Unwilling to back down, some of the noteholders of Dura Automotive Systems Inc. have decided to appeal a bankruptcy court's decision to approve a controversial backstop rights agreement that would allow the supplier to allegedly eliminate the group's $500 million claim.
A group of Enron Corp.'s creditors fired the opening volley in the battle to overturn a decision that denied the banks' motion to subordinate certain claims to pre-petition agreements guaranteeing “senior indebtedness.”
The U.S. trustee overseeing the Chapter 11 proceedings of bankrupt All American Semiconductor Inc. and the company’s creditors have both objected to a fee request by All American’s financial adviser and investment banker, Raymond James & Associates Inc.
Mayer Brown LLP has become the latest law firm to launch a new group combining the expertise of attorneys across several practice groups to tackle problems clients face in the wake of the recent subprime mortgage meltdown.
State Street Bank & Trust Co., a defendant in the multidistrict ERISA case against bankrupt Delphi Corp., has opposed part of a settlement that was provisionally approved by a district court in September, claiming the settlement is unfair to the company as a non-settling defendant.
Aegis Mortgage Corp. has asked the court overseeing its bankruptcy proceedings to dismiss two of its subsidiary debtors from Chapter 11, following the Sept. 28 closing of the sale of Aegis' loan platform assets to Ranieri & Co. Inc.
Bankrupt lender Quality Home Loans is seeking to continue employing Irell & Manella LLP as its general reorganization counsel, saying the firm is disinterested even though it recently acted as “placeholder” counsel for other related bankrupt parties.
There's light at the end of the Chapter 11 tunnel for Dura Automotive Systems Inc. now that the bankruptcy court overseeing its disclosure statement and its unsecured creditors committee have thrown their weight behind the company's reorganization plan.
First Magnus Financial Corp. will be primarily represented in its Chapter 11 proceedings by Greenberg Traurig LLP, the law firm whose attorneys filed the defunct mortgage lender's original bankruptcy papers.
Investors for bankrupt Sphinx Managed Futures Fund SPC have come up short in their appeal of a district court’s order that affirmed a bankruptcy judge’s approval of Sphinx’s $263 million settlement with Refco Inc. over a preference dispute.
The hurdles for KERP programs have been raised too high, causing debtors to lose critical personnel to the detriment of post-petition operations, say Frost Brown Todd's Ronald Gold and Doug Lutz in our series of chats with high-profile bankruptcy lawyers.
In a last-ditch effort to play a role in Dana Corp's planned emergence from Chapter 11, Appaloosa Management LP has sent the bankrupt auto parts maker a letter indicating that it would be willing to negotiate with a rival bidder to create an alternative proposal.
The collapse of the residential home market in the wake of the subprime mortgage crisis has raised the question of how Chapter 11 can be used by builders and developers, given the stigma of bankruptcy. The answer may lie in prepackaged plans and quickie §363 sales, says Jim Carr of Baker & Daniels LLP in our series of Q&As with practice leaders at top law firms.
Two whistleblowers who are suing Pacific Lumber Co. said Wednesday that the bankrupt logging company's reorganization plan was unconfirmable because it assumed their claims would be worthless.
With at least a dozen hedge funds embroiled in investigations into their collateralized debt obligations, regulators are likely to cast a wide net in bringing suits in the wake of the subprime lending crisis.
An examiner appointed by the judge overseeing the bankruptcy case of New Century Financial Corp. has set his sights on current and former company directors and officers, seeking to question them as part of his probe into the collapse of the subprime lender.
Baker, Donelson, Bearman, Caldwell & Berkowitz PC has created a task force charged with advising clients on how to deal with the potential legal ramifications of this summer's subprime mortgage meltdown.
A federal judge has shot down an attempt by Calpine Corp.'s shareholders committee to stay the company's bankruptcy proceedings until after the committee appeals the approval of the energy company's disclosure statement.
Interstate Bakeries Corp. has won another month of exclusivity to file its reorganization plan, a request lodged with the bankruptcy court last month after it shelved negotiations with the International Brotherhood of Teamsters.
The economic impact of the second-largest beef recall in U.S. history involving more than 21.7 million pounds of ground beef products has forced Topps Meat Co. LLC to go out of business, effective immediately, the company said Friday.