Bankruptcy

  • January 18, 2006

    United Reaches Deal With Flight Attendants Union

    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.

  • January 17, 2006

    Winn Dixie Equity Committee Disbanded

    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.

  • January 17, 2006

    Northwest Reaches Tentative Deal With Machinists

    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.

  • January 17, 2006

    United Exit Plan Continues to Rile Up Union

    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.

  • January 17, 2006

    Adelphia Amends Reemergence Plans

    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.

  • January 13, 2006

    Telco's Chapter 11 Filing Ignites SEC Ire

    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.

  • January 13, 2006

    Varig Pays $56M To Keep Planes

    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.

  • January 13, 2006

    NY Governor Candidate Implicated In School Bankruptcy

    A now-defunct Kentucky college that owes over $3 million in loans taken out by its former chief executive should not be liquidated, according to a Kentucky bank, because the sale of all the school’s assets would still not be enough to pay back the borrowed money.

  • January 13, 2006

    Controversial Judge In Delta Bankruptcy Replaced

    The judge overseeing bankruptcy proceedings for Delta Air Lines Inc. has been permanently replaced after initially taking a two-month medical leave. Representatives of the number-three carrier, as well as the court, say the development would not delay the case.

  • January 13, 2006

    Northwest Pilots Approve Pension Freeze

    In a calculated move, pilots for embattled Northwest Airlines Corp. agreed to freeze their pensions this week rather than wait for a federal bailout that could ultimately result in lower payouts.

  • January 12, 2006

    United Settles With Creditors, Despite Union Resistance

    Bankrupt United Airlines Corp. and its unsecured creditors committee have settled their dispute over the company’s reorganization plan, which has been attacked by both a flight attendants union and a retired pilots union one week before the bankruptcy hearing was scheduled to begin.

  • January 12, 2006

    Enron Judge Limits Questions On Energy Crisis

    Jurors in the upcoming trial of Enron executives Ken Lay and Jeffrey Skilling will hear only limited testimony about the company's role in the California energy crisis of 2001, and lurid tales of pornography use and extramarital affairs won't be admissible at all, a federal judge ruled Thursday.

  • January 12, 2006

    Creditors Object To Calpine's Operating Loan

    After filing the largest bankruptcy case of 2005, Calpine Corp. is facing a challenge from its second-lien noteholders, who have asked a bankruptcy court to reconsider their approval of $30 million in lender fees to the embattled energy company.

  • January 12, 2006

    Analyst Suggests BA Consider U.S.-Style Bankruptcy

    British Airways PLC should follow the lead of U.S. carriers and file for bankruptcy to erase the heavy pension burden its new management is battling, a top risk management and consulting firm has proposed.

  • January 12, 2006

    Delphi, Pension Funds At War Over Exec Subpoenas

    Auto parts maker Delphi Corp. has lashed out at a group of pension funds who have subpoenaed four former Delphi executives in the company’s pending bankruptcy case. The funds have asked that the officials discuss the alleged accounting fraud that crippled the company.

  • January 11, 2006

    Airline Creditors Must Pledge To Keep Trade Secrets

    Companies that serve on creditors’ committees for struggling airlines have been ordered to pledge not to expose confidential information they obtain during bankruptcy proceedings after a judge worried that companies may improperly use the information.

  • January 11, 2006

    Consumer Bankruptcies Hit Two Million In 2005

    More than two million consumers filed for bankruptcy last year, rushing to gain protection from creditors before new, stricter bankruptcy laws took effect last October.

  • January 11, 2006

    United’s New Plan Angers Flight Attendants, Others

    As United Airlines tries to claw its way out of bankruptcy, the company’s reorganization plan has come under fire from both a flight attendants union and a retired pilots union, only one week before its bankruptcy hearing is scheduled to begin.

  • January 11, 2006

    China Considers Western-Style Bankruptcy Laws

    Lawmakers in the People's Republic of China are considering dramatic changes to the country’s bankruptcy laws, addressing pressure to conform to international financial standards after joining the World Trade Organization in December 2001.

  • January 10, 2006

    Entergy Seeks OK Of $12.9M In Contract Payments

    In an attempt to maintain access to electric generating capacity, the New Orleans branch power company Entergy Corp. has asked a bankruptcy court to retroactively approve $12.9 million in payments made towards power purchasing agreements with customers.