Headlines

Please note that in order to view the content for the Bankruptcy Headlines or the Bankruptcy Brief Newsletter you must either Login if you are already an ABI member, or otherwise you may Join ABI
Format: 10-21-2014
October 20, 2014
The Delaware Supreme Court said on Friday that creditors are entitled to rely on formal loan documents authorized by secured lenders, even if there is a mistake in the documents, Reuters reported on Saturday. The court was responding to a question from a New York federal appeals court relating to a...
October 20, 2014
Energy Future Holdings squared off against creditors in court on Friday as the bankrupt Texas power company sought approval to begin a multibillion dollar auction of its interest in Oncor, a power transmission business, Reuters reported on Friday. The company anticipates an auction in February, and...
October 20, 2014
San Bernardino had negotiated a tentative agreement with the union representing police officers in its chapter 9 debt-adjustment proceeding, but the police union said in a filing last week that the city revoked the agreement, having been “emboldened” by two developments, Bloomberg News reported on...
October 20, 2014
A milestone agreement in Detroit’s record bankruptcy requires its last major creditors to help revitalize the city’s downtown in return for cutting their losses from a $1.4 billion pension deal that went sour, Bloomberg News reported on Friday. Financial Guaranty Insurance Co. would indirectly own...
October 20, 2014
The bankrupt Trump Taj Mahal casino received court approval on Friday to break its labor agreement, a key condition for a rescue deal with billionaire Carl Icahn, and the union promptly announced a plan to picket the Atlantic City, N.J., hotel, Reuters reported yesterday. Parent company Trump...
October 20, 2014
Farmers in Oklahoma and Texas who shipped more than $20 million worth of guar beans last year to the nation's only guar processing plant, which is now in bankruptcy, have struck a deal with the plant's majority owner, a New York hedge fund, Dow Jones Daily Bankruptcy Review reported today. Under...
October 20, 2014
Pantech Co., a South Korean mobile-phone maker, has sought the protection of a U.S. court as part of its larger restructuring efforts abroad, the Wall Street Journal reported on Saturday. The company filed for chapter 15 protection at the U.S. Bankruptcy Court in Atlanta on Thursday. In August, the...
October 20, 2014
Alco Stores Inc., a 198-store retailer largely serving small towns in 23 states, can finance the reorganization it began last week in Dallas with an interim loan capped at $50 million and letters of credit from pre-bankruptcy secured lenders led by Wells Fargo Bank NA, Bloomberg News reported...
October 20, 2014
Sears Holdings Corp., the struggling one-time U.S. retail stalwart, unveiled two new measures today in a bid to raise cash, one of which again taps into the hedge fund of its billionaire chief executive, the Wall Street Journal reported today. The company said that it would lease seven locations to...
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...