GM will ask a bankruptcy court to bar plaintiffs from proceeding with lawsuits related to any actions before it filed for bankruptcy in 2009.» Read More
Detroit has reached a settlement with bond insurers over treatment of the city's bankruptcy debt, emergency manager Kevyn Orr told CNBC.
DETROIT— The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement. Detroit will pay 74 cents for each dollar. Detroit emergency manager Kevyn Orr, appointed by the state to run the city, said he hopes to announce more deals soon.
Kevyn Orr, City of Detroit emergency manager, discusses the deal reached this morning with bond insurers over the treatment of some bonds. Some municipal bondholders will get back as much as 74 cents on the dollar.
BANKRUPTCY-COURT APPOINTED MEDIATOR WILL MAKE ANNOUNCEMENT ON SETTLEMENT LATER WED MORNING-CITY SPOKESMAN.
BILLINGS, Mont.— Real-estate developer Tim Blixseth was ordered to pay $41 million to creditors of the luxury Montana resort he helped drive into bankruptcy, by a federal judge who slammed the one-time billionaire for distorting the facts in the case.
April 7- James River Coal Co filed for Chapter 11 bankruptcy protection after struggling with a steep drop in prices and demand for both thermal and steel-making coal. Coal companies have also been hit by President Barack Obama's push for stricter regulation of greenhouse gas emissions by the Environmental Protection Agency.
RICHMOND, Va.— James River Coal Co. says it has filed for Chapter 11 bankruptcy protection as part of its efforts to turn around its business. The Richmond, Va.- based company says it faces challenges from the weak economy, environmental regulations and competition from natural gas.
April 7- James River Coal Co filed for Chapter 11 bankruptcy protection on Monday after struggling with weak prices. The company said it would continue to evaluate potential alternatives such as a capital investment through a plan of reorganization or a sale of one or more parts.
MEXICO CITY, April 4- Mexicana airlines, which suspended flights four years ago due to its heavy debt load, was declared bankrupt on Friday, paving the way to dismantle the iconic company, once one of Mexico's top two carriers.
MILWAUKEE— Attorneys representing sexual abuse victims filed an objection Friday to the Archdiocese of Milwaukee's bankruptcy reorganization plan. The reorganization plan filed by the archdiocese in February would set aside about $4 million to compensate nearly 130 people abused by priests who worked for the archdiocese.
HONG KONG, April 4- A creditor sought bankruptcy restructuring for Chaori Solar, the firm that caused ripples in world markets last month with China's first domestic bond default, and the company said on Friday it had not yet agreed any deal to stay solvent.
MEE Apparel and Mee Direct, which sell clothing under the brand names Ecko Unltd. and Unltd., say they have about $30 million in assets and $62 million in debt. They made the filing in the U.S. Bankruptcy Court for the District of New Jersey Wednesday.
DETROIT— The emergency manager running Detroit says he wants to see the city get out of bankruptcy by Oct. 15. Kevyn Orr's 18- month term expires in September, but he can stay unless the City Council and Mayor Mike Duggan remove him. He told federal Judge Steven Rhodes that the settlement would help Detroit plow more money into city services.
April 3- Retailer Brookstone Inc said it would be bought by the owner of Spencer's retail chain for about $147 million as part of a prepackaged bankruptcy plan. Brookstone was taken private in 2005 by a group led by Osim, Asia's biggest maker of massage chairs, in a $445 million deal.
MERRIMACK, N.H.— Brookstone, a staple in malls and airports nationwide, is seeking Chapter 11 bankruptcy protection as part of its $147 million sale to Spencer Spirit Holdings. The Merrimack, N.H., company announced last week that it would be acquired by Spencer after it had filed for bankruptcy protection.
April 3- Specialty retailer Brookstone Inc said it would be bought by Spencer Spirit Holdings Inc for about $147 million as part of a prepackaged bankruptcy protection plan. Brookstone sells products ranging from massage chairs to bathroom slippers and operates more than 300 stores throughout the United States and Puerto Rico.
April 2- A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million from Barclays PLC to improve services in the cash-strapped city. Judge Steven Rhodes, who is overseeing Detroit's historic bankruptcy case, overruled objections by city creditors who took issue with the timing and structure of the loan.
April 2- A plan being discussed to reorganize power company Energy Future Holdings Corp will all but wipe out the investments of owners KKR& Co, TPG Capital and Goldman Sachs Capital Partners, Bloomberg reported.
April 2- A plan being discussed to reorganize Energy Future Holdings Corp will all but wipe out owners KKR& Co, TPG Capital and Goldman Sachs Capital Partners, Bloomberg reported, citing three people with direct knowledge of the negotiations.
NEW YORK, April 1- Textbook publisher Cengage Learning has ended its nine-month bankruptcy, emerging from Chapter 11 after reducing its $5.8 billion debt by more than two-thirds. In a statement on Tuesday, Stamford, Connecticut- based Cengage said it cut $4 billion in debt and secured $1.75 billion in new loans to fund its bankruptcy exit.