Bankruptcy

  • February 7, 2007

    Court OK's Delta's Disclosure Statement

    Delta Air Lines Inc.’s disclosure statement was approved by the bankruptcy court Wednesday, a move that inches the airline ever closer to putting an end to its hard-fought Chapter 11 battle.

  • February 7, 2007

    Judge Chides Parmalat Over Recovery Suits

    The New York federal judge presiding over a bunch of lawsuits stemming from Parmalat’s bankruptcy this week reproached the dairy giant for its tactics, adding he doubted the cases would ever go to trial.

  • February 7, 2007

    Court Prohibits Comair Pilots Strike

    The bankruptcy court overseeing Comair’s Chapter 11 case has barred the cash-strapped Delta Air Lines Inc. subsidiary’s pilots union from striking, a development Comair touts as a key step forward in its reorganization.

  • February 7, 2007

    Former Exec Sentenced To 20 Years For Fraud

    The former head of a collapsed mortgage lending company was sentenced to 20 years Wednesday for securities fraud and other charges related to the company’s downfall, which became the largest bankruptcy in South Carolina history.

  • February 6, 2007

    Collapsed Hedge Fund Asks Court For Extra Time

    The failed Bayou Group hedge fund has asked a bankruptcy court for more time to file its reorganization plan, hoping it can recoup more than $135 million in investments it lost before it collapsed.

  • February 6, 2007

    Delta Resolves Objections To Disclosure Statement

    Moving ever closer to exiting bankruptcy protection, Delta Air Lines Inc. said Tuesday that the company had resolved all objections to its disclosure statement.

  • February 6, 2007

    Allied Bids To Dump Labor Contracts

    After months of failed negotiations, Allied Holdings Inc. has asked the bankruptcy court for approval to ditch its labor union contracts, hoping the move will push the auto supplier closer to emerging from Chapter 11 protection.

  • February 6, 2007

    Lender Bankruptcies Suggest Deeper Trouble

    The recent Chapter 11 filing of subprime mortgage lender Mortgage Lenders Network USA is raising larger questions about the implications of the distress facing this financial sector.

  • February 7, 2007

    Bondholders Seek Fast Track In Pacific Lumber Case

    California logger Pacific Lumber Co. faced a new challenge in its Chapter 11 case Tuesday when a group of bondholders of one of the company’s subsidiaries asked the court to split the unit from the rest of the case.

  • February 6, 2007

    Accused Of Destroying Company, Lawyer Strikes Deal

    A bankruptcy court is being asked to approve a $3 million settlement between a defunct medical waste disposal company’s Trustee and its ex-chairman, which would resolve allegations that the former executive breached his duties to stockholders by covering up accounting fraud.

  • February 6, 2007

    Adelphia Bondholders' Appeal Keeps Plan On Hold

    Adelphia Communications Corp.’s bondholders appeared before an appellate court Tuesday to appeal a district court’s decision that would require them to post a $1.3 billion bond in exchange for a review of the cable provider's bankruptcy case.

  • February 5, 2007

    U.S. Energy Biogas Deal Wins Approval

    U.S. Energy Biogas Inc., which was driven into bankruptcy by an onerous loan deal forged under shady circumstances, is expecting a quick exit from bankruptcy after the court overseeing its Chapter 11 proceedings approved a new pact with lender Countryside Power Income Fund.

  • February 5, 2007

    Northwest Attendants Ask Court To Rethink Pay Cuts

    After seeing Northwest Airlines Corp. accumulate over $270 million in profits in 2006, the bankrupt carrier’s flight attendants have asked the bankruptcy court to reconsider the steep pay cuts it approved last year.

  • February 5, 2007

    Asarco Accuses Parent Company Of Fraud

    Bankrupt mining company Asarco LLC filed suit against Grupo Mexico SA on Friday, accusing its parent company of contributing to its debt by fraudulently shifting Asarco’s stake in lucrative Peruvian copper mines to another company.

  • February 5, 2007

    Trustee Asks For Examiner In Granite Case

    The U.S. Trustee in Granite Broadcasting Corp.'s bankruptcy has asked the judge to appoint an examiner to look into a proposed equity deal with hedge fund Silver Point Finance LLC.

  • February 5, 2007

    Calpine Shareholders Question Miller Buckfire Hiring

    Shareholders of Calpine Corp. have filed a request with the bankruptcy court overseeing the power company's Chapter 11 case, asking that it deny Calpine's motion to retain Miller Buckfire Co. to help it raise equity.

  • February 2, 2007

    Judge OKs $1.3M DIP Loan For Air America

    A New York bankruptcy judge has signed off on an additional $1.3 million in financing for Air America Radio in a deal in which the liberal radio will have to sell off assets worth at least as much as the borrowing amount.

  • February 2, 2007

    Tower Auto To Use Normal Claim Process With Delphi

    Hours before a court hearing Friday, Tower Automotive Inc. and Delphi Automotive Systems reached an agreement to address a more than $14 million claim through the normal bankruptcy claims reconciliation process.

  • February 2, 2007

    Morgan Lewis Hires Bankruptcy Chief From Rival

    Morgan, Lewis & Bockius has recruited Howard S. Beltzer, the co-head of the bankruptcy practice at White & Case, to co-head the bankruptcy group at Morgan Lewis, the firm confirmed.

  • February 2, 2007

    Adelphia Seeks Answers In Lucent’s $44M Claim

    Adelphia Communication Corp. has asked the court overseeing its bankruptcy to force Lucent Technologies Inc. to produce a witness to testify regarding allegations that Adelphia is responsible for a $44 million debt its subsidiary incurred.