Filing
The Daily Docket: Friendly’s Restaurants Preparing Bankruptcy Filing
The Friendly’s restaurant chain is preparing for a possible Chapter 11 bankruptcy filing and potential sale, The Wall Street Journal reports.
Lehman Brothers Holdings Inc. struck a deal with Bank of America Corp. and Merrill Lynch to reduce by more than $ 4 billion their derivatives claims against the liquidating investment bank, a key step for Lehman as it attempts to get its creditor-payback plan approved by a court later this year. Read the Daily Bankruptcy Review story here in WSJ.
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Solar-power equipment manufacturer Stirling Energy Systems Inc. has filed for bankruptcy, adding to a wave of troubles in the solar industry amid soft demand, falling prices and difficulty raising money, WSJ reports.
The Wilpon family, the owners of the troubled New York Mets baseball franchise, is said to be ecstatic that Madoff tustee Irving Picard can’t seek roughly $ 1 billion in principal, profits and damages from the Mets owners, the Journal reports.
The Federal Bureau of Investigation is looking into possible accounting fraud at Solyndra LLC as well as the accuracy of financial data the now-bankrupt maker of solar panels reported to its U.S. government lenders, Bloomberg News reports.
The Philadelphia Orchestra Association is seeking a loan to help fund operations through the end of its bankruptcy case and is seeking permission to assume $ 3.1 million in debt to pay operating costs, the Philadelphia Inquirer reports.
DealBook’s Stephen Lubben says Penn Central’s 1970 bankruptcy may give some insight into the fate that awaits Lehman Brothers Holdings Inc., even as it nears approval of its Chapter 11 plan.