As it stands, the bankruptcy code allows companies to file for bankruptcy in a location where they have a domicile, residence, principal place of business or principal assets–to includes the location of the company’s incorporation.
The team unwinding Lehman Brothers Holdings Inc. boosted its estimate of how much cash it expects to bring in for creditors to $90.6 billion, buoyed primarily by a settlement with Lehman Brothers Bankhaus A.G., the German arm of Lehman’s investment-banking operation, The Wall Street Journal reports.
Caesars Entertainment Corp . may have violated federal law when it shuffled its casino assets, said a federal judge in a ruling that could complicate the casino company’s efforts to unload $18.4 billion in debts in a bankruptcy restructuring of its largest unit, The Wall Street Journal reports.
Teen retailer Wet Seal Inc. filed for Chapter 11 bankruptcy protection early Friday morning, hoping to salvage some of its stores using a financing offer from B. Riley Co. LLC, The Wall Street Journal reports. The filing followed warnings that Wet Seal was running out of cash even after shutting down 338 stores.
