Bankruptcy

  • May 16, 2006

    Retired Pilots Win Ruling In Delta Case

    The retired pilots of beleaguered Delta Air Lines Inc. celebrated a small victory last week when Judge Leonard B. Sands ruled that the bankruptcy court erred when it denied the pilots’ requests that Delta be forced to make pension payments.

  • May 16, 2006

    J.L. French Moves Closer To Emerging From Chapter 11

    J.L. French Automotive Castings Inc. moved one step closer to exiting Chapter 11 bankruptcy on schedule when a judge signed off on an order approving its disclosure plan Friday.

  • May 16, 2006

    Gilbert Heintz Seeks Compensation In Congoleum Case

    Gilbert Heintz & Randolph LLP is once again fighting back to recover some of the nearly $13 million in fees that were voided last month by the bankruptcy judge for Congoleum Corp., which had accused the law firm of conflict of interest.

  • May 15, 2006

    OCA Adds $15 Million To DIP Loan

    Bankrupt orthodontic services company OCA Inc. has received a federal bankruptcy judge’s approval to borrow an extra $15 million on its debtor-in-possession loan, bringing the DIP loan total to $106.7 million.

  • May 15, 2006

    Kaiser Aluminum Reaches Light At End Of Tunnel

    A district court has cleared the way for bankrupt Kaiser Aluminum Corp. to emerge from Chapter 11 protection by the third quarter of 2006, more than four years after difficult industry conditions and asbestos liabilities drove the company into insolvency.

  • May 15, 2006

    Tower Retrieves $5.5 Million From Kemper Insurance

    Accused of improperly collecting funds, affiliates of an insurance company have been barred by a bankruptcy judge from drawing on credit owed by bankrupt Tower Automotive Inc.

  • May 15, 2006

    Musicland Liquidation Plan Stiffs Creditors, Shareholders

    Under the proposed liquidation plan of bankrupt entertainment retailer Musicland Holding Corp., the company’s unsecured creditors and current shareholders stand to come out of the ordeal empty-handed.

  • May 15, 2006

    Restructuring Firm Snapshot: Kurtzman Carson Consultants

    Kurtzman Carson Consultants has come off of five years of explosive growth poised to change the way the restructuring industry works, despite the fact that, technically, the company is a claims agent, not a restructuring/turnaround firm.

  • May 15, 2006

    Steel Parts Maker PTC Alliance Files For Chapter 11

    Steel parts maker PTC Alliance Corp. will make its second attempt at restructuring in just four years, outlining a debt-for-equity swap in its prepackaged Chapter 11 bankruptcy protection petition.

  • May 15, 2006

    Law Firm Profile: Kronish Lieb

    When the Bankruptcy & Restructuring Group of New York-based law firm Kronish Lieb Weiner & Hellman LLP takes a case, its unofficial motto could be “there’s more than meets the eye,” considering its history of squeezing value out of bankrupt companies to benefit its clients.

  • May 12, 2006

    Nonplussed By Objections, Judge Approves OCA's Plan

    Over the objections of affiliated dentists, a federal judge has issued an order approving bankrupt orthodontic services company OCA Inc.’s proposed reorganization plan, thereby removing a potential obstacle to the company’s emergence from Chapter 11.

  • May 12, 2006

    Collins & Aikman Wins Extension For Reorganization Plan

    Though falling short of the amount of time it had originally asked for, bankrupt auto supplier Collins & Aikman Corp. has received an extra 75 days to have the exclusive right to file its Chapter 11 reorganization plan.

  • May 12, 2006

    Restructuring Firm Snapshot: Alvarez & Marsal

    One of the oldest restructuring firms is looking at Europe, Asia and the public sector as venues for future expansion.

  • May 12, 2006

    J.P. Morgan To Reap $100M In Owens Corning Deal

    J.P. Morgan Securities Inc. may turn out to be the biggest winner in Owens Corning’s asbestos-related bankruptcy case, with the investment bank primed to receive $100 million for its part in the beleaguered fiberglass manufacturer’s upcoming Chapter 11 exit.

  • May 12, 2006

    Attorneys Rally Against New Bankruptcy Law

    Two bar associations are taking the nation's tough new bankruptcy law to court, saying the provisions censor attorneys and violate the rights of clients to receive constitutionally protected legal advice.

  • May 11, 2006

    Cautious Galvex Seeks Chapter 11 Plan Extension

    Embattled steel maker Galvex Holdings Ltd. is seeking bankruptcy court permission to retain exclusive control over its Chapter 11 case for another four months, arguing that additional time is needed while the sale of its assets to Silver Point Capital is being finalized.

  • May 11, 2006

    Bondholders Dealt Setback In Calpine Debt Struggle

    Tuning out the protests of Calpine Corp.’s first-lien bondholders, a federal bankruptcy judge has authorized the beleaguered power giant to repay all of its outstanding $646.1 million debt to the bondholder group, while temporarily suspending a $96 million prepayment penalty.

  • May 11, 2006

    Offshore Bank Files For U.S. Bankruptcy Protection

    The liquidator of a Cayman Islands bank has petitioned for U.S. Bankruptcy Court protection, saying the move is necessary in order to continue his investigation into the collapse of the offshore bank and its Dominican Republic-based parent, Banco Nacional de Credito SA, or Bancredito.

  • May 11, 2006

    Shareholders Want More Say As Foamex Soars

    One of the largest shareholders of bankrupt foam-cushion manufacturer Foamex International Inc. is seeking a seat at the bargaining table after an unexpected reversal of fortune turned Foamex stock into a hot commodity.

  • May 11, 2006

    Without A Buyer, PlusFunds Plans To Shut Down

    Although bankrupt hedge fund manager PlusFunds Group Inc. had fielded two promising bids from private equity firm FTVentures and Bear Stearns Asset Management Inc. to purchase its assets just weeks earlier, it failed to secure a buyer and announced its plan to wind down its business.