Ally hopes that the deal will put an end to allegations that the mortgage business was stripped of choice assets before being put into bankruptcy.» Read More
Ally hopes that the deal will put an end to allegations that the mortgage business was stripped of choice assets before being put into bankruptcy.
*MBIA to have unsecured claims of $3.6 bln. May 23- Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. Creditors who objected to the original deal included ResCap's unsecured creditors, bond insurers such as MBIA Corp and Assured Guaranty Corp, and others.
May 23- Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors.
Title insurer Fidelity National Financial and buyout firm Thomas H. Lee Partners are in advanced talks to acquire mortgage service provider Lender Processing Services.
May 23- Marathon Oil Corp said on Thursday that negotiations to sell a portion of its 20 percent stake in the Athabasca Oil Sands Project in Canada had ended without a deal. An agreement with the prospective purchaser was not reached and the company is not engaged in any other discussions to sell the assets, Marathon said.
EAST AURORA, N.Y.-- Toy maker Fisher-Price said Wednesday it's moving or eliminating roughly 100 jobs from its operations New York as part of restructuring by parent company Mattel Inc..
Even inside JPMorgan Chase, it's a bit of a mystery. Was it the outreach? Or were investors just not that interested in taking power from Dimon?
May 22- Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on Wednesday.
ATLANTIC CITY, N.J.-- Just over a year after it opened, Atlantic City's newest casino has gone into bankruptcy and gotten out of it, ready to start again.
WUXI, China/ HONG KONG, May 22- Local creditors of Wuxi Suntech, the bankrupt unit of Chinese solar panel maker Suntech Power Holdings Co Ltd, on Wednesday claimed the subsidiary owed them a combined $2.5 billion, at the start of a debt restructuring process expected to last months.
All attention will be on JPMorgan Chase's Chairman and CEO Jamie Dimon as he takes the stage Tuesday morning during the bank's annual shareholder meeting in Tampa, Florida.
DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
MONTERREY, Mexico, May 16- Struggling with slowing home sales and a lack of liquidity, Mexico's top three homebuilders may have to seek bankruptcy protection if they fail to reach an agreement with creditors in the short term.
ENID, Okla.-- Koch Industries Inc. on Wednesday announced plans to build a urea plant at its Koch Nitrogen plant in Enid, Oklahoma and to renovate the existing facility.
NEW YORK-- Citigroup Inc. said Tuesday that its Brazil unit has agreed to sell Credicard, its non-banking credit card and consumer finance business, to lender Banco Itau Unibanco.
WASHINGTON, May 14- The Pentagon's plans to put most of its 800,000 civilian employees on unpaid leave for 11 days could lead to delays on Lockheed Martin Corp's F-35 Joint Strike Fighter and other weapons programs, a top company official said on Tuesday.
BRASILIA/ BUENOS AIRES, May 14- Argentine companies have made an offer to buy some of the assets that Brazil's Petrobras SA has put up for sale in Argentina as part of its divestment strategy abroad, the oil company's president, Maria das Gracas Foster, said on Tuesday.
May 13- Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday.
BISMARCK, N.D.-- Bobcat Co. is investing $20 million in an expansion and renovations in Bismarck, about 3 1/ 2 years after closing its manufacturing plant and laying off nearly 500 workers.
VALLEY FORGE, Pa.-- AmerisourceBergen has sold its pharmaceutical packaging business, AndersonBrecon, to an investment group led by health care investor Frazier Healthcare. AmerisourceBergen Corp., a prescription drug distributor, said last month that it had agreed to sell the unit.