Bankruptcy

  • January 27, 2006

    Flat Screen TVs Push LG.Philips Units Into Bankruptcy

    LG.Philips LCD, the world's largest maker of liquid crystal displays, has filed for creditor protection for its European holding company, as well as its Dutch and Czech units and its German affiliate, resulting in the immediate loss of 750 jobs and threatening many more.

  • January 27, 2006

    Law Firms Set For Fee Bonanza Amid Airline Bust

    United Airlines’ parent company is preparing to emerge from Chapter 11 this week, but that doesn’t mean the bonanza is over for bankruptcy lawyers. The aviation bust has proven to be a goldmine for law firms like Kirkland & Ellis, Davis Polk and Stroock & Stroock, according to our study of legal fees in airline bankruptcy proceedings.

  • January 26, 2006

    Refco Asks Christie’s To Auction Off Its Art

    Beleaguered brokerage firm Refco Inc. has enlisted the help of Christie’s auction house in its struggle to emerge from bankruptcy and repay $16.8 billion in debts.

  • January 26, 2006

    Portland Arcbishop Defends Bankruptcy After Ruling

    The archbishop of the bankrupt Archdiocese of Portland in Oregon rebutted the idea Thursday that he had "foolishly" fallen victim to poor advice from bankruptcy attorneys when declaring the organization insolvent in July 2004.

  • January 26, 2006

    Calpine Hires Kirkland As Bankruptcy Counsel

    The U.S. Bankruptcy Court in New York has approved Calpine’s motions to retain Kirkland & Ellis as counsel, PA Consulting Group as energy industry consultant and Curtis, Mallet-Prevost, Colt & Mosle as conflicts counsel.

  • January 25, 2006

    Delta, Pilots At Contract Impasse

    As the deadline for compromise draws near, Delta Airlines and the pilots union are still at each other’s throats over the carrier’s bankruptcy reemergence plan, making arbitration seem like an increasingly likely option.

  • January 25, 2006

    Northwest Buys Precious Talk Time In Union Dispute

    Northwest Airlines’ management and pilots have bought more time this week to negotiate cost-saving deals that will determine whether the carrier will fold.

  • January 25, 2006

    Judge OKs Incentive Deal for Mesaba Execs

    In a blow to Mesaba Aviation’s rank and file workers, a federal bankruptcy judge has ruled that the struggling regional carrier can proceed with a plan that would offer executives millions of dollars in proposed incentives and severance benefits.

  • January 25, 2006

    Suit Against Deutsche Bank CEO To Move Forward

    A media tycoon’s allegations that Deutsche Bank AG’s chairman helped bankrupt his company through remarks in a news interview will be heard in court, after a federal judge in Germany allowed the case to move forward.

  • January 25, 2006

    Adelphia Targets Its Former Law Firm For Investigation

    Bankrupt cable television provider Adelphia Communications Corp. has turned up the heat on its former law firm after deciding Tuesday to launch an investigation into its attorneys' alleged conflict of interest.

  • January 25, 2006

    Calpine Gets $2 Billion Loan To Survive Bankruptcy

    A federal judge has given his final approval to bankrupt Calpine Corp.’s $2 billion refinancing plan, led by Deutsche Bank and Credit Suisse, to help the fallen energy giant keep its head above water as its bankruptcy case proceeds.

  • January 24, 2006

    Delta Cuts Jobs But Offers Techies $14M To Hang On

    Hoping to emerge from bankruptcy by 2007, embattled Delta Air Lines Inc. announced its intention to cut up to 1,000 maintenance positions while simultaneously seeking to pass an incentive package that will convince some of its critical technology employees to stay.

  • January 24, 2006

    United Chooses Nasdaq Exch. And Boasts Financing

    When United Airlines holding company UAL Corp. comes out of bankruptcy next week, its stock will trade on the Nasdaq Stock Market, according to the latest in a string of announcements related to the carrier’s much-anticipated financial recovery.

  • January 24, 2006

    Bankruptcy Looms For Alitalia

    With shaky finances and labor problems growing more severe by the day, Italian airline Alitalia is scrambling to come up with a restructuring plan that will appease both union workers and creditors and allow the airline to escape bankruptcy.

  • January 24, 2006

    Delphi Faces $19 Billion Debt Plus Environmental Charges

    Scandal-ridden auto parts giant Delphi Corp. has admitted that it is facing at least $19 billion in liabilities, a plethora of unresolved environmental pollution charges, and unspecified income tax debts owed to states and cities nationwide.

  • January 24, 2006

    Refco Trustee Asks Judge To Reconsider Ruling

    Although a judge denied her demand for control of the bankruptcy proceedings for futures broker Refco, U.S. Trustee Deirdre Martini has refused to concede, asking the judge to reconsider her proposal that she take command of the case.

  • January 23, 2006

    Eyeing Chapter 11 Emergence, ATA Adds Routes, Flights

    33-year-old ATA Airlines is readying to step into second adulthood this spring, when the bankrupt airline expects to emerge from Chapter 11 protection, add four new routes, and increase flights to Hawaii, its signature leisure destination.

  • January 23, 2006

    Supreme Court Nixes State Immunity in Bankruptcy Case

    In a decision reached by a single-vote margin, the Supreme Court has ruled that states can be sued in certain bankruptcy cases.

  • January 23, 2006

    Dissatisfied, Delphi Investors Appeal Deloitte Ruling

    Delphi Corp. shareholders refuse to take no for an answer. Investors in the embattled auto parts maker have appealed last week’s ruling, which allowed a Deloitte & Touche audit of the company’s 2005 books, alleging that the firm signed off on accounting improprieties.

  • January 23, 2006

    Northwest Strikes Pension Deal With Retirees

    A deal has been finalized in the battle between Northwest Airlines Corp. and the committee representing its retirees over the company’s proposal to cut labor and retiree costs as it reorganizes under Chapter 11 bankruptcy.