Headlines

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Format: 08-23-2014
August 22, 2014
Argentina’s plan to pay its restructured debt beyond the reach of U.S. courts is illegal, said the judge overseeing litigation stemming from the nation’s 2001 default, while declining to hold the country in contempt, Bloomberg News reported yesterday. U.S. District Judge Thomas Griesa said in...
August 22, 2014
A number of plaintiffs attorneys, hoping to jumpstart lawsuits over General Motors Co.’s ignition switch recalls, are challenging a court order that prevents them from pursuing their claims, the National Law Journal reported today. Bankruptcy Judge Robert Gerber has temporarily halted proceedings...
August 22, 2014
Documents released as part of the $16.65 billion settlement between Bank of America and the Justice Department read like a highlight reel of the mortgage sins that fed the 2008 financial crisis, according to an analysis in today’s New York Times. As part of the deal, the bank and the Justice...
August 22, 2014
Detroit, the biggest U.S. city to file for bankruptcy, updated its debt-cutting plan with details about its offer to exchange more than $5 billion in water and sewer bonds for new debt and said a deal on a new water agency may emerge from mediation talks with its suburbs, Bloomberg News reported...
August 22, 2014
Capmark Financial Group reached a settlement with its former head honcho over the nearly $17 million he received when he left the commercial real estate lender the year before its bankruptcy, but one key detail is under wraps — how much the individual will pay, the Wall Street Journal reported...
August 22, 2014
A bankruptcy judge said yesterday that Jon S. Corzine and other former MF Global Holdings Ltd. executives and employees could tap more insurance money to pay for defense costs but called the decision a “stopgap”, as he decides whether they must continue seeking court permission to access the cash,...
August 22, 2014
Mall snack staple Hot Dog on a Stick has been purchased from bankruptcy by a portfolio company of Los Angeles private equity firm Levine Leichtman Capital Partners, the Los Angeles Times reported today. The firm's Global Franchise Group has bought HDOS Enterprises, parent company of the fast-food...
August 22, 2014
A bid by television personality Marcus Lemonis and Dippin' Dots owner Fischer Enterprises to relaunch the closed Crumbs Bake Shop moved closer to reality this week after a deadline to trump the pair's $6.5 million offer came and went with no other takers emerging, Dow Jones Daily Bankruptcy Review...
August 22, 2014
The Pittsburgh Riverhounds soccer team has a plan to get out of bankruptcy with a new owner: a local businessman who has already extended several million dollars to keep the team kicking, the Wall Street Journal reported today. In court papers, officials asked a judge to approve two bankruptcy-exit...
August 22, 2014
Sears Holdings announced yesterday that it had lost nearly a billion dollars in the first six months of the year, the New York Times reported today. The company has been bleeding money for several quarters as its leadership has tried to transform the business from a traditional retailer into a more...
August 21, 2014
Underwriters for up to $5.5 billion of Detroit water and sewer revenue bonds released preliminary sale documents for the deals on Tuesday as a tender offer for existing bonds continues, Reuters reported yesterday. If enough bonds are tendered by 5 p.m. EDT today and sufficient savings are projected...
August 21, 2014
President Cristina Fernandez on Tuesday unveiled legislation that seeks to push bondholders to swap defaulted debt for new notes governed by Argentine law, a move aimed at skirting a U.S. ruling that prevented her government from paying its creditors, Reuters reported yesterday. Argentina slid into...