Bankruptcy

  • November 17, 2006

    Interstate Bakeries Seeks More Time To Appoint Board

    Bankrupt Interstate Bakeries Corp. is looking to delay a hearing on a lawsuit brought by a New York hedge fund that would compel the baking company to hold an annual shareholders meeting to designate a new board of directors.

  • November 17, 2006

    Firm Can Keep $120M Investment In Distressed Co.

    A federal bankruptcy judge on Thursday ruled in favor of a private equity firm that invested $120 million in foam cup maker Radnor Holdings Corp. just before the company filed for bankruptcy protection.

  • November 17, 2006

    State Panel Grants $200M For Entergy New Orleans

    A key panel for the Louisiana legislature has signed off on a plan to infuse Entergy New Orleans Inc. with $200 million in federal hurricane recovery aid to help it move closer toward emerging from bankruptcy.

  • November 17, 2006

    Delta Lobbies Creditors To Oppose US Airways Bid

    Still hoping to fend off a proposed hostile takeover bid from US Airways, Delta Air Lines is rapidly working to gather creditor support to save its dream of exiting Chapter 11 as a freestanding company.

  • November 17, 2006

    Cadwalader’s Total Requests To Northwest Top $18M

    The federal bankruptcy judge overseeing Northwest Airlines Corp.’s Chapter 11 case will consider applications for more than $17 million in fees and expenses from attorneys and consultants retained in the case, including a request for more than $5.5 million from debtor counsel Cadwalader, Wickersham & Taft LLP.

  • November 17, 2006

    Biovail CEO Tries To Muscle Back Into Bankruptcy Case

    Struggling to regain control over Hemosol Corp.’s restructuring, Biovail Corp. chairman Eugene Melnyk is purportedly preparing to challenge a private equity fund that unexpectedly wrested authority from him in the insolvent drug developer’s case.

  • November 16, 2006

    Asarco Wants Environmental Expert To Assess Liabilities

    Asarco LLC has asked the federal bankruptcy judge overseeing its Chapter 11 case for permission to retain an expert consultant to help estimate the mining and smelting company’s environmental liabilities, expected to total billions of dollars.

  • November 16, 2006

    Solutia Supports Extension Bid

    Seeking to bolster its bid for a ninth extension of its exclusive rights to file and solicit support for a Chapter 11 plan, bankrupt chemical products maker Solutia Inc. filed its reply Wednesday to a strongly worded objection lodged last week by the ad hoc noteholders committee.

  • November 16, 2006

    Bank of America Unhappy With Adelphia's Ch.11 Plan

    A creditor in Adelphia Communications Corp.’s bankruptcy proceedings opposed its Chapter 11 reorganization plan on Wednesday, arguing the plan is not legally sustainable or economically feasible.

  • November 16, 2006

    Oneida Throws Punch At PBGC Over Payments

    After emerging from bankruptcy two months ago, Oneida Ltd. has found itself locked in a battle with the Pension Benefit Guaranty Corp. over whether the battle-scarred flatware maker owes the government insurer a slew of payments for terminating its pension plans.

  • November 15, 2006

    Dana's New Bonus Plan Triggers Both Anger and Praise

    A week after submitting a revamped executive compensation plan, embattled auto supplier Dana Corp. has found its proposal at the center of controversy in the bankruptcy case, with the plan drawing both strong support and opposition from key groups.

  • November 15, 2006

    Second Lien Group Takes Issue With Dura’s DIP Loan

    A committee of hedge funds that owns the majority of Dura Automotive Systems Inc.’s second lien obligations has objected to the auto parts maker’s plan to finance its Chapter 11 proceedings.

  • November 15, 2006

    Saint Vincent Seeks Extension of Ch. 11 Plan

    Saint Vincent Catholic Medical Centers has asked a bankruptcy court to extend its exclusive period for its Chapter 11 plan for one month as it works to wrap up sales of its various hospitals.

  • November 15, 2006

    Legal Woes Pile Up For Refco Ex-CEO Bennett

    For former Refco Inc. head Phillip Bennett, things just keep getting worse. On Tuesday, prosecutors widened their case against the fallen chief executive, accusing him of lying to auditors as part of an alleged scheme to hide hundreds of millions of dollars in debt from investors and auditors.

  • November 15, 2006

    US Airways Proposes Takeover Bid Of Delta Air Lines

    Despite possible antitrust problems and a snub by Delta Air Lines Inc. earlier this year, US Airways Group Inc. CEO Doug Parker has decided to give merger talks another try, this time going around management and appealing directly to the company’s creditors with a $8 billion buyout offer.

  • November 15, 2006

    Monsanto Fires Back At Solutia Noteholders

    Monsanto Co., the former parent company of bankrupt Solutia Inc., filed court papers Tuesday aimed at correcting “blatant untruths” in an objection recently filed by Solutia’s ad hoc noteholders committee.

  • November 15, 2006

    Comair Flight Attendants Agree To Reduced Contract

    Flight attendants for Comair Inc. overwhelmingly ratified a new contract agreement Tuesday, which should allow the Delta Airlines subsidiary to inch closer to its goal of exiting Chapter 11 protection.

  • November 14, 2006

    Judge Grants Mesaba More Time To File Plan

    A federal judge on Monday gave regional airline Mesaba Aviation Inc. a three-month extension to file its Chapter 11 reorganization plan, just weeks after the airline was able to stave off a potentially crippling employee strike.

  • November 14, 2006

    Werner Gets Extension To File Chapter 11 Plan

    Giving the company a boost in its bankruptcy proceedings, a bankruptcy court on Monday granted ladder maker Werner Co.’s request for extra time to come up with a plan to help it climb out of Chapter 11.

  • November 14, 2006

    FLYi Files First Amended Joint Plan of Liquidation

    FLYi Inc., the parent of former low-fare Independence Air, and its debtor affiliates filed their first amended joint plan of liquidation on Monday, furthering their efforts to sell off the last of their assets.