Bankruptcy

  • June 12, 2007

    Electronics Retail Chain Files For Chapter 11

    Facing mounting financial challenges, consumer electronics retail chain Tweeter Home Entertainment Group Inc. filed for Chapter 11 protection on Monday.

  • June 14, 2007

    Ruling Impinges On Bankruptcy Code, Lawyers Warn

    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.

  • June 12, 2007

    Court Approves Tower Records' Liquidation Plan

    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.

  • June 12, 2007

    Subprime Lender Gets More Time to File Plan

    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.

  • June 12, 2007

    Ameriquest Wants New Century Stay Lifted

    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.

  • June 12, 2007

    Judge Lifts Marcal Stay For Personal Injury Claim

    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.

  • June 11, 2007

    Steptoe Launches Subprime Lending Practice Group

    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.

  • June 11, 2007

    Citing Progress, Global Power Seeks Extension

    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.

  • June 11, 2007

    High Court Shakes Head At Nucor Appeal

    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.

  • June 11, 2007

    Pension Fund Seeks Class Status In Calpine Case

    A pension fund whose shareholder lawsuit against Calpine Corp. has been put on hold intends to seek class action status in bankruptcy court for its claims, hoping that route will allow it to seek recourse against the energy giant.

  • June 11, 2007

    High Court Backs Paper Co. In ERISA Dispute

    The Supreme Court has unanimously ruled in favor of a bankrupt paper mill company, finding that it is under no obligation to consider an offer to merge its pension plans as an alternative option to terminating the plans.

  • June 8, 2007

    New Century Creditors Slam Request For Relief

    Peeved at General Electric Capital Corp.'s motion for relief from an automatic stay, the official unsecured creditors committee of New Century Financial Corp.'s ongoing bankruptcy proceedings said on Thursday that the creditor deserved nothing more than what it had already received.

  • June 8, 2007

    Bankrupt Lender Sees Dueling Class Certification Bids

    In a situation one attorney called highly unusual, a group of class claimants and a group of class plaintiffs have filed competing bids seeking class certification from a bankruptcy court, accusing bankrupt lender People's Choice Home Loan Inc. of violating California labor laws.

  • June 8, 2007

    Judge Approves New Century Examiner

    A judge has approved the appointment of a parter at Kirkpatrick & Lockhart Preston Gates Ellis LLP to serve as the examiner in New Century Financial Corp.'s Chapter 11 proceedings.

  • June 8, 2007

    All American Wins Right To Toss Severance Contracts

    All American Semiconductor Inc. has won bankruptcy court approval to reject some agreements it entered into with former employees after arguing that the contracts were detrimental to the company and its estates.

  • June 8, 2007

    Greenberg Traurig Appoints Another Female Leader

    After luring Hon. Melanie Cyganowksi away from the bench to spearhead its bankruptcy litigation practice, Greenberg Traurig has tapped another powerful female to head up its restructuring practice in New York.

  • June 7, 2007

    Shareholder Protests Bally's Reorganization Plan

    As Bally Total Fitness Holding Corp. readies for a stint in bankruptcy, a key shareholder is already threatening to sue the fitness giant over its proposed restructuring plan.

  • June 7, 2007

    Tower Records Keeps Exclusivity Rights

    A federal court judge on Thursday spurned an attempt by the official committee of unsecured creditors to terminate bankrupt music distributor Tower Records' exclusive right to propose a restructuring plan and allow the committee to file a competing plan, according to news reports.

  • June 7, 2007

    Deloitte Asks Court To Review Ruling In DVI Case

    Accounting firm Deloitte & Touche has asked a federal court to reconsider a ruling that partially dismissed a complaint against the company in a suit filed by bankrupt health care finance company DVI Inc.

  • June 7, 2007

    New US Trustee Named For N.Y. Region

    After temporarily stepping into the role, Diana G. Adams has been officially appointed to serve as the U.S. Trustee for New York, Connecticut and Vermont, charged with representing the U.S. Department of Justice in that region's bankruptcy cases.