Headlines

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Format: 04-24-2014
April 23, 2014
Bankruptcy Judge Steven Rhodes tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if Detroit’s plan to adjust its $18 billion of debt is feasible, Reuters reported yesterday. Judge Rhodes also named Richard Ravitch as a consultant to the court...
April 23, 2014
Lawyers pressing cases against General Motors say that the automaker concealed the controversial ignition defect when it "took billions of dollars in taxpayer money" during its government-sponsored bankruptcy in 2009, CNNMoney.com reported yesterday. The claim, made by plaintiffs attorneys seeking...
April 23, 2014
Sorenson Communications Inc. hasn't exited chapter 11 protection yet, but already a ratings agency is saying that further restructuring is highly likely, Dow Jones Daily Bankruptcy Review reported today. "We do not believe that the company is going to be able to earn its way into the amount of debt...
April 23, 2014
The well-known Los Angeles-based bankruptcy law firm Stutman Treister & Glatt, which once advised on the chapter 11 proceedings of companies including Lehman Brothers and Enron Corp., has announced it is closing, Reuters reported yesterday. Stutman, founded in 1948, staffs 25 lawyers in Los...
April 23, 2014
Classic Party Rentals yesterday said that a bid by affiliates of Apollo Global Management beat out an offer by creditors to take over the company, the Los Angeles Business Journal reported today. The Inglewood, Calif.-based national event rental and services provider, also known as Event Rentals...
April 23, 2014
Business Capital has secured an $8.5 million DIP loan for Pacific Steel Casting, one of the largest independent steel casting companies in the U.S. that makes carbon, low-alloy and stainless steel castings for U.S. and international customers, largely for heavy-duty trucks and construction...
April 23, 2014
Federal prosecutors were peppered with tough questions yesterday on the legal underpinnings of their near-perfect record in insider-trading cases, raising the prospect that some convictions could be overturned, the Wall Street Journal reported today. Judges of the U.S. Court of Appeals for the...
April 22, 2014
General Motors Co filed a motion in a U.S. bankruptcy court to enforce a bar on lawsuits related to ignition defects in cars sold before its 2009 bankruptcy as it fights a class action lawsuit that seeks to set aside the restriction, Reuters reported today. The plaintiffs also filed a class action...
April 22, 2014
The question at oral argument in the case of Republic of Argentina v. NML Capital Ltd. before the Supreme Court yesterday was whether federal courts in the U.S. may issue subpoenas to banks to help creditors who have won judgments against Argentina find assets around the world, the New York Times...
April 22, 2014
The Consumer Financial Protection Bureau (CFPB) said in a report today that some people who pay private student loans on time are being placed in default when the co-signer of their loans dies or declares bankruptcy, the Washington Post reported today. These “auto defaults” force borrowers to...
April 22, 2014
A group of investors is appealing a federal judge's decision that certain repurchase agreements don't qualify for "customer status" in a failed brokerage business, as the banks' fight with Lehman Brothers Inc. over their claims continues, the Wall Street Journal reported today. Hudson City Savings...
April 22, 2014
Genco Shipping & Trading Ltd. said that it filed for pre-packaged chapter 11 protection after struggling with weak rates due to an oversupply of vessels, Reuters reported yesterday. The dry bulk shipper said that it expected its operations to continue normally and did not require debtor-in-...