Headlines

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Format: 12-17-2014
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...
December 17, 2014
Medicaid regulators told a bankruptcy judge that the Rehabilitation Center of St. Petersburg can't survive without the government program's promise to pay for low-income patients, making the Florida nursing home's proposed reorganization impossible, Dow Jones Daily Bankruptcy Review reported today...
December 17, 2014
According to CoreLogic, a leading provider in real estate data, New Jersey has the highest percentage of foreclosures among mortgaged homes at 5.5 percent, the Asbury, N.J., Park Press reported today. New York and Florida tied for second place at 4.1 percent. New Jersey also had the highest serious...
December 17, 2014
The owner of the New Elk coal mine near Trinidad, Colo., has filed for chapter 15 protection after the bottom fell out of its coal export market, the Denver Post reported today. Toronto-based Cline Mining Corp. is seeking court approval to reduce $55 million in debt by turning ownership of the...
December 17, 2014
As the holiday season unfolds, Sears faces some harsh realities as the company reported its 10th consecutive quarterly loss in November, bringing total losses since early 2011 to almost $7 billion, the Wall Street Journal reported today. The company’s total revenue has been declining since 2005, in...
December 17, 2014
The government has been trying to bolster the financial system for the last five years so it can deal with mayhem in the markets, and the turmoil this week will test those rebuilding efforts, according to a commentary on the New York Times Dealbook Blog today. Investors, after months of piling into...
December 16, 2014
The bankruptcy trustee winding down Lehman Brothers’ brokerage business on Monday said he would ask the U.S. Supreme Court to review a ruling that awarded billions of dollars in disputed assets to Barclays PLC, the Wall Street Journal reported today. Following Lehman’s 2008 bankruptcy filing,...
December 16, 2014
Bankrupt GT Advanced Technologies Inc. won approval of a settlement with Apple Inc., preventing costly litigation by granting the iPhone maker $439 million in claims against furnaces at a synthetic sapphire plant, Bloomberg News reported yesterday. Bankruptcy Judge Henry Boroff said at a hearing...
December 16, 2014
Puerto Rico's electric power authority PREPA is expected to ask bondholders to extend a forbearance agreement set to expire at the end of next March, Reuters reported yesterday. A presentation to the bondholders in New York yesterday highlighted the extent of the problems facing PREPA and fell...
December 16, 2014
Caesars Entertainment Corp. plans to skip a $225 million interest payment to junior creditors of its biggest unit yesterday as the gaming company looks to wrap up a debt restructuring agreement with senior bondholders, Bloomberg News reported yesterday. The most indebted U.S. casino operator will...
December 16, 2014
RadioShack Corp. said that it hired an advisory and management services firm days after the company again warned that it could be forced to seek bankruptcy protection and to possibly liquidate, the Wall Street Journal reported today. The company, in a filing today, said that it reached an agreement...