Bankruptcy

  • January 30, 2006

    Proxim Reaches $10.7M Lender Settlement

    Wireless equipment maker Proxim Corp.'s unsecured creditors have won approval of a settlement with the company's top lender, private equity firm Warburg Pincus LLC, lowering the lender's secured claims in its bankruptcy proceedings.

  • January 27, 2006

    Calpine Loses Bid To Break Electricity Contracts

    A federal judge in New York has dealt a stinging setback to bankrupt power generator Calpine Corp. and its creditors, denying the company’s attempt to break eight long-term electricity contracts and sending the matter to the Federal Energy Regulatory Commission (FERC).

  • January 27, 2006

    Tower Automotive Gets Extension On Chapter 11 Plan

    A U.S. bankruptcy court has granted auto parts maker Tower Automotive’s request for a 90-day extension of its reorganization plan deadline, allowing one of the numerous auto parts makers mired in bankruptcy proceedings to breathe a sigh of relief.

  • January 27, 2006

    Future Looks Grim For Charitable Hospitals

    Bankrupt Saint Vincent Catholic Medical Center of New York may have secured a $350 million loan from General Electric Healthcare Financial Services to help it stay afloat, but experts are predicting that charitable hospitals in general face an uncertain and bleak future.

  • January 27, 2006

    Union Wins Spot On Delphi Creditors Panel

    The United Auto Workers union has won a long-standing bid to secure a nonvoting seat on the creditors committee for scandal-ridden auto parts giant Delphi Corp. in the company’s Chapter 11 bankruptcy case.

  • January 27, 2006

    Flat Screen TVs Push LG.Philips Units Into Bankruptcy

    LG.Philips LCD, the world's largest maker of liquid crystal displays, has filed for creditor protection for its European holding company, as well as its Dutch and Czech units and its German affiliate, resulting in the immediate loss of 750 jobs and threatening many more.

  • January 27, 2006

    Law Firms Set For Fee Bonanza Amid Airline Bust

    United Airlines’ parent company is preparing to emerge from Chapter 11 this week, but that doesn’t mean the bonanza is over for bankruptcy lawyers. The aviation bust has proven to be a goldmine for law firms like Kirkland & Ellis, Davis Polk and Stroock & Stroock, according to our study of legal fees in airline bankruptcy proceedings.

  • January 26, 2006

    Refco Asks Christie’s To Auction Off Its Art

    Beleaguered brokerage firm Refco Inc. has enlisted the help of Christie’s auction house in its struggle to emerge from bankruptcy and repay $16.8 billion in debts.

  • January 26, 2006

    Portland Arcbishop Defends Bankruptcy After Ruling

    The archbishop of the bankrupt Archdiocese of Portland in Oregon rebutted the idea Thursday that he had "foolishly" fallen victim to poor advice from bankruptcy attorneys when declaring the organization insolvent in July 2004.

  • January 26, 2006

    Calpine Hires Kirkland As Bankruptcy Counsel

    The U.S. Bankruptcy Court in New York has approved Calpine’s motions to retain Kirkland & Ellis as counsel, PA Consulting Group as energy industry consultant and Curtis, Mallet-Prevost, Colt & Mosle as conflicts counsel.

  • January 25, 2006

    Delta, Pilots At Contract Impasse

    As the deadline for compromise draws near, Delta Airlines and the pilots union are still at each other’s throats over the carrier’s bankruptcy reemergence plan, making arbitration seem like an increasingly likely option.

  • January 25, 2006

    Northwest Buys Precious Talk Time In Union Dispute

    Northwest Airlines’ management and pilots have bought more time this week to negotiate cost-saving deals that will determine whether the carrier will fold.

  • January 25, 2006

    Judge OKs Incentive Deal for Mesaba Execs

    In a blow to Mesaba Aviation’s rank and file workers, a federal bankruptcy judge has ruled that the struggling regional carrier can proceed with a plan that would offer executives millions of dollars in proposed incentives and severance benefits.

  • January 25, 2006

    Suit Against Deutsche Bank CEO To Move Forward

    A media tycoon’s allegations that Deutsche Bank AG’s chairman helped bankrupt his company through remarks in a news interview will be heard in court, after a federal judge in Germany allowed the case to move forward.

  • January 25, 2006

    Adelphia Targets Its Former Law Firm For Investigation

    Bankrupt cable television provider Adelphia Communications Corp. has turned up the heat on its former law firm after deciding Tuesday to launch an investigation into its attorneys' alleged conflict of interest.

  • January 25, 2006

    Calpine Gets $2 Billion Loan To Survive Bankruptcy

    A federal judge has given his final approval to bankrupt Calpine Corp.’s $2 billion refinancing plan, led by Deutsche Bank and Credit Suisse, to help the fallen energy giant keep its head above water as its bankruptcy case proceeds.

  • January 24, 2006

    Delta Cuts Jobs But Offers Techies $14M To Hang On

    Hoping to emerge from bankruptcy by 2007, embattled Delta Air Lines Inc. announced its intention to cut up to 1,000 maintenance positions while simultaneously seeking to pass an incentive package that will convince some of its critical technology employees to stay.

  • January 24, 2006

    United Chooses Nasdaq Exch. And Boasts Financing

    When United Airlines holding company UAL Corp. comes out of bankruptcy next week, its stock will trade on the Nasdaq Stock Market, according to the latest in a string of announcements related to the carrier’s much-anticipated financial recovery.

  • January 24, 2006

    Bankruptcy Looms For Alitalia

    With shaky finances and labor problems growing more severe by the day, Italian airline Alitalia is scrambling to come up with a restructuring plan that will appease both union workers and creditors and allow the airline to escape bankruptcy.

  • January 24, 2006

    Delphi Faces $19 Billion Debt Plus Environmental Charges

    Scandal-ridden auto parts giant Delphi Corp. has admitted that it is facing at least $19 billion in liabilities, a plethora of unresolved environmental pollution charges, and unspecified income tax debts owed to states and cities nationwide.