The bondholders would participate in a $600 million rights offering, while JPMorgan Chase& Co would supply a $1.3 billion loan.» Read More
Former chair of the FDIC Sheila Bair, gives her take on Bank of America's potential landmark settlement with the Justice Department, and shares her thoughts on "too big to fail."
Aug 7- The bankrupt Revel Casino Hotel in Atlantic City, New Jersey, has postponed an auction of the 1,400- room property by a week to Aug. 14 to allow more time to evaluate bids, according to a court filing late on Wednesday.
WASHINGTON, Aug 6- The city of Detroit is zeroing in on financing for its exit from bankruptcy and intends to have a committed lender in coming weeks, its lawyers told Bankruptcy Judge Steven Rhodes on Wednesday.
We've pulled together a list of just some of retailers that have disappeared over the last 25 years. Bring on the nostalgia.
JUDGE GRIESA: "THE DEBTS WEREN'T EXTINGUISHED. THERE'S NO BANKRUPTCY, NO INSOLVENCY PROCEEDINGS. THE DEBTS ARE STILL THERE. "
July 29- Detroit has been making progress in settling disputes with its public safety unions, a development that has put the brakes on several appeals in federal court of a ruling that the city was eligible for municipal bankruptcy, attorneys said on Tuesday.
July 25- Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors.
July 24- Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit.
Detroit may be moving to resolve its pension crisis, but New Jersey's pension problems are just heating up.
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
In a major step forward for Detroit's efforts to overcome bankruptcy, the city's retirees and active employees have approved a debt-cutting plan.
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.
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.
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.