GO
Loading...

Bankruptcy

More

  • Detroit bankruptcy to end at midnight Wednesday, 10 Dec 2014 | 12:14 PM ET
    Michigan Gov. Rick Snyder (L) and Detroit's emergency manager Kevin Orr (R).

    Michigan Gov. Rick Snyder said during a news conference Wednesday that Detroit's massive municipal bankruptcy will end at midnight.

  • DETROIT, Dec 10- Detroit will officially exit the biggest-ever U.S. municipal bankruptcy later on Wednesday, officials said, allowing Michigan's largest city to start a new chapter with a lighter debt load. The city will reissue $287 million of existing bonds and also borrow about $275 million from Barclays Capital to finance its exit from bankruptcy.

  • Detroit mayor: Challenges remain after bankruptcy Wednesday, 10 Dec 2014 | 11:49 AM ET

    DETROIT— The formalities may be over for Detroit, which officially exits bankruptcy after midnight Wednesday and shrugs off the yoke of state receivership. "The reality is tomorrow's not any different than today," Mayor Mike Duggan said Wednesday during the announcement that Detroit was coming out of the largest municipal bankruptcy in U.S. history.

  • *Eneva says creditor protection plan to help preserve cash. *Eneva plan unlikely to hamper E.ON' s EBITDA, net income. SAO PAULO/ FRANKFURT, Dec 10- Eneva SA, the Brazilian power producer controlled by Germany's E.ON SE and tycoon Eike Batista, filed for creditor protection late on Tuesday after failing to refinance part of its 2.33 billion reais in debt.

  • Revel seeks to switch buyers for ex-casino Wednesday, 10 Dec 2014 | 9:21 AM ET

    ATLANTIC CITY, N.J.— A bankruptcy judge will consider a shuttered New Jersey casino's request to scrap a deal to sell itself to a Canadian firm, and instead let the runner-up buy it. Revel Entertainment filed an emergency motion with the U.S. Bankruptcy Court late Tuesday night seeking approval to terminate the agreement with Toronto- based Brookfield Asset...

  • *Bankruptcy protection petition will preserve cash- Eneva. SAO PAULO/ FRANKFURT, Dec 10- Eneva SA, the Brazilian power producer controlled by Germany's E.ON SE and Eike Batista, filed for creditor protection late on Tuesday, becoming the latest company founded by the tycoon to seek bankruptcy protection. E.ON gained control of Eneva, formerly MPX Energia SA, last...

  • UPDATE 1-Detroit set to exit bankruptcy on Wednesday Tuesday, 9 Dec 2014 | 4:56 PM ET

    Dec 9- Detroit's odyssey through the biggest-ever U.S. municipal bankruptcy will end on Wednesday when the city's debt adjustment plan will take effect, Michigan Governor Rick Snyder's office said on Tuesday. In a letter, Snyder accepted Detroit Emergency Manager Kevyn Orr's declaration that the city's financial emergency is over and that it was time for his...

  • Detroit's financial emergency declared over Tuesday, 9 Dec 2014 | 4:33 PM ET

    DETROIT— Kevyn Orr has agreed to step down as Detroit's emergency manager, saying in a letter released Tuesday that the city will no longer be in a financial emergency once it exits bankruptcy. A hearing is scheduled Monday in federal court to determine Detroit's bankruptcy exit date. The bankruptcy's effective date is merely one step in Detroit's journey, Orr...

  • Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. Delia* s said on Monday Salus Capital Partners LLC will give it a $20 million debtor-in-possession credit facility to continue operations, conduct store closings and closeout sales. The case is In re: Delia* s Inc, U.S....

  • Delia*s files for Chapter 11 bankruptcy protection Monday, 8 Dec 2014 | 7:54 AM ET

    Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. The company listed total assets of $74 million and liabilities of $32.2 million in its filing on Sunday with a U.S. bankruptcy court. The company also said Chief Executive Tracy Gardner and Chief Operating Officer Brian...

  • As part of a report to be issued on Monday, the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 recommended eliminating a rule that at least one impaired creditor class must vote to accept a company's bankruptcy exit plan for the plan to be eligible for court approval. The rule allows savvy investors to block restructuring efforts...

  • Apparel retailer Delia's to file for bankruptcy Friday, 5 Dec 2014 | 11:53 AM ET

    Delia's said it was liquidating assets and would file for Chapter 11 bankruptcy protection.

  • Dec 5- Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," becoming the second teen retailer to go out of business in as many days. Delia* s announcement wiped out more than 85 percent of the company's market value on Friday. Sales at Delia* s, which has 95 mall-based stores, has fallen for six quarters in a...

  • Apparel retailer Delia*s to file for bankruptcy Friday, 5 Dec 2014 | 9:35 AM ET

    Dec 5- Teen apparel and accessories retailer Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," wiping out more than 85 percent of its market value. New York- based Delia* s, which launched a review of strategic alternatives in September, said it was unable to sell itself or secure financing to allow it...

  • Bankruptcy judge approves sale of Maine paper mill Friday, 5 Dec 2014 | 4:00 AM ET

    OLD TOWN, Maine— A bankruptcy court judge on Friday approved the $10.5 million sale of a shuttered paper mill to a Wisconsin company that wants to reopen it and bring back about 200 workers by year's end. Expera, which owns four paper mills in Wisconsin, contends it can strengthen the Old Town operation because it's financially strong and stable with growing...

  • Dec 3- The trustee overseeing the bankruptcy of a Massachusetts pharmacy linked to a 2012 meningitis outbreak that killed 64 people, filed a plan that would set aside at least $135 million to compensate victims and their families. When NECC entered bankruptcy, many people doubted that the victims would ever receive compensation through the bankruptcy...

  • Bitcoin exchange Kraken to help in Mt. Gox bankruptcy Wednesday, 26 Nov 2014 | 4:49 AM ET

    TOKYO, Nov 26- U.S. bitcoin exchange operator Payward Inc said on Wednesday it will work on retrieving some millions of dollars lost by Tokyo- based Mt. Gox's Tokyo- court appointed trustee Nobuaki Kobayashi with investigating where the missing bitcoins are, along with eventually redistributing any found to creditors as part of a liquidation.

  • DETROIT, Nov 24- Detroit is eying a date between Dec. 8 and 10 for its debt adjustment plan to take effect, allowing the city to exit the biggest-ever municipal bankruptcy, an attorney said on Monday. Heather Lennox, Detroit's attorney with law firm Jones Day, told U.S. Bankruptcy Court Judge Steven Rhodes that the city expects to complete a budget that incorporates...

  • NEW YORK, Nov 21- Aereo Inc, the online video streaming company backed by media mogul Barry Diller, has filed for bankruptcy protection. In a filing with the U.S. Bankruptcy Court in New York, Chief Financial Officer Ramon Rivera said getting protection from creditors should provide "necessary breathing room" for Aereo to sell its assets, recapitalize or...

  • UPDATE 2-Aereo files for bankruptcy Friday, 21 Nov 2014 | 9:41 AM ET

    NEW YORK, Nov 21- Aereo Inc, the video streaming company backed by media mogul Barry Diller, has filed for bankruptcy protection. Aereo Chief Executive Officer Chet Kanojia said the decision created "regulatory and legal uncertainty" that proved insurmountable for the New York- based company, which is privately held. Lawton Bloom, a principal at Argus Management...