Chapter 9

The Daily Docket: Innkeepers Exits Bankruptcy

10/28/11

Innkeepers USA Trust on Thursday said it has closed its $1.02 billion sale of 64 hotels to Cerberus Capital Management LP, the last step in the hotelier’s emergence from Chapter 11 bankruptcy. Read the Daily Bankruptcy Review article here.

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Controversy erupts over Harrisburg, Pennsylvania Chapter 9 Bankruptcy Filing

10/15/11

Although the politics has been going on for a while, and rescue bills were considered, Harrisburg, Pennsylvania went ahead and filed Chapter 9 Bankruptcy.  The State of Pennsylvania has not only objected to the eligibility of the City of Harrisburg, the legislature is working on a bill that would strip the city of its ability [...]

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The Daily Docket: Graceway Enters Bankruptcy

09/29/11

Graceway Pharmaceuticals LLC filed for Chapter 11 bankruptcy protection Thursday, one day after announcing its plans to seek a sale of its assets to Galderma S.A. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Lehman Fees Top $1.36B

09/26/11

The fees charged by the army of lawyers, accountants and consultants working on Lehman Brothers Holdings Inc.’s Chapter 11 case topped $1.36 billion last month as the estate paid $34 million in professional bills. Read the Daily Bankruptcy Review article here.

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Poll: Support Mixed for Pre-Bankruptcy Municipal Mediation

09/20/11

The concept behind a pending California law requiring municipalities to seek mediation before filing for bankruptcy divided respondents to a recent American Bankruptcy Institute poll.

Nearly half of participants, 49%, either “strongly agreed” or “somewhat agreed” with the statement: “Local governments should be required to first go through mediation before filing for Chapter 9,” the form of bankruptcy reserved for municipalities.

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The Daily Docket: NewPage May Enter Bankruptcy

08/19/11

NewPage Corp., a struggling Midwestern paper maker controlled by Cerberus Capital Management LP, warned in a regulatory filing that it may have to file for bankruptcy protection if it’s unable refinance its crushing debt load. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Judge Approves Lehman Deal With Fraser

08/18/11

A judge on Wednesday approved Lehman Brothers Holdings Inc.’s deal with WCAS Fraser Sullivan Investment Management LLC, which allows Lehman to turn its $5.3 billion commercial-loan portfolio into cash. Read the Daily Bankruptcy Review article here.

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The Daily Docket: Court Sides With Lehman in SunCal Fight

08/05/11

The federal appeals court in San Francisco sided with Lehman Brothers Holdings Inc., finding that California real-estate developer SunCal can’t push the failed investment bank’s debt below that of other creditors without the permission of the judge overseeing Lehman’s Chapter 11 case. Read the Daily Bankruptcy Review story here.

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The Daily Docket: ‘Old’ GM Sitting on ‘New’ GM Stock

08/04/11

General Motors’ bankruptcy estate is still holding onto $2.36 billion worth of securities in the reorganized auto maker, meaning old bondholders and other creditors will continue to see payments on top of the nearly $8 billion already received this spring and summer. Read the Daily Bankruptcy Review story here.

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The Daily Docket: Lehman Fight Divides Customers, Creditors

08/03/11

Lehman Brothers Inc. Europe says the trustee winding down its U.S. counterpart could try to block European creditors from recovering $8.9 billion. But allowing such a claim has the potential to dilute recoveries for U.S. customers of Lehman Brothers Holdings Inc.’s brokerage. Read the Daily Bankruptcy Review story here.

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