DETROIT— Businessman Dan Gilbert has testified during Detroit's bankruptcy trial that the city's high crime rate, poor school system, unemployment and blighted neighborhoods are its major challenges.» Read More
WILMINGTON, Del.— A Delaware bankruptcy judge will hold a hearing Thursday on a request by Trump Entertainment Resorts to be relieved of its pension obligations under a collective bargaining agreement with workers at the Taj Mahal casino.
Cutler said that LePage negotiated a bad deal with Portsmouth, New Hampshire- based Cate Street Capital, which manages the Great Northern Paper Co. mills in Millinocket and East Millinocket. The East Millinocket paper mill shut down in January, and last week the company declared bankruptcy.
NEW YORK— A company formerly known as USEC Inc., which provides uranium fuel to nuclear power plants, said Tuesday that it has emerged from Chapter 11 bankruptcy protection and has renamed itself Centrus Energy Corp.. USEC filed for bankruptcy protection in March.
A bankruptcy court auction for Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, is scheduled to resume.
The billionaire investor may spend as much as $100 million to save the troubled casino, but the offer comes with considerable strings attached.
EAST MILLINOCKET, Maine— Three Maine-based creditors want to move the Great Northern Paper Co. bankruptcy case from Delaware to Maine. The creditors contend Maine's attorney general, the towns of East Millinocket and Millinocket and the employees' unions all support moving the federal bankruptcy proceedings to Maine.
Trump Entertainment Resorts seeks to end pension contributions for unionized workers to save the Taj Mahal casino.
Sept 26- Michigan officials on Friday signed off on four bond issues totaling $1.1 billion that would fund Detroit's exit from the biggest-ever municipal bankruptcy.
DETROIT— The Detroit City Council unanimously approved a resolution to take back control of daily city operations while retaining state-appointed emergency manager Kevyn Orr to oversee bankruptcy matters until they are resolved. Detroit's case remains in the hands of Orr and the city's lawyers.
The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials.
DETROIT, Sept 25- Kevyn Orr will end his 18- month term as Detroit's emergency manager this week, leaving a city still mired in operational and fiscal uncertainty and arguing in court for approval of its bankruptcy plan.
The lawyer for a Florida developer who has offered $90 million for the former Revel Casino Hotel says multiple offers have been received for it, and an auction will be held Wednesday.
ATLANTIC CITY, N.J.— A bankruptcy court auction for Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, will resume on Tuesday. The lone bid made public thus far is $90 million from Florida developer Glenn Straub, who envisions a gathering place for "geniuses" tackling a number of problems, with or without a casino.
EAST MILLINOCKET, Maine— Once a giant in the paper industry, Great Northern Paper Co. LLC has filed for bankruptcy. New Hampshire- based Cate Street Capital, which owns the company, closed Great Northern's East Millinocket mill in January because of low prices for paper and high costs for wood, pulp and energy.
DETROIT, Sept 22- A federal bankruptcy judge on Monday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again.
Trump Entertainment Resorts filed a motion in federal bankruptcy court in Delaware on Monday, seeking permission to sell off items from Trump Plaza, which closed last week. Trump Entertainment CEO Bob Griffin said the proposed sale includes older slot machines from Trump Plaza, but could not say how many might eventually be sold.
Sept 22- The foreign-owned operator of a northern Indiana toll road filed for bankruptcy on Sunday as traffic fell short of the projections that underpinned the 2006 groundbreaking deal to privatize the highway.
INDIANAPOLIS— A judge and creditors will have to decide who runs the Indiana Toll Road after the highway's private operator filed for bankruptcy protection, formally acknowledging that it couldn't afford the debt from the multibillion deal to take over the highway. Chicago- based ITR Concession Co. submitted its federal bankruptcy court filing late Sunday.
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.