News Topic: Chapter 9

Global shipping company TMT Group sought bankruptcy protection after failing to restructure its $1.46 billion debt load out of court. Read the Daily Bankruptcy Review article via The Wall Street Journal . ... 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

Orchard Supply Hardware Stores filed for Chapter 11 bankruptcy protection Monday with plans to sell itself to Lowe’s Cos., subject to higher bids at auction. Click here for the Daily Bankruptcy Review article. ... Read full article

A federal appeals court on Wednesday ruled that the federal government went too far when seizing assets to repay Scott Rothstein’s Ponzi scheme victims, handing a victory to bankruptcy trustees. Read the Daily Bankruptcy Review article here . ... Read full article

Patriot Coal Corp.’s chief executive and the head of its mine workers’ union traded barbs Wednesday after the union accused the company of walking out of negotiations to reach new labor terms. Read the Daily Bankruptcy Review article via The Wall Street ... Read full article

Troubled battery maker Exide Technologies Inc. filed for Chapter 11 bankruptcy protection early Monday as it faced $31 million in interest payments in August and the maturity of nearly $52 million in convertible notes in September. Read the Daily ... Read full article

Ahern Rentals Inc. won bankruptcy court approval to exit Chapter 11 protection under a plan that keeps the construction equipment rental company in the hands of the family that founded it 60 years ago. Read the Daily Bankruptcy Review article here . ... Read full article

Jefferson County, Ala., leaders voted Tuesday to accept a debt-settlement plan that will dramatically slash the $3.1 billion owed on its sewer system and allow the struggling county to get out of bankruptcy. Read the Daily Bankruptcy Review article here . ... Read full article

European Pressphoto Agency Lehman Brothers Holdings Inc. is selling more of the claims against its defunct brokerage, as part of a continuing strategy to quickly recover money that will go to its creditors. ... 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

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 ... Read full article

Ally Financial Inc. said Tuesday it reached an agreement with its mortgage subsidiary Residential Capital LLC that could help accelerate its efforts to get out from government ownership. Read the Daily Bankruptcy Review article here . ... Read full article

Secured lenders led by Credit Suisse AG have been declared winners of an auction for the oil and gas drilling assets of ATP Oil & Gas Corp. with an offer of $690.8 million, court papers say. ... Read full article

Residential Capital LLC is suing a group of junior bondholders to block them from wresting control of the subprime mortgage lender’s bankruptcy case. Read the Daily Bankruptcy Review article here . ... Read full article

Residential Capital LLC creditors want to give the company more time to control its bankruptcy case, Dow Jones Newswires reports . ... Read full article

Eastman Kodak Co. reached a deal to hand over its “personalized imaging” and “document imaging” businesses to U.K. retirees, The Wall Street Journal reports . ... Read full article

Waste processor Synagro Technologies Inc. filed for Chapter 11 bankruptcy protection Wednesday with an offer in hand to be acquired by an affiliate of Swedish private-equity firm EQT. Read the Daily Bankruptcy Review article here . ... Read full article

Agence France-Presse/Getty Images Liquidators of the Swiss derivatives unit of Lehman Brothers Holdings Inc. said a recent settlement may double recoveries for the subsidiary’s creditors. ... Read full article