Headlines

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Format: 04-24-2014
April 24, 2014
Detroit's chief financial officer said yesterday future once it exits the biggest municipal bankruptcy in U.S. history will depend on oversight, Reuters reported yesterday. "I believe the post-bankruptcy structure is absolutely critical and that right now is a big question mark," John Hill said...
April 24, 2014
General Motors Co.’s request for court protection from car-owner suits seeking compensation for recalled autos with defective ignition switches was attacked as legally “unsupportable,” Bloomberg News reported yesterday. Car owners challenged GM’s position that it may compensate accident victims but...
April 24, 2014
A bankruptcy judge yesterday cleared distressed investor Clearlake Capital Group to acquire plus-size women's clothing retailer Ashley Stewart out of its chapter 11 case, the Wall Street Journal reported today. Clearlake, a Los Angeles private-equity firm, was the lead bidder for Ashley Stewart...
April 24, 2014
Six years after getting a failing grade for their role in the financial crisis, credit-rating firms are at the top of the class, the Wall Street Journal reported today. Riding a global bond boom, the two biggest U.S. firms, Standard & Poor's Ratings Services and Moody's Investors Service, this...
April 24, 2014
More Americans than forecast filed applications for unemployment benefits last week as the Easter holiday period made it more difficult to adjust the data for seasonal variations, Bloomberg News reported today. Jobless claims increased by 24,000 to 329,000 in the week ended April 19, the most in a...
April 24, 2014
The Supreme Court of Georgia is considering whether a Georgia law protects the corporate officers and former executives of a Buckhead bank that failed under their watch from personal liability for the bank's losses even if they neglected their corporate duties, the Daily Report reported today. The...
April 24, 2014
Tokyo District Court ordered liquidation to begin at failed bitcoin exchange Mt. Gox, the company said today, after the bankruptcy administrator said on April 16 that it would be difficult to rehabilitate the firm, Reuters reported. Mt. Gox, once the largest bitcoin exchange in the world, filed for...
April 23, 2014
Bankruptcy Judge Steven Rhodes tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if Detroit’s plan to adjust its $18 billion of debt is feasible, Reuters reported yesterday. Judge Rhodes also named Richard Ravitch as a consultant to the court...
April 23, 2014
Lawyers pressing cases against General Motors say that the automaker concealed the controversial ignition defect when it "took billions of dollars in taxpayer money" during its government-sponsored bankruptcy in 2009, CNNMoney.com reported yesterday. The claim, made by plaintiffs attorneys seeking...
April 23, 2014
Sorenson Communications Inc. hasn't exited chapter 11 protection yet, but already a ratings agency is saying that further restructuring is highly likely, Dow Jones Daily Bankruptcy Review reported today. "We do not believe that the company is going to be able to earn its way into the amount of debt...
April 23, 2014
The well-known Los Angeles-based bankruptcy law firm Stutman Treister & Glatt, which once advised on the chapter 11 proceedings of companies including Lehman Brothers and Enron Corp., has announced it is closing, Reuters reported yesterday. Stutman, founded in 1948, staffs 25 lawyers in Los...
April 23, 2014
Classic Party Rentals yesterday said that a bid by affiliates of Apollo Global Management beat out an offer by creditors to take over the company, the Los Angeles Business Journal reported today. The Inglewood, Calif.-based national event rental and services provider, also known as Event Rentals...