In a development that bankrupt auto parts maker Delphi Corp. has touted as a major step toward a successful reorganization, unionized workers at the General Motors Corp. supplier have ratified a labor agreement between the United Automobile, Aerospace and Agricultural Implement Workers of America, Delphi and GM.
Solutia Inc. has asked the court overseeing its Chapter 11 proceedings to sign off on two settlement deals the bankrupt chemical products maker says are integral to shedding legacy liabilities and paving the way to a successful restructuring of the company, which has been under bankruptcy protection since December 2003.
After weeks of sparring, Calpine Corp. has hauled Rosetta Resources Inc. to court for allegedly underpaying Calpine by an estimated $400 million when the energy giant sold its oil and gas assets to the independent oil and gas company for $1.05 billion.
In the latest blow to Solutia Inc., the chemical company's equity holders have lashed out at its disclosure statement, calling it “fatally inadequate.”
Bankrupt chemical company Solutia Inc. has asked the court to approve its annual $5 million settlement payment related to the release of polychlorinated biphenyls at one of its facilities in Anniston, Ala.
A bankruptcy court judge has given Global Home Products the go-ahead to access more cash collateral to fund its ongoing Chapter 11 proceedings, allowing the company to tap into an additional $276,000 in financing.
After erasing $1.1. billion in debt, Calpine Corp. has added another $2.8 million to its coffers in the wake of a bankruptcy judge signing off on the energy giant's plan to modify a power-purchase agreement with a Texas plant.
Diamond jewelry wholesaler LID Ltd. has asked a bankruptcy judge for more time to file its reorganization plan free of competing plans, three months after the company slipped into Chapter 11.
A bankruptcy court approved a settlement on Thursday between bankrupt auto parts company Tower Automotive and a group of labor unions, after an earlier version of the settlement met with strenuous objections from the company's creditors last year.
At an impasse, the lead plaintiffs in a multidistrict securities litigation over allegations that bankrupt auto parts supplier Delphi Corp. inflated financial results have asked a federal judge to help settle a dispute over the terms of a confidentiality order governing the use of discovery materials.
Bankrupt homebuilder Kara Homes Inc. filed an amended plan of reorganization Wednesday, paving the way for the company to emerge from Chapter 11 protection with a cash infusion from hedge fund Plainfield Specialty Holdings II Inc.
A bankruptcy judge has refused to force Dura Automotive Systems to file some of its business plan publicly even though the company's unsecured creditors allege the information may have already been leaked and may have caused a spike in trading.
Responding to concerns about the spate of terminated pension plans among bankrupt airlines in recent years, the U.S. Government Accountability Office said on Thursday that conflicts of interest involving consultants in defined benefit plans may hurt workers.
Investors of collapsed Refco Inc. are celebrating after a judge signed off on a $140 million settlement with the Austrian bank that allegedly helped sink the commodities broker.
Bally Total Fitness Holding Corp. has kicked off the formal process of gathering approval for its prepackaged Chapter 11 deal, hoping that noteholders will sign off on a plan that could help the fitness giant survive in the face of a heavy debt load and sinking profits.
The U.S. Trustees in two separate Chapter 11 cases have accused AlixPartners LLP of overstaffing, overcharging and deceiving Dura Automotive Systems Inc. and Refco Inc.
Bryan Cave LLP has continued to build its Chicago office, bringing on bankruptcy and restructuring attorney Eric S. Prezant to help the office establish a new branch of its bankruptcy, restructuring and creditors’ rights group.
A magistrate judge has ordered all documents obtained during National Century Financial Enterprises Inc.'s bankruptcy proceedings limited to “attorney's eyes only” in multidistrict litigation involving a scandal dubbed the Enron of health care.
Bankrupt Dura Automotive Systems Inc. filed a motion Wednesday in opposition to its unsecured creditors' attempts to compel it to file a portion of its business plan, contesting the creditors' claims that since the information has already been leaked, the filing would cause no additional harm.
The number of businesses seeking bankruptcy protection has risen steadily over the past 15 months, a trend that may continue if the liquidity from private equity that has kept some troubled companies afloat dries up.