Bankruptcy

  • August 25, 2006

    Northwest Pays Off $983.7M Pre-Bankruptcy Loan

    Bankrupt carrier Northwest Airlines Corp. has used a huge refinancing package to come clean on nearly $1 billion in debt that it racked up before its bankruptcy, according to a filing with the U.S. Securities and Exchange Commission.

  • August 25, 2006

    Congoleum Beseeches Court To Release $3.7M

    Bankrupt flooring company Congoleum Corp. has asked a New Jersey bankruptcy court for permission to be repaid $3.7 million in legal costs related to more than 100,000 asbestos claims filed against the company.

  • August 24, 2006

    Refco's $2B Deal Delayed Once Again

    The fate of a proposed $2 billion settlement to wrap up Refco Inc.’s contentious bankruptcy proceedings is still up in the air after a federal bankruptcy judge Thursday once again postponed a decision on the deal.

  • August 24, 2006

    Gateway Capital Offers To Fund SeraCare's Ch. 11 Exit

    Gateway Capital Management LLC plans to submit a "superior" financing proposal to propel SeraCare Life Sciences Inc. out of Chapter 11 protection.

  • August 24, 2006

    U.S. Urges Judge To Bar Flight Attendant Strike

    The U.S. Attorney’s office in the Southern District of New York filed court papers on Wednesday in the Northwest Airlines bankruptcy case, urging the judge to not let the flight attendants strike and cause disruptions to the air carrier’s flight operations.

  • August 24, 2006

    Court OKs Silicon Graphics’ Bid For Backstop Deals

    Paving the way for Silicon Graphics Inc.’s emergence from Chapter 11 protection, a bankruptcy judge on Wednesday gave the company the green light to enter into backstop commitments for a rights offering to be conducted through its reorganization plan.

  • August 24, 2006

    Trustee Objects To Best's Investment Bank Choice

    The U.S. Trustee overseeing Best Manufacturing Group LLC’s bankruptcy case has objected to the company’s choice of an investment bank, balking at fees that “could total millions of dollars.”

  • August 24, 2006

    Tower Records Seeks To Hire O’Melveny & Myers

    Tower Records Inc., which filed for Chapter 11 last week, has asked the bankruptcy court for permission to retain O’Melveny & Myers LLP as its co-counsel.

  • August 24, 2006

    Delta's Bankruptcy Costs Hit $70M

    Law firms stand to reap millions after the judge overseeing cash-strapped Delta Airlines’ bankruptcy proceedings entered an order approving a slew of payment applications, bringing the total cost of the airline’s Chapter 11 proceedings to more than $70 million.

  • August 23, 2006

    JPMorgan Urges Bakery To Complete Chapter 11 Case

    The agent for Interstate Bakeries Corp.'s prebankruptcy lenders has come out in support of the company’s bid for an extension of its exclusivity period, saying the company will keep faltering if it doesn’t get out of bankruptcy protection soon.

  • August 23, 2006

    Ausam Secures 90 More Days To File Chapter 11 Plan

    Biopharmaceutical company Ausam Biotechnologies Inc. has won 90 additional days to retain its exclusive right to put forth a reorganization plan, marking its second extension since it filed for Chapter 11 in February.

  • August 23, 2006

    Tower Gains Extension, But Must Draft Plan

    Less than a month after Tower Automotive Inc. bid for an extension in its Chapter 11 proceedings, a bankruptcy court has conditionally agreed to give the auto parts maker 60 additional days to file a reorganization plan and solicit creditor support.

  • August 23, 2006

    Adelphia Family Handed More Money For Legal Fees

    Two members of the founding family of Adelphia Communications Corp. have been granted $600,000 from a company insurance policy to pay mounting legal fees related to their civil fraud case, according to court filings.

  • August 23, 2006

    Galvex Trustee Objects To Attorneys' Payment Request

    The U.S. Trustee overseeing Galvex Capital Ltd.’s Chapter 11 case has objected to a payment request from attorneys for the steel company’s unsecured creditors committee, complaining that Galvex Capital LLC hasn’t complied with its obligations to report and pay quarterly fees to the Trustee.

  • August 23, 2006

    Dana Bids To Retain Skadden Arps As Special Counsel

    Beleaguered auto supplier Dana Corp. has asked the bankruptcy court for permission to retain Skadden, Arps, Slate, Meagher & Flom LLP as its special counsel throughout its Chapter 11 proceedings.

  • August 23, 2006

    Judge Allows Riverstone To Overhaul Shareholder Deal

    Nearly three months after Riverstone Networks Inc. asked for court approval to revamp an old shareholder lawsuit settlement, a federal judge has given the green light to the bid, enabling the bankrupt ethernet provider to recoup nearly $1 million in fees originally paid to shareholders’ lawyers.

  • August 23, 2006

    Congoleum Reaches $17M Insurance Settlement

    Bankrupt flooring company Congoleum Corp. is one step closer to untangling its messy insurance situation, after Century Indemnity Co. agreed to pay $16.95 million to a trust created to pay off asbestos claims filed against Congoleum.

  • August 22, 2006

    Shareholders Seek End To SeraCare Chapter 11 Control

    Raring to push forward a competing reorganization plan, an ad hoc equity committee will ask a judge Thursday to do away with SeraCare Life Sciences Inc.’s exclusivity period to submit a sole plan.

  • August 22, 2006

    Newly Bankrupt Radnor To Sell Its Assets

    Foam cup maker Radnor Holdings Corp. filed for Chapter 11 protection Monday, having already found a buyer for nearly all of its assets.

  • August 22, 2006

    Securities Plaintiffs Object To Refco Bankruptcy Ruling

    A court order permitting bankrupt futures brokerage Refco Inc. to pay off $127.5 million in intercompany claims has raised the ire of the lead plaintiffs in a securities suit pending against the company.