Headlines

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Format: 04-16-2014
April 15, 2014
Ongoing negotiations between the city of Detroit and its creditors in bankruptcy court delayed the scheduled rollout today of the city’s budget, the Detroit Free Press reported today. The City Council scheduled a public hearing yesterday for Emergency Manager Kevyn Orr to present a spending plan...
April 15, 2014
LightSquared says that it was right to keep Dish Network Corp. Chairman Charlie Ergen out of its restructuring plans, claiming it is "not required to negotiate with a competitor in its capital structure" even if that competitor owns nearly $1 billion of the company's debt, the Wall Street Journal...
April 15, 2014
The owners of 1,700 below-market apartments in New York City have struck a deal with their lenders and the state attorney general's office to rescue the portfolio from foreclosure and bring in new management, the Wall Street Journal reported yesterday. The so-called Three Borough Pool was the...
April 15, 2014
For rent and utilities to be considered affordable, they are supposed to take up no more than 30 percent of a household’s income, but that goal is increasingly unattainable for middle-income families as a tightening market pushes up rents ever faster, outrunning modest rises in pay, the New York...
April 15, 2014
Coldwater Creek Inc. won court approval to borrow $42 million to finance operations while the women’s clothing retailer prepares for going-out-of-business sales at its more than 370 stores, Bloomberg News reported yesterday. The loan from current lender Wells Fargo & Co. will allow the company...
April 15, 2014
A bankruptcy judge approved Glacial Energy Holdings Inc.'s so-called first-day motions, which will allow the electricity and natural gas retailer to pay employees and to borrow the funds it needs to continue operations, Dow Jones Daily Bankruptcy Review reported today. The approvals from Judge...
April 15, 2014
Stephen Shires put his company, S.E. Shires Inc., into bankruptcy last week, telling a bankruptcy judge that the instrument maker has a purchase offer worth more than $1 million from an Eastman Music Co. division that intends to keep the business operating, the Wall Street Journal reported...
April 15, 2014
N.W. Holding Co., a St. Louis-based commercial truck leasing, repairing and fueling company, has filed for bankruptcy and is seeking to reorganize, the St. Louis Post-Dispatch reported today. Several other related companies also owned by the Costello family simultaneously filed for chapter 11...
April 15, 2014
Creditors who say that ReconRobotics Inc. owes them $9.5 million have asked a federal court to put the robotics firm into chapter 11 reorganization, the Minneapolis Business Journal reported yesterday. Edina, Minn.-based ReconRobotics' creditors include Winona, Minn.-based RiverStar Inc. and...
April 15, 2014
Mark Karpeles, the founder of Mt. Gox, said he would not come to the U.S. to answer questions about the Japanese bitcoin exchange's U.S. bankruptcy case, Mt. Gox lawyers told a federal judge yesterday, Reuters reported. In the court filing, Mt. Gox lawyers cited a subpoena from the U.S. Department...
April 15, 2014
Canadian payday loan provider Cash Store Financial Services Inc. said yesterday that it will seek protection from creditors as it faces liquidity problems resulting from the suspension of its right to offer loans in the province of Ontario, Reuters reported yesterday. In February, the Edmonton,...
April 14, 2014
A group of U.S. senators on Friday urged the Department of Justice to oppose any efforts by General Motors Co. to skirt financial responsibility related to the company's failure to promptly recall vehicles with ignition switch problems linked to 13 deaths, Reuters reported on Saturday. The five...