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Business Events Bankruptcy

  • NEW YORK, Jan 18- A federal bankruptcy judge on Thursday said a settlement agreement that would require General Motors Co to pay $1 billion in stock to car owners suing the company over faulty ignition switches was not enforceable. Judge Martin Glenn of the U.S. Bankruptcy Court in New York said the agreement that car owners had reached with a trust that holds many...

  • Jan 18- Toshiba Corp said on Thursday it had clinched an agreement to sell its claims in bankrupt U.S. nuclear plant maker Westinghouse Electric Co LLC in a deal that would add $3.7 billion to the Japanese owner's depleted capital base. Toshiba said in a statement that it would sell its claims against Westinghouse to a group of hedge funds led by the Baupost Group,...

  • *2017 sales up 10 pct, shares surge higher in Paris. CGG, in which the French state holds a stake of about 9 percent, filed for bankruptcy in France and the United States last year as part of a restructuring to ease its debt burden. Oil prices have been driven up by production curbs in OPEC nations and Russia, as well by strong demand thanks to healthy economic growth.

  • Jan 15- Killer Content Inc, the movie producer that has partnered with philanthropist Abigail Disney in a consortium vying to acquire the Weinstein Company, said on Monday that a bankruptcy may be the best way forward for the U.S. film and TV studio. The Weinstein Company has been looking for a buyer or rescue financing since last fall. Killer Content said in a...

  • VIENNA, Jan 12- Airline Niki's sale to British Airways parent IAG was thrown into further doubt on Friday when a battle between Austrian and German officials over who should handle its insolvency proceedings intensified. Niki filed for insolvency in Berlin last month after Germany's Lufthansa scrapped plans to buy the Austrian arm of insolvent Air Berlin.

  • Jan 11- Shareholders of Breitburn Energy Partners LP launched a last-ditch legal effort on Thursday to prevent the bankrupt oil producer from wiping out their investment and sticking them with a huge tax bill at a time of surging crude prices. At a hearing in U.S. Bankruptcy Court in New York, equity committee lawyer Vincent Indelicato said Breitburn's...

  • Jan 11- Breitburn Energy Partners LP will ask a U.S. court on Thursday to approve its Chapter 11 bankruptcy exit plan over fierce objections from shareholders who say the oil-and-gas producer's valuation is "indefensibly low" given an upswing in oil prices. The stakes are high for the equity holders, who could be stuck with a combined tax liability of $525 million...

  • NEW YORK, Jan 10- Aurelius Capital Management, a major Puerto Rico bondholder, asked a federal judge on Wednesday to throw out the U.S. territory's historic bankruptcy, challenging the constitutionality of the board overseeing the island's finances. At a hearing in federal court in New York, Aurelius told U.S. District Court Judge Laura Taylor Swain that Puerto...

  • The company's main owner, Norwegian-born billionaire John Fredriksen, drew up Seadrill's original $1.1 billion restructuring plan with Centerbridge Partners L.P. and a group of hedge funds in September. A U.S. bankruptcy court in Texas had been scheduled to hold a preliminary hearing on Fredriksen's plan on Jan. 10, but this has been postponed until Feb. 1 after...

  • MUMBAI, Jan 5- China Development Bank, the biggest foreign lender to India's Reliance Communications Ltd, on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency. While details of a possible settlement between the Chinese bank and RCom were not immediately known, the lender has told the National Company Law Tribunal it...

  • OSLO/ CHICAGO, Jan 4- A U.S. court should dismiss the information provided by drilling rig firm Seadrill about its restructuring plan as inadequate, a U.S. government bankruptcy watchdog said in a filing on Wednesday. The company's main owner, Norwegian-born billionaire John Fredriksen, has drawn up a $1.1 billion restructuring plan with Centerbridge Partners...

  • FRANKFURT, Jan 4- A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin unit to Britain's IAG, and referred the case to a higher court for a ruling. But Fairplane, a group representing airline passengers, said on Tuesday it had filed legal cases to have the insolvency proceedings...

  • WILMINGTON, Del., Jan 3- The judge overseeing the bankruptcy of Takata Corp's U.S. unit on Wednesday cleared the way for the company's creditors to vote on its Chapter 11 plan, which critics say limits the legal rights of those injured by its deadly airbags. Takata and its U.S. entity TK Holdings Inc filed for bankruptcy in June after more than 100 million of its...

  • Two Chicago- based concert promoters on Wednesday filed an involuntary Chapter 7 bankruptcy petition against Sillerman in U.S. Bankruptcy Court in Manhattan. Sillerman founded the company in 2012 to promote electronic dance music festivals, and in 2014 acquired React Presents Inc and Clubtix Inc from Jeffery Callahan and Lucas King. The creditors are...

  • Theranos dodges bankruptcy after $100 million loan: Report

    Theranos received a $100 million loan from Fortress Investment Group, the Wall Street Journal says.

  • Elizabeth Holmes, founder and CEO of Theranos

    Theranos received a $100 million loan from Fortress Investment Group to avert a possible bankruptcy filing.

  • RIO DE JANEIRO, Dec 22- In mid-November, the former chief executive of Brazilian telecoms company Oi SA told the debt-laden company's board that he was receiving ominous phone calls, according to two people present at the meeting. The anonymous messages came to Marco Schroeder's cellphone and his home phone. Often, the caller seemed to know his exact location,...

  • Gift card over $100 bill

    Shoppers should worry about whether a gift card will become worthless if it involves a retailer that filed for bankruptcy protection, USA Today reports.

  • The SEC alleged that the vast majority of the borrowers were Shapiro-owned companies that had no income and never made interest payments on the loans. Shapiro diverted at least $21 million for his own benefit, including to charter planes, pay country club fees, and buy luxury vehicles and jewelry, according to the SEC. Judge Marcia Cooke of the U.S. District Court...

  • RIO DE JANEIRO, Dec 19- Creditors in Brazilian telecoms company Oi SA approved early on Wednesday morning a plan to restructure $20 billion in debt owed by the firm, overcoming the main hurdle in Latin America's largest-ever bankruptcy process. After a marathon 15- hour meeting in Rio de Janeiro, three of four creditor classes voted nearly unanimously for the...