This week on The Broke and the Beautiful, a dispute over Sherman Hemsley’s residuals won’t go to arbitration, and Wayne Newton’s estate is on the market. Also, Kerry Katona is having a baby.
Furniture Brands International Inc., one of the largest furniture manufacturers in the U.S., filed for bankruptcy Monday with a deal to sell its assets to investment firm Oaktree Capital Management for $166 million. Read the Daily Bankruptcy Review article via The Wall Street Journal.
Fortress Investment Group LLC’s GateHouse Media Inc., which will be taking over management of the former Dow Jones Local Media Group publications, plans to restructure its $1.2 billion debt load through a prepackaged Chapter 11 bankruptcy filing. Read the Daily Bankruptcy Review article via The Wall Street Journal.
A bankruptcy judge said Longview Power LLC can use its lenders’ cash to fund its bankruptcy case and set up a showdown between the company and a group of contractors over disputed letters of credit. Read the Daily Bankruptcy Review article here.
A federal judge dismissed Bank of America Corp.’s $1.7 billion lawsuit against the Federal Deposit Insurance Corp., a win for the regulator in the long-running battle over who is ultimately on the hook for losses tied to the multibillion-dollar fraud at disgraced lender Taylor Bean & Whitaker Mortgage Corp. Read the Daily Bankruptcy Review article here.
Lehman Brothers Holdings Inc. is suing two entities controlled by German entrepreneur Klaus Tschira in a bid to recover 100 million euros Lehman says was transferred to one of his investment vehicles one business day before Lehman’s 2008 bankruptcy filing. Read the Daily Bankruptcy Review article here.
