Delta Air Lines and the Pension Benefit Guaranty Corp. have signed off on a deal to jettison the airline’s pension plans under an agreement that would award the government’s pension insurer an unsecured claim of $2.2 billion in Delta’s bankruptcy.
Ignoring cries from creditors, foam cup maker Radnor Holdings Corp. has sold most of its assets to a private equity firm for nearly $225 million, sealing a controversial deal that had been challenged since Radnor filed for Chapter 11.
The judge overseeing Adelphia Communications Corp.’s Chapter 11 proceedings has decided to hold a hearing on an emergency motion to vacate a stipulated order that would allow some of Adelphia’s secured lenders to change their votes to accept the company’s reorganization plan.
Marcal Paper Mills Inc., a major consumer and industrial goods company, has filed for Chapter 11 bankruptcy protection, blaming skyrocketing energy costs near its New Jersey manufacturing facility.
Despite rejecting Dana Corp.’s previous executive compensation plan, a federal judge has approved its new motion to reward six executives with up to $11 million in bonuses over the next two years.
U.S. Energy Biogas Corp. has filed for bankruptcy in Manhattan, citing its need to restructure an onerous loan agreement set up by “self-dealing” executives in 2004 that threatens to push the otherwise viable business into insolvency.
Bankrupt Saint Vincent Catholic Medical Centers is seeking court approval to sell $190 million in bad debt from patients who haven’t paid their claims totaling $1.76 million.
A U.S. bankruptcy judge on Thursday granted Tower Automotive Inc.’s eighth request to extend its exclusivity period, giving the bankrupt auto parts maker until Feb. 2 to propose a plan to creditors.
Still battling one of its shareholders for power, Interstate Bakeries Corp. has asked a bankruptcy judge to reappoint the company’s board members whose terms have expired as the bakery giant seeks to thwart the selection of new ones.
The co-head of the bankruptcy practice at Dewey Ballantine LLP has defected from the firm to join the restructuring and insolvency group at White & Case LLP.
A bankruptcy judge blessed a settlement between bankrupt auto parts supplier Delphi Corp. and the U.S. Securities and Exchange Commission Thursday, bringing an end to a probe into the company’s alleged inflation of financial results.
The U.S. Trustee overseeing Refco Inc.’s bankruptcy proceedings has objected to a payment application, saying the professionals retained in the case have yet to prove their worth to the company.
With the merger of Gardner Carton & Douglas LLP and Drinker Biddle & Reath LLP looming, attorneys at the two firms are very excited over the combined restructuring practice and the possibilities the union will create.
Attorneys for the Air Line Pilots Association questioned Comair Inc. executives on Tuesday, hoping to show the airline did not negotiate a proposed pay cut in good faith with its pilots union.
A bankruptcy court has cleared the way for Meridian Automotive Systems Inc. to enter into an agreement with Deutsche Bank AG subsidiaries that will help steer the car parts maker out of Chapter 11 with $175 million in financing.
US Airways Inc. will meet with Delta Air Lines Inc. and its official unsecured creditors committee this week to discuss its unsolicited $8 billion merger bid.
Power generator Calpine Corp. wants its exclusivity period to file a reorganization plan extended for at least six more months, though it acknowledged that it might not make that deadline either.
Bankrupt Foamex International Inc. moved one step closer to exiting Chapter 11 Monday when its second reorganization plan and disclosure statement was approved by the bankruptcy court.
Shareholders of World Health Alternatives Inc. may receive a $2.7 million gift this holiday season if a judge approves the proposed settlement in the class action lawsuit against the bankrupt medical staffing firm.
Flight attendants at bankrupt Northwest Airlines Corp. asked a federal appeals court on Tuesday to overturn a lower court’s preliminary injunction that bars them from striking while they are in contract mediation talks.