Headlines

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Format: 07-31-2014
July 30, 2014
Members of Argentina's banking association, known as Adeba, are working on a last-minute plan to help the country avoid default, the Wall Street Journal reported today. News of the plan came as Argentina's economy minister said yesterday that the country would continue negotiations today with...
July 30, 2014
Holders of Argentine Euro bonds filed an emergency request that a U.S. judge halt litigation over the South American nation’s defaulted bonds, citing an agreement by some debt-holders to waive a key clause as justification to allow settlement talks extra time, Bloomberg News reported yesterday. U.S...
July 30, 2014
Wall Street and global financial regulators, trying to squash the lingering perception that banks remain “too big to fail,” are looking to an obscure change in derivatives contracts to solve the problem, Bloomberg News reported yesterday. The main industry group for the $700 trillion global swaps...
July 30, 2014
San Bernardino’s firefighters are “stonewalling” negotiations in the California city’s bankruptcy, said a federal judge, who refused to immediately give their union permission to sue in state court, Bloomberg News reported yesterday. San Bernardino has either cut deals with, or is in talks with,...
July 30, 2014
Bankruptcy Judge Steven Rhodes ruled yesterday that the start of a critical hearing on Detroit's plan to adjust $18 billion of debt and exit bankruptcy will be delayed by one week to Aug. 21, Reuters reported yesterday. Judge Rhodes rejected a request by city creditor Syncora Guarantee Inc. to...
July 30, 2014
Nursing-home owner Shlomo Rechnitz won approval from a federal judge to buy 19 nursing homes out of bankruptcy in southern California, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Catherine Bauer on Monday approved the winning offer from Rechnitz, who offered to pay $62...
July 30, 2014
Bankruptcy Judge Alan S. Trust ordered Sherman Industry Inc., a Westbury, N.Y., home remodeler that lost its licenses to operate on Long Island amid consumer complaints, to liquidate rather than reorganize and resume operations, Newsday reported today. Judge Trust ordered that Sherman's bankruptcy...
July 30, 2014
Lawmakers ratcheted up the pressure yesterday on companies seeking tax relief by moving overseas, introducing a bill that would withhold government contracts from companies that undertake so-called inversion deals, the New York Times DealBook blog reported yesterday. The No Federal Contracts for...
July 30, 2014
Chrysler Group LLC was sued over allegedly faulty ignition switches in Jeeps, in a follow-up to more than 120 lawsuits General Motors faces over the same defect, Bloomberg News reported yesterday. Both automakers are accused of employing ignition switches that can be unexpectedly turned off,...
July 30, 2014
Maurice “Hank” Greenberg, the former chairman of American International Group Inc. (AIG), will go on trial in January after more than nine years of legal jousting over former New York Attorney General Eliot Spitzer’s lawsuit accusing him of fraud, Bloomberg News reported yesterday. The state claims...
July 29, 2014
After California and New York courts in June and July tossed out “unfinished business” claims by trustees of failed firms against former partners and the firms they fled to, all eyes are now fixed on the outcome of a hearing today in the one remaining large firm bankruptcy where such claims are...
July 29, 2014
One of the biggest hold-out creditors in Detroit's bankruptcy will argue next month for a dismissal of the historic case to bring about more equitable treatment of all the city's creditors, Reuters reported yesterday. Detroit's plan to adjust $18 billion of debt has been approved by most, but not...