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Bankruptcy

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  • DETROIT, Sept 11- A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required.

  • UPDATE 2-RadioShack says may file for bankruptcy Thursday, 11 Sep 2014 | 9:35 AM ET

    Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy protection if its cash situation worsens, after reporting its tenth straight quarterly loss.

  • UPDATE 1-RadioShack says may file for bankruptcy Thursday, 11 Sep 2014 | 7:55 AM ET

    Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy if its cash situation worsens, after reporting its tenth straight quarterly loss. RadioShack, whose sales have been in a free-fall since 2010, said it was working with its lenders and landlords to restructure its debt and cut costs.

  • RadioShack warns of possible Ch. 11 bankruptcy Thursday, 11 Sep 2014 | 7:41 AM ET

    NEW YORK— RadioShack warned Thursday that it may need to file for Chapter 11 bankruptcy reorganization if it can't rework its debt or find another way to ease a cash crunch. RadioShack, which is based in Fort Worth, Texas, has been working on turning around its business for the past 18 months.

  • UPDATE 1-RadioShack restructuring begins to takes shape Wednesday, 10 Sep 2014 | 8:26 PM ET

    Sept 10- Troubled electronics retailer RadioShack Corp, whose shares swung wildly on Wednesday, is being advised by a restructuring attorney at law firm Jones Day as it tries to strike a deal with creditors to close stores while averting bankruptcy, two people close to the matter told Reuters.

  • Syncora had argued it had been short-changed compared to other creditors. If approved, the deal will see Syncora drop its objection to the restructuring and the trial- which is studying the feasibility of Detroit's plan to exit bankruptcy- could get a swift approval from U.S.

  • Revel says it has $90M offer to buy closed casino Wednesday, 10 Sep 2014 | 6:49 PM ET

    ATLANTIC CITY, New Jersey— A Florida developer has offered $90 million for the Revel Casino Hotel that shut down last week, lawyers for the resort said Wednesday in court documents. The casino said in the bankruptcy court filing that Glenn Straub's Polo North Country Club, Inc., made the cash bid for the $2.4 billion resort.

  • Sept 10- Atlantic City's Casino Hotel, which closed earlier this month after filing for bankruptcy, reached a deal to sell itself to a Florida developer for $90 million in cash, according to court documents on Wednesday.

  • RadioShack bankruptcy imminent?     Wednesday, 10 Sep 2014 | 3:30 PM ET

    CNBC's Morgan Brennan reports on another tough session for RadioShack a day after Wedbush Securities warned bankruptcy is looming.

  • Trump Entertainment begins race to save AC casino Wednesday, 10 Sep 2014 | 2:21 PM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    Trump Ent. received bankruptcy approval for an deal that gives it 30 days to craft a turnaround plan to save its Taj Mahal casino-hotel.

  • DETROIT, Sept 10- A federal judge on Wednesday put the landmark trial on Detroit's plan to exit bankruptcy on hold until Monday, as the city neared a deal with one of its most formidable hold-out creditors. Syncora, which emerged as Detroit's fiercest opponent in the bankruptcy proceedings, forged a deal that its attorney, Ryan Bennett at Kirkland& Ellis, told U.S.

  • RadioShack plunges after brokerage cuts price target to $0 Wednesday, 10 Sep 2014 | 12:01 PM ET

    Sept 10- Troubled electronics retailer RadioShack Corp's shares have lost nearly a third of their value since brokerage Wedbush Securities said on Tuesday the company could file for bankruptcy soon, making the stock worthless by the end of this year.

  • Detroit bankruptcy trial on hold after major deal Wednesday, 10 Sep 2014 | 8:53 AM ET

    DETROIT— DETROIT— In a story Sept. 9 about a tentative agreement reached between Detroit and major creditor Syncora in its bankruptcy trial, The Associated Press reported erroneously that Steven Schlein is a spokesman for Syncora. Schlein does public relations for Kirkland& Ellis, a law firm representing Syncora.

  • Trump Entertainment gets interim operating cash Wednesday, 10 Sep 2014 | 6:16 AM ET

    WILMINGTON, Del.— A Delaware bankruptcy judge on Wednesday agreed to allow Trump Entertainment Resorts to temporarily continue operations using cash owed to billionaire Carl Icahn, the company's sole secured lender.

  • Sept 9- Detroit and one of its last hold-out creditors, Syncora Guarantee Inc, have reached an agreement in principle over the city's plan to adjust its debt and exit bankruptcy, according to a federal court filing on Tuesday.

  • Detroit, key bankruptcy plan opponent reach deal Tuesday, 9 Sep 2014 | 7:38 PM ET

    Syncora spokesman Steven Schlein told The Associated Press the company would get 26 percent of what it's owed. Detroit also would extend Syncora's lease on the Detroit-Windsor Tunnel by 20 years, to 2040, and give the company a 30- year lease on the Grand Circus Park parking garage, Syncora said.

  • Sept 9- Detroit and one of its last hold-out creditors, Syncora Guarantee Inc, have reached an agreement in principle over the city's plan to adjust its debt and exit bankruptcy, according to a federal court filing on Tuesday.

  • *Trump Entertainment Resorts files for Chapter 11. Sept 9- Trump Entertainment Resorts Inc, which runs two casinos in Atlantic City, filed for bankruptcy protection for a third time, in another blow to the city's crumbling casino industry.

  • Judge worried W.Va. company may abandon spill site Tuesday, 9 Sep 2014 | 11:14 AM ET

    Judge Ronald Pearson expressed the concern in an order filed Friday in U.S. Bankruptcy Court in Charleston. The order points out that Freedom Industries' plan to liquidate says the company expects to pay $850,000 or less to remediate its Charleston spill site, plus related consulting costs.

  • Sept 9- The parent of White Rose Inc, one of the biggest independent food distributors in the New York City area, on Tuesday filed for bankruptcy and said it had agreed to sell substantially all its assets to C&S Wholesale Grocers Inc, one of the largest privately held U.S. companies.