administration, on Monday asked the U.S....

  • CHICAGO, Jan 20- A U.S. judge on Wednesday opened the door to dismissing the $18 billion Caesars bankruptcy case unless parties find a way to make public results of a probe into whether the casino operator transferred its most profitable properties to new owners before filing to reorganize under Chapter 11.. Bankruptcy Judge Benjamin Goldgar said he might...

  • Nortel Networks talks aim to end $7 bln legal fight Thursday, 14 Jan 2016 | 4:29 PM ET

    The money has been sitting in a New York bank account since Nortel Networks global businesses were sold piecemeal after the Ontario- based company filed for bankruptcy exactly seven years ago. The talks on Thursday in New York include representatives from former Nortel operations in the United States, Canada and Europe, according to two sources who declined...

  • WASHINGTON, Jan 8- U.S. wholesale inventories fell more than expected in November amid a push by businesses to reduce a stockpile of unsold goods, the latest indication that economic growth moderated sharply in the fourth quarter. The Commerce Department said on Friday wholesale inventories dropped 0.3 percent as inventories of both durable and nondurable...

  • Dec 30- KaloBios Pharmaceuticals Inc, a biotechnology company that fired Chief Executive Martin Shkreli earlier this month after his arrest on charges of securities fraud, filed for Chapter 11 bankruptcy on Tuesday. Shkreli gained notoriety when, as the chief executive of Turing Pharmaceuticals, he raised the price of a drug used to treat a dangerous...

  • SAN FRANCISCO, Dec 29- A federal judge granted approval for coal producer Walter Energy Inc to reject its labor agreements and end retiree benefits, which the bankrupt U.S. company said was needed in order to sell off its operations, given the industry's dire straits. "The court finds credible that no potential buyers have an interest in assuming such obligations,...

  • BOSTON, Dec 28- Third Avenue Management's failed junk bond fund received a clean bill of health in its final annual report from outside accounting firm PricewaterhouseCoopers LLP, which said the fund's liquidation this month did not change its audit opinion. New York- based Third Avenue Management LLC, founded by famed distressed investor Marty Whitman, shut...

  • NEW DELHI, Dec 23- Indian lawmakers sent a proposed bankruptcy law for review on Wednesday, closing off a raucous parliament session without transacting any major legislative business including a signature reform on state taxes. But Finance Minister Arun Jaitley on Wednesday gave in to a demand by some opposition members for a review by a parliamentary panel.

  • BOSTON, Dec 17- Third Avenue's Focused Credit Fund built up a $200 million cash position in the days before its collapse, but that was not enough to meet redemptions because it could not sell even its most liquid assets. New York- based Third Avenue, which shocked Wall Street with its move to shut down the junk bond fund on Dec. 9, described the final days of its...

  • BOSTON, Dec 14- Billionaire hedge fund manager Marc Lasry on Monday backed a junk bond mutual fund hemorrhaging assets at his Avenue Capital Group as jittery investors exit high-yield bonds amid a market rout. Investors have taken note that Lasry's $884 million Avenue Credit Strategies Fund is run by the same portfolio manager who in 2009 helped launch the...

  • Investors have taken note that Lasry's $884 million Avenue Credit Strategies Fund is run by the same portfolio manager who in 2009 helped launch the Third Avenue Focused Credit Fund, which abruptly shut down last week and blocked investor redemptions, fund disclosures show. And Lasry's Avenue Capital, a powerhouse in the distressed investing sector, has...

  • JOHANNESBURG, Dec 11- Glencore has provisionally agreed to sell its troubled South African coal mine for 2.15 billion rand, narrowly avoiding closing the operation and saving hundreds of jobs, the unit's business rescue practitioners said on Friday. It is one of many Glencore- owned assets that have been hit by the slump in commodities prices, forcing the...

  • Dec 4- American Apparel Inc founder and former Chief Executive Dov Charney said he was exploring plans with potential and existing investors and industry executives to revive the bankrupt company. Charney, who founded the teen apparel retailer in 1989, said on Friday he had hired Cardinal Advisors LLC to advise it on the process. Charney lost 42 percent stake...

  • WILMINGTON, Del., Dec 2- The U.S. judge overseeing the Energy Future Holdings Corp bankruptcy will announce on Thursday morning whether he will approve a Chapter 11 exit plan for the company, Texas's biggest power company, the judge said on Wednesday. Bankruptcy Judge Christopher Sontchi at the end of five hours of closing arguments. Trustee, a bankruptcy watchdog...

  • Last month, solar producer Baoding Tianwei Group became China's first ever state-owned company to default on a bond coupon payment, showing Beijing's increasing willingness to let companies go bust in a bid to reform its corporate market. Although onshore and offshore bondholders have equal standing in China's bankruptcy law, lawyers and investors who...

  • Nov 24- Discount retailer Dollar Tree Inc reported better-than-expected quarterly net sales as the company benefited from its $8.5 billion acquisition of Family Dollar. However, same-store sales at the Dollar Tree business grew slower than expected. Dollar Tree's net income fell to $81.9 million, or 35 cents per share, from $133 million, or 64 cents per share, a...

  • WASHINGTON, Nov 13- U.S. business inventories unexpectedly rose in September amid flat sales, suggesting the government's third-quarter economic growth estimate could be revised higher later this month. The Commerce Department said on Friday inventories increased 0.3 percent after an upwardly revised 0.1 percent gain in August. Inventories in August...