Headlines
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June 12, 2013
Drybulk shipper Excel Maritime Carriers Ltd. intends to file for chapter 11 protection, a regulatory filing showed yesterday, making it the latest victim of a downturn in the shipping industry, Reuters reported yesterday. Charter rates for dry bulk vessels, which transport cargoes such as coal,...
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June 12, 2013
U.S electric car maker Coda Automotive has won bankruptcy court approval to sell its assets for $25 million to a group of lenders led by Fortress Investment Group, Reuters reported yesterday. Under the deal, Fortress group will pay $1.7 million in cash, and the remainder will come by way of a "...
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June 12, 2013
Jefferson County, Ala., officials and municipal bondholders want to halt their dispute over how the county's sewer system should be managed during the county's bankruptcy case—a dispute that was scheduled to unfold before a panel of appeals judges but will die under a recent debt-cutting deal, Dow...
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June 12, 2013
Dutch sports car maker Spyker NV's $3 billion lawsuit accusing General Motors Co. of trying to bankrupt Swedish automaker Saab was dismissed by a U.S. federal judge yesterday who said the U.S. automaker had the right to block the sale of a company using its technology, Reuters reported yesterday....
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June 12, 2013
The Securities and Exchange Commission fined the Chicago Board Options Exchange and an affiliate $6 million yesterday for what it called breakdowns in regulatory oversight, including a failure to enforce rules to prevent abusive short-selling, the New York Times DealBook blog reported yesterday....
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June 12, 2013
New York State regulators are calling for a nationwide moratorium on transactions that life insurers are using to alter their books by billions of dollars, saying that the deals put policyholders at risk and could lead to another taxpayer bailout, the New York Times DealBook blog reported today....
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June 12, 2013
Vallejo, Calif., which emerged from bankruptcy two years ago, is trying a novel approach to setting part of its budget: having the public decide, the Associated Press reported yesterday. The city of Vallejo let residents over the age of 16 vote in May on how to spend about $3.2 million. Taxpayers...
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June 12, 2013
Royal Bank of Canada, the country’s largest lender, and several units were sued by Rakuten Bank Ltd. over claims it marketed and sold unsuitable securities backed by deteriorating mortgage loans that wiped out a $10 million investment, Bloomberg News reported yesterday. RBC induced Rakuten to...
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June 11, 2013
Fannie Mae and Freddie Mac shareholders sued the U.S., alleging that the 2008 takeover of the housing lending giants was illegal and cost investors billions of dollars, Bloomberg News reported yesterday. The takeover of the mortgage companies by the Federal Housing Finance Agency, “while beneficial...
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June 11, 2013
In his first public meeting, Detroit Emergency Manager Kevyn Orr said yesterday that the city has a 50/50 chance of filing for bankruptcy, Reuters reported yesterday. Speaking to an audience at Wayne State University, Orr delivered a message of fiscal discipline but offered few details of his plan...
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June 11, 2013
Bank of America Corp. could put its Countrywide Financial unit into bankruptcy if it fails to win court approval for an $8.5 billion settlement with mortgage investors, a bank executive said yesterday, according to Reuters. Chief Risk Officer Terrence Laughlin was testifying at a hearing in New...
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June 11, 2013
U.S. regulators are stepping up scrutiny of overdraft fees charged by banks, a big revenue stream that is helping the industry lessen the hit caused by low interest rates and the sluggish economy, the Wall Street Journal reported today. The Consumer Financial Protection Bureau criticized the U.S....
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