BankruptcyRSS

  • May 18, 2007

    New Century Wants Howrey As Special Counsel

    Bankrupt subprime lender New Century Financial Corp. on Thursday asked the court to approve Howrey LLP as special outside counsel to the company’s internal investigation committee, as the committee looks into an allegedly questionable sale of New Century stock.

  • May 18, 2007

    Radnor Wins Extension Of Exclusivity Rights

    Radnor Holdings Corp. has won a 90-day extension of its exclusive right to file a Chapter 11 reorganization plan, preventing other parties from submitting rival plans as the company moves toward liquidation.

  • May 18, 2007

    Northwest Gets Nod To Fly Out Of Bankruptcy

    A federal bankruptcy judge has given the green light to Northwest Airlines Corp.’s amended reorganization plan in a move that will allow the carrier to emerge from bankruptcy on May 31 following a 20-month stay in Chapter 11.

  • May 17, 2007

    All American Creditors Make Pitch For Trustee

    The official committee of unsecured creditors of All American Semiconductor Inc. has asked for a trustee to be appointed or for the case to be converted to Chapter 7, alleging current management is acting for the benefit of the company's lenders.

  • May 17, 2007

    Class Action Plaintiffs Scoff At Dana Proposal

    The lead plaintiff in a securities fraud class action lawsuit against Dana Corp. has objected to the bankrupt auto part company's' proposal for handling dispute resolution.

  • May 17, 2007

    Werner Co. Pleads For More Time To File Plan

    After multiple extensions, Werner Co. has asked the bankruptcy court for even more time to retain control over its Chapter 11 case, arguing that the company has been too focused on selling off its assets to put together a feasible reorganization plan.

  • May 17, 2007

    GE Objects To Lawyers' Fees In Bankruptcy Case

    A bankrupt furniture store chain has come under fire for “earmarking” one-third of the proceeds of a stock sale to pay the fees of its lawyers and consultants.

  • May 17, 2007

    New Century Asks Court To Help Prevent Litigation

    Subprime lender New Century Financial Corp. filed a motion Wednesday asking the court overseeing its bankruptcy to allow it to provide “adequate protection” to various counterparties of its master repurchase agreements in order to avoid possible adversary proceedings.

  • May 17, 2007

    Collins & Aikman Sues Former Execs, Board

    Collins & Aikman Corp. has targeted former executives and members of its board of directors in a lawsuit alleging they played a key role in the auto parts maker’s crash into bankruptcy.

  • May 17, 2007

    Delphi Wants To Give Documents To ERISA Plaintiffs

    Delphi Corp. on Wednesday asked the bankruptcy court to allow the auto parts maker to provide certain documents to plaintiffs involved in an ERISA suit against Delphi’s employee pension benefit plans.

  • May 18, 2007

    SeraCare Emerges, Settles Securities Suit

    After a year and a half of negotiations with shareholders, SeraCare Life Sciences Inc. has come out of Chapter 11 and settled a class action suit for $3 million over allegations of securities fraud.

  • May 17, 2007

    Solutia Creditors Will Get $1.2B Under Plan

    Chemical company Solutia Inc. has filed its first amended plan of reorganization in hopes of emerging from Chapter 11 protection before October.

  • May 18, 2007

    Pacific Lumber Wins 4-Month Plan Extension

    Triumphing over a ground swell of opposition, Pacific Lumber Co. has won the right to retain exclusive control over its Chapter 11 case for another four months.

  • May 17, 2007

    Committee: Tower Records' Lawyers' Fees Too High

    Professional fees in music retailer Tower Records’ ongoing bankruptcy proceedings have struck a sour note with one of its secured creditor groups, who called the pay slips “disproportionately large in relation to the size of [Tower Records’] estates.”

  • May 16, 2007

    SEC Adds Defendant In NJ Affordable Case

    The $40 million Ponzi scheme scandal that felled NJ Affordable Homes Corp. widened on Monday, with the U.S. Securities and Exchange Commission adding a defendant to its fraud case against the bankrupt real estate company.

  • May 16, 2007

    Musicland's Creditors Sue Banks Over $25M Loan

    A group of entertainment companies have sued two banks over a last-minute $25 million loan paid to Musicland Holding Corp. four months before the retailer filed for bankruptcy.

  • May 16, 2007

    Oracle Joins Opposition To New Century Sale

    Oracle USA has joined others in objecting to New Century's bid to sell its loan servicing business to Carrington Capital Mortgage LLC and Carrington Mortgage Services LLC unless a higher bidder is found.

  • May 16, 2007

    Calpine To Erase $1.1B In Claims From Chapter 11

    After reaching an agreement with landlords for two of its power plants in New England, bankrupt energy company Calpine Corp. will now be able to erase up to $1.1 billion in claims against its Chapter 11 case.

  • May 16, 2007

    Dickstein Snatches Lawyers From Orrick

    Dickstein Shapiro LLP has nabbed two attorneys from Orrick, Herrington & Sutcliffe LLP to launch a bankruptcy practice in New York, a development that one former Orrick lawyer says reflects a dwindling headcount at Orrick’s New York bankruptcy group.

  • May 16, 2007

    Le-Nature Trustee Objects To Rabin Group’s Fee Bid

    The U.S. Trustee overseeing the Chapter 11 proceedings of Le-Nature’s Inc. has objected to a bid for administrative fees by the Rabin Group, which unsuccessfully sought to act as the auctioneer of the bankrupt drink maker's assets.