Bankruptcy Blogs

Investors who own the storied Hawk ‘n’ Dove bar and other Capitol Hill eating spots owe more than $9 million to D.C. restaurateur Xavier Cervera and his partners who sold the restaurants to them in late 2012.

During a hearing held Wednesday afternoon at the Washington, D.C., bankruptcy court, lawyers for restaurant owner Barrack’s Row Entertainment said Chapter 11 would protect the company while its leaders negotiate to lower the debt owed to the former owners.

The GSEs are the essence of highly leveraged, systemically important financial institutions, based on their size, interconnectedness and the lack of substitutability

Defunct automotive parts manufacturer Budd Co. has filed for Chapter 11 bankruptcy protection with $400 million contributed by parent ThyssenKrupp North America to fund continued retiree benefit payments until those obligations can be resolved in court. Read the Daily Bankruptcy Review article here.

Receiving Wide Coverage ...

Lots (and Lots) of Personnel Changes: News broke late yesterday that Wells Fargo was shuffling around some of its senior executives. Timothy Sloan is vacating his chief financial officer position to take over as Wells' head of wholesale banking. He replaces David Hoyt, who is retiring. John Shrewsberry, currently head of securities, will take over Sloan's CFO position. Wells didn't offer much of an explanation for the changes. CEO John Stumpf issued...