Headlines

Please note that in order to view the content for the Bankruptcy Headlines or the Bankruptcy Brief Newsletter you must either Login if you are already an ABI member, or otherwise you may Join ABI
Format: 10-31-2014
September 26, 2014
Bankruptcy Judge Howard Tallmanhas dismissed the case of a Denver marijuana business owner, saying that although his activities are legal under Colorado law, he is violating the federal Controlled Substances Act, the Denver Post reported yesterday. The case is at least the second such one involving...
September 26, 2014
U.S. Bancorp, the nation’s largest regional lender, agreed to pay $57 million to settle regulatory claims that some of its account holders were unfairly billed for identity-theft protection products, Bloomberg News reported today. The lender’s U.S. Bank unit will provide $47.9 million in...
September 26, 2014
Even as Donald Trump considers buying back two Atlantic City, N.J., casinos that bear his name, the billionaire wants his name removed from the languishing properties as soon as possible, the Wall Street Journal reported today. Trump, who hasn't been involved in management of the Trump Taj Mahal or...
September 26, 2014
Fiat Chrysler Automobiles recalled about 350,000 vehicles around the world yesterday to repair a faulty ignition switch that in some cases could cut power to the vehicle's air bags, steering and the engine, the Wall Street Journal reported today. The automaker said that ignition keys on certain...
September 26, 2014
General Motors Co. Chief Financial Officer Chuck Stevens said that the company plans to take advantage of its return to investment grade, which could lower borrowing costs, by strengthening its lending arm, Bloomberg News reported today. Standard & Poor’s Ratings Services upgraded both GM and...
September 25, 2014
The U.S. Treasury Department signed off on General Motors Co. pay packages that broke a pledge to cap cash salaries at $500,000 in most cases at companies bailed out by the federal government, according to a watchdog report, Bloomberg News reported yesterday. Sixteen top employees at GM and the...
September 25, 2014
Kevyn Orr will end his 18-month term as Detroit's emergency manager this week, leaving a city still mired in operational and fiscal uncertainty and arguing in court for approval of its bankruptcy plan, Reuters reported today. His widely anticipated removal by Detroit Mayor Mike Duggan and the nine-...
September 25, 2014
Defaults on federal student loans declined from a year earlier, as the U.S. government bolsters programs to prevent borrowers from skipping payments, Bloomberg News reported yesterday. The rate, measured over the first three years that borrowers are required to pay their loans, was 13.7 percent,...
September 25, 2014
Atlantic City, N.J., will have to wait until next week to learn who will emerge as the next owner of the shuttered Revel casino hotel, a sleek resort that closed after just two years in operation, Reuters reported yesterday. An auction began yesterday at a law office but was adjourned until Tuesday...
September 25, 2014
Nortel Networks Corp. bondholders and pensioners made their final pleas to judges in Canada and the U.S. about how to divide more than $7 billion in cash the company raised by liquidating assets, Bloomberg News reported yesterday. U.S. bondholders of the defunct phone maker urged the two judges to...
September 25, 2014
Phoenix Payment Systems Inc. won bankruptcy-court approval to sell its payment-processing business to an affiliate of North American Bancard LLC for $50 million, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Mary F. Walrath on Tuesday approved the sale, court papers show. The...
September 25, 2014
Bankers are hungry for new types of assets to package and sell to investors and peer-to-peer (P2P) loans are an attractive prospect as sales of more traditional securitizations — such as mortgage-backed securities — remain subdued after the housing bust, the Financial Times reported today. Peer-to-...