Recent Updates
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SC attorney's bankruptcy case headed to court
Bankruptcy 09/19/2011A bankruptcy trustees for an attorney well known for his television commercials and highway billboards will ask a court to convert the case to a straight liquidation, saying the lawyer is unlikely to be able to repay his creditors. The Sun News of My...
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Bankruptcy court rules against gay-marriage ban
Bankruptcy 06/15/2011Gene Balas and Carlos Morales were facing health problems and crushing financial pressures plaguing many U.S. households when they decided to file bankruptcy as a married couple. The Obama administration said they couldn't, citing the Defense of Marr...
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Blockbuster showdown coming today in bankruptcy court
Bankruptcy 04/04/2011Several bidders are set to duke it out for Blockbuster Inc. at a bankruptcy auction in New York today. They reportedly include Dish Network Corp. and billionaire investor Carl Icahn.The movie-rental chain has received several bids other than the open...
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Chicago pizza chain files Chapter 11 bankruptcy
Bankruptcy 02/18/2011The Chicago-based pizza chain Giordano's has filed for Chapter 11 bankruptcy, but will continue operating with court approval to use part of a $36 million bankruptcy loan to pay employees and vendors.The chain, known for its stuffed pizza, owes nearl...
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A&P Bankruptcy May Prompt Ahold Bid for Pathmark
Bankruptcy 12/13/2010Great Atlantic & Pacific Tea Co.’s filing for bankruptcy protection may prompt Dutch competitor Royal Ahold NV to bid for the U.S. retailer’s Pathmark stores to add to grocery operations in the country, analysts said. A&P, which operates 400 ...
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Discount retailer Loehmann's files for bankruptcy
Bankruptcy 11/15/2010Discount retailer Loehmann's is filing for bankruptcy after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.Loehmann's says the Chapter 11 filing Monday in the U.S. Bankruptcy Court for the Southern District of ...
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MGM Studio Files for Bankruptcy, Icahn Backs Plan
Bankruptcy 11/03/2010Metro-Goldwyn-Mayer Studios Inc filed for bankruptcy on Wednesday, under a plan that would put one of Hollywood's most storied film studios under the control of its lenders.The Chapter 11 filing follows a vote by MGM creditors last week to endorse a ...
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Wolverine Tube Files for Bankruptcy Court Protection
Bankruptcy 11/01/2010Wolverine Tube Inc., which shut its U.S. plumbing-tube business in 2007, sought bankruptcy protection after failing to restructure the company.Wolverine, based in Huntsville, Alabama, cited assets of $115.6 million and liabilities of $237.5 million a...
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Bankruptcy Court Is Latest Battleground for Traders
Bankruptcy 09/08/2010In Six Flags Inc.'s bankruptcy case last fall, a hedge fund that owned senior bonds negotiated the theme-park company's reorganization plan, then dumped lower-ranking bonds it figured would lose value under the deal.Other creditors cried foul. The he...
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Tribune confident it will leave Ch. 11 in 2010
Bankruptcy 07/28/2010Tribune Co. believes it will still emerge from bankruptcy protection this year even though a court-appointed examiner concluded that talks leading up to a leveraged buyout of the company had bordered on fraud.In a memo to employees, Tribune CEO Randy...
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Ruling on Visteon retiree benefits overturned
Bankruptcy 07/15/2010A federal appeals court has overturned rulings allowing auto parts supplier Visteon Corp. to terminate its retirees' health and life insurance benefits.In a ruling Tuesday, the appeals court in Philadelphia sided with attorneys representing some 2,10...
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BP has options before bankruptcy, lawyers say
Bankruptcy 06/30/2010BP PLC has several options to explore in dealing with the worst environment disaster in U.S. history, but the oil giant may file for bankruptcy if it faces a never-ending flow of claims, lawyers and bankers said Tuesday. "BP has many options besides ...