News Topic: Chapter 9

Patriot Coal Corp. Thursday said it has reached preliminary deals to secure $576 million in bankruptcy-exit financing. Read the Daily Bankruptcy Review article here . ... Read full article

Everyone gathered last week at the meeting convened by Detroit Emergency Manager Kevyn Orr knew that the news would be dire. Nonetheless, Orr’s report on Detroit’s financial condition and his proposal for the treatment of the city’s creditors – an offer ... Read full article

Kevyn Orr , the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis , has effectively replaced the Detroit mayor, ... Read full article

Nearly nine months after it filed for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy judge last week determined that the city of Stockton, California has satisfied the requirements of Section 109(c) of the Bankruptcy Code and may ... Read full article

Read more about Brazilian oil company OGX Petroleo e Gas Participacoes SA ’s descent into bankruptcy protection in The Wall Street Journal . ... Read full article

Reuters Lee Farkas in his June 2010 booking photo Former mortgage executive Lee Farkas is asking a judge to toss his conviction for orchestrating a multi ... Read full article

Lawyers for Comcast Corp. squared off with Houston Astros owner Jim Crane in a Texas bankruptcy court Monday over the fate of their troubled Houston regional sports network, which Comcast is trying to put in Chapter 11 bankruptcy protection. Read the ... Read full article

PricewaterhouseCoopers LLP is asking a federal judge to trim back the Federal Deposit Insurance Corp.’s $1 billion lawsuit that alleges the accounting firm failed to catch the massive fraud that brought down Colonial Bank, in one of the largest bank ... Read full article

A U.S. judge Thursday cleared the way for  Paul Singer ’s hedge fund Elliott Management and King Street Capital Management LP to buy a multibillion-dollar bankruptcy claim owed to a Lehman Brothers U.K. subsidiary at a discount. Read the Daily Bankruptcy ... Read full article

Associated Press The remnants of Lehman Brothers Holdings Inc. ... Read full article

Detroit’s ready to make a case for its bankruptcy eligibility Wednesday, The Wall Street Journal reports . ... Read full article

Creditors of Lehman Brothers Holdings Inc.’s Australian unit have approved a $48 million settlement with a group of insurers over claims the investment bank misled a group of towns, charities and churches into buying risky securities backed by U.S. ... Read full article

Electricity producer NRG Energy Inc. is set to buy Edison Mission for $2.6 billion, The Wall Street Journal reports . ... Read full article

LightSquared lost $55.5 million in September, bringing the wireless satellite company’s losses since filing for bankruptcy to more than $934 million. Read the Daily Bankruptcy Review article here . ... Read full article

Comcast Corp. urged a Texas bankruptcy judge to allow CSN Houston, the television network that broadcasts Houston Astros baseball games and Houston Rockets basketball games, to stay in bankruptcy, arguing the dismissal of its case would empower the Astros ... Read full article

Peter Foley/Bloomberg News Wilbur Ross Wilbur Ross, whose Talmer Bancorp has agreed to invest $97 million to take over Capitol Bancorp’s stakes in its fo ... Read full article

Shareholders for Italian airline Alitalia approved a proposal to raise up to EUR300 million ($406.9 million) to try to save it from bankruptcy, The Wall Street Journal reports . According to WSJ , some of Suntech’s U.S. bondholders are trying to force the ... Read full article

By Barbara Altimus Shreero Judge Christopher M. Klein’s decision  to accept the City of Stockton’s petition for bankruptcy on April 1, 2013 set the stage for a battle over whether public workers’ pensions can be reduced through municipal reorganization. ... Read full article