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