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Bankruptcy

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  • RadioShack, major vendor holding discussions Monday, 22 Sep 2014 | 8:16 AM ET

    NEW YORK— RadioShack is in talks with a major vendor about modifying a commercial agreement as the electronics retailer teeters close to bankruptcy protection. Earlier this month, RadioShack Corp. warned that it may need to file for Chapter 11 bankruptcy protection. Shares of RadioShack rose 3 cents to reach 94 cents in premarket trading.

  • DETROIT, Sept 18- The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday.

  • TORONTO, Sept 18- United States Steel Corp's Canadian unit had sought a wide ranging set of relief measures from the Ontario government before it filed for creditor protection in Canada earlier this week, according to a source familiar with the matter.

  • Bankruptcy judge OKs $2.9M W.Va. spill settlement Wednesday, 17 Sep 2014 | 10:11 AM ET

    CHARLESTON, W.Va.— A federal bankruptcy judge has approved a $2.9 million settlement that would benefit 300,000 people whose water was contaminated in a January chemical spill. Judge Ronald Pearson filed the order Tuesday in U.S. Bankruptcy Court in Charleston. Pearson's approval lets a U.S. District Court judge consider the deal as a separate lawsuit.

  • UPDATE 1-Judge pauses Detroit's bankruptcy trial again Wednesday, 17 Sep 2014 | 9:14 AM ET

    Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.

  • Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.

  • DETROIT, Sept 16- An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday.

  • SAO PAULO, Sept 16- Nextel operator NII Holdings Inc is hanging on to its Brazilian unit even though the welterweight mobile carrier has filed for bankruptcy protection in the United States and sold off other Latin American operations.

  • Siga Technologies files for Ch 11 reorganization Tuesday, 16 Sep 2014 | 8:26 AM ET

    NEW YORK— Drug developer Siga Technologies has filed a petition for Chapter 11 reorganization in U.S. Bankruptcy Court as it appeals a court ruling on its smallpox drug Tecovirimat. Last month, the Delaware Court of Chancery ruled that rival PharmAthene was entitled to damages based on anticipated government purchases of Siga's smallpox drug.

  • Sept 16- Siga Technologies Inc, a supplier of antiviral smallpox drug to the U.S. strategic stockpile, filed for voluntary bankruptcy protection as it seeks time to appeal a court order favoring PharmAthene Inc in a licensing dispute.

  • Drugmaker Siga Technologies files for bankruptcy Tuesday, 16 Sep 2014 | 7:10 AM ET

    Sept 16- Siga Technologies Inc filed for voluntary bankruptcy protection on Tuesday and said the filing was to preserve its ability to supply its antiviral smallpox drug to the U.S. Siga listed total assets of $209.5 million and liabilities of $197.9 million in its Chapter 11 petition with the Southern District of New York.

  • 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.

  • Judge OKs auction for closed $2.4B Revel casino Monday, 15 Sep 2014 | 3:37 PM ET

    CAMDEN, N.J.— A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building. Judge Gloria M. Burns approved the auction date along with a $3 million breakup fee that Straub would be paid if the sale to him doesn't go through.

  • Bankruptcy Judge Steven 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.

  • Lessons learned from Lehman Brothers     Monday, 15 Sep 2014 | 10:43 AM ET

    Morgan Stanley Wealth Management vice chairman Gary Kaminsky, discusses the anniversary of Lehman Brothers filing for bankruptcy, what lessons Wall Street has learned from the collapse, and the cultural changes that have taken place in the financial services industry since.

  • 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.

  • Detroit reaches settlement with creditor Syncora Monday, 15 Sep 2014 | 9:24 AM ET
    Kevyn Orr, Detroit’s state-appointed emergency manager, speaks as Michigan Gov. Rick Snyder looks on during a press conference in Detroit in July 2013.

    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.

  • RadioShack CFO resigns less than a year into job Monday, 15 Sep 2014 | 7:31 AM ET

    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.

  • Trustee objects to parts of proposed Revel deal Saturday, 13 Sep 2014 | 12:05 PM ET

    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.