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