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Bankruptcy

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  • 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.

  • U.S. cupcake chain Crumbs may reopen with new owners Friday, 11 Jul 2014 | 10:28 PM ET

    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.

  • Bankruptcy vote may give Detroit breathing room Friday, 11 Jul 2014 | 8:58 AM ET

    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.

  • 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.

  • 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.

  • Hot company declares bankruptcy, admits fraud Monday, 7 Jul 2014 | 10:05 AM ET
    People walk past a kiosk with an advertisement for wifi provider Gowex in Madrid on July 3, 2014.

    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.

  • NEW YORK, June 27- Wireless venture LightSquared has reached a deal to end its Chapter 11 bankruptcy, but its largest creditor, satellite operator Charles Ergen, is not on board and "wasted the parties' time," according to a report from the court-appointed mediator.

  • June 27- Detroit and a group of hold-out creditors will meet on Monday over one of the last unresolved major issues in the city's historic bankruptcy case.

  • Michigan says investors snap up Detroit lighting bonds Wednesday, 25 Jun 2014 | 5:19 PM ET

    June 25- A sale of $185 million of revenue bonds on Wednesday for Detroit's public lighting authority had no problem finding buyers despite the fact the city remains in bankruptcy court.

  • The answer will determine what is left for Genco shareholders after its lenders and other creditors are repaid. Financial advisers at Blackstone, which was retained by Genco to value the company, argued the shipper was worth between $1.36 billion and $1.44 billion based on the market value of its ships and other assets.

  • Discussing the likelihood of bankruptcy for RadioShack, with Scott Tilghman, B.Riley senior retail analyst. He outlines two fundamental problems at the company: it hasn't evolved with the times, and traffic.

  • Shipping company Nautilus files for U.S. bankruptcy Tuesday, 24 Jun 2014 | 11:22 AM ET

    June 24- Nautilus Holdings Ltd, a Bermuda- chartered company that leases container ships, has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry. The company has about $770 million in debt, according to papers filed late Monday with the U.S. Bankruptcy Court in Manhattan.

  • The deal was approved by U.S. Bankruptcy Court Judge Brendan Shannon in Wilmington three months after Brookstone filed for Chapter 11 bankruptcy protection when it saw sales fall as shoppers cut discretionary spending.

  • CAMDEN, N.J., June 20- Atlantic City's bankrupt Revel Casino Hotel has received court approval to borrow $23.9 million that it said would keep the 1,400- room resort operating for the coming month as it scrambles to find a buyer.

  • Bitcoin's Mt.Gox gets US bankruptcy protection Wednesday, 18 Jun 2014 | 3:50 AM ET
    This photo illustration shows a man looking at the bitcoin exchange website of MtGox in Tokyo on February 25, 2014.

    The failed Tokyo-based bitcoin exchange, Mt.Gox, received court approval on Tuesday to begin Chapter 15 bankruptcy proceedings in the United States.

  • June 17- The failed Tokyo- based bitcoin exchange, Mt Gox, received court approval on Tuesday to begin Chapter 15 bankruptcy proceedings in the United States as it awaits approval of a settlement with U.S. customers and a sale of its business.

  • Detroit, major union reach key contract agreement Saturday, 14 Jun 2014 | 6:30 AM ET
    Downtown Detroit.

    A settlement has been reached in Detroit's historic bankruptcy case over the treatment of unsecured limited-tax general obligation bonds.

  • RIO DE JANEIRO, June 13- A judge approved a restructuring plan for Oleo e Gas Participacoes SA, the oil company controlled by Brazilian tycoon Eike Batista, according to a statement by the Rio de Janeiro court that heard the bankruptcy proceedings. Creditors of the company, formerly known as OGX Petroleo e Gas Participacoes SA, approved the plan on June 3.