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Residential Capital, LLC

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Case overview

Case Number:

1:12-bk-12020

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

  1. June 10, 2013

    ResCap, FGIC Reach Deal To Slash $5.5B Bankruptcy Claim

    In a deal that will bring Residential Capital LLC closer to the end of its bankruptcy case in New York, the mortgage servicer announced a settlement Friday with Financial Guaranty Insurance Co. to reduce the bond insurer's claim from $5.5 billion to $596.5 million.

  2. June 05, 2013

    Berkshire Hathaway Fights ResCap's Bid For $1B Ally Payout

    Warren Buffett's Berkshire Hathaway Inc. on Wednesday objected to Residential Capital LLC and its debtors' request for the court to approve a more than $1.1 billion payout to Ally Financial Inc., saying the payment "puts the cart before the horse."

  3. May 23, 2013

    ResCap Gets $2.1B From Ally To Settle Creditor Claims

    Ally Financial Inc. will pay $2.1 billion to win peace with creditors of its former mortgage subsidiary, bankrupt Residential Capital LLC, nearly triple the auto lender's original settlement offer, according to documents filed Thursday in New York bankruptcy court.

  4. May 14, 2013

    ResCap Keeps Examiner Report Sealed With Ally Deal

    Residential Capital LLC has reached a deal with Ally Financial Inc. to end potential creditor claims and made significant progress toward a reorganization plan, allowing it to keep an independent examiner's report under seal until later this month, according to statements made Tuesday.

  5. May 07, 2013

    ResCap Wins Plan Extension To Keep Ch. 11 Control

    Residential Capital LLC on Tuesday won another 30 days to file a Chapter 11 plan without the threat of a rival plan being offered, overcoming a challenge from junior secured noteholders who claim they stand to lose millions if the case continues to be delayed.

  6. May 06, 2013

    ResCap Creditors Fight CFO Testimony In RMBS Trial

    Unsecured creditors of mortgage servicer Residential Capital LLC on Monday urged the New York bankruptcy judge overseeing its Chapter 11 proceedings to bar its chief financial officer from testifying at an upcoming trial over a $9 billion residential mortgage-backed securities deal.

  7. May 06, 2013

    ResCap Sues UMB, Wells Fargo Over Lien Value

    Residential Capital LLC on Friday sued UMB Bank NA, Wells Fargo Bank NA and a group of junior secured noteholders holding $2 billion in claims against the estate over a dispute concerning the value of their liens securing certain bonds.

  8. April 30, 2013

    Bondholders Slam ResCap's Foot-Dragging On Ch. 11 Plan

    A group of junior secured bondholders on Monday said it is ready to put together a reorganization plan for Residential Capital LLC, urging a New York bankruptcy judge to deny the fallen mortgage servicer's request for more time to file a plan before others can be offered.

  9. April 19, 2013

    Wilmington Trust Seeks ResCap Judge's OK To Sue Ally

    The trustee for $1 billion in senior unsecured bonds issued by Residential Capital LLC sought a New York bankruptcy judge's permission Friday to sue the firm's former parent, Ally Financial Inc., adding to the growing pressure on Ally to pay up for ResCap's collapse.

  10. April 12, 2013

    ResCap Judge Approves Up To $7.8M In Bonuses

    Residential Capital LLC is clear to set aside nearly $8 million in bonuses for a group of employees and executives after a New York bankruptcy judge ruled Friday that the payments will help the company meet certain goals as the fallen mortgage servicer winds down its operations.

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