Bankruptcy

  • August 8, 2006

    Flight Attendants, Pilots Condemn US Airways CEO

    As US Airways struggles to get back on its feet after a crippling bankruptcy, the airline’s chief executive officer has infuriated flight attendants and pilots by exercising options for 270,000 shares of company stock, netting himself upwards of $9 million.

  • August 8, 2006

    Delta Wants Help From IBM

    Delta Airlines is looking to cut down on the costs of doing business by outsourcing computer maintenance work to International Business Machines Corp.

  • August 8, 2006

    U.S. Trustee Defends Move To Split Refco Creditors

    In the first public explanation of her decision to split Refco Inc.’s unsecured creditors committee, U.S. Trustee Diana G. Adams said on Tuesday that the move had been necessary to salvage a “bitterly divided committee.”

  • August 8, 2006

    Winn-Dixie Creditors Seek Help In Executive Search

    The committee of unsecured creditors in Winn-Dixie Stores Inc.’s bankruptcy is seeking to retain an executive search firm in its quest to find seven individuals to serve on the bankrupt supermarket chain's board of directors.

  • August 8, 2006

    Heating Oil Partners Emerges From Bankruptcy

    Eleven months after filing its Chapter 11 plan, Heating Oil Partners L.P. has emerged from bankruptcy with a new name and an optimistic outlook.

  • August 7, 2006

    Dairy Giant Milks Banca Popolare For €60M

    Banca Popolare Italiana has become the first Italian bank to settle with formerly bankrupt dairy giant Parmalat SpA, which is seeking about €7.5 billion from 50 banks worldwide in claw-back suits.

  • August 7, 2006

    Appeals Court Sends NRG Case Back To Minnesota

    A federal appeals court has reversed a Minnesota district court’s dismissal of a proposed injunction against NRG Energy, Inc. that sought to bar the energy commodities company from disseminating allegedly misleading market information.

  • August 7, 2006

    Overhaul Of Creditors Panel Threatens Refco Deal

    Last-minute efforts by the U.S. Department of Justice to shake up Refco’s creditors committee have threatened to unravel a deal set to repay Refco Inc.’s creditors at least $2.3 billion, according to a deal negotiator.

  • August 7, 2006

    Tower Lobbies Court For 60 More Days To Submit Plan

    Citing the size and complexity of its Chapter 11 case, Tower Automotive Inc. has asked the bankruptcy court to allow it to retain sole control over its reorganization for an additional two months.

  • August 7, 2006

    Global Crossings Suit Against CIBC To Proceed

    A lawsuit filed by financially strapped telecommunications company Global Crossings Ltd. against the Canadian Imperial Commerce Bank will head to court, after a judge refused to toss the case completely.

  • August 7, 2006

    Delta Bids To Shutter Pilots’ Pensions

    In an unsurprising move, Delta Air Lines has asked the bankruptcy court to terminate its pilots’ pension plans, maintaining that the massive legacy obligations it is facing could cripple the struggling airline.

  • August 7, 2006

    Winn-Dixie's Reorganization Plan Approved

    Winn-Dixie Stores Inc. got the stamp of approval for its reorganization plan when a federal judge signed off on its disclosure statement on Friday, keeping the grocery store chain in line to emerge from Chapter 11 bankruptcy protection this year, the company said.

  • August 8, 2006

    Firm Denied Compensation In Owens Corning Case

    Fiberglass maker Owens Corning, nearing its emergence from Chapter 11 bankruptcy, has one less bill to pay, after a U.S. Trustee axed one law firm’s attempt to file a compensation request.

  • August 8, 2006

    Dana Shareholders Warn Against Cutting Benefits

    A group of equity security holders for bankrupt Dana Corp. has cautioned that modifying employee retirement benefits may end up hurting the struggling auto parts supplier.

  • August 7, 2006

    GM Files Major Claim For Cash From Delphi

    General Motors Corp. has filed a “multi-billion dollar” demand for payment against bankrupt auto parts manufacturer Delphi Corp., setting the stage for a court battle just weeks after Delphi alluded to similar claims against GM.

  • August 4, 2006

    Unsecured Creditors Contest World Health Bid

    World Health Alternatives Inc.’s unsecured creditors are contesting the conversion of the company’s bankruptcy from a Chapter 11 to a Chapter 7 case.

  • August 4, 2006

    Contentious Pension Bill Clears Another Hurdle

    Taking a page from the U.S. House of Representatives, the U.S. Senate has passed a sweeping overhaul of U.S. pension laws, shooting the bill straight to President Bush’s desk for approval.

  • August 4, 2006

    Owens Corning Seeks Revision Of Letter Against Plan

    Taking steps to intervene in a New York investor’s plan to call on all bondholders to reject the company’s reorganization plan, Owens Corning has asked a bankruptcy court to revise what it claims is a materially misleading letter.

  • August 4, 2006

    Motorola Claims Ignorance Of Adelphia Wrongdoings

    Motorola Inc. reiterated its ignorance Wednesday of the federal investigation into Adelphia Communications Corp., which had sued the cell phone maker for defrauding it into bankruptcy.

  • August 4, 2006

    Refco Trustee Objects To Costs, Creates Committee

    The ballooning costs of Refco’s bankruptcy have triggered an objection from the U.S. Trustee overseeing the commodities broker’s Chapter 11 case, who also appointed a new creditor's committee on the heels of complaints from claimants.