Bankruptcy

  • November 6, 2006

    Global Home Wins More Time To Use Cash Collateral

    A judge has given bankrupt Global Home Products LLC more time to use its cash collateral to secure a lender’s claim, allowing it to avoid the expenses of negotiating a new credit agreement with different lenders.

  • November 6, 2006

    Unsecured Creditors Take Issue With Calpine Liens

    The committee of unsecured creditors has asked a bankruptcy court to allow it to challenge certain liens in the Chapter 11 case of Calpine Corp.

  • November 6, 2006

    Ending Strike, Mechanics Pen Deal With Northwest

    Putting an end to a 444-day strike, mechanics at beleaguered Northwest Airlines have agreed to accept a settlement offer with the carrier, the union representing Northwest's mechanics and technicians said Monday.

  • November 6, 2006

    Eurotunnel Creditors Consider Liquidation: Report

    The creditors of beleaguered Eurotunnel PLC are reportedly debating whether forcing the company into liquidation would be the best way to recoup money from the bankrupt channel operator.

  • November 6, 2006

    Foamex Steps Up Fight Against Noteholders

    Foamex International Inc. sued its senior noteholders Friday to stop them from demanding more than the $312 million they are already scheduled to receive as part of the foam product maker’s amended reorganization plan.

  • November 6, 2006

    Lucent Resists Adelphia In Document Dispute

    Arguing that it has already given Adelphia Communication Corp. all necessary documents, Lucent Technologies Inc. is fighting to keep the bankrupt telecommunications company away from e-mails and documents kept private under attorney-client privileges.

  • November 3, 2006

    NY Thoroughbred Assoc. Hands Over Reins To Ch. 11

    The New York Racing Association Inc., which sought bankruptcy protection Thursday, has asked the court to grant a $50 million debtor-in-possession loan as it works to continue operating the state’s three thoroughbred racetracks.

  • November 3, 2006

    Global Power Trustee Creates Shareholders Committee

    Shareholders of bankrupt tool maker Global Power Equipment Group Inc. will soon have a louder voice in the company’s Chapter 11 proceedings, after the U.S. Trustee involved in the case agreed to appoint an official shareholders committee.

  • November 3, 2006

    JPMorgan Wants Adelphia's Chapter 11 Plan Clarified

    JPMorgan Chase Bank NA has filed a statement telling the federal bankruptcy court overseeing Adelphia Communications Corp.’s Chapter 11 case that Adelphia’s reorganization plan must be clarified.

  • November 3, 2006

    Tower Tries To Give Founder The Heave-Ho

    With Tower Records currently in liquidation mode, lawyers for the beleaguered music chain have asked a bankruptcy judge to cut ties with founder Russell Solomon, the empire’s head for more than four decades.

  • November 3, 2006

    Judge Gives Delta More Time To File Plan

    The federal bankruptcy judge overseeing Delta Air Lines Inc.’s bankruptcy proceedings has granted the debtors’ request to extend the periods during which Delta has exclusive rights to file and solicit support for its plan of reorganization.

  • November 3, 2006

    Barclays Forks Over $144M In Enron Settlement

    After months of wrangling, one of the banks that financed Enron Corp. has reached an agreement with the beleaguered energy giant to settle litigation stemming from the company’s collapse.

  • November 2, 2006

    Judge Denies USA Capital Trustee Bid For Ch. 7

    As short-term mortgage lender USA Commercial Mortgage Co. gears up for an auction, a Nevada judge has approved bidding procedures and set an auction date, but tossed a U.S. Trustee's attempt to convert the Chapter 11 case to a Chapter 7 liquidation.

  • November 2, 2006

    Ombudsman Assigned, Refco Seeks To Sell Client Lists

    The bankruptcy judge in Refco Inc.’s Chapter 11 case has granted a motion seeking the appointment of a consumer privacy ombudsman, bringing the bankrupt commodities brokerage a step closer to selling off a list of Refco F/X Associates' foreign exchange customers.

  • November 2, 2006

    Judge Allows Silicon Graphics To Chop Off Claims

    Trimming surplus fat off of Silicon Graphics Inc.’s recent emergence from bankruptcy, a federal judge on Wednesday granted the company’s requests to eliminate invalid claims and reduce excessive ones.

  • November 2, 2006

    Waco Takes Dig At Gardening Giant’s Liquidation Plan

    As EG Liquidating Co. Ltd. takes steps toward winding down, the city of Waco has raised objections to the gardening company’s first amended joint plan of liquidation.

  • November 2, 2006

    Court Tosses Hundreds Of Claims Against Calpine

    A Manhattan bankruptcy court has expunged hundreds of claims against Calpine Corp., relieving the embattled energy provider of potentially billions of dollars in liabilities.

  • November 2, 2006

    Interstate Bakeries To Settle SEC Investigation

    Bankrupt snack cake maker Interstate Bakeries Corporation said Thursday that it had agreed to settle an investigation brought by the U.S. Securities and Exchange Commission over its workers compensation reserves.

  • November 1, 2006

    Real Estate Worker Admits Guilt In $40M Scheme

    A former account manager at bankrupt real estate company NJ Affordable Homes Corp. has pled guilty to submitting fake loan documents in a bid to help the beleaguered company obtain mortgages as part of a Ponzi scheme that netted more than $40 million from investors.

  • November 1, 2006

    Eurotunnel Presents Creditors With Plan

    With the deadline set by the Paris Commercial Court finally reached, beleaguered channel operator Eurotunnel has shipped off its restructuring plan proposal to creditors after months of negotiation.