Bankruptcy

  • November 16, 2006

    Bank of America Unhappy With Adelphia's Ch.11 Plan

    A creditor in Adelphia Communications Corp.’s bankruptcy proceedings opposed its Chapter 11 reorganization plan on Wednesday, arguing the plan is not legally sustainable or economically feasible.

  • November 16, 2006

    Oneida Throws Punch At PBGC Over Payments

    After emerging from bankruptcy two months ago, Oneida Ltd. has found itself locked in a battle with the Pension Benefit Guaranty Corp. over whether the battle-scarred flatware maker owes the government insurer a slew of payments for terminating its pension plans.

  • November 15, 2006

    Saint Vincent Seeks Extension of Ch. 11 Plan

    Saint Vincent Catholic Medical Centers has asked a bankruptcy court to extend its exclusive period for its Chapter 11 plan for one month as it works to wrap up sales of its various hospitals.

  • November 15, 2006

    Comair Flight Attendants Agree To Reduced Contract

    Flight attendants for Comair Inc. overwhelmingly ratified a new contract agreement Tuesday, which should allow the Delta Airlines subsidiary to inch closer to its goal of exiting Chapter 11 protection.

  • November 15, 2006

    Dana's New Bonus Plan Triggers Both Anger and Praise

    A week after submitting a revamped executive compensation plan, embattled auto supplier Dana Corp. has found its proposal at the center of controversy in the bankruptcy case, with the plan drawing both strong support and opposition from key groups.

  • November 15, 2006

    Monsanto Fires Back At Solutia Noteholders

    Monsanto Co., the former parent company of bankrupt Solutia Inc., filed court papers Tuesday aimed at correcting “blatant untruths” in an objection recently filed by Solutia’s ad hoc noteholders committee.

  • November 15, 2006

    Legal Woes Pile Up For Refco Ex-CEO Bennett

    For former Refco Inc. head Phillip Bennett, things just keep getting worse. On Tuesday, prosecutors widened their case against the fallen chief executive, accusing him of lying to auditors as part of an alleged scheme to hide hundreds of millions of dollars in debt from investors and auditors.

  • November 15, 2006

    Second Lien Group Takes Issue With Dura’s DIP Loan

    A committee of hedge funds that owns the majority of Dura Automotive Systems Inc.’s second lien obligations has objected to the auto parts maker’s plan to finance its Chapter 11 proceedings.

  • November 15, 2006

    US Airways Proposes Takeover Bid Of Delta Air Lines

    Despite possible antitrust problems and a snub by Delta Air Lines Inc. earlier this year, US Airways Group Inc. CEO Doug Parker has decided to give merger talks another try, this time going around management and appealing directly to the company’s creditors with a $8 billion buyout offer.

  • November 14, 2006

    Judge: U.S. Government Owes Delta Air Lines $7M

    A judge has ordered the U.S. government to pay Delta Air Lines Inc. at least $7 million for flights purchased for U.S. military personnel since the beleaguered airline filed for bankruptcy in September 2005.

  • November 14, 2006

    Judge Grants Mesaba More Time To File Plan

    A federal judge on Monday gave regional airline Mesaba Aviation Inc. a three-month extension to file its Chapter 11 reorganization plan, just weeks after the airline was able to stave off a potentially crippling employee strike.

  • November 14, 2006

    Werner Gets Extension To File Chapter 11 Plan

    Giving the company a boost in its bankruptcy proceedings, a bankruptcy court on Monday granted ladder maker Werner Co.’s request for extra time to come up with a plan to help it climb out of Chapter 11.

  • November 14, 2006

    FLYi Files First Amended Joint Plan of Liquidation

    FLYi Inc., the parent of former low-fare Independence Air, and its debtor affiliates filed their first amended joint plan of liquidation on Monday, furthering their efforts to sell off the last of their assets.

  • November 14, 2006

    Refco FX Accused Of Not Returning Investment Profits

    Refco FX was hit with a multimillion-dollar lawsuit on Tuesday by a financial company alleging that Refco allowed it to continue trading on its foreign exchange trading platform after it filed for bankruptcy, then denied it the profits.

  • November 14, 2006

    NWA Asks Court To Bless Mechanics Agreement

    Northwest Airlines is seeking court approval of the settlement and compromise it made with its mechanic, cleaner and custodian employees, which would end any threat of a strike by those employees.

  • November 14, 2006

    Meridian Fires Back At Former Worker With Suit

    Bankrupt auto supplier Meridian Automotive has smacked one of its former employees with a lawsuit for allegedly violating the terms of his severance agreement by leaving to join one of the company’s prime competitors.

  • November 14, 2006

    Union Plays Hardball With Calpine Over Contracts

    Union workers at one of Calpine Corp.’s San Diego power plants are fighting to have their contracts honored as part of the embattled energy provider’s impending $130 million deal with San Diego Gas & Electric.

  • November 14, 2006

    Parella Weinberg To Acquire Restructuring Firm

    A London and New York-based investment banking boutique has acquired a U.S. restructuring firm in an effort to cash in on rising debt levels and interest rates that cause companies to file for bankruptcy.

  • November 13, 2006

    Adelphia Continues Battle To Unearth Lucent Documents

    Persevering in its attempts to force Lucent Technologies Inc. to surrender all documents relating to a $44 million debt, bankrupt telecommunications company Adelphia Communication Corp. claimed on Friday that Lucent failed to prove the documents fell under attorney-client privilege.

  • November 13, 2006

    Solutia Noteholders Object To Exclusivity Extension

    The ad hoc committee of noteholders in Solutia Inc.’s bankruptcy case has filed a scathing objection to the debtor’s ninth request to extend its exclusive right to file a Chapter 11 plan, accusing Solutia of failing to negotiate in good faith, squandering the estate’s resources and taking a cavalier attitude toward the reorganization process.