Posts Tagged ‘Docket
The Daily Docket: Lehman Blasts Banks’ Deal With Zell
Lehman Brothers Holdings Inc. lashed out at Sam Zell’s deal with banks to extend Zell’s option to buy their remaining stake in Archstone.
Bankruptcy Beat
The Daily Docket: CRO Says AMR Must Cut Labor Costs
American Airlines parent AMR Corp.’s chief restructuring officer on Tuesday said the company won’t be able to successfully restructure without drastically cutting its labor costs. Read the Daily Bankruptcy Review article here.
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According to The Wall Street Journal, British Airways and its parent are ready to act but will remain on the sidelines of a merger at American Airlines, its U.S. partner.
MF Global Holdings Ltd.’s executives who are still unraveling the firm’s records won’t get bonuses, WSJ reports.
Even though AlixPartners agreed to be sold to private equity firm CVC Partners, it still wants to expand abroad, DealBook reports.
According to WSJ, leaders of law firm Greenberg Traurig LLP are looking at a possible deal with the struggling Dewey & LeBoeuf LLP.
The bankruptcy of Elpida Memory Inc. is fueling worries that the company might be a burden to anyone who acquires it, Bloomberg reports.
According to WSJ, 351 small U.S. banks are having trouble paying $ 15 billion in outstanding Troubled Asset Relief Program, or TARP, loans.
According to Reuters, investors in LightSquared are uniting against hedge-fund manager Philip Falcone, whose fund controls the wireless telecom company.
The Toronto Star reports on the beginning of mediation of almost $ 9 billion in Nortel Networks assets.
The Philadelphia Orchestra Association has reached a settlement with the American Federation of Musicians, the Philadelphia Inquirer reports. The pension fund had threatened the orchestra with litigation over its withdrawal from it.
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The Daily Docket: Apple Can’t Pursue Kodak Litigation
A judge Thursday said Apple Inc. couldn’t pursue patent infringement litigation against Eastman Kodak Co. over a patent the computer giant fears might be sold during Kodak’s bankruptcy before an ownership dispute is resolved. Read the Daily Bankruptcy review article via The Wall Street Journal.
Grubb & Ellis Co. received the bankruptcy court’s approval to move forward with the sale of its assets Thursday, after an additional $ 15 million was added to the lead bid in an amendment that addresses some objections from creditors. Click here to read the article in WSJ.
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Three top MF Global Holdings Ltd. executives might get bonuses of up to several hundred thousand dollars each, WSJ reports.
Also according to WSJ, American Airlines parent AMR Corp. asked a judge to extend by six months the timeframe in which it alone can file its bankruptcy plan.
Banks are foreclosing on churches in America in record numbers, Reuters reports.
According to the New York Post, Fortress Investment Group is talking with Ally Bank to buy its struggling ResCap mortgage subsidiary.
General Motors Co. and Italian auto maker Fiat talked earlier this year about merging operations in Europe, WSJ reports.
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The Daily Docket: A&P Wins Bankruptcy Plan Approval
A judge on Monday approved Great Atlantic & Pacific Tea Co.’s plan to exit bankruptcy proceedings as a leaner grocery chain by both store count and cost of labor, more than a year after the owner of A&P and other supermarkets filed for Chapter 11. Read the Daily Bankruptcy Review article here.
Dippin’ Dots Inc.’s biggest lender wants the bankruptcy court to oust the founder and president, Curt Jones after accusing him of manipulating the Kentucky manufacturer’s sale and putting its future at risk. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
Eastman Kodak Co. is seeking bankruptcy-court authorization to terminate certain medical benefits for about 16,000 Medicare-eligible people who retired in the past two decades, DBR reports.
According to the Chicago Tribune, the Pension Benefit Guaranty Corp.’s top official said American Airlines parent AMR Corp. doesn’t need to put responsibility for pensions on the government.
The Securities and Exchange Commission’s former top lawyer, along with his two brothers, will repay $ 556,017 in inherited money that was tied to Bernard Madoff’s Ponzi scheme, The Wall Street Journal reports.
According to the Associated Press, the owners of the New York Mets are excited about the upcoming baseball season despite the litigation they’re going through with Madoff’s Ponzi scheme and a big payroll drop.
Developer William Lyon Homes has emerged from Chapter 11 protection, Reuters reports.
According to the Boston Globe, Saab Automobile said it’s gotten several potential bids from investors looking to take the auto maker out of bankruptcy protection.
Entropic Communications Inc. said it would buy part of Trident Microsystems Inc.’s set-top box business for $ 65 million, Dow Jones Newswires reports.
According to the Washington Post, though the Howrey law firm is no more, 55 years’ worth of documents and data are still left over.
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The Daily Docket: Teamsters Threaten Strike in Hostess Case
The Teamsters Union said Monday that its members will strike if a judge clears Hostess Brands Inc. to implement new collective-bargaining agreements—replete with fresh cuts to wages and benefits. Read the Daily Bankruptcy Review article via The Wall Street Journal.
Charlotte, N.C.-based TSC Global LLC placed several subsidiaries under bankruptcy protection on Sunday as the company shifts its focus to selling an emerging product: the smokeless, battery-operated cigarette. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
The federal watchdog in Dynegy Holdings LLC’s bankruptcy case is objecting to the company’s efforts to advance its Chapter 11 plan before an investigation into the prebankruptcy shuffling of assets among Dynegy Inc. affiliates is complete. Read the DBR story via WSJ.
Next week, MF Global Holdings Ltd. liquidators will start giving money back to 1,300 U.K. clients, the Financial Times reports (sub req).
Now that benefactor Eastman Kodak Co. has entered bankruptcy protection, upkeep and improvement on the George Eastman House in Rochester, N.Y., won’t be getting any easier, WSJ reports.
The Rangers and Portsmouth soccer clubs in Britain sought to be placed into administration, the Guardian reports.
According to WSJ, Deutsche Bank AG is nearing an agreement to pay €800 million ($ 1 billion) to settle claims that a former chief executive help pusg Kirch Group, a German media company, toward bankruptcy.
According to Bloomberg, Lear Corp. has mostly failed in its efforts to use its bankruptcy to stop antitrust lawsuits.
Hackers in China are suspected in a widespread breach of Nortel Networks Ltd.’s computer system, WSJ reports.
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The Daily Docket: A&P Confirmation Hearing Begins
Great Atlantic & Pacific Tea Co. on Monday laboriously moved closer to final approval of its plan to exit what has been an equally laborious bankruptcy, with the company continuing to satisfy objections and a judge beginning to overrule others. Read the Daily Bankruptcy Review article here.
Renewable energy investor Rockland Capital offered the winning bid worth $ 30.5 million for Beacon Power Corp.’s flagship energy storage plant in New York—a deal would allow the struggling company to continue operating and pay off most of the $ 39 million it owes on a loan funded by President Barack Obama’s stimulus package. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
Shipping-services company TBS International Plc has reached a restructuring agreement with its lenders, according to a news release.
Saab Automobile’s receivers confirmed they’ve gotten bids for the company, Dow Jones Newswires reports.
According to The Wall Street Journal, MF Global Holdings Ltd. trustee James W. Giddens said he’s facing major challenges in trying to recoup $ 1.2 billion in customer money.
Electric-car startup Fisker Automotive Inc. has halted operations at its U.S. manufacturing plant while it renegotiates its $ 529 million Department of Energy loan, Reuters reports.
According to Bloomberg, former President George W. Bush Monday defended the loans he gave General Motors Corp. and Chrysler LLC.
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The Daily Docket: Lehman Wants to Start Doling Out $10.7 Billion
Lehman Brothers Holdings Inc. said it wants to soon begin distributing about $ 10.7 billion to its creditors, less than two months after a judge approved the failed investment bank’s historic $ 65 billion repayment plan. Read the Daily Bankruptcy Review story here.
Inner City Media Corp.’s parent company is suing its subsidiary’s lenders, including funds managed by billionaire Ron Burkle’s Yucaipa Cos., seeking to protect 13 trademarks from being counted as collateral for a loan that has ballooned to $ 250 million. Read the Daily Bankruptcy Review Small Cap story here.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC click here.)
The government agency charged with protecting corporate pensions is ramping up its fight with the parent company of American Airlines, filing liens against many of the airline’s international assets, The Wall Street Journal reports.
Moody’s Investors Service told a congressional subcommittee that the ratings firm didn’t know about MF Global Holdings Ltd.’s huge bets on European sovereign bonds until three days before the downgrade that helped push the company into bankruptcy, WSJ reports.
The Hungarian government stepped in Monday and rescued Malev, the country’s ailing state-owned national airline, from all-but-certain bankruptcy, report our colleagues at WSJ’s Emerging Europe.
Creditors of Saab Cars North America Inc., the U.S. unit of the bankrupt Swedish automaker, are seeking to force the Saab unit into bankruptcy in the U.S., reports Bloomberg.
The founder and top shareholder of privately-owned South Korean retailer E-Land Group is part of a consortium trying to buy the Los Angeles Dodgers out of bankruptcy, says Reuters.
Jon S. Corzine, MF Global’s former leader, has put his 2,400-square-foot apartment in Hoboken, N.J., up for sale, according to DealBook.
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The Daily Docket: Lehman Seeks Approval of $390M Deals
As Lehman Brothers Holdings Inc. prepares to start paying out some $ 65 billion to its creditors, it’s seeking approval of deals to bring more than $ 390 million into its coffers. Read the Daily Bankruptcy Review article here.
The committee of unsecured creditors in Syms Corp.’s Chapter 11 bankruptcy case is objecting to the shuttered retailer’s proposal to terminate the lease on its Fifth Avenue Manhattan property, saying the lease should be auctioned along with its other retail store leases. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
Developments reports on Lehman Brothers Holdings Inc.’s estate’s hiring of Gleacher & Co. to work on Archstone.
Construction-equipment renter Ahern Rental Inc. filed for Chapter 11 protection with more than $ 600 million in debt, the Las Vegas Review-Journal reports.
The Wall Street Journal reports that Eastman Kodak Co. promoted its general counsel to president and prepared to sell its Eastman Gelatine Corp. business.
SB Nation discusses Los Angeles Dodgers owner Frank McCourt’s “letter to Santa.”
The Harrisburg, Pa., City Council appealed a bankruptcy judge’s decision to dismiss the struggling municipality’s bankruptcy case, the Patriot-News reports.
According to WSJ, more than 800 borrowers at Capital One Financial Corp. have sued the company or filed other legal actions.
According to Reuters, the continuing shakeout of the solar-power industry is seeing a lot of companies fail or sell out.
WSJ reports that hedge-fund manager Philip Falcone balked at a Securities and Exchange Commission settlement that would have finished off his career.
A bankruptcy judge allowed Andarko Petroleum Corp. to exclude some evidence from a pollution lawsuit brought by chemical maker Tronox Inc.’s creditors, Bloomberg reports.
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The Daily Docket: Lee Enterprises Enters Bankruptcy
Newspaper publisher Lee Enterprises Inc. filed for Chapter 11 bankruptcy protection Monday in a bid to refinance nearly $ 984 million in debt that’s due to mature in the spring. Read the Daily Bankruptcy Review article here.
The U.S. Department of Energy is protesting the limits that Massachusetts renewable electricity-storage company Beacon Power Corp. put on the agency’s ability to bid on the company’s flagship power storage plant at a bankruptcy auction. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
DealBook discusses former MF Global Holdings Ltd. Chief Executive Jon Corzine’s role in the firm’s risk-taking.
Lehman Brothers Holdings Inc.’s bankruptcy estate is planning to offer $ 1.33 billion in cash for a stake in the Archstone apartments that it doesn’t own, The Wall Street Journal reports.
Law professor Stephen J. Lubben talks via DealBook about the ethics in corporate bankruptcies.
The City Council in Harrisburg, Pa., will appeal a decision to deny its bankruptcy case, Reuters reports.
Former General Motors Co. Chief Executive Rick Wagoner made his first public appearance since 2009, WSJ reports.
Also according to WSJ, the Securities and Exchange Commission gave Harbinger Capital Partners LLC so-called Wells notices.
The Philadelphia Inquirer discusses Great Atlantic & Pacific Tea Co.’s trip through bankruptcy.
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The Daily Docket: McCourt Added to Dodgers Suit
Broadcaster Fox Sports is taking another swing at embattled Los Angeles Dodgers owner Frank McCourt, adding him to a lawsuit on charges of improperly shopping the team’s valuable media rights. Read the Daily Bankruptcy Review article here.
A taxpayer advocacy group is backing Harrisburg’s bankruptcy, arguing that the state’s new anti-bankruptcy law unfairly deprives Pennsylvania’s state capital access to the nation’s legal system. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
The Wall Street Journal reports that many former customers of MF Global Holdings Ltd. now expect to get back at least some of their missing money after a judge ruled Thursday to unlock 60% of the cash in the company’s accounts.
Also according to WSJ, some of the biggest hedge funds and private equity firms bought some of MF Global’s shares, bonds and debt.
The New York Times covers Elizabeth Warren on the campaign trail.
Bank of America Corp. told Fannie Mae it won’t oblige its stance on loan buybacks, Bloomberg reports.
Blackstone Group LP is set to take over 16 office buildings worth about $ 800 million, WSJ reports, cementing its status as an aggressive commercial real estate buyer.
According to the Financial Times (subscription required), auto-parts maker Delphi wants acquisitions to expand its business and to bolster its Asia-Pacific presence.
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