Headlines

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Format: 07-23-2014
July 10, 2014
Drybulk shipper Genco Shipping emerged from chapter 11 protection, the Associated Press reported yesterday. The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments. Genco also says that it got $100...
July 10, 2014
Hedge fund Standard General gained sway over American Apparel Inc. with an 11th-hour lifeline, part of a deal that will overhaul the company's board and install ousted founder Dov Charney as a strategic consultant — at least for now, the Wall Street Journal reported today. The deal, completed...
July 9, 2014
The City of Detroit reached a tentative contract with its largest police union yesterday, potentially resolving one of the city’s last remaining labor disputes as it nears a potential exit from chapter 9 bankruptcy, the Detroit Free Press reported today. The tentative deal — reached in confidential...
July 9, 2014
Flint, Mich., the birthplace of General Motors that once had 200,000 residents, has, much like Detroit, also endured a spectacular drop in population and factory jobs and a corresponding rise in property abandonment, the Associated Press reported yesterday. If a judge rules against Flint's effort...
July 9, 2014
The judge in Stockton, Calif.’s bankruptcy ruled yesterday that the city has collateral worth $4 million with which it could pay holdout creditor Franklin Templeton, dismissing the city's contention its collateral was worthless, Reuters reported yesterday. At the same time, Bankruptcy Judge...
July 9, 2014
Argentine officials will meet again with a court appointed mediator in New York on Friday as the country tries to negotiate a solution to a high stakes dispute over unpaid debts, the Wall Street Journal reported today. Argentinian Economy Minister Axel Kicillof met for several hours Monday with...
July 9, 2014
The liquidating trustee of defunct law firm Dewey & LeBoeuf is arguing his clawback suit against two former firm leaders should not be stayed while they face criminal charges because there is little overlap between the criminal and bankruptcy cases — and because every delay diminishes recovery...
July 9, 2014
A handful of new lawsuits seek to recover more than $1.5 million for defunct brokerage Peregrine Financial Group Inc.'s creditors from the likes of CNBC, MTV and various charitable organizations, Dow Jones Daily Bankruptcy Review reported today. Ira Bodenstein, the trustee leading Peregrine's...
July 9, 2014
The Justice Department and Citigroup Inc. are close to a deal for the bank to pay about $7 billion to settle allegations it sold shoddy mortgages in the run-up to the financial crisis, the Wall Street Journal reported today. The two sides, which had been far apart just weeks ago, are ironing out...
July 9, 2014
General Motors Co. Chief Executive Mary Barra and General Counsel Mike Millikin have been called to testify next week before a senate subcommittee investigating why it took the company nearly 11 years to recall older small cars equipped with a faulty ignition switch, the Wall Street Journal...
July 9, 2014
American Express Co.'s rules preventing merchants from encouraging customers to use less-expensive payments stifle competition, a lawyer for the U.S. government argued at the start of an antitrust trial, Bloomberg News reported yesterday. "AmEx has controlled the price and has excluded competition...
July 9, 2014
American Apparel Inc. confirmed yesterday that investment firm Lion Capital has demanded repayment of a $10 million loan, asserting the casual clothing maker defaulted under their credit pact when Dov Charney ceased to be chief executive, the Wall Street Journal reported today. The company, which...