Pachulski Stang

1. Visteon Retirees Ask To Stay Health Care Termination

Friday, Mar 19, 2010

Visteon Corp. retirees will face ruin if a federal court does not halt the bankrupt company's plan to terminate their benefits, their union said in an emergency motion.

2. Fleetwood Trustee Fights Pachulski's $1.5M Bill

Thursday, Mar 18, 2010

The U.S. trustee in the Fleetwood Enterprises Inc. bankruptcy has issued a scathing objection to a more than $1.5 million legal tab from Pachulski Stang Ziehl & Jones LLP, saying the firm billed for excessive clerical expenses and unexplained business meals.

3. Hedge Funds Aim To Block Visteon Ch. 11 Plan

Tuesday, Mar 16, 2010

A group of hedge funds holding about 7.3 percent of Visteon Corp. stock on Tuesday said it would oppose the bankrupt auto parts maker's amended reorganization plan because it does not address the funds' concerns about recoveries for stockholders.

4. Hedge Funds Seek To Revamp Visteon Ch. 11 Plan

Wednesday, Mar 10, 2010

A hedge fund group that holds 7.3 percent of Visteon Corp.’s stock wants to set up a meeting with the bankrupt auto parts company’s board of directors to develop a revised Chapter 11 plan.

5. Freedom's Plan To Shed $445M In Debt OK'd

Tuesday, Mar 09, 2010

Media holding company Freedom Communications Holdings Inc. has won approval for a reorganization plan that promises to cut $445 million from the company's secured debt.

6. Abuse Victims Fight Wilmington Diocese's Bid To Seal

Monday, Mar 08, 2010

Sexual abuse victims and creditors have issued two letters saying they've reached a stalemate with Catholic Diocese of Wilmington Inc. affiliates over whether to seal the record in the diocese's bankruptcy proceedings, and they're urging the court not to close off all discovery proceedings to the public.

7. Six Flags Creditors Balk At Revised $620M Claim

Friday, Feb 26, 2010

Unsecured creditors are trying to get about $200 million in what they say are new claims thrown out of the increasingly fractious bankruptcy proceedings for amusement park operator Six Flags Inc.’s parent company.

8. US Objects To Freedom Ch. 11 Plan On Tax Grounds

Friday, Feb 26, 2010

The U.S. has filed an objection to the confirmation of newspaper publisher Freedom Communications Holdings Inc.’s Chapter 11 plan, saying it does not adequately address the debtor’s tax liabilities to the government.

9. Creditors Fail To Stall ProtoStar Satellite Sale Bonuses

Thursday, Feb 25, 2010

A judge has rejected unsecured creditors' request to bar bonus payments associated with bankrupt ProtoStar Ltd.'s $185 million satellite sale while they appeal the order approving the payments, despite the creditors' belief that they will prevail in the dispute.

10. Enough Talking, Six Flags Noteholders Say

Tuesday, Feb 23, 2010

Noteholders of Six Flags Operations Inc., a subsidiary of the bankrupt amusement park operator, have told a bankruptcy court that the debate over restructuring plans is so fractious that a proposed mediation will not solve anything.

11. Champion Creditors Take Aim At Credit Suisse Conflict

Friday, Feb 19, 2010

The unsecured creditors in homebuilder Champion Enterprises Inc.’s bankruptcy case have accused Credit Suisse AG of using its conflicting role as both an agent to the lending group and an underwriter for the debtors to improve the lenders’ collateral position.

12. Canadian Toy Maker Mega Brands Files Ch. 15 Petition

Friday, Feb 19, 2010

Montreal-based toy maker Mega Brands Inc. has filed a Chapter 15 petition seeking recognition in the U.S. for its recapitalization in Canada, saying it has been suffering due to declining sales, several charges and write-offs, and negative publicity amid product recalls.

13. Racetrack Owner Magna Files Reorganization Plan

Thursday, Feb 18, 2010

Bankrupt racetrack operator Magna Entertainment Corp. has filed a reorganization plan reflecting a $96.5 million settlement reached last month between unsecured creditors and Magna's majority shareholder.

14. Creditor Blasts ProtoStar Bid For Sale-Related Bonuses

Wednesday, Feb 10, 2010

Creditor Afro Asian Satellite Communications Mauritius Ltd. has objected to bankrupt ProtoStar Ltd.’s renewed request to pay bonuses to management and other employees for helping arrange the $210 million sale of a satellite to Intel Subsidiary Holding Co. Ltd.

15. Judge Approves Champion Enterprises Auction

Tuesday, Feb 09, 2010

Homebuilder Champion Enterprises Inc. has received approval from a U.S. bankruptcy court to move forward with its plans to auction off all its assets.

16. Smurfit-Stone To Strike $650M Exit Financing Deal

Thursday, Feb 04, 2010

Bankrupt packaging company Smurfit-Stone Container Corp. has asked a judge to allow it to enter into a $650 million revolving credit facility deal as part of an exit financing package designed to serve the company’s cash needs as it emerges from Chapter 11 protection.

17. Visteon Wants Pensioners Off Creditors Committee

Thursday, Feb 04, 2010

Auto parts maker Visteon Corp. has asked a bankruptcy judge to reconsider an earlier order requiring the U.S. trustee to appoint pension plan participants to its creditors committee, saying pensioners have no direct claims against the company.

18. Visteon Retirees Implore Court To Stop Pension Dump

Wednesday, Feb 03, 2010

Visteon Corp. pension recipients will be devastated if the company is allowed to dump an estimated $544 million in obligations onto the Pension Benefit Guaranty Corp., retirees have said in a wave of objections filed in the auto parts maker's bankruptcy.

19. Accuride Noteholders Balk At 2019 Disclosure Order

Monday, Feb 01, 2010

The ad hoc noteholders group in Accuride Corp.'s Chapter 11 case is appealing an order compelling it to disclose pertinent information about the nature of its claims under Bankruptcy Code Rule 2019.

20. Smurfit Clears Ch. 11 Disclosure Statement Hurdles

Friday, Jan 29, 2010

Following efforts to smooth over a raft of creditor objections, bankrupt packaging company Smurfit-Stone Container Corp. has won court approval of a disclosure statement for its reorganization plan, inching the company toward an exit from Chapter 11.