Overwhelmed by the regulatory actions it has been slammed with in the last week over alleged securities fraud, Sentinel Management Group Inc. has asked the bankruptcy court to appoint a trustee to oversee its operations.
Accredited Home Lenders Holding Co. has stopped accepting new U.S. loan applications, will cut its workforce by more than half and shutter its 60 retail branches as well as five of the company's ten wholesale divisions in response to tumultuous conditions in the subprime mortgage industry.
Business bankruptcy filings are expected to top 30,000 by the end of 2007 as the economy, driven down by rising energy prices and turmoil in the mortgage industry, continues to weaken.
Countrywide Home Loans Inc., America's largest mortgage lender and a secured creditor of bankrupt SouthStar Funding LLC, has asked a federal bankruptcy judge to lift an automatic stay in order to allow it to recover monthly mortgage payments it claims it is owed.
A United States Trustee has voiced opposition to Metabolife International Life Inc.'s proposed Chapter 11 Plan, arguing that it will shield the ephedra diet pill maker's officials and subsidiaries from future lawsuits and free fiduciaries of their responsibilities.
A subsidiary of software manufacturer SAP AG has challenged bankrupt electronics retailer Tweeter Home Entertainment Group Inc.’s rights to its software, claiming their license agreement was vacated when Tweeter was sold last month.
A federal bankruptcy court judge has signed off on a settlement agreement between bankrupt subprime lender New Century Financial Corp. and Deutsche Bank subsidiary DB Structured Products Inc., putting to rest a purchase contract dispute between the two companies involving the secondary market for mortgage loans.
The faltering housing market has claimed yet another victim, with California-based subprime lender Quality Home Loans Corp. filing for Chapter 11 protection on Tuesday.
In a boost for Bally Total Fitness Holding Corp., a federal bankruptcy judge has given the fitness giant the green light to revamp its prepackaged restructuring plan in light of a new financing proposal put forth by hedge fund Harbinger Capital Partners.
A week after filing for bankruptcy, subprime lender Aegis Mortgage Corp. was hit with a purported class action on Monday, accusing it of laying off hundreds of workers without giving them sufficient advance notice, as is required under the Worker Adjustment and Retraining Notification Act.
After multiple failed attempts, Harbinger Capital Partners has made a final bid to obtain confidential documents from Asarco LLC, undeterred by the bankrupt mining company's previous efforts to block the move.
Hollinger Inc.'s indenture trustees, Delaware Trust Co. and HSBC Bank USA, want immediate court protection from what they say are the bankrupt behemoth's rapidly dwindling assets—in the form of its off-limits stock in Sun-Times Media Group Inc. if necessary.
A Reliant Energy Inc. power plant in Channelview, Texas has filed for Chapter 11 bankruptcy protection, citing a lack of cash needed to repay a $14 million revolving credit facility.
Bankrupt Calpine Corp. has asked a judge to extend the tenure of its current chief executive officer until June 2008, saying his continued leadership is needed as it faces the challenges of Chapter 11 plan confirmation and emergence.
Sentinel Management Group Inc. on Monday won bankruptcy court approval to distribute almost $300 million in clearance account funds to investors despite protests from the Securities and Exchange Commission and Farr Financial Inc., both of which have sued the fund in the last week in the hopes of freezing its assets.
Bankrupt auto parts maker Dana Corp. has continued to work to tie up its suppliers’ claims, reaching an agreement with one supplier and requesting mediation with a second.
A federal bankruptcy court judge has granted woven textile maker Delta Mills Inc. more time to win support for its liquidation plan, extending the company's exclusive period to solicit acceptance to Sept. 14.
The Government National Mortgage Association has asked a bankruptcy court judge to force American Home Mortgage Investment Corp. to hand over almost $450 million worth of mortgage loans it is servicing.
First Magnus Financial Corp., one of the biggest privately held mortgage lenders in the U.S., filed for Chapter 11 on Tuesday, marking the latest lender to slide into bankruptcy amid a downturn in the housing market.
Adelphia shareholders suffered a setback Friday when a bankruptcy judge tossed out almost all of their claims against Wall Street financial firms involving their connection to the cable company's collapse.