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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.