Bankruptcy
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The fiscal crisis in Michigan is setting up as a gigantic clash between bondholders and city retirees, the NYT reports.
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COLUMBIA, Md./ NEW YORK, June 16- A company stuck in bankruptcy for 12 years may not seem like much of a catch, but investors have fallen in love with U.S. specialty chemical manufacturer W.R. Grace& Co and its surging sales to the energy sector.
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Detroit said it would stop making some debt payments and asked creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in US history.
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Rarely does a bankrupt company fill Jim Cramer with so much excitement.
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DETROIT, June 14- Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the "insolvent" city in order to avoid the largest municipal bankruptcy filing in U.S. history.
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DETROIT, June 14- Emergency manager Kevyn Orr said Detroit will stop making payments on some debt, including one scheduled on Friday, and proposed debt holders take a drastic cut in the money they are owed to stave off the largest municipal bankruptcy filing in U.S. history.
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Fred Eckert, founding partner and CIO of Phoenix Star Capital, discusses his bankruptcy at the height of the financial crisis and why now is the good time for him to re-enter the market.
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Fred Eckert, founding partner and CIO of Phoenix Star Capital, says that while returns from high-yield bonds are unlikely to be sustained, demand will remain strong.
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June 11- Bankruptcy lawyers will soon have to make new disclosures on how they bill clients under guidelines finalized by the U.S. Department of Justice on Tuesday, the first overhaul of bankruptcy billing in 17 years. Trustee Program, the Justice Department's bankruptcy watchdog, rolled out early drafts of the proposal.
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June 11- Two affiliates of failed U.S. electric-car maker Coda Automotive filed for chapter 11 bankruptcy protection on Tuesday, according to court documents, in another sign of the challenges facing the "green" car industry.
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Miles Electric Vehicles, founded in 2004 by "green" entrepreneur Miles Rubin, listed estimated assets in the range of $10 million to $50 million, and estimated liabilities of between $50 million and $100 million.
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DETROIT, June 7- Detroit Emergency Manager Kevyn Orr plans to deliver grim news to the city's creditors next week: Take less than 10 percent of what the city owes or risk losing it all in a bankruptcy proceeding, the Detroit Free Press reported on Friday.
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LOUISVILLE, Ky.-- Hundreds of coal miners rallied in western Kentucky Tuesday to protest planned cuts to union wages and benefits by Patriot Coal Corp. as it goes through bankruptcy.
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BIRMINGHAM, Ala., June 4- JPMorgan Chase& Co, several hedge funds and bond insurers holding 78 percent of sewer debt from Alabama's bankrupt Jefferson County have signed off on a deal aimed at ending the largest U.S. municipal bankruptcy, a lawyer for the county said on Tuesday.
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NEW YORK, June 4- American Airlines' bankrupt parent received court permission on Tuesday to send its restructuring plan to creditors for a vote, bringing its planned $11 billion merger with US Airways Group a step closer to reality. Judge Sean Lane approved an outline of AMR Corp's plan at a hearing in U.S. Bankruptcy Court in Manhattan.
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Judge Sean Lane green-lighted AMR Corp's plan, which involves merging with smaller carrier US Airways Group, at a hearing in U.S. Bankruptcy Court in Manhattan.
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CNBC's Eamon Javers reports on changes made to Social Security and Medicare. Social Security now has resources sufficient to cover benefits until 2033.
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Halsey Minor co-founded CNet and has filed for Chapter 7 liquidation, reports CNBC's Robert Frank. His liabilities were listed as $50-$100 million and his assets between $10-$50 million.
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CNET founder and tech investor Halsey Minor has filed for personal bankruptcy, reports CNBC's Robert Frank. Minor overextended himself financially, and last week filed for Chapter 7.
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CNET founder and tech investor Halsey Minor has seen his personal tech boom go bust: He's filed for bankruptcy.
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*Cuts would save $150 million a year. May 29- Bankrupt Patriot Coal Corp. can reject collective bargaining agreements, cease pension contributions and convert retiree healthcare to an outside fund as part of its plan to save $150 million a year in labor costs, a court ruled on Wednesday.
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