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Bankruptcy

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  • 3 creditors want GNP bankruptcy moved to Maine Monday, 29 Sep 2014 | 3:52 PM ET

    EAST MILLINOCKET, Maine— Three Maine-based creditors want to move the Great Northern Paper Co. bankruptcy case from Delaware to Maine. The creditors contend Maine's attorney general, the towns of East Millinocket and Millinocket and the employees' unions all support moving the federal bankruptcy proceedings to Maine.

  • Trump Entertainment: End union pension for casino Monday, 29 Sep 2014 | 1:20 PM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    Trump Entertainment Resorts seeks to end pension contributions for unionized workers to save the Taj Mahal casino.

  • Sept 26- Michigan officials on Friday signed off on four bond issues totaling $1.1 billion that would fund Detroit's exit from the biggest-ever municipal bankruptcy.

  • Control of Detroit returned to mayor, City Council Thursday, 25 Sep 2014 | 9:29 PM ET

    DETROIT— The Detroit City Council unanimously approved a resolution to take back control of daily city operations while retaining state-appointed emergency manager Kevyn Orr to oversee bankruptcy matters until they are resolved. Detroit's case remains in the hands of Orr and the city's lawyers.

  • Detroit officials regaining most city control Thursday, 25 Sep 2014 | 6:17 PM ET

    The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials.

  • DETROIT, Sept 25- Kevyn Orr will end his 18- month term as Detroit's emergency manager this week, leaving a city still mired in operational and fiscal uncertainty and arguing in court for approval of its bankruptcy plan.

  • Offers made for closed Revel casino: Report Wednesday, 24 Sep 2014 | 6:03 AM ET
    The Revel Casino in Atlantic City on July 30, 2014.

    The lawyer for a Florida developer who has offered $90 million for the former Revel Casino Hotel says multiple offers have been received for it, and an auction will be held Wednesday.

  • Revel casino auction to continue on Tuesday Wednesday, 24 Sep 2014 | 3:30 AM ET

    ATLANTIC CITY, N.J.— A bankruptcy court auction for Revel, the failed luxury casino-hotel on the Atlantic City Boardwalk, will resume on Tuesday. The lone bid made public thus far is $90 million from Florida developer Glenn Straub, who envisions a gathering place for "geniuses" tackling a number of problems, with or without a casino.

  • Maine's Great Northern Paper files for bankruptcy Tuesday, 23 Sep 2014 | 4:21 PM ET

    EAST MILLINOCKET, Maine— Once a giant in the paper industry, Great Northern Paper Co. LLC has filed for bankruptcy. New Hampshire- based Cate Street Capital, which owns the company, closed Great Northern's East Millinocket mill in January because of low prices for paper and high costs for wood, pulp and energy.

  • DETROIT, Sept 22- A federal bankruptcy judge on Monday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again.

  • Trump Entertainment wants to sell Plaza equipment Monday, 22 Sep 2014 | 1:24 PM ET

    Trump Entertainment Resorts filed a motion in federal bankruptcy court in Delaware on Monday, seeking permission to sell off items from Trump Plaza, which closed last week. Trump Entertainment CEO Bob Griffin said the proposed sale includes older slot machines from Trump Plaza, but could not say how many might eventually be sold.

  • Sept 22- The foreign-owned operator of a northern Indiana toll road filed for bankruptcy on Sunday as traffic fell short of the projections that underpinned the 2006 groundbreaking deal to privatize the highway.

  • Indiana Toll Road operator files for bankruptcy Monday, 22 Sep 2014 | 9:41 AM ET

    INDIANAPOLIS— A judge and creditors will have to decide who runs the Indiana Toll Road after the highway's private operator filed for bankruptcy protection, formally acknowledging that it couldn't afford the debt from the multibillion deal to take over the highway. Chicago- based ITR Concession Co. submitted its federal bankruptcy court filing late Sunday.

  • RadioShack, major vendor holding discussions Monday, 22 Sep 2014 | 8:16 AM ET

    NEW YORK— RadioShack is in talks with a major vendor about modifying a commercial agreement as the electronics retailer teeters close to bankruptcy protection. Earlier this month, RadioShack Corp. warned that it may need to file for Chapter 11 bankruptcy protection. Shares of RadioShack rose 3 cents to reach 94 cents in premarket trading.

  • DETROIT, Sept 18- The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday.

  • TORONTO, Sept 18- United States Steel Corp's Canadian unit had sought a wide ranging set of relief measures from the Ontario government before it filed for creditor protection in Canada earlier this week, according to a source familiar with the matter.

  • Bankruptcy judge OKs $2.9M W.Va. spill settlement Wednesday, 17 Sep 2014 | 10:11 AM ET

    CHARLESTON, W.Va.— A federal bankruptcy judge has approved a $2.9 million settlement that would benefit 300,000 people whose water was contaminated in a January chemical spill. Judge Ronald Pearson filed the order Tuesday in U.S. Bankruptcy Court in Charleston. Pearson's approval lets a U.S. District Court judge consider the deal as a separate lawsuit.

  • UPDATE 1-Judge pauses Detroit's bankruptcy trial again Wednesday, 17 Sep 2014 | 9:14 AM ET

    Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.

  • Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.

  • DETROIT, Sept 16- An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday.