Headlines

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Format: 09-21-2014
September 5, 2014
Revenue projections in Detroit's debt adjustment plan will be hard to achieve, but restructuring initiatives will bring in new money and help make Detroit's plan feasible, Detroit's chief financial officer said yesterday in bankruptcy court, Reuters reported. John Hill, who was appointed the city's...
September 5, 2014
The Puerto Rico Electric Power Authority (PREPA), which has been in negotiations with lenders over its debt burden, said yesterday that it had hired the consulting firm AlixPartners to supervise its restructuring, the New York Times DealBook blog reported yesterday. The assignment will be led by...
September 5, 2014
U.S. banks would need $644 billion in collateral to offset risks in swaps traded among themselves, according to an analysis of rules re-proposed by regulators, Bloomberg News reported yesterday. The Office of the Comptroller of the Currency released an estimate yesterday laying out costs for...
September 5, 2014
Momentive Performance Materials Inc. amended its restructuring plan to comply with a bankruptcy judge's requirement that the silicone and quartz producer pay its top-ranking bondholders a slightly higher interest rate, Dow Jones Daily Bankruptcy Review reported today. With the updated plan, filed...
September 5, 2014
The privately held U.S. producer of AriZona iced tea might face insolvency if the judge overseeing a dispute between its founders sets its value at $3 billion or greater, a lawyer for the co-owner running the company said yesterday, Reuters reported. During closing arguments in New York state court...
September 5, 2014
The credit card industry is accelerating efforts to keep sensitive customer information out of the hands of merchants, as a rash of data breaches at major U.S. retailers erodes confidence in electronic payment systems, the Wall Street Journal reported today. Visa Inc. and MasterCard Inc. are...
September 5, 2014
Tucson attorney Scott H. Gan has been appointed as a judge at the U.S. Bankruptcy Court for the District of Arizona, KGUN9.com reported yesterday. Chief Judge Alex Kozinski of the U.S. Court of Appeals made the announcement on Wednesday. Gan will take the oath of office in a Sept. 11 ceremony in...
September 5, 2014
The trustees of a 122-year-old amusement park in northwestern Pennsylvania have hired an attorney to file chapter 11 bankruptcy in hopes of preventing a sheriff's sale of the park to satisfy more than $910,000 in overdue county, school and municipal property taxes, the Associated Press reported...
September 4, 2014
Total bankruptcy filings in the United States decreased 16 percent in August 2014 over August of last year, according to data provided by Epiq Systems, Inc., the largest year-over-year drop thus far in 2014. Bankruptcy filings totaled 75,170 in August 2014, down from the August 2013 total of 88,962...
September 4, 2014
Bankruptcy Judge Steven Rhodes has ordered Detroit and civil rights attorneys into two weeks of confidential mediation over the city's practice of shutting off water to residents with unpaid bills, Reuters reported yesterday. Judge Rhodes will announce on Sept. 17 whether he will issue a temporary...
September 4, 2014
Major U.S. credit card issuers aren't properly informing consumers about the hidden risks of popular promotions, a federal regulator said yesterday, ramping up its scrutiny of card industry practices, the Wall Street Journal reported today. The Consumer Financial Protection Bureau yesterday...
September 4, 2014
A bankruptcy judge has cleared a crucial settlement between the victims of Scott Rothstein's $1 billion-plus Ponzi scheme and creditors of his law firm, blessing a deal that will put money in both groups' pockets, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Raymond B. Ray on...