Bankruptcy
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Delia's said it was liquidating assets and would file for Chapter 11 bankruptcy protection.
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OLD TOWN, Maine— A bankruptcy court is ready to consider the sale of a closed Old Town, Maine paper mill to a Wisconsin company that wants to reopen it. Expera Specialty Solutions of Kaukauna, Wisconsin wants to buy the Old Town Fuel& Fiber mill for $10.5 million. A judge could finalize the sale at a Bangor court hearing on Friday.
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Dec 3- The trustee overseeing the bankruptcy of a Massachusetts pharmacy linked to a 2012 meningitis outbreak that killed 64 people, filed a plan that would set aside at least $135 million to compensate victims and their families. When NECC entered bankruptcy, many people doubted that the victims would ever receive compensation through the bankruptcy...
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ATLANTIC CITY, N.J.— A bankruptcy hearing on whether Trump Entertainment Resorts should be liquidated instead of reorganized has been postponed for a week. But talks are ongoing among the company, its main union, would-be purchaser Carl Icahn, and New Jersey officials on possible ways to save the casino and its 3,000 jobs. A rescue plan announced Tuesday by two...
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Trump Entertainment Resorts asked a Delaware bankruptcy court Wednesday to approve $5 million in debtor-in-possession financing from billionaire Carl Icahn to keep it afloat during its Chapter 11 case. Icahn would invest $100 million into it but only if significant tax breaks are obtained from state and local governments and if the union ends its appeal...
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TOKYO, Nov 26- U.S. bitcoin exchange operator Payward Inc said on Wednesday it will work on retrieving some millions of dollars lost by Tokyo- based Mt. Gox's Tokyo- court appointed trustee Nobuaki Kobayashi with investigating where the missing bitcoins are, along with eventually redistributing any found to creditors as part of a liquidation.
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ATLANTIC CITY, N.J.— Bankrupt Trump Entertainment Resorts and the city of Atlantic City have reached a deal to let the city collect unpaid taxes. The deal was approved Tuesday afternoon by a Delaware bankruptcy court judge. The Trump Taj Mahal is scheduled to close Dec. 12, unless a deal can be reached with its main union regarding the restoration of health...
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SAN JUAN, Puerto Rico— Puerto Rico's government is preparing to paralyze public transportation across the U.S. territory following a legislative impasse over a proposed oil tax increase meant to strengthen a debt-ridden transportation agency amid growing bankruptcy concerns. Buses and trains that serve an estimated 75,000 people daily will cease...
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ATLANTIC CITY, N.J.— Some of the hottest action in Atlantic City involves closed casinos in bankruptcy court, where Donald Trump is trying to recoup rent he paid on a driveway and the city is fighting to collect more than $50 million in unpaid taxes. Despite maintaining that a division of Trump Entertainment Resorts— the company he once ran but no longer has...
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ATLANTIC CITY, N.J.— The former Revel Casino Hotel is trying to block Atlantic City from collecting $32 million in unpaid property taxes. The owners of the former Atlantic City casino, which closed on Sept. 2, filed an appeal Monday of a bankruptcy court order letting Atlantic City hold a tax sale of the unpaid debt. Complicating things is the fact that a deal to sell...
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DETROIT, Nov 24- Detroit is eying a date between Dec. 8 and 10 for its debt adjustment plan to take effect, allowing the city to exit the biggest-ever municipal bankruptcy, an attorney said on Monday. Heather Lennox, Detroit's attorney with law firm Jones Day, told U.S. Bankruptcy Court Judge Steven Rhodes that the city expects to complete a budget that incorporates...
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NEW YORK— LDK Solar said Monday that a U.S. bankruptcy court has confirmed the reorganization plan for three of its subsidiaries. Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware confirmed the plan for LDK Solar Systems Inc., LDK Solar USA Inc. and LDK Solar Tech USA Inc. The subsidiaries had filed to reorganize under Chapter 11...
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NEW YORK, Nov 21- Aereo Inc, the online video streaming company backed by media mogul Barry Diller, has filed for bankruptcy protection. In a filing with the U.S. Bankruptcy Court in New York, Chief Financial Officer Ramon Rivera said getting protection from creditors should provide "necessary breathing room" for Aereo to sell its assets, recapitalize or...
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NEW YORK, Nov 21- Aereo Inc, the video streaming company backed by media mogul Barry Diller, has filed for bankruptcy protection. Aereo Chief Executive Officer Chet Kanojia said the decision created "regulatory and legal uncertainty" that proved insurmountable for the New York- based company, which is privately held. Lawton Bloom, a principal at Argus Management...
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Nov 21- Television streaming service Aereo Inc filed for bankruptcy protection after a U.S. Supreme Court ruled in June that the company's business model violated copyright laws. The ruling was a victory for broadcasters such as CBS Corp, Comcast Corp's NBC, Walt Disney Co's ABC and Twenty-First Century Fox Inc's Fox network. The filing is In re: Aereo Inc, U.S....
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Nov 21- Television streaming service Aereo Inc filed for bankruptcy protection after a U.S. Supreme Court ruling in June found that the company's business model violated copyright laws. Aereo, in which Barry Diller's IAC/InterActiveCorp has a 23.30 percent stake, filed for Chapter 11 protection to preserve the value of its estate, according to a court filing...
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The Columbus Blue Jackets player filed for bankruptcy in October after his parents poorly managed his assets for four years.
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Caesars Entertainment proposed a restructure plan that would the debt of its largest unit into a real estate investment trust.
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Nov 19- Creditors of GT Advanced Technologies complained in a bankruptcy court filing that the sapphire company may have gotten too little in its proposed settlement with Apple Inc over legal claims stemming from a deal to supply sapphire screens. GT Advanced shocked investors by filing for bankruptcy in October in a case that was initially shrouded in...
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DETROIT, Nov 12- The federal judge who approved Detroit's plan for exiting the biggest-ever U.S. municipal bankruptcy gave the city on Wednesday the go-ahead for putting the plan in motion. Bankruptcy Judge Steven Rhodes said at a hearing. Rhodes on Friday ruled Detroit's plan for cutting $7 billion of its $18 billion of debt was fair to creditors and feasible...
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Nov 11- Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien...