Bankruptcy

  • October 9, 2006

    Lenders Blast Delta’s Proposed Dispute Resolution Plan

    A $4 billion battle may be brewing between bankrupt Delta airlines and the companies that financed its aircraft, after several of the lenders objected to a Delta proposal for resolving disputes over their leverage-lease claims.

  • October 9, 2006

    FleetBoston Settles Enron MegaClaims Litigation For $20M

    FleetBoston Financial Corp. and several of its affiliates have agreed to pay Enron Corp. $20 million to settle allegations that the firm played a role in the colossal downfall of the now-bankrupt energy provider.

  • October 10, 2006

    Claimant Urges Judge To Reject Musicland Statement

    Months after Musicland presented a controversial liquidation plan, the lead plaintiff in a class action against the entertainment giant has objected to the bankrupt company’s disclosure statement, a key component of its planned emergence from Chapter 11.

  • October 10, 2006

    Law Firms Line Up To Get Paid For Oneida Work

    Since flatware maker Oneida Ltd. emerged from Chapter 11 protection in September, lawyers as well as financial and accounting advisors have been lining up to get paid.

  • October 10, 2006

    Sphinx Funds Object To Refco Plan, Cite $263M Deal

    Liquidators for bankrupt Sphinx Managed Futures Fund SPC have objected to Refco Inc.’s amended Chapter 11 plan, arguing that under the plan, Sphinx’ recent $263 million settlement with the bankrupt broker could be paid to creditors before it receives final court approval.

  • October 10, 2006

    Trustee Blasts Dana Bid To Protect Incentive Plans

    Three weeks after Dana Corp. asked a bankruptcy court to reconsider a ruling that denied proposed incentive packages for the company’s executives, the U.S. Trustee overseeing the case is lashing out at the auto parts maker’s motion, arguing the move is “procedurally and substantively defective.”

  • October 6, 2006

    Amkor, Creditors Square Off Over SEC Filing

    A battle between technology company Amkor Technology Inc. and its bondholders may end in a bankruptcy court. In response to a demand that the company pay off its debts immediately, the company has threatened to file for Chapter 11 bankruptcy protection.

  • October 6, 2006

    Refco Can Send $300M From BAWAG Pact To Lenders

    Despite objections from stockholders who felt they were getting short shrift, the federal judge overseeing Refco Inc.’s Chapter 11 case has given the company permission to put $300 million gleaned from a settlement with an Austrian bank toward a $642 million secured loan.

  • October 6, 2006

    Enron, Dynegy Reach $44M Settlement

    A subsidiary of energy company Dynegy Inc. has agreed to pay former rival Enron Corp. $44 million in order to settle the long-running litigation between the two companies.

  • October 6, 2006

    Circuit Ct. Remands Bankruptcy Auction Antitrust Suit

    A U.S. appeals court panel has sent a case involving the hot rolled coil industry back to district court, where a judge will decide whether Nucor Corp. violated antitrust laws by outbidding Gulf States Reorganization Group Inc. in a bankruptcy auction.

  • October 6, 2006

    Curative Disputes Claims In Ch. 11 Case

    Curative Health Services Inc. has objected to dozens of claims in its bankruptcy case, and has asked the court to take a closer look at the proofs of claim filed against it.

  • October 6, 2006

    Judge Rejects Hawaiian Airlines’ Request For Injunction

    A federal bankruptcy judge Thursday denied Hawaiian Airlines’ request for a preliminary injunction barring Mesa Air’s new low-cost air carrier from flying between the Hawaiian islands due to Mesa's alleged theft of trade secrets and anti-competitive actions.

  • October 5, 2006

    Asarco Gets More Time For Chapter 11 Plan

    The federal judge overseeing copper mining company Asarco LLC’s Chapter 11 proceedings has granted the 107-year old company three more months to file and solicit support for its reorganization plan.

  • October 5, 2006

    Claims Traders Set Up Committee In Interstate Case

    Claims traders against Interstate Bakeries Corp. have chosen an uncommon path by forming an ad hoc committee to assert their interests in the bakery’s Chapter 11 proceedings.

  • October 5, 2006

    Mair Tries To Stifle Criticism Of Mesaba Payments

    Under fire from Mesaba Airlines’s unsecured creditors, parent company Mair Holdings, Inc. has requested that the bankruptcy court issue a declaratory judgment ruling that any payments made to Mair were appropriate and proper.

  • October 5, 2006

    Judge Approves Adelphia, Verizon Settlement

    A federal bankruptcy judge has signed off on a settlement agreement under which Verizon Media Ventures Inc. will drop its objection to Adelphia Communications Corp.’s Chapter 11 plan in exchange for being allowed two unsecured claims totaling more than $87 million against the bankrupt cable provider and a California subsidiary.

  • October 5, 2006

    New Foamex Plan Offers Recovery For Shareholders

    In a move that bodes well for shareholders, Foamex International Inc. intends to submit a new reorganization plan that will set aside equity for current shareholders, according to an attorney for the bankrupt company.

  • October 6, 2006

    Law Firm Profile: Dechert LLP

    When Tanner & Haley Resorts, a vacation club enterprise known for offering trips to exotic locations, found trouble in paradise with its U.S.-based operations, the company turned to Dechert LLP to help it work through its financial reorganization.

  • October 6, 2006

    Delta Settles Benefit Dispute With Retirees

    Delta Air Lines Inc. has reached an agreement to change the medical benefits of more than 40,000 retirees, which should save the bankrupt carrier about $50 million annually.

  • October 4, 2006

    Enron Coughs Up $3.4B To Creditors

    Enron Corp. unloaded $3.4 billion to its creditors on Tuesday, bringing the total amount distributed in its liquidation to a whopping $9.4 billion.