Headlines

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Format: 10-01-2014
October 1, 2014
A Detroit consultant said yesterday that the city should be able to access capital markets and borrow at a rate of around 5 percent after it exits bankruptcy, as long as its tax revenue remains stable, Reuters reported yesterday. But even as Kenneth Buckfire, president of restructuring firm Miller...
October 1, 2014
Deputy Treasury Secretary Sarah Bloom Raskin said in a speech on Monday that while student loan debt totals a record $1.2 trillion, the rampant growth could slow as the strengthening economy reduces the number of new loans, CollectionsCreditRisk.com reported today. "Total federal originations have...
October 1, 2014
Debt collectors scored a major victory on Monday when the Eleventh Circuit Court of Appeals voted 3-0 to reverse a district court ruling in the case of Gulf Coast Collection Bureau Inc. v. Mais, CollectionsCreditRisk.com reported yesterday. The case involved plaintiff Mark Mais, who was treated in...
October 1, 2014
Trump Entertainment Resorts Inc., the Atlantic City, N.J., casino operator, said that it will soon file a reorganization plan for secured lenders to convert some of their $286 million in old debt into equity and new debt not requiring cash interest payments, Bloomberg News reported yesterday. If...
October 1, 2014
Brookfield Asset Management has won the auction for Atlantic City's bankrupt Revel Casino Hotel, Reuters reported today. The company bid $110 million for the casino complex, topping a $90-million bid by Florida real estate developer Glenn Straub, who did not submit a superior bid by 5:00 a.m. ET....
October 1, 2014
A U.S. federal judge yesterday dismissed claims seeking to stop the U.S. government from making Fannie Mae and Freddie Mac pay a quarterly dividend to the U.S. Treasury, Reuters reported today. The dividend equals the entire net worth of each entity, minus a small reserve that shrinks to zero over...
October 1, 2014
Chemical company Reichhold Inc. filed for chapter 11 protection yesterday after securing a pledge from its bondholders to fund its operations and purchase its business, Dow Jones Daily Bankruptcy Review reported today. The maker of resins used in a variety of industries said bondholders have...
September 30, 2014
U.S. District Judge Thomas Griesa yesterday held Argentina in contempt of court, saying that the republic was trying to find ways to circumvent a prior order requiring it pay holdout bondholders at the same time as other creditors who restructured their debt in recent years, Reuters reported...
September 30, 2014
Bankruptcy Judge Steven Rhodes ruled yesterday that Detroit can continue shutting off water service to non-paying customers, saying his court does not have jurisdiction over the issue and that suspending disconnections for six months could hurt the city's finances, Reuters reported yesterday. "...
September 30, 2014
The Roman Catholic Diocese of Gallup, N.M., which filed for bankruptcy protection late last year as a result of mounting litigation tied to sexual-abuse claims, has chosen a mediator to oversee negotiations with more than 100 claimants, Dow Jones Daily Bankruptcy Review reported today. At a...
September 30, 2014
The Consumer Financial Protection Bureau said yesterday that Michigan-based Flagstar Bank will be required to pay $37.5 million in restitution and fines over regulatory allegations it blocked struggling homeowners from receiving foreclosure relief, CollectionsCreditRisk.com reported yesterday. In a...
September 30, 2014
Sweden's Ericsson is preparing to take over Massachusetts-based Ambient Corp., which struggled to sell its "smart grid" technology to power companies, after a bankruptcy judge approved Ericsson's $7.5 million purchase offer last week, the Wall Street Journal reported today. Bankruptcy Judge Kevin...