Headlines

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Format: 04-18-2014
March 18, 2014
Manhattan District Attorney Cyrus R. Vance Jr. thinks that Zachary Warren might hold the key to understanding the demise of law firm Dewey & LeBoeuf, the American Lawyer reported on Friday. Having left Dewey three years before its demise, in 2012, Warren must have found it odd when Vance’s...
March 18, 2014
Quiznos’ proposed reorganization plan, filed in bankruptcy court on Friday provides for holders of claims under the company’s first-lien credit facility to receive pro rata shares of an amended $200 million first-lien credit facility and 100 percent of the reorganized company’s equity, subject to...
March 18, 2014
Freedom Industries President Gary Southern requested an order in bankruptcy court documents filed on Saturday to collect paychecks for work following the company's Jan. 17 chapter 11 filing, the Associated Press reported yesterday. The documents say that Southern earns a $230,000 salary. He last...
March 18, 2014
General Motors Co. is recalling 1.55 million vans, sedans and sport-utility vehicles, citing concerns over brakes, seatbelts and air bags, adding to 1.6 million cars recalled earlier this year due to faulty ignition switches, Bloomberg News reported yesterday. The automaker also said that it...
March 18, 2014
Lawyers for Quiznos are asking a bankruptcy judge to allow the company’s more-than 2,000 stores to honor gift certificates, Groupons and other promotional discounts, the Wall Street Journal reported on Saturday. According to a court filing, there are more than $67,000 worth of gift certificates...
March 17, 2014
Kevyn Orr’s hopes of leasing the Detroit Water and Sewerage Department to a regional authority are on life support, as both the city and suburbs are striking much more adversarial stances, The Detroit News reported today. The Detroit emergency manager has sent notices to Wayne, Oakland and Macomb...
March 17, 2014
Quiznos Corp. filed for pre-packaged chapter 11 protection on Friday after struggling for years with high debt and rising competition, Reuters reported on Friday. The sandwich chain said that restructuring would cut its debt by more than $400 million, and it listed liabilities of between $500...
March 17, 2014
Bipartisan Senate legislation would wind down Fannie Mae and Freddie Mac in five years and in the interim would maintain the current arrangement in which the mortgage financiers pay all of their profits to the Treasury, Bloomberg reported today. A draft of the measure, released yesterday by Senate...
March 17, 2014
There is theory, and then there is actual practice, and the chapter 11 case of USEC, which processes uranium for power plants, provides a nice reminder that the two are not always the same, according to a commentary in The New York Times on Friday by Stephen J. Lubben. Academics in both the...
March 17, 2014
Federal Reserve officials are discussing ways to revise their guidance about the likely future path of interest rates, but it takes some detective work to pin down how they might do it, The Wall Street Journal reported yesterday. The Fed has said in its recent policy statements that it will not...
March 17, 2014
Lady Gaga revealed that she was bankrupt during her "Monster's Ball" tour, ContactMusic.com reported yesterday. The "Applause" singer admits that she suffered financial difficulties after she invested her entire $3 million fortune into staging at her concerts in a bid to launch her pop career back...
March 14, 2014
Bankrupt San Bernardino and its biggest creditor, the California Public Employees' Retirement System (CalPERS), said on Thursday that they have made substantial progress in recent negotiations over how much the city will pay the pension fund as part of any bankruptcy package, Reuters reported...