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Bankruptcy

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  • LightSquared bankruptcy exit plan earns court approval Thursday, 26 Mar 2015 | 8:26 PM ET
    Charles Ergen, chairman and co-founder of Dish Network Corp

    LightSquared concluded three years of litigation with creditors, securing court approval of a plan to end its case and repay its largest creditor.

  • WILMINGTON, Del., March 26- A deal to keep 1,740 RadioShack Corp stores open hangs in the balance in a Delaware court after its top creditor, a losing bidder in an auction for the bankrupt retailer, called the process a "sham" and demanded a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. While RadioShack's attorney told the court the deal saved...

  • March 26- Personal information gathered by RadioShack Corp from shoppers is not included in its sale, the consumer privacy ombudsman in the electronics retailer's bankruptcy case said in response to concerns shared by several states that the data could be sold. Her letter came as Oregon and Pennsylvania on Wednesday joined Texas and Tennessee in objecting...

  • NEW YORK, March 26- Wireless venture LightSquared on Thursday concluded three years of litigation with creditors, securing U.S. Bankruptcy Court approval of a plan to end its Chapter 11 case and repay in full its largest creditor, Dish Network Corp Chairman Charles Ergen. Under the plan greenlighted by Judge Shelley Chapman in U.S. Bankruptcy Court in New York,...

  • WILMINGTON, Del., March 26- RadioShack Corp's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. An attorney for Salus Capital Partners, which is owed $150 million and is RadioShack's...

  • UPDATE 1-RadioShack auction headed for courtroom showdown Wednesday, 25 Mar 2015 | 5:34 PM ET

    March 25- An auction for RadioShack Corp failed to resolve whether the electronics retailer will remain in business as bidders attacked each in court filings, setting up a showdown before a judge on Thursday. By early Wednesday, however, one of RadioShack's lenders, Salus Capital Partners, asked the U.S. Bankruptcy Court judge overseeing the case to intervene.

  • NEW YORK, March 25- Unsecured creditors of MF Global Holdings' failed brokerage unit may soon receive $461 million in repayment, raising recoveries to 72 percent of claims lodged when it collapsed in 2011, the firm's trustee said on Wednesday. Trustee James Giddens filed court papers seeking a New York bankruptcy judge's approval for the payout.

  • RadioShack lender asks judge to intervene in auction Wednesday, 25 Mar 2015 | 1:35 PM ET

    March 25- A RadioShack Corp lender asked a U.S. Bankruptcy Court judge to intervene in the auction of the electronics retailer and said it had submitted a bid to liquidate the chain that was "materially superior" to one favored by RadioShack. The lender said, however, that RadioShack favored a proposal from hedge fund Standard General, even though its bid included...

  • Standard General raises bid for bankrupt RadioShack Tuesday, 24 Mar 2015 | 6:20 PM ET
    A customer leaves a RadioShack store in San Francisco and a Sprint store is shown in Fort Lauderdale, Fla.

    Hedge fund Standard General is said to have raised its bid to buy about 1,740 stores of bankrupt electronics retailer RadioShack at auction.

  • NEW YORK, March 24- A turnaround team tasked with reviving Atlantic City says New Jersey's struggling gambling hub must consider cost cuts, layoffs and longer bond maturities, but bankruptcy is not in the cards- yet. "Bankruptcy is not something that we are contemplating," said emergency manager Kevin Lavin on a conference call on Tuesday. Atlantic City's tax base...

  • This is RadioShack's sole hope of survival Friday, 20 Mar 2015 | 7:01 AM ET
    A customer leaves a RadioShack store in San Francisco and a Sprint store is shown in Fort Lauderdale, Fla.

    Standard General's reduced buyout offer of $145.5 million is RadioShack's only hope of surviving bankruptcy and staving off liquidation.

  • March 19- Canada's Bank of Nova Scotia sued Cliffs Natural Resources Inc, saying the U.S. iron ore miner had breached terms of a loan agreement when it filed for creditor protection for its Canadian operations. Cliffs in January stopped production at its Bloom Lake mine in Quebec, where costs exceeded expectations, and started restructuring the Canadian...

  • NEW YORK, March 18- Bankrupt wireless venture LightSquared has filed a new restructuring plan that would pay the full $1.5 billion claim of its largest creditor, Dish Network Corp Chairman Charles Ergen, in cash, with interest. The plan, filed late on Tuesday and outlined on Wednesday morning in court papers in U.S. Bankruptcy Court in Manhattan, depends on $1.515...

  • The city that just defaulted on $10M in bond payments Wednesday, 18 Mar 2015 | 8:14 AM ET

    San Bernardino has defaulted on nearly $10 million in payments on its privately placed pension bond debt since it declared bankruptcy in 2012.

  • COLUMN-U.S. student borrowers need relief in bankruptcy Wednesday, 18 Mar 2015 | 8:00 AM ET

    LOS ANGELES, March 18- Two changes to the U.S. consumer bankruptcy process could help some of the most trapped student loan borrowers free themselves from a modern-day debtors' prison. President Barack Obama last week directed three U.S. government agencies- the Department of the Treasury and Education as well as the Consumer Financial Protection Bureau- to...

  • March 18- Casino company Caesars Entertainment Corp, whose operating unit is in bankruptcy, warned on Monday that the litigation stemming from its restructuring efforts could hamper its ability to continue operating as a going concern. Creditors have brought numerous lawsuits alleging fraud over transfers of assets out of the operating unit, Caesars...

  • Oil pushes Quicksilver Resources towards bankruptcy Tuesday, 17 Mar 2015 | 8:26 PM ET
    Quicksilver Resources' compressor site in Horn River Basin, British Columbia.

    Quicksilver Resources and its U.S. units filed for Chapter 11 bankruptcy protection, adding to a list of oil and gas producers who have folded.

  • NEW YORK, March 17- Cerberus Capital Management and Solus Alternative Asset Management on Tuesday proposed a new plan to restructure bankrupt wireless venture LightSquared, with the support of billionaire Charles Ergen, LightSquared's largest lender. The plan is designed to compete with a LightSquared-backed one whose fairness is the subject of an...

  • Customers of Banco Madrid, which caters for wealthy people, rushed to empty their accounts after parent group, Andorran lender Banca Privada d' Andorra, was described by the U.S. Department of the Treasury as an "easy vehicle" for criminal gangs in Russia and China to funnel their profits. Banco Madrid had 15,000 clients with assets under management of about 6...

  • March 13- Revel Casino's hard luck continues after a U.S. Bankruptcy Court judge rejected its agreement for a sale to a Florida developer for $82 million, marking the third failed deal for the shuttered hotel in New Jersey's struggling seaside resort of Atlantic City. Revel was one of four casinos to close last year in Atlantic City, which is struggling with a...