BankruptcyRSS

  • July 25, 2007

    Legal Fees Top $10M In Catholic Sex Abuse Case

    Attorneys' fees have topped $10 million and are still mounting as attorneys and professionals who worked on the scandal-saddled Catholic Diocese of Spokane submit their requests for fees.

  • July 25, 2007

    No "Golden Parachutes" From Tweeter: Ex-Employee

    Tweeter Home Entertainment Group Inc. decided to hold off on making any decisions on executives' bonuses Wednesday, just days after a former employee told the judge in its Chapter 11 case that the electronics retailer had reneged on its promises of severance for employees.

  • July 24, 2007

    9/11 Victim's Estate Appeals Refco Claim Denial

    After having their first claim against Refco Group LLC dismissed in June, representatives of a trader who passed away during the World Trade Center attacks have appealed the bankruptcy court's decision to deny their request for almost $1.5 million in trading profits.

  • July 24, 2007

    Mayer Brown Balks At Bankruptcy Advisor's Suit

    Mayer Brown Rowe & Maw LLP has slammed a U.S. Trustee's $17 million case against it, asking the district court to reconsider its decision not to toss the suit.

  • July 24, 2007

    Collins & Aikman's Toyota Deal Wins Court OK

    A bankruptcy judge has given Collins & Aikman Corp. the green light to enter into a settlement deal that will see Toyota Inc. shelling out $7.5 million for parts it bought from the bankrupt auto parts maker.

  • July 24, 2007

    Kirkland & Ellis Presents $3M Bill In Dura Case

    Debtor counsel Kirkland & Ellis LLP has requested $3.12 million in fees and $156,000 in expenses for work it did on the Dura Automotive Systems Inc. bankruptcy case from March through June.

  • July 24, 2007

    Dana Woos Appaloosa With Info, Exit Plan

    Bankrupt auto parts maker Dana Corp. has agreed to give Appaloosa Management LP confidential information about its company, a move that should help the hedge fund put together a proposal to fund Dana's plan.

  • July 24, 2007

    Objections Pour In To Proposed Exclusivity Extension

    Solutia Inc.'s shareholder and bondholder committees have objected to the bankrupt chemical company's request for a twelfth extension to its exclusivity period for filing a reorganization plan.

  • July 24, 2007

    Comair Pilots Sue Airline, Union Over $61M Settlement

    A group of Comair pilots has filed a lawsuit for a cut of the $61 million its union negotiated in a settlement of claims during the airline's bankruptcy proceedings.

  • July 23, 2007

    Judge Gives Asarco More Time—Again

    A judge has given bankrupt mining company Asarco LLC three more months to file its exclusive plan to reorganize, a partial victory for Asarco since it had asked for about four months.

  • July 23, 2007

    Bank, Fund Object To Marcal's Disclosure Statement

    Bankrupt Paper Company Marcal Paper Mills Inc. on Friday was hit with two fresh objections to its disclosure statement, one filed by US Bank and one by American Capital Strategies Ltd. and American Capital Equity I LLC.

  • July 23, 2007

    Judge Gives LID More Time To Decide On Leases

    A bankruptcy court has allowed diamond jewelry wholesaler LID Ltd. an extra 90 days to decide whether to keep its lease on its real property, but left the company's motion to extend its exclusivity period hanging.

  • July 23, 2007

    Mining Cos. Agree To Pay Up For Site Cleanup

    Newmont Mining Corp. and bankrupt Asarco LLC have struck a settlement with the U.S. Department of Justice worth close to $40 million, which will go towards paying for the cleanup of a large mining site that has been polluted with over 2,000 waste piles.

  • July 23, 2007

    Dura Defends $500K Fee, Citing Ch. 11 Exit

    Auto parts maker Dura Automotive Systems Inc. has called on a bankruptcy court to ignore objections to a proposed $500,000 payment to a private equity firm offering to buy one of its units, saying the fee ensured a swift Chapter 11 exit.

  • July 23, 2007

    New Century Seeks $1M For Key Employees

    Bankrupt New Century Financial Corp. has sought permission to increase by roughly $1 million two funds designed to compensate and retain current employees and managers.

  • July 20, 2007

    Delta Mills Moves Forward With Liquidation Plan

    Bankrupt textile maker Delta Mills Inc. on Thursday received bankruptcy court approval of its disclosure statement, and got the green light to send its proposed liquidation plan to creditors for approval.

  • July 20, 2007

    Tower Records Creditors Voice Opposition To Plan

    Unsecured creditors in the Tower Records bankruptcy have lashed out at the company's "far from mainstream" liquidation plan, saying it prohibits general unsecured creditors from providing any input into how the company litigates pending trade vendor claims.

  • July 20, 2007

    Calpine Asks Court To Toss Towantic's Bankruptcy

    Calpine Corp. has asked a judge to throw out the Chapter 11 case of Towantic Energy LLC in order to facilitate the closing of the sale of Calpine's membership interests in the holding company, which tumbled into bankruptcy along with the embattled utility.

  • July 20, 2007

    Collins & Aikman Ex-Execs Take The Fifth

    Two former executives of bankrupt Collins & Aikman have declined to respond to civil allegations concerning their role in orchestrating a scheme to mislead the company’s investors and lenders because they have pled guilty to similar criminal charges in a parallel action.

  • July 20, 2007

    Opposition To Dana Deal With Unions Mounts

    Another Dana Corp. creditor, Brandes Investment Partners LP, has joined the fight against a deal between the bankrupt auto parts maker and its largest unions, the United Steel Workers and the United Auto Workers.