Bankruptcy

  • June 6, 2006

    Adelphia Amends Plan To Include Asset Sale

    Adelphia Communication Corp. has modified its Chapter 11 plan to gear up for the sale of its assets to Time Warner Inc.’s NY Cable and Comcast Corp. after a bankruptcy judge cleared the way for the sale.

  • June 6, 2006

    SEC Targets Ex-Delphi Officials In Accounting Probe

    The U.S. Securities and Exchange Commission has sent target letters to at least seven former officials from Delphi Corp., signaling that the regulator’s two-year investigation into the bankrupt company’s accounting practices is gaining traction.

  • June 6, 2006

    Judge Approves $41.4M Payday In Delta Case

    A federal bankruptcy judge nixed a U.S. Trustee’s request to appoint a financial advisor to analyze the ballooning costs of Delta Air Lines Inc.’s Chapter 11 proceedings and signed an order approving payments totaling $41.4 million for advisors and attorneys in the case.

  • June 6, 2006

    Flight Attendants Toss Contracts Back In Northwest’s Face

    Three months after reaching a tentative agreement with bankrupt Northwest Airlines, an overwhelming majority of the strapped carrier’s flight attendants have rejected a contract that Northwest claims would have saved it $195 million annually.

  • June 6, 2006

    Another Round In GM, Delphi Contract Fight

    General Motors Corp. has made yet another attempt to thwart bankrupt auto parts maker Delphi Corp from voiding the supply contracts between the two companies, filing another objection to Delphi’s motion to toss the agreements.

  • June 5, 2006

    Mirant Attorneys Must Defend $365M In Fees

    Professionals that worked on Mirant Corp.’s Chapter 11 case will be heading back to court, this time to defend charging $365 million in fees over the course of the company’s bankruptcy.

  • June 5, 2006

    Doubt Swirls Around Eurotunnel Restructuring Bid

    In a move that threatens to drive Channel Tunnel operator Eurotunnel into bankruptcy, a group of bondholders is voicing its opposition to the restructuring plan that had been agreed to by the company’s senior creditors.

  • June 5, 2006

    Meridian Asks Court For Fourth Extension Of Plan

    Nearly two months after scoring a third extension on its reorganization plan, Meridian Automotive Systems Inc. has put in a fresh request to the bankruptcy court for additional time to put together its emergence strategy.

  • June 5, 2006

    OAO Yukos Bids To Retain Control Of $20B Business

    Facing more than $29.5 billion in claims and possible liquidation in a Russian bankruptcy court, OAO Yukos this week proposed an outline for a restructuring plan that would leave the struggling Russian oil company in control of its core business.

  • June 5, 2006

    Parmalat Criminal Case Moves Forward

    A court in Parma, Italy kicked off the main criminal proceedings Monday in Parmalat’s $18 billion collapse, with 64 former executives, financial advisers and bankers on the hook for fraud allegations that contributed to one of Europe’s largest corporate debacles.

  • June 5, 2006

    Finova Sits Out Thaxton Class Action Settlement

    Three months after a crucial stay was lifted, the noteholders of bankrupt financial services outfit Thaxton Group Inc. have reached a $10 million partial class action settlement over the allegedly fraudulent sale of $120 million worth of debt to individuals.

  • June 5, 2006

    Judge Blocks Lawsuit Against Adelphia Buyers

    A bankruptcy judge has stopped a small cable television channel from interfering in the impending sale of bankrupt Adelphia Communications Corp. with an antitrust lawsuit.

  • June 5, 2006

    In Refco Fallout, BAWAG Settles For $675M

    On the heels of last week’s settlement announcement, Austrian lender BAWAG PSK Group has revealed that it will pay at least $675 million to federal regulators for its alleged role in the collapse of futures broker Refco Inc.

  • June 2, 2006

    A Third Restructuring Plan Proposed For Eurotunnel

    Deutsche Bank and other infra-junior creditors are drawing up their own restructuring plan to deal with Eurotunnel’s €6.2 billion ($11.7 billion) debt, in a move that stems from unrest among Eurotunnel’s junior debtholders, according to a published report.

  • June 2, 2006

    Green Thumb Wins Easy Gardener Assets

    The sale of a bankrupt lawn and garden company's assets should bear fruit for lenders, who are expecting a payout from the more than $60 million earned from the sale.

  • June 2, 2006

    Parmalat Milks Court For More Time

    Still trying to recover from the massive accounting fraud dubbed “Europe’s Enron,” Italian dairy conglomerate Parmalat Finanziaria SpA has scored a four-month extension of a U.S. court protection order against its creditors.

  • June 2, 2006

    Bawag To Settle With Feds Over Refco Fallout

    In a bid to avoid a criminal indictment in the United States, Austrian lender Bawag PSK Group has settled out of court with federal regulators for an amount that may exceed $600 million for its alleged role in the collapse of futures broker Refco Inc.

  • June 1, 2006

    Strip FTC Of Merger Review Power, Panelists Demand

    The Federal Trade Commission should be stripped of its power to review mergers, with the responsability consolidated under the U.S. Department of Justice, a dissenting minority of the Antitrust Modernization Commission has proposed.

  • June 1, 2006

    Creditors Oppose Pliant's Chapter 11 Plan

    Awaiting court approval of its reorganization plan, Pliant Corp. remains on the cusp of emerging from bankruptcy, but some creditors are arguing that the packaging maker is not ready to wrap up its bankruptcy just yet.

  • June 1, 2006

    Adelphia Gets Extension On Creditor Vote

    Adelphia Communications Corp. can breathe a sigh of relief now that a judge has extended the deadline for creditor approval of its Chapter 11 reorganization plan, giving the company two more weeks to resolve a dispute between noteholders that is holding up the process.