Bankruptcy

  • March 26, 2007

    NYC Withdraws $3.75M Claim Against Curative

    Bankrupt health care provider Curative Health Services Inc., which has fought against many of the claims filed by creditors in its Chapter 11 case, won a $3.75 million concession on Friday from the New York City Department of Finance.

  • March 26, 2007

    Kirkland & Ellis Bills Solutia For Another $5M

    The costs of Solutia Inc.’s bankruptcy continue to mount, with lead counsel Kirkland & Ellis applying for another $5 million in compensation, bringing the firm’s total fees to over $30 million.

  • March 26, 2007

    Judge Tosses Hedge Funds’ Bid To Lift TRO

    A federal judge has denied a bid by a group of hedge funds to throw out a state court order barring the funds from suing Wachovia Corp. over the bank’s possible role in the collapse of bankrupt drink maker Le-Nature's Inc.

  • March 23, 2007

    Home Products Makes Quick Turnaround From Ch. 11

    Housewares company Home Products International Inc. emerged from bankruptcy on Wednesday after having declared over $116 million in publicly held debt only four months ago.

  • March 23, 2007

    Magnolia Bids Adieu To Chapter 11 Status

    Mississippi-based power wholesaler Magnolia Energy LP officially blossomed out of bankruptcy on Friday, having found a way to refinance its $427 million debt.

  • March 23, 2007

    Eckert Seamans Acquires Group From Boutique

    Nine attorneys from Philadelphia bankruptcy and insolvency law firm Adelman Lavine Gold Schildhorn and Kleban, including all of its named partners, have announced they will collectively shed their status as boutique lawyers to join a larger firm.

  • March 23, 2007

    Malden Mills Creditors Push For GE Settlement

    Unsecured creditors of Malden Mills Industries Inc. want a bankruptcy court to sign off on a deal with the beleaguered fleece manufacturer’s creditor General Electric Capital Corp. following months of "difficult negotiations."

  • March 23, 2007

    Court Rules "Vulture" Fund Has No Right To Sue

    In a ruling that could dissuade so-called vulture funds from buying the distressed debt of bankrupt companies, a court has found that a single bank has no right to sue against the wishes of other lenders.

  • March 22, 2007

    Tower Gets More Time To Develop Plan

    A federal bankruptcy judge has given Tower Automotive Inc. a temporary extension on its exclusive right to develop a turnaround plan despite the opposition of the bankrupt auto parts maker’s creditors.

  • March 22, 2007

    NWA Hedge Funds Surrender Trading Data

    After weeks of protest, a group of hedge funds decided Wednesday to turn over information regarding its trading activity in Northwest Airlines Corp.’s stock and debt.

  • March 22, 2007

    Werner Picks Stalking Horse Bidder

    After much debate, Werner Co. has designated a lead bidder in the auction for its assets, choosing a $265 million offer put forth by two first-lien lenders in the ladder maker’s bankruptcy case.

  • March 22, 2007

    Credit Suisse, Calpine Clash Over $7.9M Claim

    Credit Suisse Group Inc. filed an objection Thursday to bankrupt energy provider Calpine Corp.’s request for a proof of the investment bank’s $7.9 million claim, arguing that the motion should be overruled.

  • March 22, 2007

    U.S. Energy Biogas Makes Deal With Illinois, ICC

    U.S. Energy Biogas Corp. reached an agreement with the state of Illinois and the Illinois Commerce Commission on Thursday, resolving what it called the “principal remaining outstanding issue” in its Chapter 11 filing.

  • March 22, 2007

    Judge Mulls Northwest Flight Attendants' $1B Claim

    A bankruptcy judge has postponed ruling on a claim by Northwest Airline’s 8,000 flight attendants for $1.1 billion in lost wages and benefits.

  • March 23, 2007

    Under Pressure, Judge Opens Nvidia Case To Public

    After catching heat from reporters, a bankruptcy judge has withdrawn an order requiring members of the press to sign confidentiality agreements to attend a trial involving a creditor dispute with Nvidia Corp. over its 2001 purchase of 3dfx Interactive Inc., a struggling graphics chip designer.

  • March 23, 2007

    New Century Looks To Lazard, O'Melveny & Myers

    As rumors churn over whether or not subprime lender New Century Financial Corp. will enter Chapter 11, a report surfaced Thursday that the company has retained financial and legal advisors.

  • March 21, 2007

    California, Fannie Mae Sever Ties With New Century

    New Century Financial Corp.’s outlook grew dimmer on Tuesday when the embattled subprime mortgage lender said it was ordered to stop operations in its home state of California and Fannie Mae refused to purchase the company’s loans.

  • March 21, 2007

    Judge Grants More Time To Warring Werner Parties

    After numerous extensions, a federal bankruptcy judge has set aside another few weeks for Werner Co.’s financial advisor and the ladder maker’s unsecured-creditors committee to put an end to the feud that erupted over a $1.39 million fee payment.

  • March 21, 2007

    Dura Wins Extension To Drive Itself Out Of Bankruptcy

    Dura Automotive Systems Inc. has won permission to stay in the driver's seat of its Chapter 11 organization plan, after a bankruptcy judge extended the troubled auto parts company’s exclusivity period to May 23.

  • March 21, 2007

    Skadden Compromises On Fee Application

    Skadden, Arps, Slate, Meagher & Flom LLP, which has already collected over $40 million for its work on the Refco Inc. bankruptcy, has voluntary knocked $1 million off its invoice in the wake of opposition.