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Bankruptcy

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  • Oct 29- Dow Jones& Co Inc, publisher of the Wall Street Journal, has asked a court to deny a request by Apple Inc and GT Advanced Technology Inc to keep under seal some documents relating to GT Advanced's bankruptcy. GT Advanced, which supplied sapphire material to Apple to make smartphone screens, filed for Chapter 11 protection earlier this month and refused to...

  • Oct 29- Dow Jones& Co Inc, publisher of the Wall Street Journal, has asked a court to deny a request by Apple Inc and GT Advanced Technology Inc to keep under seal some documents relating to GT Advanced's bankruptcy. GT Advanced, which supplied sapphire material to Apple to make smartphone screens, filed for Chapter 11 protection earlier this month under mysterious...

  • DETROIT, Oct 27- Detroit on Monday wrapped up its historic bankruptcy case, which began with contentious opposition from creditors and ended with eleventh-hour deals enabling the city to shed $7 billion of its $18 billion of debt and obligations. Bankruptcy Judge Steven Rhodes that he should permit Detroit to emerge from bankruptcy before Thanksgiving.

  • Icahn presses casino union to help save the Taj Friday, 24 Oct 2014 | 7:49 AM ET
    Carl Icahn

    Billionaire investor Carl Icahn on Friday urged Atlantic City's largest casino workers union to help save the Taj.

  • Glass maker deals to exit Apple, Arizona plant Thursday, 23 Oct 2014 | 2:31 PM ET

    PHOENIX— Nearly 2,000 furnaces installed in an Arizona factory to make synthetic sapphire glass for Apple Inc. will be removed and sold under a deal between the tech giant and the company that had been gearing up to produce huge amounts of the product for use in Apple's products. GT filed for Chapter 11 bankruptcy reorganization on Oct. 6 and says it will use the...

  • Oct 23- Apple Inc said on Thursday it is studying options for sapphire supply and might work again with GT Advanced Technologies Inc if the distressed supplier can reduce production costs for the scratch-resistant material. GT, a former stock market darling and supplier to Apple, filed for bankruptcy on Oct 6 in a stunning turn of events for a company whose...

  • Taj Mahal casino workers dreading insurance loss Thursday, 23 Oct 2014 | 11:30 AM ET

    ATLANTIC CITY, N.J.— One worker had to move up a double mastectomy before her insurance runs out in a week. All three are longtime workers at Atlantic City's Taj Mahal casino, and in just over a week, the three will be without health insurance following a judge's termination of the union's contract with the bankrupt casino. When U.S. Bankruptcy Court Judge Kevin Gross...

  • SEC: Tycoon Wyly's bankruptcy budget 'staggering' Thursday, 23 Oct 2014 | 10:42 AM ET
    Sam Wyly attends a panel on Day 2 of the American Renewable Energy Day Aspen, Colo.

    The SEC claims businessman Sam Wyly's proposed budget in bankruptcy filing will make it harder to collect fraud claims from him.

  • BRASILIA, Oct 22- A Brazilian court has approved a bankruptcy protection petition filed by MMX Sudeste Mineracao SA, an iron-ore mining company controlled by Brazilian tycoon Eike Batista, the company said on Wednesday in a securities filing. The decision was taken by a court in Belo Horizonte in the Minas Gerais state. MMX Sudeste holds nearly all the...

  • Oct 22- Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. Securities and Exchange Commission's collection of a $198.1 million fraud claim against him, the regulator told a U.S. judge on Wednesday. During a hearing in Dallas bankruptcy court, a lawyer for the SEC criticized...

  • DETROIT, Oct 22- Detroit's relatively fast move through municipal bankruptcy has resulted in costly creditor settlements and too little emphasis on fixing the city's broken operations, a restructuring expert testified in U.S. Bankruptcy Court on Wednesday. Still, Martha Kopacz, who was appointed by Judge Steven Rhodes to assess the viability of Detroit's...

  • Oct 21- Apple and GT Advanced Technologies Inc struck an agreement on Tuesday that will let GT begin the shutdown of key Arizona operations, and shed some more light on why the former stock market darling abruptly filed for bankruptcy this month. A lawyer for GT, Apple's erstwhile sapphire supplier, described the deal at a hearing in U.S. Bankruptcy Court in...

  • GT Advanced parting ways with Apple Tuesday, 21 Oct 2014 | 4:47 PM ET

    GT Advanced can start shuttering a plant in Mesa, Arizona, that Apple had helped finance in return for exclusive supply of sapphire.

  • DETROIT, Oct 21- The U.S. judge overseeing Detroit's historic bankruptcy dropped hints on Tuesday on what he wants to hear in the city's closing statements and what he may be scrutinizing in creditor settlements. "We are getting finality and stability going forward," state-appointed Emergency Manager Kevyn Orr told U.S. Bankruptcy Court Judge Steven Rhodes,...

  • Oct 21- A lawyer for GT Advanced Technologies Inc, a specialty glass supplier of Apple Inc, told a bankruptcy court on Tuesday the company was close to a settlement with the iPhone maker over access to information. Scant details have emerged since GT Advanced filed for bankruptcy on Oct. 6, wiping out most of its market value and triggering speculation as to what may...

  • DETROIT, Oct 21- The federal judge overseeing Detroit's historic bankruptcy case wants the city to explain its settlements with creditors and its exit financing in closing arguments next week, he said on Tuesday. Detroit Mayor Mike Duggan had raised concerns about the financing for the city's bankruptcy exit when he testified earlier this month, as well as the...

  • Dallas tycoon Wyly files for bankruptcy protection Tuesday, 21 Oct 2014 | 10:22 AM ET

    Wyly, 80, listed assets of $100 million to $500 million, but his lawyers said he needed to file for bankruptcy protection "due to the massive costs of investigations and then litigation" by the SEC and the collection of the court judgment. The SEC sued the Wylys in 2010. Charles Wyly died the following year in a car crash at age 77. This year, a jury in federal court in...

  • District Judge Shira Scheindlin in New York ordered Wyly and the estate of his late brother Charles to pay damages of $187.7 million plus interest to the SEC, after a jury found them liable for fraud in May. The SEC has since said the total, including interest, should be $299.4 million, which is one of the largest awards ever sought from individual defendants in a U.S....

  • Texas investor Samuel Wyly files for bankruptcy Monday, 20 Oct 2014 | 3:45 PM ET
    Samuel Wyly in 2010

    Samuel Wyly has filed for bankruptcy after an SEC enforcement case.

  • District Judge Shira Scheindlin in New York ordered Wyly and the estate of his late brother Charles to pay damages of $187.7 million plus interest to the SEC, after a jury found them liable for fraud in May. The SEC has since said the total, including interest, should be $299.4 million, which is one of the largest awards ever sought from individual defendants.