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Bankruptcy

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  • 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...

  • Bankruptcy Court judge on Friday declined to approve the proposed sale of the shuttered Revel Casino Hotel in Atlantic City, New Jersey, for $82 million because she said she lacked jurisdiction. Judge Gloria Burns in Camden, New Jersey, said she could not approve the sale because it would interfere with an appeal being pursued by casino tenants who argue that the...

  • March 12- A U.S. bankruptcy judge on Thursday ordered an independent examiner to investigate transactions by the operating unit of Caesars Entertainment Corp, which filed for Chapter 11 this year. Creditors have alleged that the operating unit is unable to pay its debts because the parent company looted it for the benefit of its controlling private equity...

  • March 12- Doral Financial Corp filed for Chapter 11 bankruptcy protection on Wednesday to wind down its remaining operations two weeks after its Puerto Rico- based bank subsidiary was seized by regulators. Doral Financial's bankruptcy is the latest reminder of the financial crisis on the island, a U.S. commonwealth, which has been mired for years in an economic...

  • Doral Financial files for Chapter 11 bankruptcy Wednesday, 11 Mar 2015 | 11:46 PM ET

    March 11- Doral Financial Corp filed for voluntary Chapter 11 bankruptcy protection on Wednesday, saying it intends to wind down its businesses, liquidate its assets, and seek approval for a liquidation plan. Doral Financial Corp, which has retail banking operations in Puerto Rico and the United States, listed assets of $50 million to $100 million and...

  • NEW YORK, March 9- A lawyer for LightSquared on Monday said the company will set aside $400 million to give certain bankruptcy lenders, including Dish Network Corp Chairman Charles Ergen, the option to take a portion of their repayment in cash instead of notes. LightSquared, owned by Phil Falcone's Harbinger Capital Partners, was planning a massive wireless...

  • NEW YORK, March 6- LightSquared gained momentum this week in its effort to end its three-year bankruptcy after a judge dealt a blow to its main creditor and adversary, Charles Ergen, ahead of a week-long trial on its latest debt restructuring plan. LightSquared, the would-be wireless provider owned by Phil Falcone's Harbinger Capital Partners hedge fund, on...

  • March 4- The judge overseeing RadioShack Corp's Chapter 11 bankruptcy case on Wednesday approved a revised $1.5 million bonus plan for eight top executives at the electronics retailer, over the objection of the U.S. Bankruptcy Judge Brendan Shannon said that while he shared some of the trustee's concerns over the key executive incentive plan, or KEIP, he was...

  • Oil and gas contractor Cal Dive files for bankruptcy Tuesday, 3 Mar 2015 | 6:28 PM ET

    March 3- Offshore oil and gas contractor Cal Dive International Inc said the company and its U.S. subsidiaries filed for voluntary bankruptcy protection. Cal Dive's foreign units have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings, the company said on Tuesday. Cal Dive has been hurt by the slump in...

  • March 3- The operating unit of casino company Caesars Entertainment Corp unveiled its plan to cut $10 billion of debt and to exit Chapter 11 in a late Monday filing with a U.S. Bankruptcy Court. Bankruptcy Judge Benjamin Goldgar in Chicago and creditors, a process that can easily take a year. The plan was filed on Monday when the parent company Caesars...

  • Caesars' operating unit files bankruptcy exit plan Tuesday, 3 Mar 2015 | 12:20 PM ET

    March 3- The operating unit of casino company Caesars Entertainment Corp unveiled its plan to cut $10 billion of debt and to exit Chapter 11 in a late Monday filing with a U.S. Bankruptcy Court. Bankruptcy Judge Benjamin Goldgar in Chicago and creditors, a process that can easily take a year or more. The plan was filed on Monday when the parent company Caesars...

  • March 2- A U.S. appeals court ruled on Monday that an elderly Manhattan woman's rent-stabilized lease could not be seized and sold to satisfy her creditors after she filed for bankruptcy, a decision that could affect more than 2 million New Yorkers. The 2nd U.S. Circuit Court of Appeals said Mary Santiago-Monteverde's lease, which she has had for more than four...

  • WILMINGTON, Del., Feb 25- RadioShack Corp got approval on Wednesday from a U.S. Bankruptcy Court judge to auction about 2,000 stores with an initial $200 million bid from the Standard General hedge fund. Wednesday's hearing was the first time the bankrupt company has put an estimated value on the sale agreement with Standard General, which will keep about half of...