The bondholders would participate in a $600 million rights offering, while JPMorgan Chase& Co would supply a $1.3 billion loan.» Read More
Detroit expects the refinancing will result in savings projected at about $241 million over 26 years.
HELENA, Mont.— The trustee representing Yellowstone Club creditors offered a reward Wednesday to anyone who can help uncover property or bank accounts the luxury resort's co-founder might have hidden from bankruptcy proceedings.
Lamson said it plans to sell its main factory, enabling it to repay a $1.07 million loan to the U.S. Small Business Administration, which holds a first mortgage on the property. The privately held company was founded in 1837, the same year President Andrew Jackson left the White House and Queen Victoria began her 63- year reign in the UK.
BUCKLAND, Mass.— The nation's oldest cutlery manufacturer has filed for bankruptcy after 177 years of making knives and other kitchen tools.
NEW YORK, Aug 18- A judge said he will rule on Tuesday whether junior bondholders of Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, are being fairly pushed behind other creditors, a decision that could make or break Momentive's plan to cut $3 billion in debt and exit bankruptcy.
Aug 18- Atlantic City's Revel Casino Hotel is still seeking bidders in bankruptcy court, but its ability to find a buyer will improve once it closes and stops "bleeding money," its attorney said at a hearing on Monday. The hotel is scheduled to close after guests leave on Sept. 1, with gambling operations to cease at 5 p.m. the next day.
CAMDEN, N.J.— The troubled Revel Casino Hotel in Atlantic City still hopes to auction off its property but needs to close to stop big losses, a lawyer for it said. Attorney John Cunningham said in bankruptcy court Monday that the casino is losing more than $1 million every week, The Press of Atlantic City reported.
NEW YORK, Aug 18- Momentive Performance Materials, the quartz and silicone maker owned by Apollo Global Management, will embark Monday on a week of hotly contested hearings seeking court approval of a plan to cut $3 billion in debt and exit bankruptcy.
NEW YORK— Unsecured general creditors of Lehman Brothers will get $4.6 billion in their first round of payouts from the bankrupt investment bank next month.
Christie and New Jersey Democrats have said Atlantic City's economy, heavily dependent on casinos, needs to be broadened.
Aug 13- A federal judge on Wednesday once again delayed the start of the key phase of Detroit's historic bankruptcy case, pushing it to Aug. 29 from Aug. 21.
Bankruptcy Judge Steven Rhodes on Wednesday pushed the start of the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history to Aug. 29 from Aug. 21, with opening statements scheduled for the following Tuesday, Sept. 2.
Aug 12- A federal judge could once again push back the start date for the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history after some creditors said on Tuesday a possible settlement is snarling key components of the restructuring plan.
Revel Casino is the fourth casino in Atlantic City to close this year. Insight to the resort's closing, with CNBC's Morgan Brennan.
Revel Casino in Atlantic City will be the fourth casino to close this year. CNBC's Morgan Brennan reports the casino is in bankruptcy.
Atlantic City's Revel Casino Hotel says it will shut down in September after failing to find a buyer in bankruptcy court.
Revel Casino in Atlantic City will close no later than September 10th after no bidders came forth to purchase the casino at auction. CNBC's Morgan Brennan reports.
WASHINGTON, Aug 11- Detroit's largest union said on Monday that the city's historic bankruptcy proceedings have given the management of the water and sewer department opportunities to disrupt bargaining units and strip union members of job protections.
Aug 11- Mobile service provider NII Holdings Inc, reporting its ninth quarterly loss in a row, said on Monday it may have to file for bankruptcy after struggling to compete in Brazil and Mexico. The company, which operates in Latin America under the Nextel brand, ended the second quarter with a net debt of $4.8 billion and with $1 billion in cash and investments.
Revel's auction had already been postponed one week to allow for more time to review bids, court filings indicated.