Headlines

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Format: 12-19-2014
December 18, 2014
Bank of America Corp. and US Bancorp were sued by the agency that oversees federal credit unions, which claimed the banks failed as trustees over securities backed by home mortgages that defaulted after the 2008 credit crisis, Bloomberg News reported yesterday. The lawsuit, filed in Manhattan...
December 18, 2014
A bankruptcy judge yesterday cleared cancer-drug maker Dendreon Corp. to pursue a sale in case such a deal yields more money for its creditors than a restructuring led by its bondholders, the Wall Street Journal reported today. Bankruptcy Judge Peter Walsh authorized Dendreon to put itself up for...
December 18, 2014
A former Freedom Industries Inc. president was charged for the second time this month in connection with a West Virginia chemical spill that contaminated water for 300,000 residents, this time in an indictment accusing him and three company officials with polluting the Elk River near Charleston,...
December 18, 2014
Fourteen officials, pharmacists and technicians tied to the Massachusetts company involved in a meningitis outbreak that killed 64 people were indicted on charges including racketeering and second-degree murder, Bloomberg News reported yesterday. The New England Compounding Center’s tainted drugs,...
December 18, 2014
Unsecured noteholders who were at one point in line to be some of the biggest winners in Energy Future Holdings Corp.'s bankruptcy are now facing a lawsuit from units of the debt-laden Texas energy company, Dow Jones Daily Bankruptcy Review reported today. The suit asks a judge to rule that a group...
December 18, 2014
A former Countrywide Financial executive who became a whistle-blower is collecting more than $57 million for providing evidence that helped federal prosecutors force Bank of America to pay a record $16.65 billion penalty in connection with its role in churning out shoddy mortgage and related...
December 18, 2014
RadioShack Corp. is finding an unlikely ally in its efforts to stay out of bankruptcy: credit derivatives traders who amassed more than $25 billion of trades speculating how much longer it can keep paying its bills, Bloomberg News reported today. After a 60 percent surge this year, the amount of...
December 18, 2014
A Delaware judge said that Caesars Entertainment Corp., the casino operator struggling to restructure $18.4 billion of debt, must face trial sooner than usual on whether a receiver should take control of its main operating unit, Bloomberg News reported yesterday. The trial still won’t come before a...
December 18, 2014
Creditors approved Brazilian shipbuilder OSX Brasil SA's revamped plan to emerge from bankruptcy yesterday, giving a boost to efforts by controlling shareholder Eike Batista to keep the company afloat while refinancing over $2.6 billion in debt, Reuters reported yesterday. OSX's own bankruptcy...
December 18, 2014
Veteran NFL quarterback Michael Vick has paid back almost all of the $17.8 million he owed creditors, ESPN reported yesterday. Vick filed for chapter 11 protection in July 2008, while he was spending 548 days in federal prison on dog-fighting charges. Vick has paid back more than $15 million of...
December 17, 2014
Caesars Entertainment Operating Co. (CEOC), the main operating unit of Caesars Entertainment Corp., said that it will not pay $225 million in bond interest payments, triggering a default on its $18.4 billion debt, Reuters reported yesterday. CEOC has elected not to pay interest payments due Dec. 15...
December 17, 2014
San Bernardino, Calif., has a “work plan” to prepare its bankruptcy exit plan, and it’s been reviewed by the entire City Council — not just the small team that previously was allowed to know details of the confidential mediation where much of the city’s bankruptcy plan has been ironed out, the San...