Bankruptcy

  • March 2, 2006

    Delphi Asks Court to Deny Bid For Shareholder Panel

    Delphi Corp. reiterated Thursday that its stock is worthless and asked a New York bankruptcy court to bar investors from designating a committee to represent shareholders.

  • March 2, 2006

    Dana Corp. Edges Closer To Chapter 11, Says Moody’s

    In the wake of Dana Corp.’s failure to make $21 million in bond interest payments, the likelihood that the embattled auto parts maker will soon file for bankruptcy protection has been “dramatically heightened,” Moody’s Investors Service said Thursday.

  • March 2, 2006

    Congoleum To File New Chapter 11 Plan

    Congoleum Corp. intends to file a new reorganization plan on March 17 that will request a New Jersey state court to stop litigation against its insurance companies so that a vote can be made on the plan.

  • March 2, 2006

    Owens Corning Shareholders Face Obstacles To Meeting

    Owens Corning shareholders are plowing ahead in their attempt to gain a voice in the fiberglass manufacturer’s long-standing bankruptcy case, asking a federal court to force a bankruptcy judge to rule on whether they can sue in state court to compel the company to hold its first annual shareholders meeting in more than five years.

  • March 2, 2006

    Tower Attorneys Request $6.8M In Fees

    Three months of Chapter 11 proceedings could cost Tower Automotive up to $6.8 million, the total amount that the professionals working on the bankruptcy case have asked the judge to approve.

  • March 2, 2006

    Stelco Reemergence Set For End Of March

    After a courtroom outburst last month, a bankruptcy court judge has extended steel company Stelco Inc.’s bankruptcy protection until the end of March.

  • March 1, 2006

    Northwest And Flight Attendants Union Strike Deal

    Bankrupt Northwest Airlines Corp. and its flight attendants union reached a pay cut agreement Wednesday, helping the beleaguered airline steer clear of a potential employee strike for now.

  • March 1, 2006

    Judge OKs Refco Art Auction

    A federal bankruptcy judge has given the green light for Refco Inc. to enlist the help of three auction firms in selling off its extensive photograph collection, a move that is expected to bring in as much as $7 million towards paying off the company’s $16.8 billion debt.

  • March 1, 2006

    Pilots, Delta To Arbitrate Over Pay Slashes

    A deadline for Delta Air Lines Inc. and its pilots’ union to reach an agreement on more than $300 million in annual concessions passed Wednesday with no deal in the works.

  • March 1, 2006

    Court Approves Anchor Glass Chapter 11 Plan For Vote

    Despite objections from a U.S. trustee last week that Anchor Glass Container Corp.’s Chapter 11 reorganization plan and disclosure statement lacked vital information, a U.S. bankruptcy court granted the company’s request Wednesday to submit its proposed plan and statement for voting.

  • March 1, 2006

    GB Holdings Seeks Funds For Icahn’s Defense

    Corporate raider Carl Icahn’s bankrupt holding company has asked for approval to use insurance funds to cover defense costs for Icahn and other former executives embroiled in a shareholder lawsuit.

  • March 1, 2006

    Heller Ehrman Bolsters East Coast Bankruptcy Practice

    Heller Ehrman has snagged Akin Gump bankruptcy attorney Russell L. Reid Jr., along with his extensive litigation experience, signifying a continued expansion of the firm’s New York office.

  • March 1, 2006

    ABB's Asbestos-Related Reorganization Approved

    In a move that promises to shield ABB Ltd. from future asbestos litigation troubles, a bankruptcy court has approved the amended reorganization plan of the Swiss/Swedish engineering group’s U.S. subsidiary, Combustion Engineering.

  • February 28, 2006

    Northwest Abandons Key Flight Attendant Request: Union

    In what amounts to a significant concession, bankrupt Northwest Airlines Corp. has reportedly retreated from an earlier demand to staff overseas flights with mainly non-U.S flight attendants, according to the airline’s Professional Flight Attendants Association.

  • February 28, 2006

    Saint Vincent Pleads For Chapter 11 Extension

    Still trying to unload three struggling hospitals, Saint Vincent Catholic Medical Centers has asked the bankruptcy court to extend its exclusive control over its Chapter 11 case for an additional four months.

  • February 28, 2006

    Ex-Generic Drug Maker Files Chapter 11 Plan

    Able Laboratories Inc., the former pharmaceutical developer that sold off its assets to India's Sun Pharmaceutical Industries Ltd. last year, is pursuing a Chapter 11 plan designed to pay back unsecured creditors roughly 27% on their claims.

  • February 28, 2006

    New Rule Could Boost Credit Card Charge-Offs

    A new rule requiring consumers to make higher minimum payments on their credit cards could boost the charge-off rate reported by card issuers, JPMorgan Chase & Co.’s chief executive warned on Tuesday.

  • February 28, 2006

    Congoleum Bondholders Seek To Retain Akin Gump

    Congoleum Corp.'s bondholders committee has moved to hire Akin Gump Strauss Hauer & Feld LLP as its counsel in the bankruptcy proceedings of the Mercerville, N.J.-based floor products supplier.

  • February 28, 2006

    Slimmed-Down ATA Emerges From Chapter 11

    ATA Airlines rose from the ashes of bankruptcy on Tuesday as the one-time 10th largest airline carrier in the U.S. wrapped up its emergence plans.

  • February 28, 2006

    Refco Execs, Clients Clash Over Assets

    Former executives of bankrupt broker Refco Inc. and the company’s clients have once again locked horns in court, with both sides staking claim to the remaining assets held by offshore broker dealer Refco Capital Markets.