Recent Updates
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Lehman Brothers schedules bankruptcy court hearing
Bankruptcy 09/17/2008Lehman Brothers has scheduled a hearing in its bankruptcy case that could lead to a judge's approval of an asset sale.The investment bank, which filed the biggest U.S. bankruptcy case on Monday, has on its agenda for the meeting Tuesday afternoon a m...
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Lehman Brothers files for Chapter 11 protection
Bankruptcy 09/15/2008Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.The filing was m...
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Imprisoned Vick files Chapter 11 bankruptcy
Bankruptcy 07/10/2008Seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a “precarious financial position” and filed for bankruptcy. One of his creditors is the Falcons.In Chapter 11 documents filed in federal ...
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Vick files for bankruptcy protection
Bankruptcy 07/08/2008Imprisoned quarterback Michael Vick is seeking bankruptcy protection, saying he owes between $10 million and $50 million to creditors.Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed ...
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Chrysler, Plastech may have interim deal
Bankruptcy 02/05/2008Negotiators for Chrysler LLC and a troubled parts supplier were trying to end a dispute that shut down or canceled a shift at five Chrysler plants and threatened to idle all 14 of the automaker's assembly facilities.Plastech Engineered Products Inc.,...
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Senate's Dodd to offer bankruptcy reform bill
Bankruptcy 11/28/2007A senior lawmaker said on Wednesday that he planned to introduce a bankruptcy reform bill that would give new relief to individuals overwhelmed by mortgage, medical and student loan debt.Sen. Christopher Dodd, a presidential candidate and chairman of...
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Levitz Auction Set For Wednesday
Bankruptcy 11/26/2007New York-based Levitz Furniture, which was forced into bankruptcy by a credit crunch earlier this month, could have new owners as soon as Thursday after Manhattan’s bankruptcy court approved an auction that is set for Wednesday at noon. The winning b...
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Delphi Asks to Delay Ch 11 Hearing
Bankruptcy 11/05/2007Auto-parts supplier Delphi Corp. has asked a U.S. bankruptcy court to delay one of its reorganization hearings so it can respond to objections raised by creditors and investors, the company said Monday.The Troy, Mich.-based company, which is still st...
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Bankruptcy court approves Movie Gallery financing
Bankruptcy 10/18/2007[##_1L|1260753080.jpg|width="101" height="102" alt=""|_##]Movie Gallery Inc. received approval during its first appearance at the U.S. Bankruptcy Court late Tuesday to access financing from lenders and to pay employees and vendors. In the company's f...
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New Century gets financing approved
Bankruptcy 04/06/2007New Century Financial Corp. (NEWC.PK: Quote, Profile, Research), the largest U.S. subprime lender now under bankruptcy protection, was authorized on Thursday to obtain up to $150 million of financing to keep operating under Chapter 11.The package, wh...
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Two convicted of fraud in bankruptcy of cheese maker
Bankruptcy 04/03/2007[##_1L|1310657151.jpg|width="130" height="90" alt=""|_##]Two top executives for a now-defunct cheese maker were convicted on all charges they faced in connection with a scheme that used nearly $400 million in fictitious sales to boost Suprema Special...
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New Century Financial Files For Bankruptcy
Bankruptcy 04/02/2007Subprime mortgage lender New Century Financial has filed for bankruptcy protection.Once one of the largest providers of subprime mortgages in the United States and now a casualty of the slumping housing market and aggressive lending practices, the co...