Bankruptcy

  • May 19, 2006

    Judge Tosses Settlement Plan In Spokane Diocese Case

    A federal judge has rejected a $45.7 million proposed settlement agreement between the bankrupt Catholic Diocese of Spokane and 75 sex abuse victims, strongly recommending that the main players in the increasingly thorny legal wrangling enter into mediation.

  • May 19, 2006

    LG.Philips Asks Court For Permission To Liquidate

    Troubled CRT television producer LG.Philips Displays USA has asked for court permission to convert its bankruptcy case from a Chapter 11 to a Chapter 7 liquidation after failing to find a buyer for its assets.

  • May 19, 2006

    Calpine Rehashes Grim Year For SEC

    Embattled power producer Calpine Corp. is anticipating that claims in its bankruptcy case could significantly exceed the company's total debt of $17.4 billion, according to an annual report filed with the U.S. Securities and Exchange Commission.

  • May 19, 2006

    Judge Orders Mesaba, Unions Back To Bargaining Table

    The U.S. Bankruptcy Judge in charge of bankrupt air carrier Mesaba Aviation Inc.’s Chapter 11 case has struck down a motion by the company that sought permission to reject its collective bargaining agreements with its workers, in a ruling that sends both sides back to the bargaining table.

  • May 19, 2006

    Federal Judge Refuses To Mediate Refco Document Spat

    A federal judge in Manhattan has decided to stay out of a bankruptcy feud between Refco Inc.’s creditors and the investment banks that underwrote the company’s initial public offering for $583 million in August 2005.

  • May 19, 2006

    Adelphia Banks Oppose Motion To Limit Defense Funds

    Adelphia Communications Corp.’s banks and unsecured creditors are at fisticuffs over the flow of funds to lenders for defense expenses stemming from loans secured by the cable provider prior to its bankruptcy filing.

  • May 19, 2006

    USG Seeks $2.8B To Exit Bankruptcy

    USG Corp. has submitted a plan to finance its emergence from bankruptcy to the U.S. bankruptcy judge overseeing its Chapter 11 proceedings, hoping to move one step closer to a successful reorganization.

  • May 18, 2006

    Unsecured Creditors Get OK To Trade Pliant Securities

    Members of bankrupt packaging company Pliant Corp.’s unsecured creditors committee have received a U.S. bankruptcy judge’s permission to buy and sell Pliant’s securities, but that permission is contingent on putting a so-called “ethical wall” in place.

  • May 18, 2006

    Committee In Oneida Bankruptcy Retains Otterbourg

    The unsecured creditors in flatware maker Oneida Ltd.'s bankruptcy case filed a request on Monday to hire Otterbourg, Steindler, Houston & Rosen PC as its counsel, just days before the appointment of the equity holders committee.

  • May 18, 2006

    Restructuring Firm Snapshot: J.H. Cohn LLP

    J.H. Cohn LLP may not be as huge a restructuring outfit as some, but for the past two and a half decades, the firm has relished its role as a key niche player in the turnaround market.

  • May 18, 2006

    Judge Turns Down Heat In Calpine Dispute

    A federal bankruptcy judge has given power producer Calpine Corp. the green light to fork over $18 million to former partner Dominion Resources Inc. in a move aimed at ending a brawl over a major Texas power plant.

  • May 18, 2006

    Investment Bankers Oppose Sphinx-Refco Settlement

    Merrill Lynch & Co. and two other top investment firms have asked a judge to toss a $263 million proposed settlement between a hedge fund and Refco Inc. creditors, claiming the deal is a thinly veiled attempt to conceal misconduct by hedge fund insiders.

  • May 17, 2006

    Trustee, Creditors Object To Costs In Refco Case

    The U.S. Trustee overseeing Refco Inc.’s bankruptcy proceedings in Manhattan has taken issue with the costs associated with the case, filing an objection to interim applications for payment Tuesday.

  • May 17, 2006

    GM Shakes Up Finance Unit, Retains Restructuring Firm

    Reeling from a host of accounting errors that have led to embarrassing financial restatements, General Motors Corp. announced plans Wednesday to retain the restructuring firm AlixPartners as its financial adviser and to reassemble its corporate controller’s office.

  • May 17, 2006

    Icahn Seeks To Boost Dana Debt Securities

    With his eye firmly fixed upon the struggling auto parts industry, billionaire investor Carl Icahn is seeking to acquire another sizable portion of debt securities issued by bankrupt Dana Corp., potentially putting him in a position to help mold the beleaguered supplier’s reorganization.

  • May 17, 2006

    SeraCare Objects To Call For Equity Committee

    Unsecured creditors of bankrupt diagnostics company SeraCare Life Sciences Inc. have objected to the proposed formation of an equity committee, arguing that the equity holders are mostly concerned with control over the company and not inadequate representation.

  • May 16, 2006

    Retired Pilots Win Ruling In Delta Case

    The retired pilots of beleaguered Delta Air Lines Inc. celebrated a small victory last week when Judge Leonard B. Sands ruled that the bankruptcy court erred when it denied the pilots’ requests that Delta be forced to make pension payments.

  • May 16, 2006

    J.L. French Moves Closer To Emerging From Chapter 11

    J.L. French Automotive Castings Inc. moved one step closer to exiting Chapter 11 bankruptcy on schedule when a judge signed off on an order approving its disclosure plan Friday.

  • May 16, 2006

    Judge OK's $44M In Bonuses For Calpine Employees

    In an effort to stem the flow of employees abandoning the company, bankrupt energy provider Calpine Corp. has won court approval to distribute $44 million in bonuses to nearly 20% of its workforce.

  • May 16, 2006

    Gilbert Heintz Seeks Compensation In Congoleum Case

    Gilbert Heintz & Randolph LLP is once again fighting back to recover some of the nearly $13 million in fees that were voided last month by the bankruptcy judge for Congoleum Corp., which had accused the law firm of conflict of interest.