Headlines

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Format: 12-20-2014
November 14, 2014
One of the largest recycling companies in the Southeast, Memphis-based Recycle Solutions Inc., has filed for chapter 11 protection, the Memphis Business Journal reported today. Recycle Solutions, launched in 2001, reported debts of nearly $6.4 million and assets of more than $11.5 million in its...
November 13, 2014
Bankruptcy Judge Steven Rhodes said yesterday that implementation of Detroit's plan to exit the biggest-ever U.S. municipal bankruptcy should be on the fast track, Reuters reported yesterday. "The city needs to begin implementing this plan immediately," Judge Rhodes said at a hearing. He waived a...
November 13, 2014
Goldman Sachs Group Inc. has defeated a married couple's appeal in a lawsuit accusing the Wall Street bank of negligence for arranging the $580 million sale of their speech-recognition company to Lernout & Hauspie, which soon collapsed in an accounting fraud, Reuters reported yesterday. The U.S...
November 13, 2014
Nortel Networks Corp.’s U.S. unit spent $169 million on its bankruptcy case in the first nine months of this year, and there’s no end in sight to the spending on its lawyers and advisers, the Wall Street Journal reported today. The numbers began popping up last Thursday on the bankruptcy docket...
November 13, 2014
Kodak earlier this month filed a final tally of costs for its chapter 11 bankruptcy, as well as a motion asking the final closing of the case, the Rochester (N.Y.) Democrat and Chronicle. That $245.2 million total is $2.1 million more than the $243.1 million worth of bills presented to the court...
November 13, 2014
Samuel Wyly and the estate of his brother Charles should pay $329 million for using offshore accounts to hide stock holdings and engage in illegal trading, regulators argued in seeking to increase the penalty ordered by a judge, Bloomberg News reported yesterday. Wyly and the estate should pay that...
November 13, 2014
A Los Angeles hedge fund that had been trying to oust the management of Variant Holding Co. has pulled its request for a chapter 11 trustee to run the real estate firm, Dow Jones Daily Bankruptcy Review reported today. Hedge fund Beach Point Capital withdrew its request for a chapter 11 trustee to...
November 13, 2014
The lawyer handling General Motors Co.’s compensation for victims of accidents tied to faulty ignition switches said that he’ll consider a safety advocate’s suggestion that he comb regulators’ files for relevant crashes, Bloomberg News reported yesterday. Kenneth Feinberg said that he received the...
November 13, 2014
The settlements by five global banks for manipulating the foreign currency markets show a strategy based on strength in numbers: The more banks that are disciplined, the less any one of them will be the focus of public attention for their violations, according to a New York Times commentary today...
November 12, 2014
Detroit’s “grand bargain” settlement will keep the retirees’ reduced pension checks coming for the rest of their lives, but the pension system that the settlement leaves behind has some of the same problems that plunged the city into crisis in the first place, the New York Times reported today....
November 12, 2014
U.S. District Judge Katherine B. Forrest on Monday approved Anadarko Petroleum Corp.'s $5.15 billion settlement over its ill-fated acquisition of Tronox Inc., the final major hurdle in the federal government's largest environmental settlement ever, Dow Jones Daily Bankruptcy Review reported today....
November 12, 2014
Caesars Entertainment Corp. have reached an agreement with key senior creditors on the outline of a debt restructuring plan that includes a pre-packaged bankruptcy for its largest unit as soon as January, Bloomberg News reported yesterday. Under the plan being negotiated by first-lien bondholders...