Bankruptcy

  • November 30, 2006

    Saint Vincent Wants To Sell Unpaid Patient Claims

    Bankrupt Saint Vincent Catholic Medical Centers is seeking court approval to sell $190 million in bad debt from patients who haven’t paid their claims totaling $1.76 million.

  • November 30, 2006

    Interstate Fights To Control Board Of Directors

    Still battling one of its shareholders for power, Interstate Bakeries Corp. has asked a bankruptcy judge to reappoint the company’s board members whose terms have expired as the bakery giant seeks to thwart the selection of new ones.

  • December 1, 2006

    White & Case Snags Practice Leader From Rival

    The co-head of the bankruptcy practice at Dewey Ballantine LLP has defected from the firm to join the restructuring and insolvency group at White & Case LLP.

  • November 30, 2006

    Judge Gives OK To Delphi Settlement With SEC

    A bankruptcy judge blessed a settlement between bankrupt auto parts supplier Delphi Corp. and the U.S. Securities and Exchange Commission Thursday, bringing an end to a probe into the company’s alleged inflation of financial results.

  • November 29, 2006

    US Airways To Make Its Case To Delta, Creditors Soon

    US Airways Inc. will meet with Delta Air Lines Inc. and its official unsecured creditors committee this week to discuss its unsolicited $8 billion merger bid.

  • November 29, 2006

    Meridian Gains Approval Of $175M Exit Loan

    A bankruptcy court has cleared the way for Meridian Automotive Systems Inc. to enter into an agreement with Deutsche Bank AG subsidiaries that will help steer the car parts maker out of Chapter 11 with $175 million in financing.

  • November 29, 2006

    Refco Trustee Wants Certain Attorneys' Fees Held Back

    The U.S. Trustee overseeing Refco Inc.’s bankruptcy proceedings has objected to a payment application, saying the professionals retained in the case have yet to prove their worth to the company.

  • November 29, 2006

    Pilots Union Grills Comair Execs About Pay Cuts

    Attorneys for the Air Line Pilots Association questioned Comair Inc. executives on Tuesday, hoping to show the airline did not negotiate a proposed pay cut in good faith with its pilots union.

  • November 29, 2006

    Drinker Biddle Merger Promises New Bankruptcy Force

    With the merger of Gardner Carton & Douglas LLP and Drinker Biddle & Reath LLP looming, attorneys at the two firms are very excited over the combined restructuring practice and the possibilities the union will create.

  • November 28, 2006

    Calpine Requests More Exclusivity Time

    Power generator Calpine Corp. wants its exclusivity period to file a reorganization plan extended for at least six more months, though it acknowledged that it might not make that deadline either.

  • November 28, 2006

    Solutia Plan Draws Objection From Dept. Of Labor

    The U.S. Department of Labor has filed an objection to bankrupt chemical products maker Solutia Inc.’s proposed reorganization plan, claiming it might violate the Employee Retirement Income Security Act.

  • November 28, 2006

    Let Us Strike, Northwest Flight Attendants Say

    Flight attendants at bankrupt Northwest Airlines Corp. asked a federal appeals court on Tuesday to overturn a lower court’s preliminary injunction that bars them from striking while they are in contract mediation talks.

  • November 28, 2006

    Foamex Reorganization Plan Approved

    Bankrupt Foamex International Inc. moved one step closer to exiting Chapter 11 Monday when its second reorganization plan and disclosure statement was approved by the bankruptcy court.

  • November 28, 2006

    Delta Agrees To Add $719M For Pilot Pensions

    Bankrupt Delta Air Lines Inc. plans to pay an additional $719 million in unsecured, pre-petition claims to allow its retired pilots to recoup a portion of their jettisoned pension plans.

  • November 28, 2006

    World Health To Settle Class Action For $2.7M

    Shareholders of World Health Alternatives Inc. may receive a $2.7 million gift this holiday season if a judge approves the proposed settlement in the class action lawsuit against the bankrupt medical staffing firm.

  • November 28, 2006

    JP Morgan Appeals $3.5M Transaction Fee Decision

    JP Morgan Securities Inc. is appealing a decision by a federal bankruptcy judge that nixed its bid for a $3.5 million transaction fee related to services it provided Spiegel Inc. before it emerged from bankruptcy in 2005.

  • November 27, 2006

    Adelphia’s Reorganization Plan Faces More Objections

    The U.S. Trustee in Adelphia Communications Corp.’s bankruptcy proceedings has become the latest entity to object to the cable provider’s reorganization plan, saying it would allow the payment of over $80 million in fees and expenses to nonretained professionals without court oversight.

  • November 27, 2006

    Eurotunnel Wins Key Creditor Vote

    In a move that bodes well for Eurotunnel’s future, a majority of creditors have backed the beleaguered channel operator’s plan to restructure its nearly £6.2 billion ($11.5 billion) debt.

  • November 27, 2006

    Northwest Flies High With $779M Refinancing

    A federal bankruptcy judge has approved Northwest Airlines Corp.'s bid to borrow up to $779 million from a Citigroup Inc. subsidiary to refinance its transatlantic fleet.

  • November 27, 2006

    Judge Shoots Down Pilots Request For Merger Info

    A federal judge has blocked an attempt by Comair Inc.’s pilots union to subpoena documents related to a bid by US Airways Inc. to take over Comair’s bankrupt parent company, Delta Air Lines Inc.