Bankruptcy

  • May 1, 2006

    Delta Asks Court To Reject Lease Agreements

    Citing high fees and too much space, Delta Airlines has asked a bankruptcy court to allow it to reject several lease agreements between the carrier and the Northern Kentucky/Cincinnati International Airport.

  • April 28, 2006

    Varig Wins Injunction To Keep Planes

    Varig Brazilian Airlines is flying high for the moment after winning a decisive victory in a New York bankruptcy court yesterday. Judge Robert Drain extended the troubled airline’s embargo on the seizure of Varig aircraft by aircraft leasing companies to May 31.

  • April 28, 2006

    Court Blocks Yukos Sale of Refinery Stake

    A bankruptcy judge has extended an order to prevent OAO Yukos management from selling the company’s stake in a Lithuanian oil refinery.

  • April 28, 2006

    Bawag Inches Closer To Settlement With Refco Creditors

    After Refco Inc. creditors sued Bawag PSK Group for more than $1.3 billion over allegations that it helped push Refco into bankruptcy through fraudulent loans, the embattled Austrian bank has said it will make a compromise settlement with creditors if approved by the U.S. Bankruptcy Court.

  • April 28, 2006

    Adelphia Judge Approves Interest Payments

    The federal bankruptcy judge overseeing Adelphia Communication’s Chapter 11 case streamlined the proceedings by approving $1.23 billion in interest payments to the Colorado-based cable company’s unsecured creditors on Thursday.

  • April 28, 2006

    Creditors May Force LG.Philips Into Chapter 7

    The troubled flat-screen television producer LG.Philips Displays USA Inc. took another blow on Wednesday when creditors threatened to have its case converted to a Chapter 7 bankruptcy liquidation if it failed to meet certain terms.

  • April 28, 2006

    Winn-Dixie Creditors Seek Note Issuance Probe

    Trying to boost its case for substantive consolidation, a band of Winn-Dixie Stores Inc.’s trade creditors have asked the bankruptcy court for permission to investigate the supermarket chain’s $300 million note issuance in December 2000.

  • April 28, 2006

    Milbank Tweed Will Fight Dismissal In Meridian Case

    The law firm Milbank Tweed Hadley & McCloy is firing back after its dismissal from the Chapter 11 proceedings of Meridian Automotive Systems Inc., filing an appeal of the decision by a federal judge who disqualified the law firm from involvement in the automotive parts supplier’s bankruptcy.

  • April 27, 2006

    Easy Gardener Gets OK To Tap DIP Loan

    Cash-strapped Easy Gardener Products Ltd. got an infusion of capital last week when a federal bankruptcy judge conditionally approved its plan to borrow on its debtor-in-possession loan, in a ruling that allayed its proposed buyer's concerns about the lawn and garden product maker’s liquidity.

  • April 27, 2006

    Judge Limits Claims Sales In Kaiser Case

    Bankrupt Kaiser Aluminum will be able to protect up to $85 million in tax write-offs, after a bankruptcy court judge ruled that the company has some say over the sale of claims in its case.

  • April 27, 2006

    UAW Seeks To Avoid Delphi Hearing Chaos

    Fearing a free-for-all, Delphi Corp.'s largest union has asked the court to bar the company's creditors, a hedge fund and a group of bondholders from taking part in next month’s hearing to decide whether the bankrupt auto parts supplier can void its union contracts.

  • April 27, 2006

    BofA Lobbies Court To Put Leash On Refco

    Fearing that Refco Inc.’s spending has spiraled out of control, Bank of America has asked for a judge to intervene and set up a committee to curb the bankrupt futures broker’s skyrocketing expenditures.

  • April 27, 2006

    Collins & Aikman Seeks Plan Extension

    Busy cutting down its operating expenses, bankrupt Collins & Aikman Corp. has requested an additional 120 days to work on fleshing out its reorganization plan.

  • April 27, 2006

    Solutia Wins Six-Month Extension On Chapter 11 Plan

    Solutia Inc., a maker of glass products, nylon and other specialty products, was granted a six-month extension of its exclusive right to file a Chapter 11 plan on Thursday. The decision will help the company stave off the threat of a group of noteholders filing a rival plan.

  • April 26, 2006

    New Rules Pushing Turnaround Execs Out The Door

    Tightened bankruptcy regulations may be preventing troubled U.S. manufacturing industries from attracting turnaround executives and retaining key players on management teams.

  • April 26, 2006

    Buchanan Ingersoll Snaps Up New Shareholder

    After rummaging through Holland & Knight’s office, Buchanan Ingersoll PC has pulled on board a veteran bankruptcy lawyer to its bankruptcy and creditors’ rights group.

  • April 26, 2006

    Parts Suppliers Pull Out Of GM Contracts

    Bankrupt auto parts maker Collins & Aikman Corp. has asked a bankruptcy court for permission to change some of its contracts with General Motors, echoing the moves of several other struggling suppliers seeking to cut costs.

  • April 26, 2006

    Shareholders, Trustee Clash Over Insolvency Claim

    Stockholders in bankrupt Oneida Ltd. are fighting to recoup their losses, but in court papers filed Monday, the U.S. Trustee overseeing the Chapter 11 proceedings said they’re wasting everybody’s time.

  • April 26, 2006

    AOL Latin America Wins Approval To Liquidate

    A federal bankruptcy court has given AOL Latin America Inc. the go-ahead to liquidate, allowing the flailing Internet unit to shed its liabilities and turn over all of its assets to three major shareholders.

  • April 25, 2006

    Refco Creditors Take Aim At Bennett Financier BAWAG

    Seeking more than $1.3 billion, unsecured creditors for Refco Inc. are suing Austrian bank Bawag PSK Group, accusing the financier of helping propel the futures broker into bankruptcy through a series of fraudulent loans to Refco’s embattled former chief.