Headlines

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Format: 08-28-2014
August 28, 2014
A ruling Tuesday by U.S. Bankruptcy Court Judge Robert Drain in the case of Momentive Performance Materials Inc. has shaken up the distressed investing world, Dow Jones Daily Bankruptcy Review reported yesterday. Momentive’s bankruptcy pits its owner, private-equity firm Apollo Global Management...
August 27, 2014
Detroit sold about $1.8 billion in bonds tied to its water-and-sewer system on Tuesday, marking a key part of the city's efforts to improve its finances since filing for bankruptcy last year, The Wall Street Journal reported yesterday. Proceeds will be used to buy back existing debt and make...
August 27, 2014
Detroit and its major hold-out creditors were ordered on Tuesday into mediation, just a week before a key federal court hearing is to start in the city's historic bankruptcy case, Reuters reported yesterday. The move followed a Monday hearing before Hon. Steven Rhodes on Detroit's objection to bond...
August 27, 2014
As Detroit prepares to defend its plan next week to exit bankruptcy, city leaders have received an unusual offer: Why not mortgage all of the works in the Detroit Institute of Arts?, The New York Times reported yesterday. Art Capital, which makes loans backed by artwork, is willing to lend up to $3...
August 27, 2014
As hopes for a last-minute buyer dim, Atlantic City's Revel casino has laid out its closure plans, from disposing of opened bottles of alcohol to cashing unredeemed poker chips, Reuters reported yesterday. The plans detailed in court documents mark the end of a $2.4 billion hotel-casino that was...
August 27, 2014
Apollo Global Management LLC’s Momentive Performance Materials Inc. won conditional court approval for its bankruptcy reorganization plan after days of wrangling with holdout creditors, Bloomberg reported today. The ruling by Hon. Robert Drain yesterday is a victory for Leon Black’s Apollo, which...
August 27, 2014
U.S. regulators will take long-awaited steps to give investors more information about the quality of mortgages and other loans underpinning certain securities, The Wall Street Journal reported yesterday. The Securities and Exchange Commission is expected to complete rules on Wednesday that would...
August 27, 2014
The auctioneers hired by the estate for Truland Group, the Reston, Va.-based electrical contractor that filed for bankruptcy last month, have begun selling off the company’s 300 trucks, trailers and vans in an effort to recover money for creditors, The Washington Post reported yesterday. Auction...
August 27, 2014
Vallejo, Calif., is a short distance but a far cry from the touristy Napa Valley vineyards and quaint towns, so when Sunday's earthquake struck, the damage to the wine industry took center stage and the rubble in Vallejo received scant attention, Star Tribune reported today. But the bayside city...
August 27, 2014
Struggling cupcake maker Crumbs Bake Shop Inc. has won an approval from court to reopen stores next month, RTTNews.com reported yesterday. Hon. Michael Kaplan signed off on the sale to Marcus Lemonis and Dippin' Dots owner Fischer Enterprises, which is taking over Crumbs in exchange for the...
August 26, 2014
A U.S. bankruptcy judge on Monday approved Detroit's proposal to repurchase nearly $1.5 billion of existing water and sewer revenue bonds tendered by investors and to refinance the debt to save money, Reuters reported yesterday. The ruling by Hon. Steven Rhodes clears the way for the sale of about...
August 26, 2014
Former Republican vice presidential candidate Paul Ryan says that Detroit’s chapter 9 bankruptcy is a warning to the U.S. and compares the Motor City to the NBC post-apocalyptic drama “Revolution,” The Detroit News reported yesterday. In a new memoir, the Wisconsin Republican who chairs the House...