• March 2, 2006

    Stelco Reemergence Set For End Of March

    After a courtroom outburst last month, a bankruptcy court judge has extended steel company Stelco Inc.’s bankruptcy protection until the end of March.

  • March 2, 2006

    Enel Hopes For Investigation Into French Merger

    In an effort to prompt an investigation into a planned merger between two French energy giants, the Italian utility company Enel sent a memorandum to the European Commission Thursday.

  • March 2, 2006

    CMS To Pay $28M To Employees To Settle Suit

    Energy provider CMS Energy Corp. will pay $28 million to settle two consolidated class action lawsuits filed on behalf of beneficiaries of the company’s employee savings plan.

  • March 1, 2006

    SEC Halts Investigation Into Allegheny's Bookkeeping

    The utility company Allegheny Energy Inc. announced in its annual report that the Securities and Exchange Commission has completed its probe, which dates back to 2004, into the energy company’s accounting affairs.

  • March 1, 2006

    ABB's Asbestos-Related Reorganization Approved

    In a move that promises to shield ABB Ltd. from future asbestos litigation troubles, a bankruptcy court has approved the amended reorganization plan of the Swiss/Swedish engineering group’s U.S. subsidiary, Combustion Engineering.

  • February 28, 2006

    E.U. Mulls Suit Regarding French Takeover Policy

    The European Union is considering legal action against the French government amid complaints about inadequate responses to what the Commission charges is France’s protectionist behavior concerning foreign takeovers.

  • February 28, 2006

    Supreme Court Throws Out Oil Industry Antitrust Case

    Rejecting claims of gasoline price fixing, The U.S. Supreme Court has tossed out an antitrust lawsuit that accused oil giants Shell Oil Co. and Texaco Inc. of artificially inflating gas prices by over $1 billion.

  • February 27, 2006

    GDF And Suez Plan Merger To Block Enel

    In a hastily arranged move to fend off a hostile bid from Italy’s power company Enel, Gaz de France SA said it will take over the energy and water supplier Suez SA in a €39 billion merger.

  • February 27, 2006

    E.U. Targets Nickel Mining In Canadian Investigation

    European Union officials are investigating the proposed merger of two Canadian mining companies, which could violate European Commission competition regulations by leading to price increases in the narrowing nickel production industry.

  • February 27, 2006

    Ex-Enron Accountant Admits To Manipulating Reserves

    The former chief accountant for Enron Corp.’s trading division admitted at Monday’s trial to using Enron’s reserve accounts to boost the company’s reported earnings.

  • February 27, 2006

    Solutia Receives $300M DIP Financing Boost

    Chemical products maker Solutia Inc., a spin-off of chemical giant Monsanto Co., will receive an additional $300 million in debtor in possession financing and an extension of more than nine months to its current financing deal as the company struggles to emerge from Chapter 11.

  • February 24, 2006

    IES Unsecured Creditors Tap Weil Gotshal

    The unsecured creditors in the Integrated Electrical Services bankruptcy have brought in Weil, Gotshal & Manges to go to bat for them, after a bankruptcy court judge approved an $810 an hour fee for Weil partner Marcia Goldstein.

  • February 24, 2006

    Galvex Capital Seeks to Retain Counsel

    Galvex Capital LLC’s committee of unsecured creditors requested the retention of its counsel, DLA Piper Rudnick Gray Cary US LLP, in a strategic move to help the company emerge from Chapter 11 bankruptcy.

  • February 22, 2006

    IES Looks For Speedy Bankruptcy Exit

    A judge has granted several requests made by newly bankrupt Integrated Electrical Services, clearing the way for the company to seek permission to solicit creditor support for its reorganization plan as early as next month.

  • February 22, 2006

    Class Action Suit Targets Alleged OPEC Conspiracy

    A class action lawsuit alleging price fixing has been filed against several countries and their state-controlled oil companies, targeting the governments of Angola, Norway, Oman and Mexico.

  • February 22, 2006

    Judge Close To Approving $5.8B Enron Deal

    In a deal that further swells record-setting payouts to aggrieved investors following Enron’s accounting scandal and bankruptcy, a federal judge in Houston is close to approving a $5.8 billion settlement from three investment banks accused of helping Enron hide massive financial losses.

  • February 21, 2006

    Calpine Asks Insurers To Cover Employee Defense Costs

    Looking to alleviate defense costs for several employees mired in class action securities litigation, bankrupt power company Calpine has asked a bankruptcy court judge to allow the company’s insurers to cover the litigation expenses so employees can focus on turning around the ailing company.

  • February 17, 2006

    Enron To Fork Over $134M For Workers, Retirees

    Enron Corp.’s workers and retirees will receive approximately $134 million under the defunct energy company’s settlement of government and employee claims, the U.S. Department of Labor announced.

  • February 17, 2006

    Galvex Abandons Plan For Chapter 11 Dismissal

    In the face of strong opposition, embattled steel maker Galvex has withdrawn its request to dismiss Chapter 11 proceedings, retreating from the motion it filed two weeks ago.

  • February 15, 2006

    Galvex Faces Opposition To Chapter 11 Dismissal

    Steel maker Galvex, which last week asked a bankruptcy court to dismiss its Chapter 11 proceedings, may not have the smooth exit it anticipated. U.S. Trustee Deirdre Martini has opposed the request, questioning the circumstances that would allow the dismissal of the bankruptcy.