Bankruptcy

  • June 4, 2007

    Spokane Diocese Exits Bankruptcy

    Closing the door on a scandal-ridden chapter in its history, the Catholic Diocese of Spokane has exited bankruptcy in a move that will require the diocese's bishop and parishioners to come up with a $48 million payout to settle child molestation charges.

  • June 4, 2007

    HSBC Objects To Calpine Prepayment

    Investment bank HSBC Bank USA has lodged a formal objection to a bankruptcy court order allowing energy company Calpine Corp. to prepay $2.5 billion in secured debt, arguing that the prepayment improperly limits its claims.

  • June 4, 2007

    U.S. Energy Biogas Exits Bankruptcy

    Renewable energy company U.S. Energy Biogas Corp. exited Chapter 11 Friday, successfully completing its reorganization after six months under bankruptcy protection.

  • June 1, 2007

    Refco Shareholders Demand Secret Report

    Shareholders of fallen futures brokerage Refco Inc. have demanded access to a report that summarizes an investigation into the circumstances leading up to the firm's spectacular collapse in 2005.

  • June 1, 2007

    NYC Recovers $55M From Celotex

    The City of New York has prevailed in a long-running battle over disputed asbestos property damage claims asserted in Celotex Corp.'s bankruptcy, with a federal appeals court holding that the city was entitled to payment that pushes its total recovery from Celotex to about $55 million.

  • June 1, 2007

    Bally Readies For Bankruptcy

    After months of speculation, Bally Total Fitness Holding Corp. has admitted that it intends to file for Chapter 11 bankruptcy, opting for the move in the face of a heavy debt loan and sinking profits.

  • June 4, 2007

    ResMae Committee Opposes Merrill Request

    The official committee of unsecured creditors of ResMae Mortgage Corp. has filed a motion saying it cannot track interest for disputed claims as creditor Merrill Lynch had requested.

  • June 1, 2007

    Delphi Judge OKs $16M Settlement With EDS

    The judge overseeing Delphi Corp.’s bankruptcy proceedings has approved a multimillion-dollar settlement between the company and Electronic Data Systems Corp., the creditor that helped unravel an alleged accounting fraud at the beleaguered auto parts company.

  • June 1, 2007

    Credit Suisse Settles Enron Case For $61.5M

    Investment bank Credit Suisse Group will pay $61.5 million to the creditors of now-defunct energy company Enron Corp., bringing an end to a lawsuit filed over equity transactions between the company and the bank.

  • May 31, 2007

    Allied Emerges From Chapter 11

    Allied Systems Holdings Inc., which sought bankruptcy protection in July 2005, said that it emerged from Chapter 11 on Tuesday and had canceled its pre-plan common stock.

  • May 31, 2007

    Merrill Lynch, LaSalle Bank Object To ResMae Plan

    Merrill Lynch and LaSalle Bank National Association have filed limited objections to bankruptcy subprime lender ResMae Mortgage Company's proposed amended reorganization plan.

  • May 31, 2007

    Dura Wins Extra Time To File Bankruptcy Exit Plan

    A bankruptcy judge has given Dura Automotive Systems Inc. extra time to propose a plan for emerging from Chapter 11, saying the extension is essential to the continuance of the company's operations.

  • May 31, 2007

    Northwest Wings Its Way Out Of Bankruptcy

    After spending nearly two years in Chapter 11, Northwest Airlines Corp. has at last emerged from bankruptcy, though not without some battle scars.

  • May 31, 2007

    Judge OKs Sale Of Diamond Giant's Assets

    A bankruptcy judge has given the green light for M. Fabrikant & Sons Inc. to sell off certain assets to Surya Capital LLC, which will shell out $10.4 million for the inventory of the bankrupt wholesale jewelry maker's subsidiary Fabrikant-Leer International Ltd.

  • June 1, 2007

    Judge Frowns At McDermott Head's "Happy" Remark

    The head of the bankruptcy practice at powerhouse McDermott, Will & Emery LLP may lose his right to practice in southern Florida after accusing a judge of being “a few french fries short of a Happy Meal.”

  • May 30, 2007

    Judge OKs Doc Request In New Century Case

    A judge has signed off on a request from the official committee of unsecured creditors of New Century TS Holdings Inc. to access documents related to the company's spiral into Chapter 11 protection.

  • May 30, 2007

    Unions Object To Tower Disclosure Statement

    A group of unions involved in the Chapter 11 proceedings of auto parts maker Tower Automotive has objected to the company's disclosure statement, claiming the statement does not offer adequate information.

  • May 30, 2007

    FERC, Snohomish Win Right To Appeal Enron Order

    A Washington utility company has won the right to appeal a decision that gave a bankruptcy court, rather than the Federal Energy Regulatory Commission, the authority to rule on whether now-defunct energy company Enron Power Manipulation should receive a $120 million termination payment.

  • May 30, 2007

    NWA Flight Attendants Grudgingly Approve Pay Deal

    Flight attendants in Northwest Airlines' bankruptcy case voted on and accepted a pay cut deal on Tuesday, finally giving their support to a new collective bargaining agreement that will save the airline $1.4 billion a year.

  • May 30, 2007

    National Century Ruling Stalls Discovery

    The federal judge overseeing multidistrict litigation related to the collapse of National Century Financial Enterprises Inc. has rejected a motion to lift a discovery stay in place because of motions to dismiss that have been pending since 2004, according to an attorney for the moving parties.