Attorneys for floundering subprime lender New Century Financial Corp. are pushing the Delaware bankruptcy court to seal the findings of Michael Missal, who was appointed last week as the company's examiner.
Defunct hedge fund Bayou Group LLC has filed a Chapter 11 plan and disclosure statement that offers investors who Bayou is suing for pulling their money out before it collapsed a chance to settle its claims against them.
A federal bankruptcy judge has blessed a deal that Calpine Corp. reached earlier with landlords for two of its power plants in New England, allowing the energy provider to shed $1.1 billion in claims in its Chapter 11 case.
Though the delinquency rate for mortgage loans has begun to decrease, the number of subprime and other loans entering the foreclosure process has jumped to record revels, a recent study found.
Highland Capital Management LP is again pursuing a deal that would make it the lead investor to spring Delphi Corp. from Chapter 11.
A judge on Monday approved an agreement between formerly bankrupt media company Granite Broadcasting Corp. and a group of shareholding investment funds which had appealed the company's reorganization plan.
Bankrupt Werner Company announced Monday that it had completed the sale of substantially all of its assets for about $265 million, a development that should allow the ladder maker to emerge from Chapter 11 protection.
A U.S. Trustee has objected to New Century's bid to hire Grant Thorton LLP as a tax accountant and ICP Consulting LLC as a liquidation advisor, saying that engagement letters with the firms contain provisions that courts have previously not allowed.
New Century Financial Corp.'s implosion has claimed another victim, with the co-founder and chief executive of the subprime mortgage lender becoming the most recent employee to be forced out of the company.
Hoping to stem the tide of growing criticism, Pfizer Inc. has earmarked another $100 million for the asbestos trust at the heart of a Chapter 11 case involving the pharmaceutical giant's former unit, Quigley Co.
A massive lawsuit brought by creditors and shareholders of bankrupt Adelphia Communications Corp. against 380 lenders allegedly involved in the company's disintegration will continue in court, after a bankruptcy judge refused to dismiss it on Monday.
Facing mounting financial challenges, consumer electronics retail chain Tweeter Home Entertainment Group Inc. filed for Chapter 11 protection on Monday.
Though the Supreme Court made no mention of bankruptcy law when it allowed private parties to sue for expenses they incurred while voluntarily cleaning contaminated sites, attorneys say it subjected reorganized companies to additional environmental liability claims.
Bankrupt music retailer Tower Records received court approval on Monday of the third draft of its Chapter 11 liquidation plan, which has drawn fire from creditors since it was first filed in March.
Bankrupt subprime lender Ownit Mortgage Solutions Inc. has convinced its unsecured creditors committee and the U.S. Trustee overseeing its Chapter 11 proceedings to agree to extend Ownit's exclusive rights to file and seek support for a restructuring plan by about four weeks.
Ameriquest Mortgage Co. filed a motion Monday in New Century Financial Corp.'s Chapter 11 proceedings requesting relief from the automatic stay in order to pursue an action against a couple who defaulted on an Ameriquest loan.
A bankruptcy judge has lifted the automatic stay in the Chapter 11 case of Marcal Paper Mills Inc. to allow a couple to pursue a personal injury claim.
Steptoe & Johnson LLP announced Monday the launch of its real estate finance litigation and restructuring team, a coalition of West Coast partners that will provide legal guidance to clients in the troubled subprime lending industry.
Global Power Equipment Group Inc. has asked the Delaware court overseeing its Chapter 11 proceedings to extend the power equipment designer and fabricator's exclusive rights to file and seek support for a reorganization plan, arguing that the filing of competing plans could disrupt Global Power's businesses.
In a blow to Nucor Corp., the Supreme Court has refused to hear a case involving claims that the steel company violated antitrust laws by outbidding Gulf States Reorganization Group Inc. in a bankruptcy auction.