Bankruptcy

  • August 3, 2007

    For Subprime Collapse Casualties, A New Practice

    Patterson Belknap Webb & Tyler LLP has launched an interdisciplinary subprime mortgage group in its New York office spanning members of the firm's litigation, corporate financial, real estate, bankruptcy, securities and white collar crime practices.

  • July 31, 2007

    Tort Claimants Object To Solutia, Monsanto Pact

    A group of about 2,300 people who claim that dioxin released from a chemical plant contaminated their property and endangered their health have filed an objection to Solutia Inc.'s bid for approval of a key settlement underpinning the bankrupt chemical products maker's restructuring plan.

  • July 30, 2007

    Judge OKs Solutia Settlement Over Financing Deal

    A bankruptcy judge has signed off on a settlement allowing a group of certificate purchasers to collect millions of dollars worth of claims against Solutia in its Chapter 11 case.

  • July 31, 2007

    Asarco Says It's Not Liable For $406M Cleanup

    Asarco LLC is contesting the U.S. Department of Justice's claim that the bankrupt mining and smelting outfit is responsible for releasing 168,000 tons of lead into the area surrounding a now-defunct smelting and refining facility in Omaha, Neb., and should foot the $406 million bill for cleaning up the contaminated area.

  • July 31, 2007

    New Century Examiner’s Probe "Overbroad": KPMG

    KPMG LLC is battling to limit the scope of a probe into its work for New Century Financial Corp., arguing that the discovery being sought by the beleaguered subprime lender’s examiner is “fundamentally at odds” with mandatory dispute resolution procedures.

  • July 30, 2007

    Trustee Balks At Reimbursement In Marcal Case

    The U.S. Trustee overseeing Marcal Paper Mills Inc.'s Chapter 11 proceedings has objected to Apollo Capital Management LP's quest for reimbursement, arguing that the private equity firm should not be eligible for compensation just yet despite bankrolling the paper company's reorganization plan.

  • July 30, 2007

    Creditors Fight NYRA’s Bid For Counsel

    Creditors of the New York Racing Association have lashed out at the racetrack operator’s request to employ Getnick & Getnick as special business integrity counsel, arguing that the bid is “premature.”

  • July 30, 2007

    Judge Blesses Asarco's $12M Gerald Metals Deal

    In a boon to Asarco LLC, a bankruptcy judge has given the green light to a $12 million settlement between the bankrupt metals trader and Gerald Metals Inc. that lays to rest a yearlong dispute over several contracts.

  • July 27, 2007

    $245M Suit Says Mayer Brown Aided Refco Fraud

    The buyout firm that once controlled Refco Inc. slammed Mayer Brown Rowe & Maw LLP with a suit Thursday that implicated the powerhouse law firm in helping Refco with the bad transactions and cover-ups that sent it into bankruptcy.

  • July 27, 2007

    Parishioners Bid To Join Diocese Bankruptcy

    A group of more than 1 million parishioners is reportedly bidding to have a voice in the bankruptcy proceedings of the Catholic Diocese of San Diego, which filed for Chapter 11 protection in February after it was felled by more than 150 individuals who claimed priests sexually abused them.

  • July 27, 2007

    Judge Approves Dana's Union Deal, Despite Objections

    A bankruptcy court judge on Thursday approved a hotly contested deal between bankrupt auto parts maker Dana Corp., its workers and an outside investment firm, overruling objections from creditors and stakeholders.

  • July 27, 2007

    Marcal Settles With EPA For $3M

    Bankrupt paper company Marcal Paper Mills and the U.S. Environmental Protection Agency have reached a $3 million settlement over pollution claims involving the Diamond Alkali Superfund Site.

  • July 27, 2007

    Tower Records Fine-Tunes Plan To Quell Critics

    In an effort to appease critics of its proposed Chapter 11 exit strategy, bankrupt music chain Tower Records has agreed to tweak its liquidation plan to give stakeholders more say.

  • July 27, 2007

    Asarco Parent Moves To Block Cleanup Settlement

    Asarco LLC's parent company has moved to block the miner's proposed $35.3 million settlement with federal and state officials over a mining site cleanup, arguing it does not serve the best interests of its creditors, only those of its law firm, Baker Botts LLP.

  • July 27, 2007

    Calpine Wooed By Alternative Chapter 11 Plan

    Calpine Corp. told regulators Friday that it is considering an alternative reorganization plan after being approached by unnamed parties that have proposed offering guaranteed recoveries to stakeholders of the bankrupt utility.

  • July 26, 2007

    Mortgage Lenders' Creditors Get More Time

    A bankruptcy court on Wednesday granted unsecured creditors of Mortgage Lenders Network USA Inc. extra time to file claims against the lender’s primary prepetition lender.

  • July 26, 2007

    Bankrupt AMS Objects To $18M In Publishers' Claims

    Beleaguered book marketer Advanced Marketing Services Inc. has asked a bankruptcy court for an order throwing out more than $18 million in allegedly duplicate claims by creditors.

  • July 26, 2007

    Delta Mills Seeks Account Documents

    Woven textile maker Delta Mills Inc. has asked a bankruptcy judge to require Euler Hermes to turn over key documents in an agreement the credit insurance company made with GMAC Commercial Finance LLP, which handles accounts receivable for Delta Mills.

  • July 26, 2007

    Judge Shakes Head At W.R. Grace's Exclusivity

    In a blow to W.R. Grace, a bankruptcy judge has terminated the beleaguered chemical manufacturer's exclusivity period, siding instead with asbestos claimants who said the move could prompt the company to the bargaining table.

  • July 26, 2007

    Judge Resolves Fee Spat In Werner's Ch. 11 Case

    A dispute over fees between Werner Holding Co.'s financial advisor and one of its creditors has come to a close with neither side the clear winner.