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Treasury Says ResCap Filing Unfortunate, Taxpayers Gain - Bloomberg

05/14/12

U.S. Assistant Treasury Secretary for Financial Stability Timothy G. Massad said today that while Residential Capital LLC’s Chapter 11 bankruptcy filing is unfortunate, the “action puts taxpayers in a stronger position to continue recovering ...

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ResCap Board of Directors Approves Chapter 11 Filing and Restructuring Plan Supported by Key Constituencies - Marketwatch

05/14/12

The Chapter 11 filings are intended to facilitate ResCap's sale of ... The settlements are subject to Bankruptcy Court approval. Given the support of Ally Financial, the debtholders, and other constituencies, ResCap is hopeful that its ...

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Residential Capital seeks Chapter 11 protection - ksl.com

05/14/12

DETROIT (AP) - Residential Capital LLC, a perpetually troubled mortgage subsidiary of government-owned Ally Financial Inc., has filed for bankruptcy protection. The filing early Monday will separate the money-losing operations of Residential Capital ...

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Ally's mortgage unit files for bankruptcy - CNN Money

05/14/12

NEW YORK (CNNMoney) -- Ally Financial's ResCap mortgage unit filed for a prepackaged bankruptcy protection Monday, a move that the taxpayer-owned bank says will allow it to take another step to repay Treasury. The ResCap unit, which operates ...

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ResCap mortgage unit seeks bankruptcy protection - CBS News

05/14/12

The government-owned lender had been weighing a bankruptcy filing for Residential Capital LLC for some time, as the division has been burdened by old, souring loans. Ally, which was formerly the financing arm of General Motors Co., says it is ...

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Bankruptcy Administrator Recommends 3 Creditors - msnbc.com

05/14/12

... tapped a three-member committee to represent unsecured creditor in Jefferson County's bankruptcy case. The Birmingham News reports that J. Thomas Corbett filed the recommendation last week. He stated in his recommendation that he asked for ...

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Bankruptcy battle flaring up again - Fresno Bee

05/14/12

Unions pushed legislation that would have required local governments to get permission from an obscure state agency before filing for bankruptcy -- an agency that is and probably always will be dominated by union-friendly Democratic politicians.

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Unit of Ally, ResCap, Said to Plan Bankruptcy - New York Times

05/13/12

Early last week, the Treasury Department gave its conditional approval to a ResCap bankruptcy filing, according to the people briefed on the matter. Ally and ResCap have also been working on securing the blessing of several major bondholders ...

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LightSquared Moves Toward Bankruptcy - Wall Street Journal

05/13/12

Hedge-fund manager Philip Falcone's LightSquared Inc. venture was preparing Sunday to file for bankruptcy protection after negotiations with lenders to avoid a potential debt default faltered, said people familiar with the matter. LightSquared ...

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ResCap Set to File for Bankruptcy - Wall Street Journal

05/13/12

A ResCap bankruptcy could pave the way for Ally to revive plans ... opening bid for ResCap assets in a court-supervised auction as part of the unit's filing, The Wall Street Journal reported last week. Ally is also likely to make a roughly ...

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