bankruptcy law

Alpha Natural Resources Inc., one of the largest U.S. coal producers, filed for chapter 11 bankruptcy protection on Monday to cut its more than $3 billion debt load, The Wall Street Journal reported. The Bristol, Va., company will likely sell some of its best mines or turn them over to creditors.

Colonial Bankruptcy Laws
In the American colonial era, many of the states had bankruptcy and insolvency laws. Imprisonment for debt was commonplace.

Bankruptcy Act of 1800

The U.S. Supreme Court on Tuesday said bankruptcy judges have the power to make final judgments in certain legal disputes—a decision that bolsters the power of U.S.

Want to place a bet on two Chicago-area horse-racing tracks?

Balmoral Park and Maywood Park are going up for sale as part of a deal to end a legal fight with Illinois riverboat casino operators. The casino operators won an $82 million judgment against the tracks’ owners over an alleged bribery scheme involving disgraced ex-Illinois Gov. Rod Blagojevich. The tracks filed for bankruptcy in December to prevent the casinos from trying to collect that money.

Henry Callaway was named as a judge with the U.S. Bankruptcy Court for the Southern District of Alabama. Mr. Callaway, who currently works in bankruptcy and litigation at law firm Hand Arendall, will take up his new position in May. He practices in areas including creditors’ rights, consumer finance and shareholder disputes and is a member of the American Bankruptcy Institute. Mr. Callaway is replacing Judge Margaret A.