Bankruptcy

  • January 30, 2006

    Consensus Building Key To Success, Says Blank Rome

    Blank Rome expects the volume of Chapter 11 filings to remain relatively low, but business remains frisky for the firm, which is involved in headline-grabbing bankruptcies of companies such as Delta, Delphi, Northwest and Winn-Dixie.

  • January 30, 2006

    Asbestos Companies Eye Chapter 11 Emergence

    Several companies that were crippled by class action lawsuits over cancer-causing asbestos are preparing to emerge from Chapter 11 bankruptcy protection, as attorneys and creditors committees pushed massive settlements toward approval Monday.

  • January 30, 2006

    New Bankruptcy Law Gives Attorneys Headaches

    Just a few months after the passage of the biggest overhaul of U.S. consumer bankruptcy law in recent history, attorneys and judges are beginning to see what they say are clear signs the reform isn’t living up to its promise.

  • January 30, 2006

    Struggling Steel Company Allowed To Pay Foreign Debts

    Steel producer Galvax, forced into Chapter 11 bankruptcy protection after defaulting on an $84 million loan, has been given approval to pay off debts owed to foreign creditors.

  • January 30, 2006

    Banks Ask Judge To Toss Delphi Securities Fraud Suit

    A group of investment banks that underwrote bankrupt auto parts maker Delphi Corp.’s debt has asked a bankruptcy judge to halt a “distracting” securities-fraud complaint lodged against the company's top executives.

  • January 30, 2006

    Proxim Reaches $10.7M Lender Settlement

    Wireless equipment maker Proxim Corp.'s unsecured creditors have won approval of a settlement with the company's top lender, private equity firm Warburg Pincus LLC, lowering the lender's secured claims in its bankruptcy proceedings.

  • January 27, 2006

    Calpine Loses Bid To Break Electricity Contracts

    A federal judge in New York has dealt a stinging setback to bankrupt power generator Calpine Corp. and its creditors, denying the company’s attempt to break eight long-term electricity contracts and sending the matter to the Federal Energy Regulatory Commission (FERC).

  • January 27, 2006

    Tower Automotive Gets Extension On Chapter 11 Plan

    A U.S. bankruptcy court has granted auto parts maker Tower Automotive’s request for a 90-day extension of its reorganization plan deadline, allowing one of the numerous auto parts makers mired in bankruptcy proceedings to breathe a sigh of relief.

  • January 27, 2006

    Future Looks Grim For Charitable Hospitals

    Bankrupt Saint Vincent Catholic Medical Center of New York may have secured a $350 million loan from General Electric Healthcare Financial Services to help it stay afloat, but experts are predicting that charitable hospitals in general face an uncertain and bleak future.

  • January 27, 2006

    Union Wins Spot On Delphi Creditors Panel

    The United Auto Workers union has won a long-standing bid to secure a nonvoting seat on the creditors committee for scandal-ridden auto parts giant Delphi Corp. in the company’s Chapter 11 bankruptcy case.

  • January 27, 2006

    Flat Screen TVs Push LG.Philips Units Into Bankruptcy

    LG.Philips LCD, the world's largest maker of liquid crystal displays, has filed for creditor protection for its European holding company, as well as its Dutch and Czech units and its German affiliate, resulting in the immediate loss of 750 jobs and threatening many more.

  • January 27, 2006

    Law Firms Set For Fee Bonanza Amid Airline Bust

    United Airlines’ parent company is preparing to emerge from Chapter 11 this week, but that doesn’t mean the bonanza is over for bankruptcy lawyers. The aviation bust has proven to be a goldmine for law firms like Kirkland & Ellis, Davis Polk and Stroock & Stroock, according to our study of legal fees in airline bankruptcy proceedings.

  • January 26, 2006

    Refco Asks Christie’s To Auction Off Its Art

    Beleaguered brokerage firm Refco Inc. has enlisted the help of Christie’s auction house in its struggle to emerge from bankruptcy and repay $16.8 billion in debts.

  • January 26, 2006

    Portland Arcbishop Defends Bankruptcy After Ruling

    The archbishop of the bankrupt Archdiocese of Portland in Oregon rebutted the idea Thursday that he had "foolishly" fallen victim to poor advice from bankruptcy attorneys when declaring the organization insolvent in July 2004.

  • January 26, 2006

    Calpine Hires Kirkland As Bankruptcy Counsel

    The U.S. Bankruptcy Court in New York has approved Calpine’s motions to retain Kirkland & Ellis as counsel, PA Consulting Group as energy industry consultant and Curtis, Mallet-Prevost, Colt & Mosle as conflicts counsel.

  • January 25, 2006

    Delta, Pilots At Contract Impasse

    As the deadline for compromise draws near, Delta Airlines and the pilots union are still at each other’s throats over the carrier’s bankruptcy reemergence plan, making arbitration seem like an increasingly likely option.

  • January 25, 2006

    Northwest Buys Precious Talk Time In Union Dispute

    Northwest Airlines’ management and pilots have bought more time this week to negotiate cost-saving deals that will determine whether the carrier will fold.

  • January 25, 2006

    Judge OKs Incentive Deal for Mesaba Execs

    In a blow to Mesaba Aviation’s rank and file workers, a federal bankruptcy judge has ruled that the struggling regional carrier can proceed with a plan that would offer executives millions of dollars in proposed incentives and severance benefits.

  • January 25, 2006

    Suit Against Deutsche Bank CEO To Move Forward

    A media tycoon’s allegations that Deutsche Bank AG’s chairman helped bankrupt his company through remarks in a news interview will be heard in court, after a federal judge in Germany allowed the case to move forward.

  • January 25, 2006

    Adelphia Targets Its Former Law Firm For Investigation

    Bankrupt cable television provider Adelphia Communications Corp. has turned up the heat on its former law firm after deciding Tuesday to launch an investigation into its attorneys' alleged conflict of interest.