Bankruptcy

  • November 10, 2006

    Duane Morris Hires Former Katten Muchin Partner

    Continuing its practice of recruiting individual practitioners, Duane Morris LLP has snatched up former Katten Muchin Rosenman LLP attorney John R. Weiss to become a partner in the firm's Chicago office.

  • November 10, 2006

    Allied Holdings Scores Extension For Ch. 11 Plan

    Despite complaints from unsecured creditors, a bankruptcy court has granted an extension of more than two months for Allied Holdings Inc. to file its Chapter 11 reorganization plan as it smoothes out a new labor contract with its employees.

  • November 9, 2006

    Tower Records Seeks Approval Of Employee Bonus Plan

    Despite being in the throes of liquidation, Tower Records Inc. has asked the bankruptcy court overseeing its case to approve a $275,000 bonus package aimed at encouraging employees to stay with the company while it winds down its operations.

  • November 9, 2006

    Creditors Try To Throw Wrench In Eurotunnel’s Plan

    A group of senior Eurotunnel creditors has tried to challenge the restructuring proposal recently set forth by the beleaguered channel operator by throwing an unexpected obstacle in its path.

  • November 9, 2006

    Winn-Dixie Wins OK On Reorganization Plan

    Signaling the light at the end of the tunnel for Winn-Dixie Stores Inc., a federal judge on Thursday gave the green light to the supermarket chain’s reorganization plan, paving the way for its emergence from Chapter 11 bankruptcy protection within 30 days.

  • November 9, 2006

    Creditors Skeptical As Solutia Seeks Ninth Extension

    The official equity committee in bankrupt chemical products maker Solutia Inc.’s Chapter 11 case has filed court papers to reserve its right to move to terminate Solutia’s ninth extension of the debtors’ exclusive periods to file and solicit support for a reorganization plan.

  • November 9, 2006

    Judge Rejects Banks' Appeal In Parmalat Matter

    In the wake of Parmalat SpA's collapse amid a massive accounting scandal, an Italian court has rejected JP Morgan Chase & Co and UniCredit SpA’s attempt to block various units of the Italian dairy giant from being included on a list of creditor companies.

  • November 10, 2006

    Trustee Objects To Certain Refco Claims

    The U.S. Trustee involved in Refco Capital Markets Ltd.’s bankruptcy proceedings has objected to over $64 million in tax-shelter claims on the grounds that they fail to allege any misconduct or state any factual or legal basis.

  • November 9, 2006

    U.S. Trustee Objects To Fees In Saint Vincent Case

    The U.S. Trustee overseeing Saint Vincent Catholic Medical Centers of New York’s Chapter 11 case has objected to several compensation applications submitted by 10 professionals retained in the hospital chain’s bankruptcy proceedings.

  • November 8, 2006

    Law Firm Profile: Skadden, Arps, Slate, Meagher & Flom

    Between revolutionary case handlings and the sheer volume and size of the cases the firm handles, Skadden is a force in the restructuring world. But ask its co-chair J. Gregory Milmoe what sets the practice group apart and he’ll point to something more difficult to measure: passion.

  • November 8, 2006

    Claimants Push To Remove Saint Vincent’s Stay

    A slew of malpractice claimants have asked a New York bankruptcy judge to lift the stay protecting Saint Vincent Catholic Medical Centers, as they continue trying to seek restitution from the beleaguered hospital chain.

  • November 8, 2006

    Facing A Slew Of Suits, Foamex Seeks Removal Extension

    Facing a mountain of civil suits, Foamex International Inc. is asking a federal bankruptcy court in Delaware for permission to push back the deadline for the flexible polyurethane and advanced polymer foam maker to remove civil actions.

  • November 8, 2006

    Musicland's Unsecured Creditors Sue Fox For $15M

    The committee of the unsecured creditors of bankrupt Musicland Holdings Corp. has filed suit against Twentieth Century Fox, claiming the entertainment company owes them over $15 million for various offenses in the wake of the former retailer’s Chapter 11 filing.

  • November 8, 2006

    Privacy Ombudsman Appointed In Refco Case

    Following through on an order signed last week by the federal judge in charge of Refco Inc.’s Chapter 11 case, U.S. Trustee Diana G. Adams has appointed a consumer privacy ombudsman in connection with the proposed sale of customer and marketing information pertaining to Refco F/X Associates LLC's foreign exchange clients.

  • November 8, 2006

    Entergy Unit Blasts Insurer's Idea Of Competing Plans

    Bankrupt utility Entergy New Orleans said Tuesday that allowing an insurer in the case to present its own restructuring proposal would merely add confusion to the process and delay the company’s exit from Chapter 11 protection.

  • November 7, 2006

    NewPower Offers $25.5M Payout To Enron

    After years of wrangling, NewPower Holdings Inc. has decided to fork over $25.5 million to Enron Corp. to settle all claims in the wake of the energy giant’s collapse.

  • November 7, 2006

    USA Commercial Mortgage Files Second Ch. 11 Plan

    On Monday, USA Commercial Mortgage Co. filed its second amended reorganization plan, and the federal judge overseeing the bankrupt lender’s Chapter 11 case granted the debtors a 180-day extension to solicit creditor support for the plan.

  • November 7, 2006

    Allied Creditors Say They're Out Of The Loop

    The unsecured creditors of Allied Holdings Inc. are reserving their right to seek termination of the company's exclusive control over its Chapter 11 case if they don’t get more information about the company’s exit plan.

  • November 7, 2006

    Global Power's Bid To Retain Advisors Put On Hold

    The judge in charge of Global Power Equipment Group Inc.’s bankruptcy proceedings has reportedly stalled the debtors’ attempts to hire two firms to provide financial and restructuring advice until a shareholders committee is formed and has a chance to weigh in.

  • November 7, 2006

    Calpine Draws On AlixPartners’ Ranks For New CFO

    Calpine Corp. has tapped a consultant with turnaround giant AlixPartners LLP to serve as the company’s chief financial officer, hoping that she will be able to help steer the embattled energy provider back on track.