Headlines

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Format: 04-02-2015
December 11, 2014
The biggest U.S. private mortgage insurer, Radian Group Inc., is close to a sale of its financial guaranty business to Assured Guaranty Ltd. for around $800 million, Reuters reported yesterday. Radian's financial guaranty business provides insurance and reinsurance of municipal bonds, structured...
December 11, 2014
A Chicago company that produces boxed meals and snacks filed for chapter 11 protection last week, citing lack of growth and a dispute between the company's board and its former director, Crain’s Chicago Business reported yesterday. GoPicnic Brands, whose products are available at more than 15,000...
December 10, 2014
Michigan Governor Rick Snyder's office said that Detroit’s municipal bankruptcy case will end today when the city's debt adjustment plan will take effect, Reuters reported yesterday. The city, which filed for bankruptcy in July 2013, won approval on Nov. 7 from a federal court judge for its plan to...
December 10, 2014
East Cleveland will wait until after the first quarter of 2015 to decide whether to seek bankruptcy protection, the city's finance director said yesterday, noting such a filing is only one of several options under consideration, Reuters reported yesterday. The assessment was less dire than comments...
December 10, 2014
The top executive charged in a chemical spill that left 300,000 people without drinking water lied about his role with the company to protect his personal wealth of nearly $8 million from lawsuits, according to an FBI affidavit, the Associated Press reported yesterday. In bankruptcy court hearings...
December 10, 2014
Shuttered Revel Casino Hotel filed an emergency motion yesterday, seeking approval to terminate its deal with Brookfield Property Partners LP and schedule a hearing to approve the sale to backup bidder Polo North Country Club Inc., Reuters reported today. Brookfield won the auction for Atlantic...
December 10, 2014
The remnants of First Mariner Bancorp won bankruptcy court approval of a liquidation plan that promises to pay investors in bank-holding company's debt about 21 cents on the dollar, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge David E. Rice yesterday signed off on the...
December 10, 2014
A bipartisan group of congressional leaders reached a deal yesterday that would for the first time allow the benefits of current retirees to be severely cut, part of an effort to save some of the nation’s most distressed pension plans, the Washington Post reported today. The measure, attached to a...
December 10, 2014
Eight of the largest U.S. banks will need fatter capital cushions as part of U.S. regulators’ latest efforts to make the financial system less risky, the Wall Street Journal reported today. The biggest impact will be felt by JPMorgan Chase & Co., the nation’s largest bank by assets, which is $...
December 10, 2014
Attorney General Eric Holder appointed Andrew R. Vara as Acting U.S. Trustee for Region 3 (Delaware, New Jersey and Pennsylvania) and Daniel J. Casamatta as the Acting U.S. Trustee for Region 13 (Arkansas, Missouri and Nebraska), both effective on Jan. 1, the Executive Office for U.S. Trustees...
December 10, 2014
When the education technology company ConnectEDU Inc. sought chapter 11 protection earlier this year, 20 million student records hung in the balance, Education Week reported yesterday. Ultimately, the sale of ConnectEDU occurred without the company abiding strictly to its privacy policy. The "...
December 9, 2014
ABI’s Commission to Study the Reform of Chapter 11 unveiled hundreds of ideas yesterday for a “substantial modernization” of Chapter 11 of the U.S. Bankruptcy Code, Bloomberg News reported today. The Commission’s report followed more than two years’ research into ways to fix distressed companies,...