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Bankruptcy

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  • 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...

  • WILMINGTON, Del., Feb 25- RadioShack Corp's sale of about 2,000 stores to a hedge fund is worth $200 million, an advisor to the electronics retailer told a U.S. Bankruptcy Court on Wednesday. This 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 RadioShack's stores open and...

  • RadioShack to slow sale process; GameStop eyes stores Wednesday, 25 Feb 2015 | 12:20 PM ET

    WILMINGTON, Del, Feb 25- Bankrupt RadioShack Corp will slow the process of selling its surviving stores, while GameStop Corp has expressed interest in some of its 1,100 locations that are being closed this month, a lawyer for the electronics retailer told a judge on Wednesday. RadioShack entered Chapter 11 bankruptcy earlier this month with about 4,000 stores.

  • WILMINGTON, Del, Feb 20- Bankrupt electronics retailer RadioShack Corp received court approval on Friday for its plan to try to sell the leases to more than 1,100 stores that it will close by the end of February. RadioShack first proposed closing many of the locations early last year as it struggled to turn around its money-losing operations, but lenders...

  • NEW YORK, Feb 17- A judge said on Tuesday that if General Motors Co is found to have violated car owners' constitutional rights by hiding ignition-switch defects during its bankruptcy, he would consider narrowing the legal protections afforded the company under its 2009 bankruptcy sale. Judge Robert Gerber, at a hearing in U.S. Bankruptcy Court in Manhattan,...

  • Feb 17- Saladworks LLC, which calls itself the largest U.S. franchised fresh salad chain, filed for bankruptcy on Tuesday to fend off litigation by Commerce Bancorp Inc founder Vernon Hill II, its minority shareholder. Commerce was sold in March 2008 to Toronto-Dominion Bank. Hill in March 2008 invested $7.75 million for a 30 percent equity stake, with founder...

  • Salad chain files for bankruptcy protection Tuesday, 17 Feb 2015 | 1:47 PM ET
    Saladworks location

    Saladworks LLC filed for bankruptcy protection as it seeks "to address pending litigation and facilitate a sale or restructuring transaction."

  • Bankrupt OW Bunker subsidiary owed $329 mln Friday, 13 Feb 2015 | 9:46 AM ET

    SINGAPORE, Feb 13- Dynamic Oil Trading, a subsidiary of bankrupt ship fuel supplier OW Bunker, is owed $329 million and its liquidators said on Friday they are investigating the company's dealings with another Singapore- based marine fuel firm. OW Bunker, once the leading supplier of marine fuel oil with a 7 percent market share, filed for bankruptcy in Denmark in...

  • Feb 12- The federal judge who oversaw Detroit's historic bankruptcy case ruled on Thursday that the nearly $178 million charged to the city by law firms and consultants for fees and expenses was reasonable. The biggest bill in the biggest-ever U.S. municipal bankruptcy came from law firm Jones Day, which had employed Kevyn Orr before he was tapped by Michigan...