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.» Read More
Sept 15- Electronics retailer RadioShack Corp, teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer on Friday, less than eight months after taking up the post.
Syncora withdraws all objections to Detroit's plan to adjust $18 billion of debt in a settlement Monday
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.
FORT WORTH, Texas— RadioShack's chief financial officer has resigned after less than a year in the position. RadioShack warned last week that it may need to file for Chapter 11 bankruptcy protection. Standard& Poor's Ratings Services cut RadioShack's corporate credit rating further into junk territory on Thursday.
ATLANTIC CITY, N.J.— The proposed auction date for the Revel Casino Hotel is too soon and a $3 million breakup fee that would go to a Florida developer if he's outbid for the recently shuttered site is inappropriate, a U.S. Bankruptcy Court trustee said.
RadioShack is evaluating a $585 million financing package led by UBS AG and hedge fund Standard General LP it tries to avert bankruptcy.
Sept 12- RadioShack Corp is evaluating a $585 million financing package led by UBS AG and hedge fund Standard General LP as the U.S. electronics retailer tries to avert bankruptcy, the Wall Street Journal reported, citing people familiar with the matter.
Sept 12- RadioShack Corp confronts an uncomfortable fact as it considers filing for bankruptcy to give it time to overhaul its 4,400 electronics stores: Retailers rarely emerge from bankruptcy.
NEW YORK— RadioShack's credit rating was downgraded by Fitch Ratings Friday, a day after the electronics retailer warned it may need to file for Chapter 11 bankruptcy protection. Fitch said cut RadioShack's issuer default rating one notch to "C'' from" CC, "which puts the retailer's credit rating one level above default.
Launched in 2006 to a flurry of media coverage, the Mountain View, California- based company seemed to have every strategic advantage: millions in startup cash, celebrity endorsements, and a chief executive married to one of the co-founders of Google. RadioShack warns of possible Chapter 11 bankruptcy.
DETROIT, Sept 11- A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required.
Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy protection if its cash situation worsens, after reporting its tenth straight quarterly loss.
Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy if its cash situation worsens, after reporting its tenth straight quarterly loss. RadioShack, whose sales have been in a free-fall since 2010, said it was working with its lenders and landlords to restructure its debt and cut costs.
NEW YORK— RadioShack warned Thursday that it may need to file for Chapter 11 bankruptcy reorganization if it can't rework its debt or find another way to ease a cash crunch. RadioShack, which is based in Fort Worth, Texas, has been working on turning around its business for the past 18 months.
Sept 10- Troubled electronics retailer RadioShack Corp, whose shares swung wildly on Wednesday, is being advised by a restructuring attorney at law firm Jones Day as it tries to strike a deal with creditors to close stores while averting bankruptcy, two people close to the matter told Reuters.
Syncora had argued it had been short-changed compared to other creditors. If approved, the deal will see Syncora drop its objection to the restructuring and the trial- which is studying the feasibility of Detroit's plan to exit bankruptcy- could get a swift approval from U.S.
ATLANTIC CITY, New Jersey— A Florida developer has offered $90 million for the Revel Casino Hotel that shut down last week, lawyers for the resort said Wednesday in court documents. The casino said in the bankruptcy court filing that Glenn Straub's Polo North Country Club, Inc., made the cash bid for the $2.4 billion resort.
Sept 10- Atlantic City's Casino Hotel, which closed earlier this month after filing for bankruptcy, reached a deal to sell itself to a Florida developer for $90 million in cash, according to court documents on Wednesday.
CNBC's Morgan Brennan reports on another tough session for RadioShack a day after Wedbush Securities warned bankruptcy is looming.
Trump Ent. received bankruptcy approval for an deal that gives it 30 days to craft a turnaround plan to save its Taj Mahal casino-hotel.