Headlines

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Format: 08-21-2014
August 20, 2014
Argentina plans to pay its foreign-currency bonds locally to sidestep a U.S. court ruling that blocked payments last month and caused the nation to default for a second time in 13 years, Bloomberg News reported today. The government will submit a bill to Congress that lets overseas debt holders...
August 20, 2014
Bond insurer Syncora Guarantee Inc. said that Detroit’s deal to refinance $388 million in bonds is illegal because part of the tax dedicated to paying the debt will be given to city retirement systems, Bloomberg News reported yesterday. As part of the bankrupt city’s plan to address $18 billion in...
August 20, 2014
San Bernardino leaders want to use the California city's bankruptcy to force benefit cuts on the city's firefighters after spending more than two years trying to hash out a compromise deal with its employees, Dow Jones Daily Bankruptcy Review reported today. In court papers, San Bernardino's...
August 20, 2014
Freedom Industries Inc., the company behind a chemical spill that contaminated a significant swath of West Virginia's water supply, filed a creditor-payment plan that aims to start resolving the claims brought by those affected by the spill, the Wall Street Journal reported today. Freedom...
August 20, 2014
Energy Future Holdings Corp. yesterday successfully fended off questions from creditors anxious to probe the financial health of a company division that is the target of deal talks, the Wall Street Journal reported today. The questions arose in a brewing court fight over whether Energy Future owes...
August 20, 2014
Michael Rose, president of Mokena-based Location Finders International Inc., asked U.S. Bankruptcy Judge Carol Doyle to dismiss the chapter 11 case he initiated last month, saying in a court filing that he and U.S. Bank N.A. have negotiated a settlement that permits him to maintain control of his...
August 20, 2014
The $6.5 million bid for Crumbs Bake Shop fronted by CNBC star Marcus Lemonis went unchallenged yesterday, setting the stage for the cupcake shop to emerge from bankruptcy on Aug. 26, the New York Post reported today. Crumbs’ new owner, Lemonis Fischer Acquisition Co., includes serial entrepreneur...
August 20, 2014
In a settlement announced yesterday by New York State’s financial regulator, Standard Chartered will pay a $300 million fine and suspend an important business activity because of its failure to weed out transactions prone to money-laundering, a punishing reminder of settlements in 2012, the New...
August 19, 2014
The Federal Reserve must clarify its emergency lending authority rules to foreclose the possibility of “backdoor bailouts” in a future financial crisis, a bipartisan group of lawmakers said in a letter yesterday, Bloomberg News reported. The central bank’s proposed rules for emergency lending place...
August 19, 2014
Detroit’s leading tax estimator, appearing as part of the city’s historic bankruptcy trial, defended the 10-year revenue model used to help justify imposing $7.4 billion in cuts on creditors including bondholders and pensioners, Bloomberg News reported yesterday. Robert Cline, an economist hired to...
August 19, 2014
Bankrupt James River Coal Co., after repeatedly postponing an asset auction, chose a unit of Blackhawk Mining LLC as the lead bidder, with an opening offer of $50 million, Bloomberg News reported yesterday. The Blackhawk unit will be the stalking-horse bidder at the auction to be held today in New...
August 19, 2014
Revel AC Inc., the struggling Atlantic City, N.J.-based casino operator, is still pursuing potential sale offers as it plans to shut down operations by Sept. 2 to stanch its cash loss of about $2 million a week, Bloomberg News reported yesterday. “It is still our goal and hope that we will have a...