Massive debt, thousands of creditors and complex union and pension issues had many experts thinking Detroit's bankruptcy would take years to resolve, considering two California cities— Stockton and San Bernardino— filed a year before Detroit did and still haven't settled on plans.» Read More
WASHINGTON, April 23- U.S. arms makers complain regularly that lower Pentagon spending on ships, jets and other hardware will hit their earnings, but a string of better-than-expected results this week show that layoffs and cost-cutting have kept profits flowing, and growing.
April 22- Darden Restaurant Inc will have to call a shareholder meeting to vote on Starboard Value LP's proposal to delay the company's plan to spin off its struggling Red Lobster chain, after the activist investor secured the support of a majority of the company's shareholders.
April 22,- The well-known Los Angeles- based bankruptcy law firm Stutman Treister& Glatt, which once advised on the Chapter 11 proceedings of companies including Lehman Brothers and Enron Corp, has announced it is closing.
NEW YORK, April 22- Goldman Sachs Group Inc's asset-management business has agreed to buy Westpeak Global Advisors, a firm that aims to beat market indexes by using factors other than company size to pick stock investments.
April 22- The federal judge overseeing Detroit's historic bankruptcy case tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if the city's plan to adjust its $18 billion of debt is feasible.
April 22- General Motors Co filed a motion in a U.S. bankruptcy court to enforce a bar on lawsuits related to ignition defects in cars sold before its 2009 bankruptcy as it fights a class action lawsuit that seeks to set aside the restriction.
April 22- Diversified Canadian miner Teck Resources Ltd said it would defer the reopening of its Quintette coal mine in British Columbia and cut 600 jobs, or 5 percent of its global workforce, after a 78.4 percent fall first-quarter net profit.
ZURICH, April 22- Swiss drugmaker Novartis is transforming its business by exchanging certain assets with GlaxoSmithKline and divesting its animal health business to Eli Lilly in deals worth billions of dollars. Novartis said it had agreed to acquire GSK's oncology products for a $14.5 billion payment.
April 22- General Motors Co filed a motion in a U.S. court to enforce an injunction contained in its sale order, which GM says bars plaintiffs from suing the reorganized company for any claims related to its predecessor. "May New GM be sued in violation of this Court's Sale Order and Injunction for economic damages relating to vehicles and parts sold by Old GM?"
WASHINGTON, April 22- The U.S. consumer financial watchdog warned on Tuesday that some student loan borrowers could be thrown into default if relatives who co-signed their loans die or declare bankruptcy.
Genco said on Monday Baltic Trading Ltd, a company formed by Genco, and its units are not included in the restructuring program. Genco listed total assets of about $2.46 billion and liabilities of $1.46 billion, as of Feb. 28, according to its bankruptcy petition.
April 21- Genco Shipping& Trading Ltd said it filed for Chapter 11 bankruptcy protection after struggling with weak rates due to an oversupply of vessels. The company said earlier this month it would file for bankruptcy as part of a deal with lenders. Genco said it expects its operations to continue normally.
Mark Karpeles, the CEO of Mt. Gox, said he would not come to the US to answer questions about the Japanese bitcoin exchange's U.S. bankruptcy case
April 14- Mark Karpeles, the chief executive of Mt. Gox lawyers cited a subpoena from the U.S. Department of Treasury's Financial Crimes Enforcement Network, which has closely monitored virtual currencies like bitcoin. The court papers also said a Japanese court had been informed of the issue and that a hearing was scheduled on Tuesday in Japan.
Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court appointed administrator said on Wednesday.
DETROIT, April 17- The federal judge overseeing Detroit's historic bankruptcy case has revived the idea of a regional water authority and also suggested the city may need court oversight after it emerges from bankruptcy.
The Wall Street Journal had earlier reported that Mt. Gox had given up plans to rebuild under bankruptcy protection and had asked a Tokyo court to allow it to be liquidated. Gox and revive it, has received backing from many creditors and hopes to convince the court to reconsider their rehabilitation proposal, the Wall Street Journal reported on Thursday.
The order by Judge Steven Rhodes comes after Detroit said in a court filing earlier this week that it had dropped the concept of a Great Lakes Water Authority from its plan to adjust $18 billion of debt and other obligations and exit from the biggest municipal bankruptcy in U.S. history.
April 17- Chemicals maker DuPont reported a 57 percent fall in first-quarter net income due to the sale of its performance coating business, which added almost $2 billion to earnings in the year-earlier quarter.
April 17- Home Depot Inc is putting a lid on new-store openings and focusing its expansion efforts on e-commerce, which presents some logistical challenges for a retailer that sells a lot of bulky materials, the Wall Street Journal reported.