Bankruptcy

  • April 26, 2006

    Shareholders, Trustee Clash Over Insolvency Claim

    Stockholders in bankrupt Oneida Ltd. are fighting to recoup their losses, but in court papers filed Monday, the U.S. Trustee overseeing the Chapter 11 proceedings said they’re wasting everybody’s time.

  • April 26, 2006

    New Rules Pushing Turnaround Execs Out The Door

    Tightened bankruptcy regulations may be preventing troubled U.S. manufacturing industries from attracting turnaround executives and retaining key players on management teams.

  • April 26, 2006

    Buchanan Ingersoll Snaps Up New Shareholder

    After rummaging through Holland & Knight’s office, Buchanan Ingersoll PC has pulled on board a veteran bankruptcy lawyer to its bankruptcy and creditors’ rights group.

  • April 26, 2006

    Parts Suppliers Pull Out Of GM Contracts

    Bankrupt auto parts maker Collins & Aikman Corp. has asked a bankruptcy court for permission to change some of its contracts with General Motors, echoing the moves of several other struggling suppliers seeking to cut costs.

  • April 26, 2006

    AOL Latin America Wins Approval To Liquidate

    A federal bankruptcy court has given AOL Latin America Inc. the go-ahead to liquidate, allowing the flailing Internet unit to shed its liabilities and turn over all of its assets to three major shareholders.

  • April 25, 2006

    Bear Stearns Seeks Back-Up Bid In PlusFunds Sale

    Bear Stearns Asset Management Inc. is still fixing to purchase PlusFunds Group Inc., even though the sale of the investment-fund manager to private equity firm FTVentures has already been cleared by the bankruptcy judge.

  • April 25, 2006

    Key Provision Dispute Threatens To Stall Pension Reform

    As the debate over how best to reform U.S. pension law continues to rage in Congress, a proposed special provision for bankrupt airlines is threatening to derail the finalization of a bill intended to force businesses to honor their pension obligations.

  • April 25, 2006

    Refco Creditors Take Aim At Bennett Financier BAWAG

    Seeking more than $1.3 billion, unsecured creditors for Refco Inc. are suing Austrian bank Bawag PSK Group, accusing the financier of helping propel the futures broker into bankruptcy through a series of fraudulent loans to Refco’s embattled former chief.

  • April 25, 2006

    ABB Receives Court OK To Tap $51M In Funding

    The most recently bankrupt unit of Swiss engineering giant ABB Ltd. has received court approval to tap more than $50 million in financing to maintain operations during what the company plans to be a brief stint in Chapter 11.

  • April 25, 2006

    Only 3 Months After Filing, IES Emerges From Chapter 11

    Integrated Electrical Services Inc. has emerged from Chapter 11 bankruptcy, according to George F. McElreath, the Assistant U.S. Trustee for the Northern District of Texas.

  • April 24, 2006

    Fed Up, Los Angeles Wants Delta Out Of LAX

    The city of Los Angeles wants bankrupt Delta Airlines out of its current lease at Los Angeles International Airport, and has gone to court to hasten the process.

  • April 24, 2006

    Roots Run Deep At King & Spalding

    The financial restructuring group at King & Spalding runs on more than knowledge and in-depth experience—deep-rooted loyalty also helps fuel this middle-market corporate practice.

  • April 24, 2006

    Oneida Creditors Seek To Limit Information Sharing

    Following in the steps of other creditors committees that have found ambiguities in the U.S. Bankruptcy Code, Oneida Ltd.’s committee of unsecured creditors is requesting that the court confirm that it is not entitled to disclose confidential information to the creditors it represents.

  • April 24, 2006

    SEC Queries May Hinder IES' Chapter 11

    Bankrupt power and communications provider Integrated Electrical Services is in federal regulators’ crosshairs, a recent filing with the Securities and Exchange Commission reveals.

  • April 24, 2006

    Judge Blasts Settlement Plan In Spokane Diocese Case

    A federal judge has expressed concerns over a $45.7 million proposed settlement agreement between the bankrupt Catholic Diocese of Spokane and 75 sex abuse victims, saying the deal may not give fair treatment to all parties involved.

  • April 24, 2006

    Firm Edges Toward Malpractice Suit In Congoleum

    In yet another professional setback for the law firm Gilbert Heintz & Randolph LLP, a bankruptcy judge overseeing Chapter 11 proceedings for flooring materials company Congoleum Corp. has paved the way for a bondholder lawsuit against the firm for alleged conflict of interest.

  • April 21, 2006

    Mesaba Seeks New DIP Lender

    Defunct regional airline carrier Mesaba Aviation Inc. is seeking bankruptcy court permission to pay the expenses for new debtor-in-possession lenders, after MAIR Holdings Inc., the original financier, lapsed on its financing commitment.

  • April 21, 2006

    Refco Reaches $263M Deal In PlusFunds Feud

    The creditors of beleaguered brokerage giant Refco Inc. have reached a $263 million settlement with Sphinx Managed Futures Fund SPC, putting to end a fight that erupted after parent company PlusFunds Group Inc. transferred $312 million amid Refco’s collapse.

  • April 21, 2006

    One More ABB Unit Slides Into Chapter 11

    Another unit of Swiss/Swedish ABB Ltd. has ducked into Chapter 11 bankruptcy protection, seeking sanctuary from the thousands of asbestos claims that continue to haunt the engineering giant and its subsidiaries.

  • April 21, 2006

    Refco CEO Asks Judge To Throw Out Suit

    Refco Inc.’s former CEO, Philip Bennett, has asked a Manhattan district court judge to throw out a $245 million criminal fraud class action suit brought against him by three funds managed by Thomas H. Lee Partners, a private equity firm that facilitated the commodity brokerage’s initial public offering last year.