Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.» Read More
DETROIT— A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.
LISBON, July 18- Espirito Santo International, a holding company of Portugal's troubled banking clan, filed for creditor protection in Luxembourg on Friday, three days after ESI's subholding Rioforte failed to repay over $1 billion euros in debt.
July 16- Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy, becoming the latest women's apparel retailer to seek protection from creditors, and said it may be sold after having received interest from possible buyers.
July 16- Love Culture Inc on Wednesday filed for Chapter 11 bankruptcy and said it is up for sale, becoming the latest women's apparel retailer to seek protection from creditors.
July 16- The Detroit Institute of Arts said on Wednesday it has secured another $26.8 million in pledged donations to cover its portion of the "grand bargain" intended to help Detroit emerge from bankruptcy while sparing a sale of the museum's art works.
DETROIT— The Detroit Institute of Arts says it has pledges for about 80 percent of the $100 million it promised toward an effort involving the state of Michigan and major foundations to prevent the sale of art and soften cuts to city retirees during Detroit's bankruptcy.
NEW YORK, July 14- After months of trying to push Dish Chairman Charles Ergen out of its capital structure, bankrupt wireless venture LightSquared on Monday proposed a turnaround plan that would make Ergen its primary lender after bankruptcy.
NEW YORK— An investor group that includes investor and reality TV star Marcus Lemonis said it plans to acquire Crumbs Bake Shop out of bankruptcy. Crumbs, which filed for Chapter 11 bankruptcy reorganization Friday in New Jersey, said it agreed to be acquired by Lemonis and Fischer Enterprises, the company behind Dippin' Dots ice cream.
MADRID, July 14- Spanish wireless networks provider Gowex filed for bankruptcy on Monday, a week after an accounting fraud at the firm was revealed, while the High Court said its founder could face a jail sentence of more than 10 years. Following his testimony before the High Court on Monday, Garcia Martin had his passport seized and was banned from leaving Spain.
WASHINGTON, July 12- Phil Falcone's Harbinger Capital Partners has filed suit against the U.S. government, accusing it of reneging on an agreement regarding bankrupt Harbinger-backed wireless company LightSquared LP, the Wall Street Journal reported.
July 11- Crumbs Bake Shop Inc may get a second chance if a bankruptcy judge approves a deal for the owner of Dippin' Dots ice cream and the star of a reality television show to buy and reopen the U.S. cupcake chain, according to a court document.
A crucial referendum looms in Detroit, as a clutch of creditors decide whether to approve a plan that would cut the cash-strapped city's debt.
DETROIT— The deadline passed Friday for thousands of creditors to vote on Detroit emergency manager Kevyn Orr's bankruptcy restructuring plan for the city. Ballots had to be received no later than 5 p.m. EDT by a consulting company in California to be counted in the largest municipal bankruptcy in U.S. history.
MOSCOW, July 10- Russian Industry Minister Denis Manturov supports returning indebted miner Mechel to financial health within the framework of bankruptcy law or by creating a managing company, RIA news agency reported on Thursday.
NEW YORK— Drybulk shipper Genco Shipping emerged from Chapter 11 bankruptcy reorganization. Genco also says it got $100 million in new capital through a rights offering. Genco Shipping& Trading Ltd. filed for bankruptcy protection in April, saying it had $1.3 billion in debt and needed to reduce debt and restructure its business.
NEW ORLEANS— The pink Royal Street building, closed since last summer and stripped of its name shortly thereafter, will once again be called Brennan's.
DETROIT— Treasures in the Detroit Institute of Arts eyed for sale by some creditors in the city's historic bankruptcy could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation, according to a new report.
SACRAMENTO, Calif., July 8- The judge in Stockton, California's bankruptcy on Tuesday ruled that the city has collateral worth $4.052 million with which it could pay holdout creditor Franklin Templeton, dismissing the city's contention its collateral was worthless.
Spanish Internet stock star Let's Gowex declared bankruptcy after its CEO admitted to falsifying accounts. Financial Times reports.
NEW YORK, July 1- Bankrupt wireless venture LightSquared on Tuesday revealed a new restructuring proposal that would cede 74 percent of its equity to a new investor group that includes JPMorgan Chase& Co, Cerberus Capital Management and Fortress Investment Group.