A deal has been finalized in the battle between Northwest Airlines Corp. and the committee representing its retirees over the company’s proposal to cut labor and retiree costs as it reorganizes under Chapter 11 bankruptcy.
As bankrupt United Airlines Corp. emerges from Chapter 11 protection, it has become clear the biggest winner in the debacle is not the airline or its workers’ unions, but the law firm that oversaw the reorganization.
Almost four years after entering Chapter 11 bankruptcy protection, United Airlines’ reemergence plan has been approved, putting an end to the tumultuous reorganization and leaving some parties still unsatisfied.
Shareholders of America Online’s bankrupt Latin American division have proposed a liquidation plan that will allow unsecured creditors to recover 100% of their claims, but only if they agree not to hold them liable for the Internet unit’s collapse.
There doesn’t seem to be an end in sight to the money woes plaguing Schlotzsky's Deli. Two former executives of the franchise have asked a bankruptcy court judge to convert the company’s bankruptcy proceedings from Chapter 11 to Chapter 7, claiming attorney and creditor fees are draining the company’s already dry coffers.
Setting an example for a host of U.S. airlines that have opted for bankruptcy to fend off high fuel prices and ravaging competition, Delta Air Lines Inc. said it has achieved about 70% of the financial goals in its Chapter 11 recovery plan. It expects to emerge from bankruptcy a little over a year from now.
Desperate to keep current employees from jumping ship, futures broker Refco got the green light from a bankruptcy court judge to pay $1.4 million in retention bonuses to 32 employees.
The largest airline in Latin America, which has been operating under bankruptcy protection since last year, will present its creditors with a plan to swap credits for holdings in a fund that will assume control over the troubled company.
Deutsche Bank AG agreed Thursday to pay $147.5 million to settle charges it participated in complex securities fraud that bankrupted a brokerage firm in September 2001.
In a blow to Delphi Corporation shareholders, a federal bankruptcy judge has rejected a request, spearheaded by a group of pension funds, to question former executives of the auto parts giant about allegations of accounting fraud in the company’s upcoming bankruptcy trial.
Igniting the anger of its flight attendants union, bankrupt Northwest Airlines Corp. has proposed to replace a large number of American flight attendants with workers from Asian countries, in a bid to slash labor costs by $1.4 billion and ward off major downsizing, layoffs, and liquidation.
The bankruptcy proceedings for futures broker Refco Inc. have been anything but smooth, plagued by conflicts between the company, its creditors, its board of directors and the U.S. Trustee in charge of the case.
Bankrupt Stelco Inc.’s proposed restructuring plan has been put on hold until January 20 or later, after the judge overseeing the two-year-old proceedings asked that the company prove the feasibility of the plan.
United Airlines Corp. has cleared a major hurdle in its march toward emerging from bankruptcy, after the union representing its 17,000 flight attendants agreed to a reduced pension plan on Wednesday.
Shareholders of grocery store chain Winn-Dixie will no longer have a say in the struggling company’s bankruptcy proceedings after a judge disbanded the equity committee in Winn-Dixie’s Chapter 11 case.
Northwest Airlines Inc. has reached a tentative agreement with the union representing its machinists and aerospace workers, but has pushed ahead with efforts to nullify the collective bargaining agreement between the carrier and its remaining employees.
Less than a week after bankrupt United Airlines settled a dispute with its unsecured creditors committee over details in its reorganization plan, the airline faces persistent objections over issues it did not resolve with its flights attendants union.
After being mired in a billion dollar accounting fraud scandal that forced it into Chapter 11 bankruptcy protection, Adelphia Communications is putting the finishing touches on a reemergence plan that includes the sale of most of its assets to competitors Time Warner and Comcast.
A bankrupt telecom company has come under fire from the U.S. Securities and Exchange Commission over its proposed liquidation plan, which regulators see as a time bomb for setting off a stock manipulation scheme.
The financial troubles consuming the airline industry are not confined to the U.S. Brazilian airline Viacao Aerea Rio-Grandense SA, which has been operating under bankruptcy protection since June, has paid $56 million to avoid surrendering half of its planes.