Bankruptcy

  • February 1, 2006

    Lawmakers Ponder Credit Rating Agency Regulation

    U.S. lawmakers are considering proposals to regulate the credit rating agencies that played a role in the downfall of companies such as Enron and WorldCom.

  • February 1, 2006

    Corporate Bankruptcies Down, But For How Long?

    Corporate bankruptcies plunged last year to the lowest level since 1997, marking the fourth year in a row that Chapter 11 filings have declined. But some experts warn the low tide is funded in part by hedge funds, and that a liquidity crunch could cause a sharp rise in bankruptcies in the future.

  • February 1, 2006

    Refco Gets A Break On Asset Sales

    A federal bankruptcy judge delivered some good news to embattled brokerage firm Refco, Inc. this week, after siding with the company twice in matters related to the ongoing division of its assets.

  • February 1, 2006

    Wisconsin Seeks Outside Help in Calpine Bankrupcy

    Wisconsin Attorney General Peggy Lautenschlager has asked the governor for permission to retain outside legal counsel to represent the state in the bankruptcy proceedings of power giant Calpine Corp., anticipating complicated maneuvers to wiggle the company out of its energy contracts under the shield of Chapter 11 protection.

  • February 1, 2006

    Bank of America Shifts Parmalat Suit to NYC

    Caught in the cyclone of litigation surrounding Italian dairy giant Parmalat’s collapse, Bank of America, a defendant in one of the lawsuits, has been allowed to transfer its case from North Carolina Superior Court to a New York district court.

  • February 1, 2006

    FTC OKs Adelphia Sell-Off to Comcast, Time Warner

    The Federal Trade Commission has given the green light to the $17.6 billion sale of bankrupt and scandal-ridden cable company Adelphia Communications Corp. to former rivals Comcast Corp. and Time Warner Inc.

  • February 1, 2006

    Bankrupt Diocese Makes $45.7M Offering To Victims

    Embroiled in thorny bankruptcy proceedings, the Roman Catholic Diocese of Spokane, one of three nationwide Roman Catholic dioceses that have filed for bankruptcy due to claims of sexual abuse by priests, has offered a $45.7 million settlement to victims.

  • January 31, 2006

    ATA Reemergence Plan OK’d By Judge

    A bankruptcy court has approved the reorganization plan of struggling airline ATA, clearing the way for the carrier to emerge from bankruptcy at the end of February.

  • January 31, 2006

    Tower Workers Threaten Strike If Judge OKs Plan

    Hourly workers at Tower Automotive have voted to authorize a strike as soon as next month if the bankruptcy judge overseeing the company’s reorganization plan okays its request to cut benefits and cancel labor contracts.

  • January 31, 2006

    Lay, Skilling Attorneys Blame Corporate "Bad Guys"

    A few powerful “bad guys” in Enron’s corporate finance group turned the energy giant into the “victim of an immediate, unanticipated and temporary drain on its liquidity,” counsel for the company’s former top executives told the jury at the opening of their fraud trial in Houston Tuesday.

  • January 31, 2006

    Calpine’s Unsecured Creditors To Retain Akin Gump

    A week after Calpine Corp. hired a host of lawyers and consultants to guide the company in its Chapter 11 filing, the power giant’s unsecured creditors committee has asked to retain Akin Gump Strauss Hauer & Feld LLP as its counsel.

  • January 31, 2006

    Judge OKs Northwest Pilot Pension Freeze

    A New York judge has approved a plan by bankrupt Northwest Airlines Corp. to freeze its pilot pension plan and lower lease and loan payments for some of its aircrafts.

  • January 31, 2006

    Feds Accuse Impath Big-Wig Of $260M Fraud Scheme

    In the kick-off to his criminal trial, federal prosecutors have accused the former president of Impath Inc. of engineering a massive accounting fraud scheme that cost shareholders $260 million and drove the medical diagnostic company straight into bankruptcy.

  • January 31, 2006

    Conflicts Abound As Firms Navigate Bankruptcy Waters

    With more and more bankruptcy practices migrating from boutiques to the bigger general practice firms, steering clear of potential conflicts and the harsh penalties they bring with them is a top priority.

  • January 30, 2006

    Gov. Renews Efforts To Ensure Oversight Of Refco

    The U.S. government wants an independent examiner to oversee the bankruptcy proceedings of fallen futures and commodities broker Refco Inc., after the judge in the case turned down its request for trustee oversight earlier this month.

  • January 30, 2006

    Consensus Building Key To Success, Says Blank Rome

    Blank Rome expects the volume of Chapter 11 filings to remain relatively low, but business remains frisky for the firm, which is involved in headline-grabbing bankruptcies of companies such as Delta, Delphi, Northwest and Winn-Dixie.

  • January 30, 2006

    Asbestos Companies Eye Chapter 11 Emergence

    Several companies that were crippled by class action lawsuits over cancer-causing asbestos are preparing to emerge from Chapter 11 bankruptcy protection, as attorneys and creditors committees pushed massive settlements toward approval Monday.

  • January 30, 2006

    New Bankruptcy Law Gives Attorneys Headaches

    Just a few months after the passage of the biggest overhaul of U.S. consumer bankruptcy law in recent history, attorneys and judges are beginning to see what they say are clear signs the reform isn’t living up to its promise.

  • January 30, 2006

    Struggling Steel Company Allowed To Pay Foreign Debts

    Steel producer Galvax, forced into Chapter 11 bankruptcy protection after defaulting on an $84 million loan, has been given approval to pay off debts owed to foreign creditors.

  • January 30, 2006

    Banks Ask Judge To Toss Delphi Securities Fraud Suit

    A group of investment banks that underwrote bankrupt auto parts maker Delphi Corp.’s debt has asked a bankruptcy judge to halt a “distracting” securities-fraud complaint lodged against the company's top executives.