A federal bankruptcy judge has approved the advancement of another $600,000 to the Rigas family, the disgraced founders of Adelphia Communications Corp., for legal costs that mounted over its role in the company’s collapse.
After months of warring, a union for the Northwest Airlines Corp. flight attendants has decided to lay down its sword and tentatively agree to pay cuts in exchange for a $182 million claim in the airline’s bankruptcy case.
The official committee of unsecured creditors has objected to Tower Record’s proposed Chapter 11 plan, upset that the group will not have more control over the defunct music retailer’s post-bankruptcy concerns.
The official committee of retirees of Solutia Inc. have filed a motion opposing the termination of the company’s exclusivity period, saying that creditors will not be harmed by another extension.
A Deutsche Bank subsidiary that bought mortgage loans from New Century Financial Corp. has become the third company to file a lawsuit against the bankrupt lender, alleging it violated a purchase contract.
The U.S. Department of Justice intervened in a whistleblower case on Thursday against bankrupt HealthEssentials Solutions Inc. over alleged false claim billings to Medicare, seeking a removal of the bankruptcy court's automatic stay of lawsuits for companies in Chapter 11.
All American Semiconductor Inc., a Miami electronics distributor that filed for Chapter 11 on Wednesday, is seeking to offer bonuses to retain key employees as it moves forward with efforts to sell its business as a going concern.
A litigation trust for auto parts maker Meridian Automotive Systems Inc. has filed nearly 300 adversary cases over the last week in an attempt to recoup millions of dollars in money transfers the company made prior to falling into bankruptcy.
St. Vincent Catholic Medical Centers has a new law firm serving as principal counsel in its Chapter 11 proceedings, after an exodus of partners from Weil Gotshal & Manges LLP to Cadwalader Wickersham & Taft LLP inspired St. Vincent to retain Cadwalader and drop Weil Gotshal from its lead role.
New Hampshire's attorney general has initiated a probe into a local oil company that suddenly shut down earlier this month and plans to file for bankruptcy, leaving customers with prepaid contracts without service.
A bankruptcy judge on Tuesday dismissed a number of pending claims in an adversary case between Enron Wind Energy Systems LLC and Marathon Electric Manufacturing Corp. over contracts for generators.
A federal bankruptcy judge has given the green light to a deal between Allied Holdings Inc. and majority shareholder Yucaipa Cos. in a move that will allow investors to purchase stock in the reorganized company.
Over the objections of bondholders, a federal bankruptcy judge has approved a proposed settlement between Delta Air Lines Inc. and Kenton County Airport Board, putting to rest a dispute involving lease agreements for the Cincinnati/Northern Kentucky International Airport.
A bankrupt subsidiary of energy company Entergy Corp. will receive $200 million in federal funding, marking an important step towards the company’s emergence from Chapter 11 protection.
A group of film and record companies allegedly owed more than $70 million by Tower Records has called on a bankruptcy court to reject the music retailer’s reorganization plan.
In a move that evidences a growing niche market for firms that step in on a client’s behalf when primary counsel has a conflict of interest, Delaware-based Young Conaway Stargatt & Taylor LLP has expanded into New York City.
A pension fund that's a party in a pending shareholder lawsuit against bankrupt Calpine Corp. has asked a federal judge to adjust the stay in the case to mandate the preservation of discovery documents.
After a taxing 19 months in Chapter 11 protection, Delta Air Lines Inc. headed into bankruptcy court on Wednesday and won confirmation of its bankruptcy exit plan.
Bringing the troubled Catholic Diocese of Spokane one step closer to exiting from bankruptcy, a judge on Tuesday signed off on the diocese’s second amended plan of reorganization, which provides for a $48 million payout to settle child molestation charges.
A federal bankruptcy judge has given New York diamond seller LID Ltd. approval to use part of its spoken-for funds to keep operations afloat while it tries to reorganize under the protection of Chapter 11.