Headlines

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Format: 10-20-2014
October 17, 2014
Detroit announced a settlement yesterday with its final major holdout creditor, Financial Guaranty Insurance Co., as it edged closer to exiting the biggest-ever municipal bankruptcy, Reuters reported yesterday. The settlement includes an option for FGIC to develop the Joe Louis Arena and parking...
October 17, 2014
The team winding down Lehman Brothers Holdings Inc. is accusing some of the nation's financial institutions of trying to freeze billions of dollars of Lehman cash earmarked for other creditors to "coerce" a favorable settlement in their fight with the failed investment bank over soured mortgage...
October 17, 2014
Marc Dreier, the New York lawyer convicted of defrauding hedge funds of $400 million, won’t have to testify in person in a trial involving his bankrupt law firm, Bloomberg News reported yesterday. Dreier, who is serving a 20-year term at Sandstone Federal Correctional Institution in Minnesota, had...
October 17, 2014
The trustee handling the 38 Studios’ bankruptcy case in Delaware is making his latest bid to recover money from the people and companies that did business with the failed Providence, R.I.-based video-game company, the Providence Journal reported today. The complaint filed on Oct. 3 in the U.S....
October 17, 2014
LightSquared lost another $64.8 million in September, bringing Philip Falcone ’s wireless venture’s total losses to more than $1.6 billion since the project filed for bankruptcy protection more than two years ago, the Wall Street Journal reported today. In a financial snapshot filed in bankruptcy...
October 17, 2014
Chilean bus operator Inversiones Alsacia SA sought bankruptcy protection in a U.S. court, saying fare evasion and declining ridership have made it difficult to meet financial obligations, Bloomberg News reported yesterday. The company, Santiago’s biggest bus operator, listed assets of as much as $...
October 17, 2014
A North Carolina resin manufacturer and its affiliates that have been named in numerous asbestos lawsuits have filed for chapter 11 protection in order to address its current and future asbestos liability, the Washington Examiner reported yesterday. Reichhold Holdings US, Inc. voluntarily filed its...
October 17, 2014
Corporate-bond investors have struggled this week to find trading partners for some large orders, causing unusual price drops and raising concerns that trading could freeze in future market turmoil, the Wall Street Journal reported today. Many large banks have reduced bond inventories in recent...
October 16, 2014
Detroit residents and retired public workers were given temporary control of the city’s historic bankruptcy trial to present their own case against its $7 billion debt-cutting plan, which includes pension reductions, Bloomberg News reported yesterday. Bankruptcy Judge Steven Rhodes set aside today...
October 16, 2014
The judge overseeing the mysterious bankruptcy of an Apple Inc. sapphire supplier yesterday voiced skepticism over the widespread sealing of documents in the case, saying that he is "not seeing the kind of trade secrets" that would warrant sealing, Reuters reported yesterday. Scant information has...
October 16, 2014
After a historic settlement in clergy sex abuse lawsuits in Minnesota, the Archdiocese of St. Paul and Minneapolis, along with the Diocese of Winona, said that they were considering all options to pay for the settlement, including bankruptcy, WCCO.com reported yesterday. Experts say that if their...
October 16, 2014
Bankruptcy Judge Christopher Sontchi has approved Energy Future Holding’s plan to award $20 million in bonuses to top executives despite objections from the U.S. Trustee’s office, the Dallas Morning News reported today. Judge Sontchi said at a hearing yesterday that the bonus programs met legal...