Bankruptcy

  • March 15, 2007

    SFC Chief Convicted Of Bankruptcy Fraud

    Andrew N. Yao, the former head of now-bankrupt Student Finance Corp., was found guilty Wednesday of lying during a bankruptcy deposition.

  • March 15, 2007

    Funds Appeal Forced Disclosure In Northwest Case

    A group of hedge funds ordered by a bankruptcy court to disclose information about trades they made relating to Northwest Airlines Corp. has appealed the ruling, arguing that the disclosure would violate certain laws.

  • March 15, 2007

    Judge Denies Class In Musicland Overtime Suit

    A judge overseeing Musicland Holding Corp.'s bankruptcy case has shot down a proposed overtime pay class action brought by former store managers, saying the class claim would doom the music retailer’s liquidation plan.

  • March 15, 2007

    Le-Nature's Creditors Enjoined From Suing Wachovia

    A court has slapped a restraining order on creditors that want to sue Wachovia Bank for losses sustained in the collapse of drink maker Le-Nature's Inc.

  • March 15, 2007

    Northwest Trustee Backs Calls For Examiner

    The U.S. Trustee overseeing Northwest Airlines’ bankruptcy case has thrown her support behind a group of creditors demanding the court appoint an examiner to investigate merger possibilities.

  • March 14, 2007

    Bracewell Scores Bingham Bankruptcy Partners

    Continuing to beef up its restructuring ranks, Bracewell & Giuliani has snagged a pair of bankruptcy partners from Bingham McCutchen LLP to help spearhead efforts in its new Hartford office.

  • March 14, 2007

    Entergy Inches Towards June Exit

    Entergy New Orleans has its eye on a June exit from bankruptcy after securing approval from a crucial committee regarding its hurricane-related costs, according to one of the energy giant’s top officials.

  • March 14, 2007

    Bondholders Oppose Delta-Cincinnati Airport Deal

    Holders of over $45 million in bonds issued to build the Cincinnati/Northern Kentucky International Airport lashed out at a proposed settlement between Delta Air Lines Inc. and the Kenton County Airport Board on Tuesday, arguing that the deal violates Kentucky state law.

  • March 14, 2007

    Judge Rejects Allied Shareholders’ Bid

    A shareholder group for Allied Holdings Inc. has once again lost a bid to play a larger role in the auto carrier’s Chapter 11 case.

  • March 14, 2007

    Afinsa Mails In Chapter 15 Petition

    Stamp dealer Afinsa Bienes Tangibles SA filed for Chapter 15 protection on Tuesday in order to run its bankruptcy proceedings in Spain without U.S. interference.

  • March 13, 2007

    Dana Agrees To $78M Trust For Nonunion Retirees

    Bankrupt auto parts maker Dana Corp. has committed $78 million to a trust for nonunion retirees, even as a hearing got underway to determine if the company can reject its labor contracts and benefits for two major unions.

  • March 13, 2007

    Judge Strikes Down Nellson Settlement

    A federal bankruptcy judge on Tuesday took a U.S. Trustee’s advice and rejected a settlement between Nellson Nutraceutical Inc.’s second-lien lenders and its controlling shareholder, Fremont Capital Partners LLP, that would have inched the company one step closer to exiting Chapter 11.

  • March 13, 2007

    Weil Sees Exodus In Wake Of Harvey Miller’s Return

    Weil Gotshal & Manges has lost four of its top bankruptcy partners to rival Cadwalader, Wickersham & Taft, only days after welcoming back renowned bankruptcy expert and practice founder Harvey Miller.

  • March 13, 2007

    New Century Faces Grand Jury Subpoena

    After recent revelations about criminal and regulatory investigations, New Century Financial Corp. said Tuesday that it now faces a grand jury subpoena and a U.S. Securities and Exchange Commission investigation.

  • March 13, 2007

    Shareholders Group Objects To Northwest's Extension

    A group of Northwest Airlines shareholders has objected to the airlines request for yet more time to file a reorganization plan, arguing the debtors have had “far too long” as it is.

  • March 14, 2007

    Playboy Bunny Testifies In SFC Trial

    A criminal trial involving Andrew N. Yao, the former head of now-bankrupt Student Finance Corp., began Monday over charges that he lied four years ago during a bankruptcy deposition.

  • March 12, 2007

    New Century Reels Amid Funding Drought

    Funding for subprime mortgage lender New Century Financial Corp. is quickly drying up, according to the company, which told investors on Monday that its lenders have either cut off funding or are preparing to do so.

  • March 12, 2007

    French Bank Up Against $1.4B Class Action

    A Canadian life insurance company has hit French bank Societe Generale with a proposed class action accusing the bank of causing a Canadian hedge fund to collapse into bankruptcy and asking for $1.36 billion in compensation.

  • March 12, 2007

    Refco Creditors Take Aim At Underwriters

    Refco Inc.’s creditors are demanding permission to take a closer look at the fallen futures broker’s underwriters, but the banks are not giving up without a fight.

  • March 12, 2007

    Tower Seeks Extension To Pay Deutsche Claim

    Bankrupt auto parts manufacturer Tower Automotive Inc. is seeking court approval to extend its payment on $97.2 million worth of credit issued by Deutsche Bank Trust Co.