Chapter 9

The Daily Docket: Detroit Enters Bankruptcy

07/19/13

The city of Detroit filed for Chapter 9 protection in the biggest municipal bankruptcy case in U.S. history, The Wall Street Journal reports.

Waste processor Synagro Technologies Inc. Thursday won court approval to poll creditors on its plan to bail out of financial trouble through a sale to Sweden’s EQT Partners. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Detroit Bankruptcy Could Come Within Days

07/18/13

A bankruptcy filing by the city of Detroit could come within days, The Wall Street Journal reports.

The U.S. Environmental Protection Agency added its voice to the chorus of regulators worried battery maker Exide Technologies Inc.’s bankruptcy loan poses a threat to public health and safety. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Pfizer on Track to Shake Quigley Asbestos Claims

07/15/13

Pfizer Inc. is on track to shake billions of dollars’ worth of asbestos liabilities, as its long-defunct subsidiary Quigley Co. seeks federal court approval of a Chapter 11 plan already confirmed by a bankruptcy judge in New York. Read the Daily Bankruptcy Review article here.

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The Daily Docket: ResCap Files Exit Plan

07/08/13

Mortgage lender Residential Capital filed a bankruptcy-exit plan that would pay general unsecured creditors 36.3 cents on the dollar and free government-owned parent Ally Financial Inc. from any more obligations in the case. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Cengage Enters Bankruptcy

07/03/13

Textbook publisher Cengage Learning Inc . filed for Chapter 11 bankruptcy protection Tuesday after reaching a restructuring deal with its lenders that would slash more than $4 billion in debt from its balance sheet. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Jefferson County Files Bankruptcy Plan

07/01/13

Jefferson County, Ala., filed its bankruptcy-exit plan, the Birmingham Business Journal reports.

Reader’s Digest Association Inc. on Friday received bankruptcy-court approval of its plan to exit bankruptcy in the hands of bondholders who are forgiving $231 million in debt. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Cengage Leaning Toward Bankruptcy

06/28/13

Textbook publisher Cengage Learning Inc. is edging toward Chapter 11 bankruptcy protection, The Wall Street Journal reports.

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The Daily Docket: TMT Enters Bankruptcy

06/24/13

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.

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Detroit Creditors Asked to Take Haircut (at Sweeney Todd's Barbershop)

06/19/13

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 of approximately ten cents on the dollar for the city’s unsecured bonds - still managed to drop jaws. Therein lies

[more]

Detroit Creditors Asked to Take Haircut (at Sweeney Todd’s Barbershop)

06/19/13

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 of approximately ten cents on the dollar for the city’s unsecured bonds – still managed to drop jaws. Therein lies

[more]