Bankruptcy

  • August 1, 2006

    SEC Puts Impath Fraud To Rest With $2M Settlement

    The former chief executive of Impath Inc., an insolvent cancer-testing company, agreed Tuesday to pay $2 million to settle civil charges brought by securities regulators, adding to the three-month prison term she was given in a parallel criminal case.

  • July 31, 2006

    Northwest Flight Attendants Reject 2nd Tentative Deal

    Flight attendants with Northwest Airlines rejected Monday their second tentative pay and benefit deal, which would have saved the bankrupt carrier $195 million.

  • August 1, 2006

    Delphi Shareholders Seek Financial Advisor

    Shareholders of bankrupt Delphi Corp. want to hire a financial advisor for $175,000 a month to assist with labor matters, the divesture of property and the evaluation of the company’s relationship with its biggest customer, General Motors Corp.

  • July 31, 2006

    Adelphia’s DIP Loan Extension Approved

    A judge has approved bankrupt cable provider Adelphia Communications Corp.’s bid to extend its $1.3 billion debtor-in-possession loan, extending the maturity date from Aug. 7 to Nov. 7, according to court filings.

  • July 31, 2006

    Kaiser Wins Bid To Void Multiple Pension Plans

    When a Chapter 11 debtor seeks to void multiple pension plans at the same time under its reorganization test, a court can apply one test to all of the plans, according to a ruling filed last week in the U.S. District Court of Appeals for the Third Circuit.

  • July 31, 2006

    As New Fees Crop Up, Delta & Creditors Seek Oversight

    The deadline to object to a joint motion to establish a fee committee to oversee costs in Delta Air Lines Inc.'s Chapter 11 proceedings passed Friday, which could bring the bankrupt airline closer to reining in the whopping costs it has incurred in its bankruptcy.

  • July 31, 2006

    House Passes Controversial Pension Reform Bill

    After months of tense negotiations, the U.S. House of Representatives has approved a sweeping overhaul of U.S. pension laws, but insiders are still waiting to see if the U.S. Senate will follow suit.

  • July 28, 2006

    Judge OKs SGI Disclosure As Patent Spat Is Resolved

    A federal bankruptcy judge in Manhattan approved Silicon Graphics Inc.’s disclosure statement Thursday, after a last-minute amendment vitiated a claim that the disclosure didn’t contain enough information about LG Electronics' patent infringement claims against the company.

  • July 28, 2006

    Winn-Dixie Picks Up $725M Exit Loan

    Winn-Dixie Stores Inc. checked out with a $725 million exit loan on Thursday, putting the supermarket chain in the express line to emerge from Chapter 11 bankruptcy protection in October, as planned.

  • July 28, 2006

    Bankruptcy Act Violates First Amendment, Judge Rules

    A federal judge has ruled that a section of the Bankruptcy Abuse Prevention and Consumer Protection Act violated the First Amendment right to free speech.

  • July 28, 2006

    Mesaba Gets $24M DIP Loan And Extension

    Bankrupt Mesaba Aviation Inc. moved one step closer to getting its affairs in order Thursday when a judge gave it the green light to obtain $24 million in debtor-in-possession funding and signed off on an order extending its exclusive rights to file and solicit creditor support for a reorganization plan.

  • July 28, 2006

    Bankruptcy Professionals Struggle As Filings Plunge

    With Chapter 11 filings drastically down, law firms and restructuring firms are scrambling to adapt to the lull in corporate bankruptcies, with some floundering while others manage to hang on.

  • July 27, 2006

    Spike In Corporate Bankruptcies On The Horizon

    Low interest rates and a glut of available money have drastically driven down the number of Chapter 11 filings since 2002. But that trend isn’t sustainable, experts say, which means that a flurry of corporate bankruptcy filings is inevitable.

  • July 27, 2006

    Tower Automotive Retains Duff & Phelps

    Tower Automotive Inc. has received bankruptcy court approval to hire Duff & Phelps LLC to act as valuation consultant in its Chapter 11 restructuring.

  • July 27, 2006

    Delphi Creditors Aim To Use SEC Data In GM Lawsuit

    The creditors of a bankrupt auto parts maker said Thursday that they plan to use confidential information from a U.S. Securities and Exchange Commission probe to prepare for a lawsuit against General Motors Corp.

  • July 27, 2006

    AlixPartners Scores Turnaround Veteran

    Corporate turnaround giant AlixPartners LLC has snagged a seasoned restructuring professional from Ernst & Young to serve as the new managing director for its Southfield, Michigan office.

  • July 27, 2006

    Sixth Circuit Nixes Dow Corning Creditors' Interest Rate

    Bankruptcy creditors of Dow Corning Corp. may be entitled to a higher rate of interest on the roughly $1 billion in debt they hold, according to a Sixth Circuit Court of Appeals ruling on Wednesday.

  • July 26, 2006

    Adelphia Seeks Ownership Of Small Cable Network

    Adelphia Communications Corp. asked a federal judge on Monday to approve a settlement agreement that would help complete the $17 billion sale of its assets to Time Warner Inc. and Comcast Corp.

  • July 26, 2006

    Refco Nixes Deal To Sell Unit’s Customer Accounts

    Bankrupt commodities brokerage Refco Inc. has scrapped a plan to sell one of its unit’s foreign exchange customer accounts to Gain Capital Group.

  • July 26, 2006

    Investment Bank Must Return $4.6M In Fees: Judge

    A federal judge has ruled that investment bank Greenhill & Co. must fork over $4.6 million in fees the firm garnered as an advisor to Loral Space & Communications Ltd. during the satellite company's bankruptcy proceedings.