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Top News & Analysis Delaware

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  • 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...

  • Senate GOP adds Dodd-Frank rewrite to $21B funding bill Wednesday, 22 Jul 2015 | 12:24 PM ET

    The measure approved Wednesday by a Senate panel would ease requirements on smaller banks and give lenders greater freedom from mortgage lending rules. The measure cleared the Banking Committee on a party-line vote two months ago and appears unlikely to pass the Senate soon. At the same time, the legislation would require the report to be submitted to...

  • Navient meets 2Q profit forecasts Tuesday, 21 Jul 2015 | 4:31 PM ET

    WILMINGTON, Del. _ Navient Corp. on Tuesday reported second-quarter net income of $182 million. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 40 cents per share. Navient shares have fallen 23 percent since the beginning of the year, while the Standard& Poor's 500 index has climbed nearly 3 percent.

  • 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...

  • A&P files for Ch. 11 bankruptcy, 2nd time in 5 years Monday, 20 Jul 2015 | 8:32 AM ET

    The company plans to sell as many of its 296 stores as possible and said in a filing with U.S. Bankruptcy Court in New York that it has bidders for 120 of those operations with expected proceeds of $600 million. The Stop& Shop Supermarket Co., owned by supermarket giant Ahold, said that it has struck a deal to buy 25 A&P stores in the greater New York area for $146 million.

  • July 17- Bahamas Prime Minister Perry Christie plans to take control of an unfinished $3.5 billion mega resort, currently tied up in a corporate bankruptcy process, and push it through to completion to help bolster his country's fragile economy. Talks this week in Beijing between the project's main lender, China's export import bank, and the developer, Sarkis...

  • July 17- Bahamas Prime Minister Perry Christie is moving to take control of an unfinished $3.5 billion mega resort that is weighing down his country's fragile economy. Talks this week in Beijing between the project's main lender, China's export import bank, and the developer, Sarkis Izmirlian, ended without resolving how to complete the resort, Christie said.

  • WASHINGTON, July 16- The number of Americans filing new applications for unemployment benefits fell more than expected last week and confidence among homebuilders held at a more than 9-1/ 2- year high in July, indicating underlying momentum in the economy. We look for the Federal Reserve to hike rates twice before the end of the year beginning in September, "said...

  • July 16- The troubled $3.5 billion Baha Mar resort project in the Bahamas is preparing to wind down operations and cut more than 2,000 jobs if the developer fails to strike a deal quickly with its main lender, China's Export Import Bank, according to U.S. bankruptcy court filings. But after missing that deadline, a cash crunch forced Izmirlian's Baha Mar Ltd to file...

  • NEW YORK, July 16- Factory activity in the U.S. mid-Atlantic region expanded in July at a slower pace than expected, and a measurement of employment contracted, a survey showed on Thursday. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware. It is seen as one of the first monthly indicators of the health of U.S. manufacturing,...

  • NEW ORLEANS, July 14- Signal International will pay $20 million to settle lawsuits alleging fraud and labor trafficking by the Alabama oil rig repair company, which brought hundreds of Indian men to work on the Gulf Coast after Hurricane Katrina, attorneys for the plaintiffs said on Tuesday. "These workers have waited seven long years for justice," Jim Knoepp,...

  • Who owns a stock? Complex answer saves Dell millions Monday, 13 Jul 2015 | 2:17 PM ET

    July 13- The computer maker Dell Inc won a legal fight that may have saved its owners tens of millions of dollars with a complex answer to a seemingly simple question of who is the record holder of a stock. A ruling on Monday by a Delaware Court of Chancery judge removes several large investors from a consolidated lawsuit stemming from the $24.9 billion buyout of...

  • July 10- The developer of the unfinished $3.5 billion Baha Mar mega resort in the Bahamas has accused China Construction America of cutting power to the work site, inflating expenses and trying to steal documents stuffed in suitcases, U.S. court filings show. Baha Mar Ltd, the project's developer, detailed its allegations in court filings on Thursday as part of...

  • July 9- The U.S. government has agreed to take no near-term legal action against 40,000 former students of the bankrupt Corinthian Colleges Inc who have defaulted on federal loans, according to a lawyer representing students. Under Thursday's agreement, the Department of Education will suspend judicial debt collection efforts for 120 days against former...

  • July 2- Rare earths miner Molycorp Inc said it received U.S. bankruptcy court approval for interim financing of $22 million to support its operations. The court has approved the $22 million financing only on an interim basis, and has scheduled a final hearing on the debtor-in-possession financing for July 20, 2015, Molycorp said on Thursday.

  • WILMINGTON, Delaware, July 1- The bankrupt $3.5 billion Baha Mar mega resort in the Bahamas secured up to $30 billion in interim financing on Wednesday, but it was unclear when construction on the stalled project would resume. Baha Mar's developer, Sarkis Izmirlian, the son of Armenian billionaire Dikran Izmirlian, has agreed to arrange the funding.

  • NEW YORK, July 1- Two years after New York socialite Brooke Astor died in 2007, her son, Anthony Marshall, was convicted of bilking her of millions of dollars. Three states, most recently Missouri, have enacted laws that allow retail brokers to help curb scams against people with dementia. More than five million Americans over the age of 65 have Alzheimer's disease,...

  • NEW YORK, July 1- Two years after New York socialite Brooke Astor died in 2007, her son, Anthony Marshall, was convicted of bilking her of millions of dollars. Three states, most recently Missouri, have enacted laws that allow retail brokers to help curb scams against people with dementia. More than five million Americans over the age of 65 have Alzheimer's disease,...