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Bankruptcy

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  • Last call at AC's Revel: A few bettors, $5 bottles Tuesday, 2 Sep 2014 | 1:48 PM ET
    Revel Atlantic City stands behind a building being demolished in Atlantic City, New Jersey, U.S., on Thursday, July 17, 2014.

    Revel closed with a whimper during the holiday weekend, its final gasps coming from the bar, where staff sold opened bottles of liquor for $5.

  • DETROIT, Sept 2 Reuters)- Detroit's plan to recover from bankruptcy includes several blueprints for a new future. "What Detroit needed to start with was a reinvestment program," said James Spiotto, managing director of Chapman Strategic Advisors, a municipal finance consultancy.

  • Detroit raced toward this week's bankruptcy trial Sunday, 31 Aug 2014 | 10:18 AM ET

    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.

  • Atlantic City losing 2 casinos, 5K jobs in 3 days Saturday, 30 Aug 2014 | 9:48 AM ET
    The Revel Casino in Atlantic City on July 30, 2014.

    The Showboat is closing Sunday, followed by Revel on Monday and Tuesday. Trump Plaza is next, closing Sept. 16.

  • Bankrupt Energy Future will soon propose auction process Wednesday, 27 Aug 2014 | 5:25 PM ET

    Aug 27- Energy Future Holdings, the big Texas power company that filed for bankruptcy in April, said it will present a proposal for auctioning the company after it scrapped an earlier plan to exit Chapter 11 under control of unsecured creditors.

  • Aug 27- A New York- based specialty finance group is ready to loan Detroit as much as $4 billion, double its previous offer, if the bankrupt city uses the masterpieces in its art museum as collateral, according to a new proposal that surfaced this week.

  • Court approves sale of Crumbs Bake Shop Wednesday, 27 Aug 2014 | 3:02 PM ET

    NEW YORK— A federal bankruptcy court has approved the sale of cupcake chain Crumbs, which closed down its stores in July, to a group that includes investor and reality TV star Marcus Lemonis. The order from Judge Michael Kaplan of the U.S. Bankruptcy Court for the District of New Jersey was entered Wednesday.

  • Bankrupt Detroit offered bigger loan secured by art Wednesday, 27 Aug 2014 | 12:15 PM ET

    Aug 27- A New York- based specialty finance group is ready to loan Detroit as much as $4 billion, double its previous offer, if the bankrupt city uses the masterpieces in its art museum as collateral, according to a new proposal that surfaced this week.

  • The bondholders would participate in a $600 million rights offering, while JPMorgan Chase& Co would supply a $1.3 billion loan.

  • Aug 26- RadioShack Corp's second-largest shareholder, Standard General LP, is negotiating a rescue package with investors to help the consumer electronics retailer ward off bankruptcy, Bloomberg reported, citing people with knowledge of the matter.

  • Aug 26- RadioShack Corp's second-largest shareholder, Standard General LP, is negotiating a rescue package with investors to help the consumer electronics retailer ward off bankruptcy, Bloomberg reported, citing people with knowledge of the matter.

  • The session will include bond insurers that guaranteed payment on the COPs- Syncora and Financial Guaranty Insurance Co.. In an Aug. 12 court filing, Syncora lashed out at mediators, including Rosen, who brokered the grand bargain, which is also aimed at protecting the museum's artwork from being sold to pay Detroit creditors.

  • Judge OKs $1.5B Detroit bond repurchase plan Monday, 25 Aug 2014 | 12:50 PM ET

    Detroit expects the refinancing will result in savings projected at about $241 million over 26 years.

  • Lamson said it plans to sell its main factory, enabling it to repay a $1.07 million loan to the U.S. Small Business Administration, which holds a first mortgage on the property. The privately held company was founded in 1837, the same year President Andrew Jackson left the White House and Queen Victoria began her 63- year reign in the UK.

  • NEW YORK, Aug 18- A judge said he will rule on Tuesday whether junior bondholders of Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, are being fairly pushed behind other creditors, a decision that could make or break Momentive's plan to cut $3 billion in debt and exit bankruptcy.

  • Aug 18- Atlantic City's Revel Casino Hotel is still seeking bidders in bankruptcy court, but its ability to find a buyer will improve once it closes and stops "bleeding money," its attorney said at a hearing on Monday. The hotel is scheduled to close after guests leave on Sept. 1, with gambling operations to cease at 5 p.m. the next day.

  • NEW YORK, Aug 18- Momentive Performance Materials, the quartz and silicone maker owned by Apollo Global Management, will embark Monday on a week of hotly contested hearings seeking court approval of a plan to cut $3 billion in debt and exit bankruptcy.

  • New Jersey to hold summit to rescue Atlantic City Thursday, 14 Aug 2014 | 9:32 AM ET
    The Trump Taj Mahal, left, the Showboat Atlantic City Hotel and Casino, center, and Revel Atlantic City stand in Atlantic City, New Jersey.

    Christie and New Jersey Democrats have said Atlantic City's economy, heavily dependent on casinos, needs to be broadened.

  • Aug 13- A federal judge on Wednesday once again delayed the start of the key phase of Detroit's historic bankruptcy case, pushing it to Aug. 29 from Aug. 21.

  • UPDATE 1-Start of Detroit bankruptcy trial delayed a week Wednesday, 13 Aug 2014 | 6:04 PM ET

    Bankruptcy Judge Steven Rhodes on Wednesday pushed the start of the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history to Aug. 29 from Aug. 21, with opening statements scheduled for the following Tuesday, Sept. 2.