As Bawag PSK Group moves toward a settlement with creditors of Refco Inc., the embattled Austrian bank received a $1.13 billion boost from the Austrian government, major banks and insurers Tuesday to help Bawag cover the cost of the settlement.
A week after winning court permission to borrow on its debtor-in-possession loan, bankrupt Easy Gardener Products Ltd. is seeking approval to hire Houlihan Lokey Howard & Zukin Capital Inc. as its financial adviser.
A U.S. Securities and Exchange filing last week showed that Delphi Corp. will not deliver on price rebates it had previously promised to General Motors Corp., a revelation that comes against the backdrop of a bitter legal battle between Delphi and the labor unions that represent its workers.
A federal bankruptcy judge has given the green light to London Fog Group Inc. in its bid to borrow on its $40 million debtor-in-possession loan as the famed rainwear manufacturer reorganizes in Chapter 11 bankruptcy.
Creditors of Adelphia Communications Corp. have requested a bankruptcy court to restrict the flow of company funds to lenders for defense expenses regarding loans to the cable provider prior to its bankruptcy.
Unsecured creditors of troubled flat-screen television producer LG.Philips Displays USA Inc. are asking a federal judge to issue an order confirming that its members won't have to share confidential information with the creditors they represent, mirroring the ongoing struggle in courts nationwide to cope with the vague provision of last October’s new bankruptcy law on information sharing.
Citing high fees and too much space, Delta Airlines has asked a bankruptcy court to allow it to reject several lease agreements between the carrier and the Northern Kentucky/Cincinnati International Airport.
Trying to boost its case for substantive consolidation, a band of Winn-Dixie Stores Inc.’s trade creditors have asked the bankruptcy court for permission to investigate the supermarket chain’s $300 million note issuance in December 2000.
Varig Brazilian Airlines is flying high for the moment after winning a decisive victory in a New York bankruptcy court yesterday. Judge Robert Drain extended the troubled airline’s embargo on the seizure of Varig aircraft by aircraft leasing companies to May 31.
The federal bankruptcy judge overseeing Adelphia Communication’s Chapter 11 case streamlined the proceedings by approving $1.23 billion in interest payments to the Colorado-based cable company’s unsecured creditors on Thursday.
The troubled flat-screen television producer LG.Philips Displays USA Inc. took another blow on Wednesday when creditors threatened to have its case converted to a Chapter 7 bankruptcy liquidation if it failed to meet certain terms.
A bankruptcy judge has extended an order to prevent OAO Yukos management from selling the company’s stake in a Lithuanian oil refinery.
The law firm Milbank Tweed Hadley & McCloy is firing back after its dismissal from the Chapter 11 proceedings of Meridian Automotive Systems Inc., filing an appeal of the decision by a federal judge who disqualified the law firm from involvement in the automotive parts supplier’s bankruptcy.
After Refco Inc. creditors sued Bawag PSK Group for more than $1.3 billion over allegations that it helped push Refco into bankruptcy through fraudulent loans, the embattled Austrian bank has said it will make a compromise settlement with creditors if approved by the U.S. Bankruptcy Court.
Bankrupt Kaiser Aluminum will be able to protect up to $85 million in tax write-offs, after a bankruptcy court judge ruled that the company has some say over the sale of claims in its case.
Solutia Inc., a maker of glass products, nylon and other specialty products, was granted a six-month extension of its exclusive right to file a Chapter 11 plan on Thursday. The decision will help the company stave off the threat of a group of noteholders filing a rival plan.
Cash-strapped Easy Gardener Products Ltd. got an infusion of capital last week when a federal bankruptcy judge conditionally approved its plan to borrow on its debtor-in-possession loan, in a ruling that allayed its proposed buyer's concerns about the lawn and garden product maker’s liquidity.
Fearing a free-for-all, Delphi Corp.'s largest union has asked the court to bar the company's creditors, a hedge fund and a group of bondholders from taking part in next month’s hearing to decide whether the bankrupt auto parts supplier can void its union contracts.
Busy cutting down its operating expenses, bankrupt Collins & Aikman Corp. has requested an additional 120 days to work on fleshing out its reorganization plan.
Fearing that Refco Inc.’s spending has spiraled out of control, Bank of America has asked for a judge to intervene and set up a committee to curb the bankrupt futures broker’s skyrocketing expenditures.