Bankruptcy

  • February 26, 2007

    United Pilots Sue Union Over Pensions

    A group of United Air Lines pilots have filed a class action against their union, accusing it of unfairly allocating their compensation funds and discriminating against older employees.

  • February 26, 2007

    Pfizer Loses Bid To Dismiss Adversary Proceeding

    A U.S. bankruptcy judge has rejected Pfizer Inc.’s attempt to dismiss claims from insurance companies entangled in the Chapter 11 proceedings of its subsidiary, Quigley Company Inc., which was brought down by product liability claims.

  • February 26, 2007

    Union Sues Northwest Over Unapproved Bonuses

    The Northwest Airlines Inc. pilots union sued the bankrupt airline on Friday for implementing a number of bonus plans without the union’s consent.

  • February 23, 2007

    Collins & Aikman Objects To Fee Examiner

    Bankrupt auto parts supplier Collins & Aikman Corp. has objected to an attempt to have a fee examiner appointed in its Chapter 11 case.

  • February 23, 2007

    Extension Allows Lionel To Keep Chugging Along

    Swayed by Lionel LLC's argument, a Manhattan bankruptcy court has granted the toy train maker a fourth extension of its exclusive right to file a reorganization plan as the company awaits the outcome of a key trade secrets battle.

  • February 23, 2007

    Delphi Sues Insurer For Legal Costs

    Bankrupt Delphi Corp. has sued its insurer over a $19 million legal bill the auto parts maker chalked up while defending itself against accusations of securities fraud.

  • February 23, 2007

    Delta Renegotiates Lease Deal At Cincinnati Airport

    Bankrupt Delta Air Lines Inc. has offered holders of Cincinnati airport-issued bonds $260 million in unsecured claims and an airline note for $67 million after striking a new lease deal.

  • February 26, 2007

    Interstate Seeks To Bump Board's Salary

    Interstate Bakeries Corp. has asked a bankruptcy court to bump up the salaries of its directors by $45,000 apiece to prevent the executives from jumping ship.

  • February 22, 2007

    KPMG Files $2.2M Foamex Bill

    Accounting firm KPMG has applied to the court for $2.2 million it is owed for auditing work it performed for Foamex International Inc. while the company was in bankruptcy.

  • February 22, 2007

    Trustee Objects To London Fog Bonus Plan

    The U.S. Trustee in London Fog Group Inc.’s bankruptcy proceedings has objected to the rainwear maker’s plan to pay incentive bonuses to its chief financial officer and retention payments to three accounting professionals.

  • February 22, 2007

    Collins & Aikman Reaches Deal With Nissan

    In a victory for auto parts maker Collins & Aikman Corp., the bankrupt company's recently filed reorganization plan has won the approval of Japanese car maker Nissan Motor Co.

  • February 22, 2007

    Northwest Creditors Oppose Shareholder Committee

    The unsecured creditors involved in the bankruptcy case of Northwest Airlines have objected to a motion that would create an official shareholder committee, arguing that formalizing the group would detract from the proceedings.

  • February 23, 2007

    Creditors Fare Better In Large Bankruptcies: Study

    Creditors in large bankruptcies generally recover a lot more than creditors in small bankruptcies, a new study has found.

  • February 22, 2007

    "Bad Faith" Limits Bankruptcy Rights: Supreme Court

    The U.S. Supreme Court has ruled that debtors cannot convert a bankruptcy case from one chapter of the Bankruptcy Code to another if they show “bad faith” in their initial filing.

  • February 22, 2007

    Adelphia Still Wrangling With Disney Over $210M Bill

    Adelphia Communications Corp. may have recently emerged from bankruptcy protection, but the fighting over the distribution of the cable provider’s assets is far from over.

  • February 21, 2007

    Owens Corning Settles Illinois Claim For $2.25M

    After recently emerging from Chapter 11, insulation maker Owens Corning has settled with the state of Illinois, exchanging a $2.25 million unsecured claim for immunity from asbestos-related damages.

  • February 21, 2007

    Supreme Court Denies Writ In UAL Case

    The U.S. Supreme Court on Tuesday declined to hear a case in which UAL Corp. employees alleged that the fiduciary of the company’s employee stock ownership plan breached its duty in the days before the airline declared bankruptcy in 2002.

  • February 21, 2007

    Werner Creditors Abandon Fight For Now

    The unsecured creditors of ladder maker Werner Co. have agreed to bury the hatchet and scrap their challenge to a group of second-lien lenders, though certain restrictions apply to the deal.

  • February 20, 2007

    San Diego Diocese Mulls Bankruptcy

    On the eve of trial, the Roman Catholic Diocese of San Diego has threatened to file for bankruptcy in an attempt to temporarily sidestep more than 140 lawsuits accusing priests of sexual abuse.

  • February 20, 2007

    Union Protests Dura's Exec Retention Plan

    The union representing workers at bankrupt Dura Automotive Systems Inc. has objected to an incentive program that rewards executives for transferring close to 2,000 jobs to Mexico and Eastern Europe.