Headlines

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Format: 09-15-2014
September 12, 2014
A federal judge yesterday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, and added holdout creditor Financial Guaranty Insurance Co. to the list of parties whose attendance is required, Reuters reported...
September 12, 2014
The city of San Bernardino, Calif., may impose cuts to its firefighters’ overtime and pension benefits in a bid to reach a bankruptcy exit plan, the federal judge overseeing the case said yesterday, according to Reuters. In a tentative ruling, U.S. Bankruptcy Judge Meredith Jury said that San...
September 12, 2014
Lehman Brothers Holdings Inc. said yesterday that it has agreed to sell $2.5 billion in bankruptcy claims that the failed investment bank holds against its U.S. brokerage arm, the Wall Street Journal reported yesterday. The claims will be sold for $619 million, or about 24.8 percent of face value....
September 12, 2014
The company that runs the Indiana Toll Road is weighing a possible bankruptcy filing in the coming weeks as it works to cut its roughly $6 billion debt load and shop the road to potential buyers, the Wall Street Journal reported yesterday. The company, controlled by units of Spanish infrastructure...
September 12, 2014
Apollo Global Management LLC’s Momentive Performance Materials Inc. yesterday won court approval of its bankruptcy plan, which cuts its debt to less than $1.3 billion from $4 billion, Bloomberg News reported yesterday. U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., had said that he would...
September 12, 2014
Buccaneer Energy Ltd. and its family of subsidiaries filed for bankruptcy in May, leaving millions worth of unpaid bills in Alaska, the Peninsula Clarion (Kenai, Alaska) reported Wednesday. The Australia-based independent’s debt in the state is more than $2.1 million, according a list of Buccaneer’...
September 12, 2014
A Philadelphia-area swimming pool that opened in the late 1950s for black members who were denied access to a nearby whites-only pool has filed for bankruptcy, the Wall Street Journal’s Bankruptcy Beat blog reported yesterday. Officials who put the Nile Swim Club of Yeadon, a Philadelphia suburb,...
September 11, 2014
The House Judiciary Committee yesterday approved H.R. 5421, the “Financial Institution Bankruptcy Act of 2014,” by a voice vote, according to a committee press release. The legislation aims to deal with resolving systemically important financial institutions (SIFIs). The bill would permit an...
September 11, 2014
The top Democrat on the House Financial Services Committee is proposing an overhaul of credit reporting rules that would help consumers ensure their scores are accurate, The Hill reported today. Rep. Maxine Waters (D-Calif.) introduced legislation yesterday that provides more leeway to consumers to...
September 11, 2014
The fate of Detroit’s watershed settlement with Syncora Guarantee Inc. may hinge on whether the bond insurer can win concessions from other creditors, including Bank of America Corp. (BAC) and retired city workers, Bloomberg News reported yesterday. The agreement, announced in a court filing on...
September 11, 2014
Troubled electronics retailer RadioShack Corp. said that it may need to file for bankruptcy if its cash situation worsens, after reporting its tenth straight quarterly loss, Reuters reported today. The company is also exploring other options, including a sale or an investment, to overhaul its...
September 11, 2014
Revel AC Inc., the bankrupt New Jersey casino operator, reached a deal to sell its shuttered Atlantic City property to Glenn Straub’s Polo North Country Club Inc. for $90 million, absent a better offer, Bloomberg News reported today. Revel, which opened in April 2012 at a cost of $2.4 billion, has...