DETROIT, Sept 18- The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday.» Read More
The Pittsburgh company said it expects a big improvement in its third-quarter operating income from its reportable segments and other businesses. Steel said it will provide about $165 million in secured, debtor-in-possession financing to U.S. Steel Canada Inc., which will allow the business to continue operating as it explores the restructuring.
CHARLESTON, W.Va.— A federal bankruptcy judge has approved a $2.9 million settlement that would benefit 300,000 people whose water was contaminated in a January chemical spill. Judge Ronald Pearson filed the order Tuesday in U.S. Bankruptcy Court in Charleston. Pearson's approval lets a U.S. District Court judge consider the deal as a separate lawsuit.
Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.
Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.
DETROIT, Sept 16- An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday.
MEMPHIS, Tenn.— Cargill will close its corn milling plant in Memphis, Tennessee early next year, citing its location outside of the corn belt and underutilization. The milling plant has about 440 workers, with 120 of those being contract employees. In July Cargill announced plans to close a Milwaukee beef-processing plant due to a cattle shortage.
NEW YORK— Bill Barrett Corp. announced several deals on Tuesday that will net it about $568 million in cash and help lower its debt. The Denver- based oil and gas company said it is selling properties in the Powder River Basin, which is located in Montana and Wyoming, and the Piceance Basin in Colorado.
SAO PAULO, Sept 16- Nextel operator NII Holdings Inc is hanging on to its Brazilian unit even though the welterweight mobile carrier has filed for bankruptcy protection in the United States and sold off other Latin American operations.
NEW YORK— Drug developer Siga Technologies has filed a petition for Chapter 11 reorganization in U.S. Bankruptcy Court as it appeals a court ruling on its smallpox drug Tecovirimat. Last month, the Delaware Court of Chancery ruled that rival PharmAthene was entitled to damages based on anticipated government purchases of Siga's smallpox drug.
Sept 16- Siga Technologies Inc, a supplier of antiviral smallpox drug to the U.S. strategic stockpile, filed for voluntary bankruptcy protection as it seeks time to appeal a court order favoring PharmAthene Inc in a licensing dispute.
Sept 16- Siga Technologies Inc filed for voluntary bankruptcy protection on Tuesday and said the filing was to preserve its ability to supply its antiviral smallpox drug to the U.S. Siga listed total assets of $209.5 million and liabilities of $197.9 million in its Chapter 11 petition with the Southern District of New York.
BERLIN/ PARIS, Sept 16- Airbus Group has unveiled plans to sell half a dozen businesses with combined annual revenues of around 2 billion euros, simplifying its Defence and Space division to focus on warplanes, missiles, launchers and satellites.
JAKARTA, Indonesia— Mitsubishi Motors Corp. said Tuesday it will build a new car factory in Indonesia as part of a plan to raise its production capacity in the country from 160,000 to 240,000 vehicles per year. He said construction is expected to begin in May next year in Bekasi, a West Java town just east of the capital Jakarta.
BERLIN/ PARIS, Sept 16- Airbus Group has unveiled plans to sell half a dozen businesses with combined annual revenues of around 2 billion euros, simplifying its Defense and Space division to focus on warplanes, missiles, launchers and satellites.
BERLIN/ PARIS, Sept 16- Airbus Group unveiled plans on Tuesday to sell half a dozen business units with combined revenues of around two billion euros as it focuses its Defence and Space division on warplanes, missiles, launchers and satellites.
David Heiman, whose law firm Jones Day represents Detroit, told Rhodes that Syncora and the city "have laid down their swords." In a court filing on Monday, Syncora confirmed a "comprehensive settlement" with the city that was still subject to "definitive documentation and resolution of other terms.
BP's business in Alaska will be smaller because of the previously announced sale of its interests in four North Slope oil fields to Hilcorp, spokeswoman Dawn Patience said.
CAMDEN, N.J.— A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building. Judge Gloria M. Burns approved the auction date along with a $3 million breakup fee that Straub would be paid if the sale to him doesn't go through.
Bankruptcy Judge Steven Rhodes that Syncora and the city "have laid down their swords." In a court filing on Monday, Syncora confirmed a "comprehensive settlement" with the city that was still subject to "definitive documentation and resolution of other terms.
Sept 15- Struggling electronics retailer RadioShack Corp, which is teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer last week. Advisory firm AlixPartners has been helping RadioShack with its turnaround since July 2013.